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Dwell-Tempe-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Holualoa Cos. to Build 129-Unit Workforce Housing Project in Tempe

by Amy Works

TEMPE, ARIZ. — Holualoa Cos. has released plans for Dwell: A Work @ Home Community at the intersection of Fifth Street and Farmer Avenue in Tempe. The 129-unit workforce community will complete Farmer Studios, a mixed-use development, and provide housing opportunities for residents in downtown Tempe, Arizona State University and other locations. Holualoa purchased the two-acre parcel for $12 million. The residences will be integrated into two existing office buildings and a pocket park onsite to create a mixed-use development. The community will feature live/work-oriented amenity rooms for residents, conference rooms with green screens, private meeting rooms, a fitness center, dog-friendly features and walkable access to light rail, streetcar, restaurants and other amenities. Architekton and Worksbureau are serving as architects for the project.

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DevelopmentIndustrialNevadaRetailWestern

Alston Construction Plans 298,389 SF Industrial Facility for Ashley Furniture in Spring Valley, Nevada

by Amy Works

SPRING VALLEY, NEV. — Alston Construction, as general contractor, has unveiled plans for a 298,389-square-foot industrial facility located at W. Sunset Road and Raphael Riviera Way in Spring Valley, for Ashley Furniture Industries. The project will include tilt-up construction, full-site improvements, paving, concrete and landscaping. The warehouse will offer a retail showroom component and a distribution center. Construction is slated to begin in June 2022, with completion scheduled for July 2023. Hodgdon Group will serve as developer and Robert Jacob will serve as architect.

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Midwest Healthcare Jeff Cavazos NAI
Content PartnerDevelopmentFeaturesHealthcareLeasing ActivityNAINortheastSoutheastWestern

Midwest Healthcare/MOB Properties Adapt to Post-COVID Demands, Tenant Expectations

by Sarah Daniels

The famed stability of healthcare and medical office building (MOB) real estate continues in 2022, with the Midwest acting as a microcosm for the sector’s trends and challenges nationwide. Adapting to complement large healthcare system needs, adding urgent care centers and keeping costs low are some of the main concerns for brokers this space. Five healthcare/MOB brokers sat down with REBusinessOnline to discuss what is influencing the sector. Michael Kalil, chief operating officer and director of brokerage, and Jeff Cavazos, senior vice president, NAI Farbman, Southfield, Mich.; Matthew Gregory, senior VP office brokerage, and Michael Simpson, president, NAI Ohio Equities, Columbus, Ohio; and Doug Taatjes, partner/associate broker, NAI Wisinski of West Michigan, Grand Rapids, Mich. weighed in on the present and future of healthcare/MOB real estate. REBusiness: What trends are we going to see in healthcare in 2022? What factors might influence further investment in this field? Matt Gregory: Improvements to building infrastructure will be the most significant trend in 2022. There will be a push toward better HVAC filtration, higher cleaning standards and so forth. Mike Simpson: Yes, I think the healthy building initiative is something that’s going to pick up more momentum this year. Doug Taatjes: In our …

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USAFA-Hotel-Colorado-Springs-CO
ColoradoDevelopmentHospitalityWestern

Matthews Southwest Hospitality Unveils Plans for US Air Force Academy Hotel in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Matthews Southwest Hospitality (MSWH) has unveiled plans for a United States Air Force Academy Hotel in Colorado Springs. The development site is located at the U.S. Air Force Academy (USAFA) campus beneath Pikes Peak and the Rocky Mountains. The 317,000-square-foot resort-style hotel will feature 375 guest rooms with 19 suites; 26,000 square feet of meeting space and flexible banquet space with exterior terraces; a 12,000-square-foot grand ballroom and 6,000-square-foot junior ballroom; a signature rooftop bar and restaurant; six food and beverage outlets; fitness and spa facilities; an elevated pool; event lawn; and numerous outdoor spaces. The hotel will be part of TrueNorth Commons, a mixed-use development at the North Entrance of the U.S. Air Force Academy, which will include a USAFA visitor campus and commercial retail and office space. MSWH is developing the property with owner Provident Group – Falcon Properties. Atlanta-based BLUR Workshop is serving as architect and interior designer and GE Johnson will serve as general contractor. CoralTree Hospitality will manage the hotel. Construction is slated to begin this spring, with completion scheduled for 2024.

