SPANISH FORK, UTAH — Salt Lake City-based Vesta Realty Partners has purchased Western Distribution Center, located at 4000 E. Highway 6 in Spanish Fork. A pair of Knoxville, Tenn.-based investors sold the asset for an undisclosed price. Jarrod Hunt of Colliers International represented the seller and buyer in the deal. Initially built by Fingerhut Corp., the facility features 1.1 million square feet of warehouse and distribution space.
BEND, ORE., AND CLARKSVILLE, TENN. — Invesco Real Estate Income Trust (INREIT) has acquired two self-storage portfolios in Bend and Clarksville for a combined purchase price of $42 million. The two-story, single-story, drive-up self-storage properties in Bend total 62,805 square feet across 674 units. The portfolio includes a 49,523-square-foot, 550-unit property that is 98.7 percent occupied, at 20230 Powers Road, as well as 345 Cleveland Ave., a 13,282-square-foot, 124-unit facility that is 100 percent occupied. Located in Clarksville, the three single-story, drive-up self-storage properties total 204,425 square feet across 1,347 units. The portfolio includes 1280 Parkway Place, a 67,350-square-foot, 505-unit facility that is 95.6 percent occupied; 4351 Guthrie Highway, an 80,275-square-foot, 471-unit facility that is 96.6 percent occupied; and 117 Old Excell Road, a 56,800-square-foot, 371-unit facility that is 97.8 occupied. The names of the sellers were not released.
PASADENA, CALIF. — R.D. Olson Construction, on behalf of owner BRIDGE Housing, has broken ground on Heritage Square South, a seniors housing property located at 710 N. Fair Oaks Ave. in Pasadena. Slated for completion by September 2023, the $28 million, 70,000-square-foot community will feature three three-story buildings offering 69 one-bedroom units and one two-bedroom unit. The three buildings are interconnected with walking bridges. Onsite amenities will include walking trails, flex rooms, a community room and 2,200 square feet of retail space. Additionally, the site has a bus stop on the front of Fair Oaks Avenue. KTGY is serving as architect for the project.
By Adam Schmitt, First Vice President, CBRE | Multifamily Investment Properties The multifamily construction pipeline in Las Vegas has ramped up in recent years and continues to be robust. Apartment developers have long capitalized on the growth of the Las Vegas market, and with the vast potential remaining in the city, multifamily builders are continuing to place their bets in Vegas. Our team at CBRE tracked a total of 4,317 multifamily units constructed in 2021, and are projecting more than 8,000 in 2022, with at least 16,000 in 2023 and beyond. For reference, over the past 10 years, the Las Vegas multifamily market has delivered about 3,700 annual units on average. The projects being built in Las Vegas are predominately luxury, Class A developments that tend to cater to the lifestyle renter or renter-by-choice demographic. The locations of these developments are mostly concentrated in the Southwest and Henderson submarkets, comprising 62 percent of the construction pipeline. Developers have historically flocked to these submarkets because of the areas’ respective demographics, perpetual growth and strong multifamily fundamentals. More recently, multifamily developers have found opportunities in the Northwest and North Las Vegas submarkets as those regions have seen years of high rent growth, and the rent …
LAS VEGAS — Shopoff Realty Investments and Contour, in partnership with Dream Hotel Group, have broken ground on Dream Las Vegas, a 20-story lifestyle hotel and casino at the south end of the Las Vegas Strip. Designed by DLR Group within interiors by AvroKo, Rockwell Group and DLR Interior, the $550 million development will feature 531 guest rooms, seven experiential dining and nightlife venues, 12,000 square feet of meeting and event space and a 20,000-square-foot casino. Additional amenities will include a third-level resort pool and day club, two bar and lounge concepts on the gaming floor, a lobby bar, craft coffee café and gelateria on the street level, as well as a sporting club, boutique nightclub, signature restaurant and 24-hour diner on the third floor. The hotel portion’s event and meeting space will include a 5,000-square-foot ballroom, 90-seat live entertainment theatre, a fitness center by TechnoGym and onsite parking. Peninsula Pacific Entertainment will operate the casino and gaming components of the property. The property, located at 5051 S. Las Vegas Blvd., is slated for completion in late 2024. McCarthy Building Cos. is the design-build contractor for the project.
KIRKLAND, WASH. — American Capital Group (ACG) and Artemis Real Estate Partners have completed the disposition of Uplund, a multifamily community located at 11723 NE 117th Court in Kirkland. An undisclosed buyer acquired the asset for $242 million. Built in 2021 on 7.4 acres, Uplund features two six-story buildings offering 409 apartments in a mix of studio, one-, two- and three-bedroom floorplans with an average unit size of 789 square feet. Ten percent of the apartments are designated as affordable units. The property features an onsite hiking trail, two private terrace courtyards, a 24-hour fitness center, car wash station, dog wash station, bike storage and repair station, smart parcel lockers with refrigeration for grocery delivery, coworking spaces and multiple resident lounges. ACG completed the property after taking over the development from the previous owner mid-construction during the pandemic. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the sellers in the deal.
SCOTTSDALE, ARIZ. — North Dakota-based Edgewood Real Estate Investment Trust has purchased two office properties in Scottsdale from Wentworth Property Co. and Northwood Investors for $85 million. Barry Gabel and Chris Marchildon of CBRE represented the sellers in the transaction. Developed in 2008 and 2009, Terra Verde I and Tower at Scottsdale Landing, located at 16767 N. Perimeter Drive and 8660 E. Hartford Drive, total 269,064 square feet. The two Class A properties are 92 percent leased to a variety of tenants, including Pulte Homes, BOK Financial, Annexus Management, Sagicor Life Insurance and Pulice Construction. The office buildings offer recent capital improvements, high-end tenant finishes, garage parking, building storage and Loop 101 Freeway exposure. Both properties are located within the 260-acre, master-planned Perimeter Center Business Park.
CONIFER, COLO. — Marcus & Millichap has arranged the sale of Kings Valley Marketplace, a retail property in Conifer, approximately 30 miles southwest of Denver. A limited liability company sold the asset to a local investor/operator for $10.3 million. Located at 30403 Kings Valley Drive, Kings Valley Marketplace features 58,473 square feet of retail space. Current tenants include Kum & Go, Forest Service, Conexsmart and Kings Emporium. Together these tenants occupy 35,396 square feet, or 62 percent of the fully leased center. Barry Higgins of Marcus & Millichap’s Denver office represented the seller in the transaction.
PERRIS, CALIF. — An Orange County-based private partnership has completed the disposition of a restaurant property located at 2560 N. Perris Blvd. in Perris. A Riverside County-based local family office acquired the asset for $3.7 million, or $1,706.82 per square foot. KFC occupies the single-tenant, 2,200-square-foot building, which features a drive-thru, on a net-lease basis. The property was built in 2022. Bill Asher and Jeff Lefko of Hanley Investment Group, along with Greg Bedell of Progressive Real Estate Partners, represented the seller, while Howard Rosenthal and Guy Excell of Hemet-based Rosenthal & Excell Commercial Real Estate represented the buyer in the deal.
LAS VEGAS — Epic Investments has completed the sale of Las Brisas de Cheyenne, an apartment property located at 3985 E. Cheyenne Ave. in Las Vegas. Tides Equities acquired the asset for $40 million, or $227,272 per unit. Located in Las Vegas’ Sunrise Manor submarket, Las Brisas de Cheyenne features 176 apartments on nine acres. Built in 1999 and renovated in 2020, the two-story, garden-style apartment community offers one-, two- and three-bedroom floor plans with an average unit size of 720 square feet. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller in the deal.
