Western

Intersection Buys 92,750 SF KeyWest Plaza Flex Industrial Plaza in Gilbert, Arizona

by Amy Works May 13, 2022

GILBERT, ARIZ. — San Diego-based Intersection has purchased KeyWest Plaza, a multi-tenant flex industrial property in Gilbert for $13.2 million. Golden Key Industrial Park LLC sold the asset in an off-market transaction. Leroy Breinholt, David Bean, Cory Sposi, Cory Breinhold and Kelli Jelinek of Commercial Properties’ Phoenix office represented the seller in the transaction. Located at 700-734 N. Golden Key St., the asset features 92,750 square feet of multi-tenant flex industrial space. Intersection plans to complete renovations at the property that will improve curb appeal and the overall tenant experience. Improvements will include new paint and upgrades to the parking lot and landscaping. The new owners will also implement a signage program providing tenants with greater visibility. Commercial Properties will continue to manage and lease the property for Intersection.

May 13, 2022

Acquisitions California Retail Western

Faris Lee Arranges $10.3M Sale of Shops at Crown Valley in Laguna Niguel, California

by Amy Works May 13, 2022

LAGUNA NIGUEL, CALIF. — Faris Lee Investments has brokered the $10.3 million sale of Shops at Crown Valley, a grocery- and pharmacy-anchored retail center in Laguna Niguel. A Los Angeles-based private family office sold the asset to a Riverside-based buyer. Located at 30262-30272 Crown Valley Parkway, Shops at Crown Valley features 23,315 square feet of retail space. Planet Fitness, Smart & Final, Rite Aid and The UPS Store are tenants at the fully occupied property. Sean Cox, Alex Moore, Chris DePierro, Matt Brooks and Joe Chichester of Faris Lee represented the seller and procured the buyer for the transaction.

May 13, 2022

Acquisitions Arizona Multifamily Western

JLB Partners Sells Moderne Apartments in Scottsdale for $260M

by Amy Works May 12, 2022

SCOTTSDALE, ARIZ. — JLB Partners has completed the disposition of The Moderne, a mid-rise apartment property located at 4848 N. Goldwater Blvd. in Scottsdale. An undisclosed buyer acquired the asset for $260 million, or $704,607 per unit. Completed in 2015, The Moderne features 369 apartments with nine-foot ceilings, full-size washers/dryers, hardwood flooring, walk-in closets with custom wood shelving and private patios. Select units have integrated desks and bookshelves, built-in wine racks, pass-through laundry chutes and private yards. Community amenities include a resort-style pool and spa, leasing office, resident clubhouse, wellness center, electric car charging stations and private garages. 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, which is the largest single-asset core multifamily sale in Arizona history, according to IPA.

May 12, 2022

Arizona Loans Multifamily Western

KeyBank Arranges $90.7M in Financing for The Cameron Multifamily Property in Tempe, Arizona

by Amy Works May 12, 2022

TEMPE, ARIZ. — KeyBank Real Estate Capital has arranged $90.7 million in fixed-rate financing for CrossHarbor Capital Partners for the refinancing of The Cameron, an apartment complex in Tempe. Built in 2020 on 13.3 acres, the four-story community features 349 apartments, a pool deck with cabanas, fitness center, clubhouse, outdoor courtyard with fireplaces and lounge spaces, pet spa and bocce ball court. Hayley Suminski and Greg Halvorson of KeyBank structured the nine-year loan from funds managed by Apollo Global Management as lender. The financing features a 4.5-year interest-only period followed by a 30-year amortization schedule.

May 12, 2022

Acquisitions California Retail Western

Newmark Brokers Sale of Two-Property Retail Portfolio Near San Francisco

by Amy Works May 12, 2022

LAFAYETTE, CALIF. — An institutional investment group has acquired a two-property retail portfolio in Lafayette from an undisclosed private seller. Terms of the transaction were not released. The portfolio includes La Fiesta Square, a 3.9-acre open-air, convenience-oriented lifestyle center, and Lafayette Mercantile, a 56,614-square-foot mixed-use asset. La Fiesta Square features 74,295 square feet of retail space spread across five buildings. The three-story Lafayette Mercantile offers ground-floor retail space and office space on the second and third floors. Nicholas Bicardo and Steven Golubchik of Newmark represented the seller in the transaction.

