Western

Sherman-Way-Industrial-Center-Los-Angeles-CA

Cushman & Wakefield Negotiates $37M Sale of Sherman Way Industrial Center in North Hollywood

by Amy Works July 20, 2022

LOS ANGELES — Cushman & Wakefield has arranged the sale of Sherman Way Industrial Center, a fully leased industrial park located on 5.4 acres in the North Hollywood neighborhood of Los Angeles. The Ben B. and Joyce E. Eisenberg Foundation, a charitable organization, sold the asset to a joint venture between affiliates of Captiva Partners and Westbrook Partners for $37 million. The seller is donating 100 percent of the proceeds from the sale to multiple charitable organizations that it supports. Totaling 139,567 square feet, Sherman Way Industrial Center consists of five buildings that were fully leased to 20 tenants at the time of sale. David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Paul Sims, also of Cushman & Wakefield, provided leasing advisory for the property.

July 20, 2022

Colorado Development Industrial Western

Comunale Properties Nears Completion of Mulberry Connection Spec Industrial Asset in Fort Collins, Colorado

by Amy Works July 20, 2022

FORT COLLINS, COLO. — Comunale Properties is nearing completion of Mulberry Connection, a two-building industrial facility in Fort Collins. The Class A speculative property is the first of its kind built in Fort Collins since the 1990s, according to the developer. Situated on 13 acres at 4036 and 3874 Redman Drive, Mulberry Connection will offer 164,000 square feet of industrial space upon delivery next month. The buildings feature 22 dock-high and eight drive-in doors, 28- to 32-foot clear heights, ESFR systems, generous power and interstate-fronting signage opportunities. The company has secured two pre-leases from two national credit tenant companies for the properties. Gustave A. Larson, a regional distributor of HVACR equipment, parts and supplies, will occupy 16,500 square feet. The Fort Collins branch of Winlectric, a national full-service electric wholesaler, will occupy 14,900 square feet. The project team includes Alcorn Construction and Grey Wolf Architecture. Travis Ackerman of Cushman & Wakefield is the project’s leasing broker.

July 20, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Brokers $16.7M Sale of SanTan Gateway South Retail Center in Chandler, Arizona

by Amy Works July 20, 2022

CHANDLER, ARIZ. — Phoenix Commercial Advisors has arranged the sale of SanTan Gateway South, a grocery-anchored shopping center in Chandler. The asset traded for $16.7 million, or $294 per square foot. The names of the seller and buyer were not released. Situated on 6.8 acres at the intersection of Arizona Avenue and Loop 202 Freeway, the 56,852-square-foot property was 100 percent leased at the time of sale. Tenants include Starbucks Coffee, Patel Brothers, Bright Now! Dental and Orthodontics, and Bethel Church. John Schweikert, Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction.

July 20, 2022

Acquisitions Healthcare Montana Western

Catalyst Healthcare, National Real Estate Advisors Acquire 244,500 SF Great Falls Clinic Campus in Montana

by Amy Works July 19, 2022

GREAT FALLS, MONT. — Catalyst Healthcare Real Estate and National Real Estate Advisors have purchased Great Falls Clinic Campus, a three-building healthcare portfolio in Great Falls. Terms of the transaction were not released. Totaling 244,500 square feet, the campus currently consists of a surgical hospital, ambulatory surgery center with four operating rooms and a medical office building. The surgical hospital is undergoing a 58,800-square-foot expansion that will increase the number of in-patient and ICU beds while enhancing other inpatient services. The 108,000-square-foot medical office building is attached to the surgical hospital and provides a variety of services, including imaging, oncology and orthopedics. All three assets are master leased to the Great Falls Clinic and are strategically located to provide healthcare services to the central Montana region.

July 19, 2022

Arizona Development Hospitality Loans Western

EKN Development Receives $24.5M Construction Loan for Dual-Branded Hotel Development in Tempe

by Amy Works July 19, 2022

TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.