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Scottsdale-Resort-McCormick-Ranch-Scottsdale-AZ
ArizonaHospitalityLoansWestern

Cottonwood Group Arranges $104M Loan for Acquisition, Renovation of Scottsdale Resort at McCormick Ranch in Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Cottonwood Group has closed a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale. Florida-based Driftwood Capital acquired the asset. The Scottsdale Resort at McCormick Ranch features 278 guest rooms, six meeting rooms and a total of 23,245 square feet of meeting space.

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WellQuest-Menifee-Lakes-Menifee-CA.jpg
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Consolidated Contracting Completes 122-Unit WellQuest Seniors Housing Project in Menifee, California

by Amy Works

MENIFEE, CALIF. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; Nelson Structural Engineers, structural engineer; Bam Consulting Engineers, civil engineer; United Brothers Concrete, sitework contractor; A Good Plumbing, plumbing; Edge Mechanical, mechanical engineer; Cattrac, grading; Hondo Framing, framing; AME Design Group, mechanical engineer; and Wilson Associates Landscape Architecture, landscape architect. FJ Management was the developer.

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Goldenwest-Bolsa-Huntington-Beach-CA
AcquisitionsCaliforniaRetailWestern

JLL Negotiates $23.5M Sale of Goldenwest & Bolsa Shopping Center in Huntington Beach, California

by Amy Works

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has arranged the sale of Goldenwest & Bolsa, a retail center located at 15031 Goldenwest St. in Huntington Beach. A private equity fund sold the property to a local private investor for $23.5 million. Constructed in 1974 on six acres, Goldenwest & Bolsa features 63,269 square feet of retail space. At the time of sale, the property was 95.4 percent leased to a mix of daily needs and internet-resistant tenants. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in the transaction.

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5180-Yelm-Highway-Lacey-WA
AcquisitionsHealthcareWashingtonWestern

Matthews Real Estate Brokers $8.2M Sale of DaVita-Occupied Healthcare Property in Lacey, Washington

by Amy Works

LACEY, WASH. — Matthews Real Estate Investment Services has arranged the sale of a healthcare building located at 5180 Yelm Highway in Lacey. An undisclosed seller sold the property to an undisclosed buyer for $8.2 million. DaVita occupies the property. Melanie Selleck and Devon Dykstra of Matthews Real Estate Investment Services represented the seller, while Lee & Associates represented the buyer in the deal.

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San Diego
AcquisitionsCaliforniaLife SciencesTop Stories

Oxford Properties Acquires 13-Building Life Sciences Portfolio in San Diego for $464M

by Julia Sanders

SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …

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CapRock-West-202-Logistics-Phoenix-AZ.jpg
ArizonaIndustrialMarket ReportsWesternWestern Market Reports

No End in Sight for Phoenix’s Industrial Strength

by Jeff Shaw

By Pat Harlan, Managing Director, JLL Labor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year.  As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total 8.5 million square feet. Nearly 94 percent of that activity was generated from ecommerce and food and beverage users. Vacancy had also dipped to pre-pandemic levels, falling by 100 basis points year-over-year to just 6.8 percent as of the end of the third quarter of 2021. Construction continues to ramp up, trying to meet a seemingly unending stream of demand. As of the end of the third quarter, there was 16.6 million square feet of metro Phoenix industrial space under development. The West Valley accounts for about 11.3 million square feet of this activity. The Southeast Valley represents an additional 3.4 million square feet. Two of the largest buildings underway in the market right now are the Cubes Glendale, totaling 1.2 million square feet, and Building …

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