Western

SimonCRE Acquires 64 Acres for Mixed-Use Project in Mesa, Arizona

by Amy Works March 7, 2025

MESA, ARIZ. — SimonCRE has acquired 64 acres of land for a new mixed-use development dubbed Medina Station in Mesa, roughly 20 miles outside Phoenix. Plans for the roughly 305,335-square-foot project include a multi-tenant retail center, retail outparcels, a restaurant district and a multifamily complex. Tenants at Medina Station will include Boot Barn, Einstein Bros. Bagels, Zara Nails, Café Zupas, GoodVets, U.S. Bank and Hawaiian Bros Island Grill. A Target store and a two-story, 80,000-square-foot Dick’s Sporting Goods will anchor the development. SimonCRE plans to break ground on the project in 2025, with initial tenant openings expected for 2026.

March 7, 2025

Acquisitions Arizona Office Western

CBRE Brokers $23.5M Sale of The Forum at Gilbert Ranch Office Campus in Arizona

by Amy Works March 7, 2025

GILBERT, ARIZ. — CBRE has brokered the sale of The Forum at Gilbert Ranch, a Class A, 97,000-square-foot office campus in Gilbert. A private, high-net-worth 1031 exchange investor acquired the asset from a private seller for $23.5 million. The Forum at Gilbert Ranch consists of a single-story building and four two-story buildings, with an average suite size of 4,500 square feet. Additionally, the property offers onsite amenities and covered parking. The asset is situated on 6.5 acres at 1475, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive. At the time of sale, the property was 96 percent leased. Geoff Turbow, Anthony DeLorenzo, Matt Pourcho and Charlie von Arentschildt of CBRE represented the seller in the deal. The buyer was self-represented.

March 7, 2025

Acquisitions Arizona Industrial Western

Diversified Healthcare Trust Sells 82,266 SF Industrial Facility in Tempe, Arizona

by Amy Works March 7, 2025

TEMPE, ARIZ. — Diversified Healthcare Trust has completed the $16.8 million disposition of an industrial building, located at 1415 W. Third St. in Tempe, to an undisclosed buyer. Evan Koplan and Charlie von Arenstchildt of CBRE represented the seller in the transaction. Situated on 5.3 acres, the 82,266-square-foot building features a floor plate divisible to 23,000 square feet, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100 percent air conditioning and 265 parking stalls. The facility was built in 1981. The asset includes 3 acres of excess land for heavy parking, yard use or future building expansion.

March 7, 2025

Acquisitions Colorado Healthcare Western

Echo Real Estate Capital Buys 70,631 SF Rampart Medical Campus in Denver

by Amy Works March 7, 2025

DENVER — Echo Real Estate Capital has acquired Rampart Medical Campus, a two-building portfolio of medical outpatient buildings located at 125 and 130 Rampart Way in Denver. Terms of the transaction were not released. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jennett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Schornstein of CBRE’s Denver Advisory and Transaction team to represent the undisclosed seller in the transaction. Rampart Medical Campus’ two buildings offer a total of 70,631 square feet of space. Originally built in 1942, the properties were repositioned into medical outpatient facilities in 2000 and 2008 to capitalize on the expanding local healthcare network with seven hospitals totaling more than 2,900 inpatient beds in the area. At the time of sale, the property was 50 percent occupied.

March 7, 2025

Arizona Development Mixed-Use Office Restaurant Retail Western

Diversified Partners Opens 11-Acre Mixed-Use Development in Gilbert, Arizona

by Amy Works March 6, 2025

GILBERT, ARIZ. — Scottsdale, Arizona-based Diversified Partners has opened Mercy Center, an 11-acre mixed-use development in Gilbert, approximately 22 miles southeast of Phoenix. A mix of retail and office tenants — Galleria Nails, Prizm Dental, Honoré Skin Clinic, Beem Light Sauna, Brickhouse Dental and Willow Midwife — have already opened. Kolache Café and The Cabinet Design Studio are under construction and will soon join the tenant roster. Additionally, Arizona’s largest Starbucks Coffee is open at Mercy Center, which features a two-story design, a 23-car drive-thru, designated mobile order parking, an elevator and rooftop solar panels that supply 80 to 100 percent of the store’s energy needs. The center is designed to serve the needs of the growing medical and residential community surrounding Mercy Gilbert Medical Center and the soon-to-open Phoenix Children’s Hospital – East Valley.

