Western

Avison Young Brokers $8.4M Sale-Leaseback of Two Medical Office Buildings in Las Vegas

by Amy Works June 9, 2022

LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.

June 9, 2022

Acquisitions Colorado Industrial Western

Tri-County Real Estate Acquisitions Sells 22-Acre Industrial Portfolio in Brighton, Colorado for $9.2M

by Amy Works June 9, 2022

BRIGHTON, COLO. — Tri-County Real Estate Acquisitions has completed the disposition of an industrial portfolio on three lots totaling 22 acres at 12628, 12706 and 12750 WCR 4 in Brighton. 12628 Brighton Partners LLC purchased the property for $9.2 million. Totaling 30,525 square feet, the portfolio was 100 percent leased to two tenants at the time of sale. Travis Ackerman of Cushman & Wakefield’s Fort Collins, Colo., office represented the seller in the deal.

June 9, 2022

Jeff Erxleben interest rates built to rent quote

Build-to-Rent Content Partner Features Leasing Activity Midwest Multifamily Northeast Northmarq Single-Family Rental Southeast Texas Western

Build-to-Rent (BTR) Property Type Offers Positive Demand Outlook

by Sarah Daniels June 9, 2022

By Jeff Erxleben, president, debt & equity at Northmarq Liquidity and an incredibly positive outlook for single-family build-to-rent (BTR) properties is helping to offset some of the turbulence developers are experiencing from rising interest rates. Developers have been ramping up the pace of single-family BTR construction over the past five years with forecasts that call for a record high 60,000 new units to be completed in 2022. That volume shows a steady increase over the 53,000 units completed in 2021 and 49,000 in 2020, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report. Although financing across all property types has been impacted by upward movement in both short- and long-term borrowing rates, the BTR sector is in a good position to shake off those challenges and maintain its growth momentum. Higher construction and financing costs are being offset by rising rents with year-over-year rent increases, that in many areas of the country, are quite substantial. Developers also are finding good access to both debt and equity. The number of lenders that are active in the space is expanding as developers move into new markets and continue to prove out business models and performance with successful lease-up and dispositions. For …

June 9, 2022

Acquisitions Arizona Multifamily Western

SB Real Estate Partners Buys Azura Apartments in North Phoenix for $91M

by Amy Works June 8, 2022

PHOENIX — SB Real Estate Partners has purchased Azura Apartments, a multifamily property located at 2700 W. Sahuaro Drive in Phoenix, for $91 million. The buyer will rebrand the community as Portola North Phoenix. Built in 1980, Azura Apartments features 387 units in a mix of one- and two-bedroom floor plans ranging from 474 square feet to 924 square feet. Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, barbecue areas and playground areas. Cliff David and Steven Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal.

June 8, 2022

Acquisitions California Retail Western

Colliers Brokers $21M Sale of Moreno Beach Plaza II Shopping Center in Moreno Valley, California

by Amy Works June 8, 2022

MORENO VALLEY, CALIF. — Colliers has arranged the sale of Moreno Beach Plaza II, a shopping center located at 27610 Eucalyptus Ave. in Moreno Valley. A West Coast-based investment firm sold the asset to an undisclosed buyer for $21 million. LA Fitness, AutoZone, Carl’s Jr. and Panda Express are tenants at the 82,340-square-foot retail center. At the time of sale, the property was 96 percent occupied. The retail center consists of three single-tenant parcels, a multi-tenant pad building and a two-tenant anchor building situated on 9.1 acres. El Warner, Charley Simpson, Caitlin Zirpolo and Jordan Gomez of Colliers represented the seller in the deal.

June 8, 2022

Colorado Development Industrial Western

Starpoint Properties Plans 155,000 SF Point Central Business Park in Denver

by Amy Works June 8, 2022

DENVER — Starpoint Properties is developing Point Central Business Park, a two-building, 155,000-square-foot industrial complex in central Denver. Situated on 9.6 acres at 1051 E. 73rd Ave., the property will feature 155,000 square feet of Class A, LEED-certified industrial and warehouse space. Groundbreaking for the property is slated for July, with completion scheduled for summer 2023. Drew McManus, Ryan Searle and Bryan Fry of Cushman & Wakefield are handling leasing for the project. Point Central Business Park will offer two buildings: an 81,800-square-foot asset and a 73,500-square-foot building. The buildings will offer office space to suit, clerestory windows, high parking ratio, monument and building signage, a combined 25 dock doors, four drive-in doors and other modern design and functionality elements.

