NORTHGLENN, COLO. — Capital One has provided a $33.8 million Freddie Mac floating-rate loan to refinance Heights on Huron, an apartment property in Northglenn. The borrower, FCP, will continue to partner with Avanti Residential following the financing. Jonathan Pratt, Rossana Bouchaya and Patrick Greenwood facilitated the 10-year loan, which includes five years of interest-only payments. Located 11 miles north of downtown Denver, Heights on Huron features 252 apartments in a mix of one- and two-bedroom layouts. Community amenities include a dog park, swimming pool, picnic area, playground and 24-hour emergency maintenance services.
HENDERSON, NEV. — Westport Properties has released plans to develop an industrial property on a recently acquired land site in Henderson. Construction of the single-tenant, 81,511-square-foot facility is slated to begin in first-quarter 2023. Located at the corner of Bruner Avenue and Amigo Street, the building will feature 32-foot clear heights, a secured truck court, ESFR sprinklers, 11 dock doors and 5,000 square feet of office space. Completion is scheduled for fourth-quarter 2023. Amy Ogden of Logic Commercial Real Estate will oversee leasing.
By Dino A. Christophilis, Senior Vice President, CBRE; Daniel Tibeau, Associate, CBRE; and Parker Ksidakis, Associate, CBRE Few sectors were as disrupted by the pandemic as retail. While 2020 proved to be a tumultuous year, the last year and a half have demonstrated the resiliency of retail — both in Seattle and nationally. The Seattle economy is performing well for a recovering retail sector, with continued employment growth and increasing retail spending. The Puget Sound is notorious for its lack of new retail development, and the recent years have been no exception. The environment of increasing demand with a flat level of supply results in positive conditions for existing retail space. Like much of the nation, concerns persist in Seattle around inflation, increasing debt costs and a potential slowing in the global economy. However, the situation in Seattle is more positive and nuanced. Growing Investment Activity Year to date, Seattle is poised to outperform the prior year in terms of total investment dollars. The second quarter of 2022 experienced 65 percent greater investment volume relative to the same quarter in 2021. This figure is particularly notable as 2021 was an exceptional year. Investors deployed pent-up capital that was held during the height of the pandemic. Total retail …
AURORA, COLO. — Prologis has acquired a 55-acre land parcel in Aurora to expand Prologis Park 70, a 5.7-million-square-foot, fully leased industrial park. US Foods sold the site for an undisclosed price. Prologis plans to develop nearly 1 million square feet at the site, with groundbreaking scheduled for second-quarter 2023. The initial plans offer two design options: one with four buildings, two 325,000 square feet and two 150,000 square feet, and the second design includes one 700,000-square-foot building and two 150,000-square-foot buildings. The developer had not decided which it will build yet. The new buildings will have either a front park/rear loan or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-foot minimum clear heights. Prologis will begin development speculatively with build-to-suit options available. The first buildings are slated for completion in early 2023. Jim Bolt and Mike Camp of CBRE are representing Prologis and marketing the new space for lease, sale or build-to-suit development.
MESA, ARIZ. — Phoenix Commercial Advisors has facilitated the sale of The Pavilions, a neighborhood retail center at the southeast corner of Dobson and Guadalupe roads in Mesa. The asset traded for $22 million, or $170 per square foot. The names of the seller and buyer were not released. At the time of sale, the 129,674-square-foot property was 96 percent leased. Current tenants include Great Clips, Banner Urgent Care, Native Grill & Wings, Over Easy and Villa Tuscana, a reception hall for weddings and other large events. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
COLORADO SPRINGS, COLO. — Essex Financial Group has secured $24.3 million in financing for Albany Road Real Estate Partners for the acquisition of Epic One, an office building in Colorado Springs. Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team sourced the five-year, fixed-rate bridge loan for the buyer. The seller and price were not disclosed. Built in 2009, Epic One offers 146,000 square feet of Class A office space, an onsite fitness center and views of Peaks Peak and the Rocky Mountains. At the time of financing, the five-story building was 87 percent leased to a variety of tenants, including those in the aerospace, defense, healthcare, education and technology industries.
SANTA CRUZ, CALIF. — The Dinerstein Cos. has purchased Five55 Apartments, a multifamily property in downtown Santa Cruz, from Swenson Development & Construction for an undisclosed price. Scott Bales of Newmark represented the seller in the deal. Located at 555 Pacific Ave., the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space, which is leased to Current eBikes and Big Basin Vineyards. The property features a fitness center, community room with a pool table and kitchenette, an outdoor pizza oven, coffee bar, bike storage, electric car charging, an outdoor gathering space with fire pits and a 20,000-square-foot rooftop deck. The site is walkable to the beach and a variety of retail and restaurant options. The asset features a two-story below-grade parking structure with 100 spaces. At the time of sale, the community was 99 percent leased. Five55 was built in 2018.
COLORADO SPRINGS, COLO. — Quantum Commercial has brokered the sale of a retail property located at 723-725 E. Filmore St. in Colorado Springs. Next Genesis LLC sold the asset to 725 E. Filmore LLC for $1.3 million. The property features 5,512 square feet of retail space. Andrew Oyler of Quantum Commercial Group represented the seller, while Simon Penner of Miramount Commercial represented the buyer in the transaction.
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Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn
As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …
NORTH LAS VEGAS, NEV. — Agora Realty and Management has broken ground on a 29-acre mixed-use, master-planned commercial district in downtown North Las Vegas. The redevelopment project is located at the gateway to the city, east of Interstate 5 along Lake Mead Boulevard and north along Las Vegas Boulevard. Slated for completion in 24 months, the $105 million project will include 200,000 square feet of retail space and 125,000 square feet of healthcare and medical office space. Earlier this year, Agora started construction on a 22,000-square-foot medical office building that will include primary care and specialty services. The company plans to create a public space with children’s areas and event venues, as well as a large screen for outdoor presentations and movies. Agora also plans to incorporate micro-business suites that range in size from 150 square feet to 450 square feet. SCA Architects is doing construction drawings, and Mycotoo will work with Agora on design and programming for the micro-businesses and public space.