MESA, ARIZ. — Orion Investment Real Estate has arranged the sale of an auto repair shop property located at 8027 E. Main St. in Mesa. Faith Works Auto acquired the property for $1 million, or $194 per square foot. The buyer plans to expand its business to the new location, resulting in three locations in the East Valley. Nick Miner of Orion represented the buyer, while Aleta Ruark of Russ Lyons Realty represented the seller, Billy G Revocable Trust, in the deal.
Although the pandemic wreaked havoc on the retail sector in general, the culling of weak concepts has left space for strong retailers to flourish. The retail industry is seeing an explosion in experiential retail, medical/dental space is ubiquitous and non-traditional tenants are jumping at opportunities to secure prime locations. As a result, shopping centers have proven very resilient, says George Macoubray, vice president of retail brokerage with NAI Elliott in Portland, Oregon. “Today’s centers continue to evolve and to address what consumers need in terms of a place for people to congregate and participate in the activities that are important to them.” The entertainment sector was hit hard by the pandemic, he notes. “But now those operators seem to be out looking for locations, and they’re seeing the light at the end of the tunnel. People want to gather. They want to be entertained. They want to go out and do activities. Those kinds of experiences are happening more and more often in shopping centers — and you can’t buy those activities on Amazon.” Exciting new in-person experiences are helping to elevate shopping centers. “There’s an influx of experiential retail. From golf simulator experiences to ping-pong places to axe-throwing activities, …
PHOENIX — Vancouver, Canada-based Talia Jevan Properties has completed the sale of Optum Center, a Class A multi-tenant office and medical building located at 20414 N. 27th Ave. in Phoenix. Cleveland-based Woodside Health Development acquired the property for $20 million. Built in 2008, the 81,907-square-foot Optum Center also includes a five-and-a-half level parking garage. At the time of sale, the property was 94 percent leased. The building features an extensive glass curtain wall and ribbon windows. Eric Wichterman, Mike Coover, Alexandra Loye and Steve Lindley of Cushman & Wakefield represented the seller in the transaction.
ASTORIA, ORE. — Mahesh Enterprises has acquired a 1.3-acre, 57,064-square-foot land parcel located at 176 W. Marine Drive in Astoria. An undisclosed seller sold the site for $1.2 million. The buyer plans to develop a boutique hotel on the parcel, which is on the Columbia River and the Riverwalk that connects to the Port of Astoria. Charles Conrow of Portland-based Norris & Stevens represented the buyer, while Mark Carnese of Cushman & Wakefield represented the seller in the deal.
HONOLULU — Gantry has secured $65 million in permanent financing to recapitalize a portfolio located on Oahu. The two financed properties are Hanua Logistics Center, a recently completed 226,850-square-foot Class A warehouse facility, and Honolulu Design Center, an 80,000-square-foot retail center. Murphy Osborne of Gantry’s San Francisco office arranged the funding on behalf of the borrower, a private investor. Bank of Hawaii provided the financing, which features a 15-year term, including a significant interest-only period transitioning to 30-year amortization.
ALBUQUERQUE, N.M. — Northmarq has arranged the sale of two apartment communities, The Courtyards and The Arbors, in Albuquerque. A Colorado-based private equity real estate company sold the assets to a California-based private real estate investment firm. Terms of the transactions were not released. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transactions. Brandon Harrington, Bryan Mummaw, Brad Burns and Tyler Woodard of Northmarq’s Debt & Equity team arranged acquisition financing for the two properties for the buyer. Located at 6001 Topke Place NE, the 188,512-square-foot The Courtyards features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 29 two-story residential buildings. Community amenities include two swimming pools, resident fitness and business centers, a volleyball court, children’s playground, dog park and three laundry facilities. Located at 4501 Shepard Road NE, The Arbors is a 155,072-square-foot garden-style property with 297 apartments in a mix of studio, one- and two-bedroom layouts spread across six three-story buildings. Onsite amenities include three swimming pools, a resident fitness center, dog park and three laundry facilities.
BROOMFIELD, COLO. — Tepuy Properties has acquired a warehouse facility, located at 2360 Industrial Lane in Broomfield, for an undisclosed price. The building marks Tepuy’s largest ever capital raise, with a goal of $6.5 million. The company plans to use the money to purchase the building, upgrade it and re-tenant it. Situated on 5.5 acres, the property features 62,970 square feet of warehouse space. The building currently houses two short-term tenants, but Tepuy plans to renovate the building and eventually lease the property to up to six long-term tenants. The name of the seller was not released.
SAN CARLOS, CALIF. — Presidio Bay Ventures has broken ground on a Class A life sciences and R&D development located at 777 Industrial Road in San Carlos. The existing 45,000-square-foot dealership building will be fully redeveloped into a four-story, 147,000-square-foot, state-of-the-art facility. Stanton Architecture and DES Architects & Engineers designed the building, which will be tailored toward research and development users with a heavy lab component. Potential tenants include companies working in life sciences, biotech, food tech, agricultural tech, auto tech, drone tech, robotics, and other users requiring mission-critical infrastructure. Building amenities will include e-bikes, outdoor workspaces equipped with Wi-Fi and an onsite fitness center. Approved in June 2021, the project is slated for completion in fourth-quarter 2023. Marc Pope and Ben Paul of Cushman & Wakefield are handling leasing for the building.
BEAVERTON, ORE. — Next Wave Investors has purchased two apartment properties in Beaverton for a total of $30.5 million. The communities are the 62-unit The Huntley and the 48-unit Parker Apartments. The seller was not disclosed. Located at 12310 SW Center St., The Huntley sold for $18 million and has nine remaining unrenovated units. Located at 17135 SW Heritage Court, Parker Apartments sold for $12.5 million and features 12 classic units that Next Wave plans to modernize. The buyer also plans to install HVAC systems in all units at both properties.
ARVADA, COLO. — Stan Johnson Co. has facilitated the sale of a Class B office building located at 6850 W. 52nd Ave. in Arvada. A Louisiana-based private investor acquired the property from a Washington-based individual investor for $3 million. Built in 1998 on 2.6 acres, the two-story, 28,492-square-foot property is occupied by multiple tenants, including HomeGuard Services and Venture Financial. At the time of sale, the asset was 91 percent leased. Craig Tomlinson of Stan Johnson Co. represented the buyer in the deal.