June 8, 2022

Acquisitions Arizona Multifamily Western

Greenlight Communities Divests of 244-Unit Cabana Power Multifamily Property in Mesa, Arizona

by Amy Works June 8, 2022

MESA, ARIZ. — Greenlight Communities has completed the sale of Cabana Power, an apartment property in Mesa. An undisclosed buyer acquired the asset for $84 million, or $344,262 per unit. Completed in 2022, Cabana Power features 244 apartments with nine-foot ceilings, eight-foot entry doors with keyless entry, smart thermostats and heat-reflecting windows. Select floor plans offer built-in workstation desks and full-size, front-loading washers and dryers. The community features a leasing office and clubhouse, coworking space, two laundry rooms, a resort-style swimming pool, Zen gardens, a multipurpose event lawn and outdoor fitness circuits. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 8, 2022

Acquisitions Montana Multifamily Seniors Housing Western

SLIB Negotiates Sale of 159-Unit Big Sky Senior Living in Butte, Montana

by Amy Works June 8, 2022

BUTTE, MONT. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Big Sky Senior Living in Butte. The community features 159 units of independent living, assisted living and memory care. The 87,000-square-foot asset was built in 1997 and sits on 11.3 acres of land. The seller is a locally based regional owner-operator. The buyer is a regional owner-operator based in the West that is expanding in the Mountain West. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

June 8, 2022

Market Reports Multifamily New Mexico Western Western Market Reports

New Mexico’s Multifamily Market Heats Up

by Jeff Shaw June 8, 2022

Companies, Investors Court New Mexico’s Multifamily By Todd Clarke, CEO, NM Apartment Advisors Strong employment and changing post-pandemic lifestyles have led to a surge of demand for New Mexico’s multifamily rental market. Investments made more than a decade ago are paying off from SpacePort NM and the NM Rail Runner, as well as the film and television industries, which have made New Mexico the third best place to film in the country behind Los Angeles and New York. Although Santa Fe — the fifth best international destination and oldest state capital — remains undeserved by more than 6,484 units, the market is on track to deliver 1,500-plus units. This is well ahead of Albuquerque’s less than 1,000 new units. More development will hopefully continue, thanks to a new Integrated Dynamic Ordinance (IDO, or zoning), recent investments in mass transit expansion lines and a vibrant tech eco-system at the Innovation District in downtown Albuquerque. Several major employers have announced expansions in the market, including Intel (750 jobs), Netflix (3,000 jobs), Facebook/Meta (35 IT jobs, 1,500 construction jobs) and Amazon (four distribution facilities totaling more than 3,500 new jobs). Based on historic benchmarks, this creates an acute housing shortage in Albuquerque. Recent …

June 8, 2022

Acquisitions Arizona Retail Western

Thompson Thrift Retail Group Sells Sonoran Creek Marketplace in Maricopa, Arizona for $34M

by Amy Works June 7, 2022

MARICOPA, ARIZ. — Thompson Thrift Retail Group has completed the sale of Sonoran Creek Marketplace, a shopping center located on the southwest corner of John Wayne Parkway and Edison Road in Maricopa. An undisclosed buyer acquired the asset for $34 million, or $461 per square foot, in an off-market transaction. Situated on 10.2 acres, the 73,692-square-foot Sonoran Creek Marketplace was 100 percent occupied at the time of sale. Current tenants include Sprouts Farmers Markets, Jimmy John’s Sandwiches, Supercuts, Marshalls and The Joint Chiropractic. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction. Cameron Warren, Nick DeDona, Dan Gardiner and Greg Laing of Phoenix Commercial Advisors handled leasing at the property.

June 7, 2022

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