DENVER — IPI Partners has purchased a three-story primary data center located at 1500 Champa St. in downtown Denver. Morgan Reed Group sold the asset for an undisclosed price. IPI Partners plans to further develop the 138,000-square-foot center’s connectivity ecosystems and colocation capacity. Currently, the property can support approximately 10 megawatts of power and offer a robust “Meet-Me-Room,” a space telecommunications companies can physically connect to one another and exchange data. Fred Mobley, Charles Borges and Andrew Gross of Matthews Real Estate Investment Services represented the buyer in the transaction.
HEMET, CALIF. — Progressive Real Estate Partners has negotiated the sale of a 3.3-acre commercial land parcel in Hemet. Sater Hemer LLC acquired the property from an undisclosed seller for $1.7 million. The buyer plans to develop a gas station, car wash and drive-thru restaurant on the site, which is located at the northeast corner of Florida and Soboba avenues. Neither a timeline nor specific plans have been released yet. Chris Lindholm of Progressive Real Estate Partners represented both parties in the transaction.
By Dan MacDavid, Principal, AO Mixed-use industrial has become a significant economic driver in the Inland Empire. Cities are benefiting from business synergies, additional tax revenue, high-quality design and civic engagement that builds community. The recent mixed-use trend can be attributed to one key change: the significant growth in size and scale of industrial master plans over the past few decades, combined with a new approach to industrial as a partial result of the pandemic. After the 2008 financial crisis, the U.S. economy has managed to make a comeback in ways that are unique and new to the commercial real estate industry, specifically in the mixed-use industrial sector. The Inland Empire — historically regarded as a key industrial market — saw record-level demand for industrial space as online sales surged during the pandemic. Some 19.1 million square feet of industrial space was leased in the fourth quarter of 2020. This was down slightly from 19.8 million square feet in the third quarter, according to JLL’s fourth-quarter market report. Despite 19.7 million square feet of new product being delivered in 2020, supply still lags demand. Data from the second quarter of 2020 shows there are no signs of slowing in this sector, particularly in …
LAS VEGAS — Beverly Hills, Calif.-based 3D Investments has purchased Tivoli Village, an open-air, mixed-use property located at 400 S. Rampart Blvd. in Las Vegas. Property and Building Corp. and IDB Group USA sold the asset for $216 million. Built in 2009 and 2016, Tivoli Village features 669,406 square feet of Class A office, retail and restaurant space across 28 acres. Additionally, the property includes an 8.3-acre development parcel entitled for more than 300 residential units. Marlene Fujita Winkel of Cushman & Wakefield’s Las Vegas office represented the seller in the deal. Dave Alleman of Marquis Aurbach Coffing served as counsel for the seller.
LAS VEGAS — Avison Young has arranged the sale of AYA Apartments, a multifamily property in Las Vegas. The community traded for $105.9 million, or $190,126 per unit. The names of the seller and buyer were not released. Built in 1973 and renovated in 2019, AYA Apartments features 557 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 42 two-story, garden-style buildings. The property was previously an affordable housing community. However, restrictions expired several years ago and the three-year tail period that required keeping tenants in place expired in March 2021. As a result, the units are transitioning to market-rate apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller and facilitated the sale of the property.
COLORADO SPRINGS, COLO. — NavPoint Real Estate Group has arranged the sale of Carefree Shopping Center, a retail property located at 3315-3541 N. Academy Blvd. in Colorado Springs. DCP Carefree sold the asset to Boise, Idaho-based Alturas Real Estate Fund for $15.8 million. At the time of sale, the 126,471-square-foot property was 98 percent occupied. Tenants include Family Dollar, Metro PCS, Human Bean Coffee, Pizza Hut and New Horizons Thrift Store. Matt Call and Collin Tedesco of NavPoint Real Estate Group handled the transaction.
MERIDIAN, IDAHO — Pacific Partners Residential has completed the disposition of Prelude at Paramount, an apartment community in Meridian. Pacific Development Partners acquired the asset for an undisclosed price. Danny Shin, Brock Zylstra, Timothy Ufkes, Rich Day and Jake Miles of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Adam Lewis served as Marcus & Millichap’s broker of record in Idaho. Built in 2019, Prelude at Paramount features 280 apartments in a mix of one-, two- and three-bedroom layouts with smart home technology, washers/dryers, stainless steel appliances and vinyl wood-style flooring. Community amenities include a pool, spa, playground, 24-hour fitness center, clubhouse and dog parks.
DENVER — JLL Capital Markets has arranged $54.3 million in financing for Civica Cherry Creek, an office property in Denver. Located at 250 Fillmore St., the 116,187-square-foot building features floor-to-ceiling glass, a great room with fireside lounge, private wine cellar, secure bike storage, rooftop terrace, building concierge and underground executive parking. The LEED Silver-certified property was built in 2018. Eric Tupler and Leon McBroom of JLL Capital Markets secured the five-year, floating-rate loan with a national bank on behalf of the borrower, a MetLife Investment Management-managed entity.
GLENDALE, CALIF. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, has purchased Glendale Marketplace in downtown Glendale for $64 million. The name of the seller was not released. A mix of national credit tenants occupy the 154,049-square-foot property, including LA Fitness, HomeGoods, Ross Dress for Less, Five Below, Buffalo Wild Wings and Old Navy. JLL Capital Markets brokered the transaction. The acquisition brings Pine Tree’s shopping center portfolio footprint in the Los Angeles area to 1.1 million square feet.
TEMPE, ARIZ. — Opus Development Co. has purchased an 18-acre development site at 1320 and 1330 W. Warner Road in Tempe. An undisclosed seller sold the asset for $9.3 million. Opus plans to develop a two-building, 197,000-square-foot speculative industrial project. Construction is slated to begin in first-quarter 2022. Brian Ackerman and Connor Clark of JLL Capital Markets represented the seller in the deal. Additionally, Opus has engaged JLL to handle leasing of the new property.