May 12, 2022

California Loans Multifamily Seniors Housing Western

JLL Funds $30.3M Refinancing for Nantucket Creek Active Adult Community in Los Angeles

by Amy Works May 12, 2022

LOS ANGELES — JLL Capital Markets has provided a $30.3 million loan to refinance Nantucket Creek, a 172-unit, garden-style, age-restricted apartment community in the Chatsworth neighborhood of Los Angeles. JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. Proceeds from the loan also provided a return of equity to Universe’s balance sheet, which the company plans to use toward future acquisitions. Nantucket Creek comprises one- and two-bedroom units ranging from 623 to 1,100 square feet. The community is located along California’s State Route 27, providing access to local retail and dining centers, as well as Chatsworth Dry Lake Nature Preserve and West Hills Hospital and Medical Center. Charles Halladay, Jonah Aelyon and Elle Miraglia led the JLL Capital Markets debt advisory team representing the borrower.

May 12, 2022

California Development Industrial Western

Duke Realty Starts Construction of Three Spec Industrial Developments in Northern California

by Amy Works May 12, 2022

SAN JOSE, RICHMOND AND HAYWARD, CALIF. — Duke Realty (NYSE: DRE) has started construction of three speculative industrial facilities in Northern California. The projects include: a 302,772-square-foot development with 42-foot clear heights, 47 dock-high doors, 108 truck trailer spaces, 296 car spaces and up to 12,000 amps of power on 17.4 acres at 5853 Rue Ferrari in San Jose. a 153,803-square-foot facility with 36-foot clear heights, 24 dock-high doors, 36 truck trailer spaces and 140 car spaces at 731 W. Cutting Blvd. in Richmond. a 157,725-square-foot property with 36-foot clear heights, 24 dock-high doors, 65 trailer parking stalls and 79 car spaces at 24493 Clawiter Road in Hayward. Chip Sutherland, Rob Shannon and Ben Knight of CBRE are listing brokers for the San Jose asset; Jason Ovadia, Mike Murray, Patrick Metzger and Greg Matter of JLL are handling listing for the Richmond property; and Bob Ferraro, Kevin Hatcher and Chris Van Keulen of CBRE are listing brokers for the Hayward facility.

May 12, 2022

Arizona Development Retail Western

Vestar, DMB Development to Build 500,000 SF Verrado Marketplace in Buckeye, Arizona

by Amy Works May 11, 2022

BUCKEYE, ARIZ. — Vestar, in partnership with DMB Development, has unveiled plans for Verrado Marketplace, a commercial space near Verrado, an 8,800-acre master-planned community in Buckeye. Totaling more than 500,000 square feet of space, Verrado Marketplace will feature a grocery store, apparel and home décor stores, a department store, movie theater, specialty shops, restaurants and services. Additionally, the project will feature public outdoor spaces. Verrado Marketplace will be designed to complement the small-town neighborhood charm of the Verrado community. The marketplace will be located at the northeast corner of Verrado Way and Interstate 10. Construction is slated to begin in mid-2023 following necessary approvals from the City of Buckeye.

May 11, 2022

Colorado Development Industrial Western

JAGreen, Raith Capital Partners Plan 2 MSF AEROS Logistics Center in Aurora, Colorado

by Amy Works May 11, 2022

AURORA, COLO. — JAGreen Development (JAG), in partnership with an affiliate of New York-based Raith Capital Partners, has acquired 157 acres in Aurora for the development of AEROS Logistics Center, a Class A industrial park. AEROS Logistics Center will feature 2 million square feet of logistics, distribution, manufacturing, construction and data center space. Tenants will have the option to buy or lease from the property. The park could accommodate two 1 million-square-foot, east/west-facing, cross-dock buildings, or it could be divided into smaller parcels. Aaron Valdez, Alec Rhodes and Tyler Smith of Cushman & Wakefield represented JAG in the acquisition and will handle the marketing for AEROS.

May 11, 2022

Acquisitions California Retail Western

Newmark Negotiates $42.2M Sale of Country Fair Shopping Center in Chino, California

by Amy Works May 11, 2022

CHINO, CALIF. — Newmark has arranged the sale of Country Fair Shopping Center, a multi-tenant neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York for $42.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 11901-12089 Central Ave., Country Fair Shopping Center features 168,264 square feet of retail space. At the time of sale, the center was 92 percent occupied. Current tenants include PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.

May 11, 2022

Newer Posts

Older Posts