Western

Tradewinds Capital Acquires Laveen Park Place Shopping Center in Phoenix for $40.3M

by Amy Works October 14, 2022

PHOENIX — Tradewinds Capital LP, a private investor out of Alberta, Canada, has purchased the newly constructed Laveen Park Place, a Class A shopping center located in the Laveen neighborhood of Phoenix. LB 59th LLC, an entity formed by Phoenix-based Kitchell Corp., sold the property for $40.3 million. Built in phases between 2019 and 2022, Laveen Park Place offers 109,219 square feet of retail space on 17.5 acres at the southeast corner of Loop 202 and Baseline Road. Sprouts Farmers Market, TJ Maxx and Michaels are tenants at the fully occupied shopping center. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

October 14, 2022

Park-Meadows-Medical-Center-Lone-Tree-CO

Acquisitions Colorado Healthcare Office Western

HR Assets Buys 34,685 SF Park Meadows Medical Center in Lone Tree, Colorado

by Amy Works October 14, 2022

LONE TREE, COLO. — HR Assets has acquired Park Meadows Medical Center, a multi-tenant medical office property located at 9218 Kimmer Drive in Lone Tree. Park Meadows Medical LLC sold the asset for $14.8 million in an off-market transaction. The three-story, 34,685-square-foot building offers medical office space and a surgery center. At the time of sale, the property was 100 percent occupied. William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield’s Denver office represented the seller in the transaction.

October 14, 2022

Acquisitions Multifamily Nevada Western

Haven Realty Capital Sells 237-Unit Quinn Apartment Homes in Las Vegas

by Amy Works October 14, 2022

LAS VEGAS — Haven Realty Capital has completed the disposition of Quinn Apartment Homes, a garden-style multifamily community located at 5500 S. Mountain Vista St. in Las Vegas. A Los Angeles-based real estate firm acquired the asset for an undisclosed price. Built in 1991 on 10.2 acres, Quinn Apartment Homes features 237 residences in a mix of four floor plans ranging from a 740-square-foot one-bedroom/one-bath unit to a 1,056-square-foot two-bedroom/two-bath unit. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the deal.

October 14, 2022

Acquisitions California Restaurant Retail Western

SBH Real Estate Group Divests of Raising Cane’s-Occupied Property in Alhambra, California for $8.2M

by Amy Works October 14, 2022

ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.

October 14, 2022

Idaho Industrial Market Reports Western Western Market Reports

Rents, Developments, Interest Rise in Boise’s Industrial Market

by Jeff Shaw October 14, 2022

By Chris Pearson, Industrial Specialist, TOK Commercial Idaho remains a prime area for industrial growth in 2022, with nearly 180 deals completed across Southern Idaho’s top markets. Activity is strongest in the Boise MSA as more than 1.2 million square feet of net absorption has been recorded so far in 2022. This is up from 1.1 million square feet at the end of June 2021. Top deals for the year include Federated Ordinance leasing 265,200 square feet of new construction in Caldwell, as well as Amazon leasing 141,400 square feet in North Meridian. Overall industrial vacancy has remained low across Idaho. Total vacancy in the Boise area has been below 1.5 percent over the past 12 months. It currently sits at 1.2 percent. Vacancy is slightly higher in the Magic Valley & Eastern Idaho MSAs, with total vacancy above 2.5 percent in both markets. However, total vacancy in Idaho Falls, the largest market in Eastern Idaho, hit a historic low of 1.3 percent in June. Vacancy is also at a record low in Twin Falls, the Magic Valley’s main industrial hub, which is currently at just 0.2 percent. Based on vacancy alone, supply appears to lag behind demand. This should not remain the case for …

October 14, 2022

California Development Multifamily Student Housing Western

Ohlone College, Gilbane Plan 400-Bed Residence Hall in Newark, California

by Amy Works October 13, 2022

NEWARK, CALIF. — A public-private partnership between Gilbane Development Co. and Ohlone College have announced plans for a 400-bed residence hall project. The development will be located within the Ohlone Community College District in Newark and is set to be priced affordably. Potential project features could include a childcare center for student parents, to be operated by a third-party service provider; options for accessibility of food in proximity to the community; and space for student counseling services. The partnership is set to break ground on the development next year with completion scheduled for July 2025. “Ohlone College is committed to breaking down barriers that prohibit any student from receiving a quality higher education,” says Dr. Eric Bishop, superintendent and president of Ohlone College. “A student’s primary focus should be on their studies, not finding housing. Providing affordable student housing is just one step in assisting students to reach their fullest potential.” The partnership plans to submit a grant application to the State of California to apply for funds in accordance with Senate Bill 169 – Affordable Student Housing Budget Investment. Gilbane Building Co. will act as builder for the project and PBK + Mogavero Architects as design team.

October 13, 2022

California Loans Multifamily Western

PSRS Arranges $62.5M Refinancing for Mobile Home Park in Anaheim, California

by Amy Works October 13, 2022

ANAHEIM, CALIF. — PSRS has arrange the $62.5 million refinancing of a mobile home park in Anaheim. Michael Tanner and Tony Messiah of PSRS secured the non-recourse, five-year, interest-only loan through a correspondent life insurance company for the undisclosed borrower. Built in 1977, the property is 98.5 percent occupied and features 387 mobile homes on single and double-wide lots. The property features padded parking spaces, 100 additional visitor parking spaces, paved roads, clubhouses and a community pool and park.

October 13, 2022

Acquisitions Arizona Multifamily Western

Living Well Homes Divests of 124-Unit Brookfield Multifamily Community in Phoenix for $31M

by Amy Works October 13, 2022

PHOENIX — Living Well Homes has completed the sale of Brookfield, an apartment property in Phoenix, to Rise48 Equity for $31 million, or $250,000 per unit. Built in 1984 on nearly five acres, the community features 124 one- and two-bedroom units, a pool and spa, fitness center, parcel lockers and grilling areas. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged the acquisition financing for the buyer.

October 13, 2022

Acquisitions Arizona Office Western

BH Properties Sells Tempe Commerce Center Flex Office Property in Arizona for $14.1M

by Amy Works October 13, 2022

TEMPE, ARIZ. — BH Properties has completed the disposition of Tempe Commerce Center, a flex office property in Tempe. JLNI LLC, a company formed by a private individual based in San Diego, purchased the asset for $14.1 million, or $215 per square foot. Located at 6420 S. Kyrene Road, Tempe Commerce Center offers 65,857 square feet of flex office space. At the time of sale, the building was 53 percent leased to a mix of commercial users. Situated on more than 5.5 acres, the property features a 5/1,000 parking ratio, 24-foot clear heights and floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building. Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 13, 2022

Acquisitions Multifamily Utah Western

Nella Invest, Brinkman Real Estate Buy Onyx Apartments in Midvale, Utah

by Amy Works October 13, 2022

MIDVALE, UTAH — Colorado-based Brinkman Real Estate has partnered with Nella Invest to acquire Onyx Apartments, a boutique multifamily community in Midvale. Terms of the transaction were not released. Built in 2021, Onyx Apartments features 48 one- and two-bedroom residences with in-unit laundry, stainless steel appliances, walk-in closets and balconies.

October 13, 2022

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