LAKEWOOD, COLO. — Blue West Capital has brokered the sale of a retail property located at 5807 W. Colfax Ave. in Lakewood. A California-based family office sold the asset to a California-based investor for $2.8 million. O’Reilly Auto Parts has occupied the property on a net-lease basis since 1998, with approximately four years remaining on its lease. Brandon Gayeski of Blue West Capital represented the seller and buyer in the deal.
PHOENIX — Berkadia Institutional Solutions has arranged the sale of Vaseo Apartments, a 1,222-unit multifamily community in Phoenix. A partnership led by DivcoWest and Klein Financial Corp. sold the asset to Dallas-based Invesco Real Estate for $325 million. Vaseo features an onsite café and market, four swimming pool and spa areas, a 42-seat movie theater, fitness center, full-length basketball court, tennis court, sand volleyball court, playground and a large clubhouse with a demonstration kitchen. Mary Ann King, Brett Betzler, Kaohu Berg-Hee, Mark Forrester of Berkadia, along with CBRE, represented the seller in the deal.
GOLETA, CALIF. — Agoura Hills-based Majestic Asset Management has purchased a six-building industrial/R&D campus located at 315-346 Bollay Drive and 320-340 Stork Road in Goleta, for $50.7 million in an off-market transaction. The asset was part of a portfolio of commercial properties managed by The Towbes Group. Situated on 11.9 acres, the 194,625-square-foot portfolio is occupied by multiple tenants, including Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs and Santa Barbara Imaging Systems. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the buyer in the transaction.
BOZEMAN, MONT. — Montana-based BlackRidge Cos. has obtained $50.9 million in construction financing for the development of 2131 Graf, a garden-style apartment community in Bozeman. Located at the intersection of Graf Street and South 19th Avenue, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Community amenities will include a clubhouse with a community room, fitness center, spa, barbecue grilling stations, a firepit, lawn games and an onsite management office. Completion is slated for September 2023. Jennifer Quigley of Berkadia Denver secured the permanent construction financing on behalf of the borrower. The 221(d)(4) construction loan, financed through HUD’s green building program, features a 40-year term and 3.03 percent interest rate.
ELK GROVE, CALIF. — Kubato Tractor Corp. has closed escrow on a 43.7-acre land parcel located at 10251 E. Grant Line Road in Elk Grove. Terms of the transaction were not released. Kubato plans to develop a 632,000-square-foot Western Regional Distribution Center at the site, which has an additional 12-plus acres of expansion land for future needs. The company will relocate from its 180,000-square-foot facility in Lodi, where it has operated its Western distribution center since 2005. Tim Pryor of Mid Cal Industrial Properties and Ken Noack of Newmark Knight Frank handled the transaction.
RENO, NEV. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has purchased South Reno Medical Center, a medical office property in Reno, for $14.6 million. Redeveloped in 2016, the more than 32,000-square-foot property is 100 percent leased to two orthopedic groups, with a weighted average lease term of just under 10 years. The name of the seller was not released.
By Robert Skinner, Broker-Salesperson, Sierra Nevada Properties Commercial Group Back in the day, Reno had lots of land, we did not need high density development and there was little reason to build vertically. Because of the efforts of state and community leaders, as well as economic development agencies like Economic Development Agency of Western Nevada (EDAWN) and the Northern Nevada Development Authority (NNDA), many companies relocated and expanded here. With the increase in jobs came the need for more housing. The multifamily rental vacancy rate in the Reno/Sparks area is currently below 2 percent, with fewer than 50 listings for townhouses and condominiums on the Northern Nevada Multiple Listing Service (MLS). The region has absorbed 750 acres per year since 2011, according to a recent study by Woods and Poole that utilized data from the Truckee Meadows Regional Planning Agency. The study further predicts the region will run out of developable residential land by 2038. The supply shortages are increasing the price of parcels, while landowners may not sell as they hold out for higher prices. This will accelerate the shrinkage of developable residential land. To meet demand, city planners are calling for higher density and vertical multifamily development. This means we …
SACRAMENTO, CALIF. — Sacramento-based D&S Development has sold an eight-story multifamily building located at 1430 Q St. in Sacramento to San Francisco-based Soma Capital for $57.1 million, or $761,333 per unit. Built in 2020, the 95,461-square-foot property features 75 apartments and 8,744 square feet of ground-floor retail space. At the time of sale, the asset was 99 percent occupied. The building features one studio, 29 one-bedroom, 43 two-bedroom and two three-bedroom units with washers/dryers, central heat/air, upscale design and construction, floor-to-ceiling windows, large closets and private patios/balconies in select units. Community amenities include a rooftop terrace, fitness center, yoga room, courtyard with outdoor seating, garage parking, electric vehicle charging station, bike storage and pet spa. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
FOUNTAIN HILLS, ARIZ. — FPA Multifamily has completed the disposition of an apartment property located at 13225 N. Fountain Hills Blvd. in Fountain Hills. A joint venture between Continental Realty Assets, a subsidiary of Denver-based Continental Realty Group, and Tokyo-based Nippon Steel Kowa Real Estate has acquired the asset for $58.2 million. The buyer has rebranded the 150-unit property as Luna Fountain Hills and is completing modern interior renovations to the units. Constructed in 1998 on 9.7 acres, the community features two-bedroom apartments, averaging 1,041 square feet, with semi-private entry, above-standard ceiling height, washers/dryers and private balcony/patio in select apartments. Onsite amenities include monitored security, a fitness center, business center, swimming pool, sundeck and spa. The community was formerly known as Arrive Fountain Hills. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Phoenix Multifamily Advisory Group represented the seller in the deal.
SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.
