Western

Partnering With Parents Buys Office Park in Oceanside for $11.8M, Plans Conversion to Charter School Campus

by Amy Works July 8, 2022

OCEANSIDE, CALIF. — Sunrise Capital has completed the disposition of a vacant office campus situated on six acres at 1305-1320 Union Plaza Court in Oceanside. Partnering With Parents, doing business as The Classical Academies, acquired the asset for $11.8 million. The buyer, an organization of tuition-free California public charter schools in North San Diego County, plans to convert the four-building, 99,968-square-foot office park into a school campus. Peter Curry, Jason Kimmel and Tim Winslow of Cushman & Wakefield represented the seller, while Jon Walters and Jim Benson of Kidder Mathews represented the buyer in the deal.

July 8, 2022

Development Industrial Nevada Western

Locus Development Group Unveils Plans for Two-Building McCarran Business Park in Reno

by Amy Works July 8, 2022

RENO, NEV. — Locus Development Group is constructing McCarran Business Park, a two-building Class A industrial/flex property in Reno. Slated for delivery in second-quarter 2023, McCarran Business Park will feature two 50,450-square-foot buildings with suites divisible to 6,250 square feet. Each building will offer high-visibility showroom and office space. Each suite will include a tenant allowance for a build-to-suit office/showroom and warehouse space with 24-foot clear heights, 12-foot by 14-foot grade-level motorized overhead doors and motion-sensor LED lighting. Construction is scheduled to begin this month, with Metcalf Builders serving as general contractor. Joel Fountain, Nick Knecht and Baker Krukow of Dickson Commercial Group’s industrial team will represent Locus Development on all leasing operations.

July 8, 2022

Acquisitions Arizona Industrial Western

Refrigeration Supplies Distributor Buys 40,794 SF Industrial Building in Phoenix

by Amy Works July 8, 2022

PHOENIX — Phoenix-based Refrigeration Supplies Distributor has purchased a freestanding industrial property, located at 3935 W. Adams St. in Phoenix. BECMED LLC sold the asset for $7.2 million in an off-market transaction. Michael Kitlica and Jason Ward of Cushman & Wakefield represented the buyer in the transaction. The 40,794-square-foot building features 24-foot clear heights, dock-high loading and a secured, fenced yard.

July 8, 2022

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $4.6M Sale of Starbucks-Occupied Building in Mojave, California

by Amy Works July 8, 2022

MOJAVE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new construction, single-tenant retail property located at 15652 Sierra Highway in Mojave. Phoenix-based Kaidence Group sold the asset to an Orange County-based private investor for $4.6 million. Starbucks Coffee occupies the 3,000-square-foot freestanding property that includes a café and drive-thru. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.

July 8, 2022

Acquisitions Arizona Multifamily Western

Northland Divests of 826-Unit Hilands Multifamily Property in Tucson for $178M

by Amy Works July 7, 2022

TUCSON, ARIZ. — Northland has completed the disposition of Hilands, an apartment community in Tucson. Bridge Investment Group acquired the asset for $178 million, or $215,496 per unit. Situated at the intersection of North Craycroft and River roads, Hilands features 826 apartments with breakfast bars, French doors, extra storage space and an average unit size of 557 square feet. Select units offer stacked and full-size washers/dryers and private patios. The 460,418-square-foot property was built in two phases in 1985 and 1986 and features 41 residential buildings, a 24-hour fitness center, an air-conditioned racquetball court and two lighted tennis courts. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. According to IPA, the transaction is the highest single-asset multifamily transaction in Tucson history.

July 7, 2022

Arizona Development Industrial Western

SWC Development Partners Breaks Ground on 135,896 SF Warehouse in Surprise, Arizona

by Amy Works July 7, 2022

SURPRISE, ARIZ. — SWC Development Partners has broken ground on its second building, a warehouse/distribution facility, within Skyway Business Park in Surprise. The 135,896-square-foot building will feature 32-foot clear heights, nine-foot by nine-foot dock-high doors, 12-foot by 14-foot grade-level doors, full concrete truck court and a fenced truck yard. Located at 11701 N. 132nd Ave., the property is slated for completion in second-quarter 2023. In October 2021, Avison Young’s Kevin Helland brokered the acquisition of 27.9 acres of land located within Skyway Commons on behalf of SWC Development Partners. Since the acquisition, SWC commenced construction on a 59,352-square-foot warehouse/distribution building, which is nearly complete. Additional buildings are currently going through the design review process, including two 25,000-square-foot speculative flex buildings. Helland and Mark Seale of Avison Young continue to represent the ownership on the leasing and sale of the project.