July 19, 2022

Development Multifamily Washington Western

CBRE Brokers $35M Sale of Land in Downtown Redmond for Multifamily Development

by Amy Works July 19, 2022

REDMOND, WASH. — CBRE has arranged the $35 million sale of a land parcel in downtown Redmond to an undisclosed buyer. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the deal. Located at 16135 NE 85th St., the 99,883-square-foot parcel is fully entitled for the development of 425 multifamily units. Initial plans proposed prior to the sale called for two nine-story apartment towers with one-, two- and three-bedroom floorplans and ground-floor retail space. The site is within walking distance of the future Downtown Redmond Link light rail station, which is slated for completion in 2024.

July 19, 2022

Acquisitions Colorado Retail Western

InvenTrust Properties Sells 152,000 SF Centerplace of Greeley Retail Center in Colorado

by Amy Works July 19, 2022

GREELEY, COLO. — InvenTrust Properties has completed the disposition of Centerplace of Greeley, a shopping center in Greeley, to Slate Grocery REIT for an undisclosed price. Safeway, Ross Dress for Less, Famous Footwear, Buckle, Bath & Body Works, Cold Stone Creamery, Bank of America, Sally Beauty, Tokyo Joe’s and Heartland Dental are tenants at the 152,000-square-foot retail center. Ryan Bowlby and Drew Isaac of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 19, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Arranges $5.5M Sale of Apartment Portfolio in Spokane, Washington

by Amy Works July 19, 2022

SPOKANE, WASH. — Kidder Mathews has arranged the combined $5.5 million sales of two multifamily properties in Spokane. Max Frame of Kidder Mathews represented the undisclosed separate buyers in each transaction. The Lloyd, a multifamily property located on the corner of West Mansfield Avenue and North Monroe Street in Spokane, sold for $4.3 million. Built in 1911, the property features 33 residential units and four commercial units. The buyer plans to renovate the entire building. Built in 1910, The Annie features two buildings offering a total of 11 units. The property, which is located at 1022 W. Sinto Ave., sold for $1.2 million.

July 19, 2022

Colorado Development Industrial Mixed-Use Top Stories Western

Coors Family Begins $900M Mixed-Use Redevelopment of CoorsTek Headquarters Campus in Golden, Colorado

by John Nelson July 19, 2022

GOLDEN, COLO. — The Coors family, a magnate responsible for Coors beer products, has begun Phase I of the mixed-use redevelopment of its CoorsTek Inc. campus in downtown Golden, just west of Denver. CoorsTek, formerly Coors Porcelain, was founded in 1910 at the multi-block site at Washington Avenue and 9th Street, which is the historical location of the invention of the aluminum beer can in 1959. The new global headquarters for CoorsTek will anchor the 1.3 million-square-foot project, which is the largest redevelopment in the history of downtown Golden. At full buildout, the development will feature new and adaptive reuse office space, multifamily residences, shops, restaurants and a hotel. The costs for the redevelopment weren’t disclosed, but the Denver Business Journal reports that the Coors family is investing $900 million in the project. AC Development, a master-planned community developer established by the Coors family in 2020, is overseeing construction. Owned by the Coors family since 1884, the site was in continuous use for industrial purposes for over 100 years, ceasing its operations earlier this year. CoorsTek is privately owned by the Coors family and is not part of Molson Coors Beverage Co. (NYSE: TAP), the producer of beer and seltzer …

July 19, 2022

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Shows No Signs of Stopping

by Jeff Shaw July 19, 2022

By Paul Sweetland, Senior Vice President, Colliers After a record year in 2021, Southern Nevada’s industrial market does not appear to be slowing down. The first-quarter vacancy decreased to 1.7 percent with 2.9 million square feet of net absorption. This is the lowest vacancy rate we have ever recorded in Southern Nevada. For comparison, vacancy only went as low as 3.1 percent during the boom that preceded the Great Recession. Demand was positive for all industrial subtypes for the first quarter, while rents for warehouse and distribution space increased 46 percent year over year. All industrial sectors added jobs on a year-over-year basis, with the largest increase being in logistics, which added 8,100 jobs. The current industrial boom has been driven by the influx of relocations and expansions from all over the U.S., but primarily from California. Southern Nevada’s strategic location, with its ability to service 12 markets within one day, has also made it an ideal location for regional and national distribution. New industrial completions totaled 2.1 million square feet this quarter, almost all of it being warehouse/distribution product. Southern Nevada is in its third major wave of post-Great Recession industrial development, with more than 8 million square feet now under …

July 19, 2022

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