March 6, 2025

Arizona Build-to-Rent Development Single-Family Rental Western

Porter Kyle Breaks Ground on 100-Unit Build-to-Rent Community in Chandler, Arizona

by Amy Works March 6, 2025

CHANDLER, ARIZ. — Scottsdale, Ariz.-based Porter Kyle has broken ground on The Wayne, a $60 million multifamily build-to-rent (BTR) project situated on an infill site at 1535 N. Dobson Road in Chandler. The first units are slated for delivery in spring 2026. The community will feature 100 one-, two- and three-bedroom rental homes offering two-car direct-access garages and private backyards. Community amenities will include a resident clubhouse with coworking spaces, private offices, a gym, swimming pool and outdoor kitchen, as well as a dog park and community trail system.

March 6, 2025

California Industrial Loans Western

CrossHarbor Capital Partners Provides $21.5M Loan for Industrial Park in Englewood, Colorado

by Amy Works March 6, 2025

ENGLEWOOD, COLO. — CrossHarbor Capital Partners has provided $21.5 million in capital to a joint venture between CenterSquare Investment Management and Quannah Partners. Loan proceeds will go to refinancing The Point, a two-building Class A industrial park in Englewood. Developed by Quannah Partners and CenterSquare in 2024, The Point features 195,000 square feet spread across two buildings on 15 acres at 8039 Chambers St. in Englewood.

March 6, 2025

Acquisitions California Multifamily Western

Voit Brokers $9.2M Sale of Mariner Apartments in San Diego’s South Mission Beach

by Amy Works March 6, 2025

SAN DIEGO — Voit Real Estate Services has arranged the sale of Mariner Apartments, a 16-unit beachfront multifamily complex in San Diego’s South Mission Beach neighborhood. Stingray Management LLC and JKCW sold the asset to a private investor for $9.2 million. Constructed in 1962, Mariner offers eight studios, seven two-bedroom units and a three-bedroom penthouse with oceanfront patios and decks and 17 parking spaces, as well as 84 feet of ocean frontage. The property is located at 2801 Ocean Front Walk. Robert Vallera and Jon Boland of Voit represented the sellers, while Cody Evans of South Coast Commercial represented the buyer in the deal.

March 6, 2025

Acquisitions Arizona Retail Western

Old Man Cactus Buys Retail Center in Peoria, Arizona for $2.8M

by Amy Works March 6, 2025

PEORIA, ARIZ. — San Jose, Calif.-based Old Man Cactus LLC has acquired Sun Aire Plaza II, a retail center in Peoria, from Chandler, Ariz.-based Fen Investments for $2.8 million. Located at 9501 W. Peoria Ave., Sun Aire Plaza II offers 64,033 square feet of retail space on 1.5 acres. Troy Giammarco of NAI Horizon First represented the buyer, while Cindy Moy-Zhang and Brook Miller of Re/Max Solutions represented the seller in the deal.

March 6, 2025

California Industrial Loans Self-Storage Western

PSRS Arranges $38.2M Bridge Loan for Self-Storage Facility Conversion in Los Angeles

by Amy Works March 5, 2025

LOS ANGELES — PSRS has arranged a $38.2 million bridge loan to convert a vacant approximately 150,000-square-foot flex property in Los Angeles into a self-storage facility. Jonny Soleimani and George Gianoukakis of PSRS secured the financing for the undisclosed borrower. The financing included a $12.8 million cash-out refinance, fully funded construction costs and an 18-month interest reserve, providing the borrower with the capital needed for the successful repositioning of the asset.

March 5, 2025

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