July 7, 2022

Acquisitions California Retail Western

Madison Marquette Sells 42-Acre Bayfair Center Regional Mall in San Leandro, California

by Amy Works July 7, 2022

SAN LEANDRO, CALIF. — An affiliate of Madison Marquette has completed the sale of Bayfair Center, a 42-acre regional mall at a BART subway station in San Leandro. B3 and GAW Capital Partners acquired the property for an undisclosed price. Located at 15555 E. 14th St., Bayfair Center was 91 percent leased at the time of sale. Current tenants include Target, Century Theaters, Macy’s, Kohl’s, Bed Bath & Beyond, Ulta Beauty, Old Navy, 24 Hour Fitness and PetSmart. The property includes one main mall building and five outparcel buildings with a total of 816,771 leaseable square feet. The asset offers the ability to redevelop a large portion of the site into a life sciences and mixed-use campus. Nicholas Bicardo, Steven Golubchik, Jonathan Schaefler, Darren Hollak and Cheyne Bloch of Newmark represented the seller in the transaction.

July 7, 2022

Colorado Development Industrial Western

ViaWest Enters Denver Market with Plans to Develop 134,400 SF Downtown Distribution Center

by Amy Works July 7, 2022

DENVER — Phoenix-based ViaWest Group is entering the Denver market with plans to develop Downtown Distribution Center, a freestanding, Class A industrial building at 5601 Franklin St. in Denver. Situated on 9.32 acres, the 134,400-square-foot building is slated for delivery in second-quarter 2023. The property will feature modern design with 32-foot clear heights, 28 dock-high doors, two drive-in doors, heavy power, ESFR sprinklers, ample trailer and auto parking, clerestory windows and Class A office space. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield brokered the sale of the land to ViaWest and will handle leasing of the new project.

July 7, 2022

Acquisitions Colorado Industrial Loans Western

Essex Financial Group Arranges $13.8M Acquisition Loan for Front Range Business Park in Longmont, Colorado

by Amy Works July 7, 2022

LONGMONT, COLO. — Essex Financial Group has arranged $13.8 million in financing for the purchase of Front Range Business Park, a two-building industrial/flex complex located in the Boulder County city of Longmont. Essex worked on behalf of the buyer, Ivy Realty, to source the seven-year, fixed-rate loan with a regional bank. The financing includes an interest-only component with prepayment flexibility to match the buyer’s business plan. The seller was not disclosed. Front Range Business Park is 100 percent leased to the State of Colorado’s Front Range Community College (FRCC) on a long-term lease. Built in 1988, the property was originally designed for small-bay industrial/flex use and includes nine dock-high loading doors between the two buildings. The property was converted for the school in 2003, where FRCC has been the sole tenant for the past 19 years. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team secured the financing.

July 7, 2022

Development Loans Multifamily Seniors Housing Top Stories Washington Western

CBRE Arranges $145.1M Construction Financing for 250-Unit Seniors Housing Development in Vancouver, Washington

by Jeff Shaw July 7, 2022

VANCOUVER, WASH. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The Springs at The Waterfront will feature 250 independent living, assisted living and memory care units on a 1.3-acre site. The developers will seek both LEED and Fitwell certifications for sustainability and wellness. The Springs Living will operate the property upon completion, a timeline of which was not disclosed. The community will feature organic rooftop gardens, integrated health and treatment programming, multiple dining venues and connection to the waterfront and community amenities. Additionally, less than one mile east of the community, the Vancouver VA Medical Center provides a full continuum of inpatient, outpatient, long-term and emergent care. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the …

July 7, 2022

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