Western

Flynn Properties Receives $30M in Financing for The Madeline Hotel in Telluride, Colorado

by Amy Works January 30, 2023

TELLURIDE, COLO. — Flynn Properties has received $30 million in financing for The Madeline Hotel, Auberge Resorts Collection, in Telluride. Jordan Angel, Jeffrey Bucaro and Ethan Habecker of JLL Capital Markets’ debt advisory team arranged the five-year, floating-rate loan through Värde Partners. The transaction refinances debt on the resort hotel. Originally built in 2009 and renovated in 2020 and 2021, The Madeline features 83 guest rooms and 56 separately owned condominiums. The hotel offers a spa, 24-hour fitness studio, outdoor retail plaza and Sky Terrace, which features an outdoor pool, two oversized spas, multiple fire pits and a bar. Onsite food and beverage outlets include Black Iron Kitchen & Bar and Timber Room. The hotel also offers ski-in/ski-out access to the 147 trails of the Telluride Ski Resort and curated experiences including heli-skiing, dog sledding, snowshoeing and ice climbing in the winter, and fly fishing, dirt biking, horseback riding and helicopter tours in the summer.

January 30, 2023

Acquisitions California Retail Western

Blue West Capital Brokers $4M Sale of Shops at Belleview in Littleton, Colorado

by Amy Works January 30, 2023

LITTLETON, COLO. — Blue West Capital has arranged the acquisition of Shops at Belleview, a net-leased retail building, located at 2727 and 2817 W. Belleview Ave. in Littleton. A Hawaii-based 1031 exchange investor acquired the asset from an undisclosed seller for $4 million. Shops at Belleview consists of two structures totaling 7,359 square feet, and was fully occupied at the time of sale. Current tenants include Black Rock Coffee, WingStop, Marco’s Pizza, Metro by T-Mobile and Trinity Nails & Spa. Bryce McNeely of Blue West Capital represented the buyer in the deal.

January 30, 2023

Arizona Development Multifamily Western

Sterling Real Estate Begins Presidio Palms Hotel-to-Apartment Conversion Project in Tucson, Arizona

by Amy Works January 27, 2023

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has started construction of Presidio Palms Apartments, a hotel-to-apartment conversion project located at 475 N. Granada Ave. in downtown Tucson. The project’s first units are slated for delivery by summer 2023. Sterling has been working on the project since January 2021 to change the zoning to allow residential use. The 10-acre property has been entitled and permitted to convert the underperforming and functionally obsolete hotel to a 212-unit apartment complex and allow for development of an additional 154 units. Presidio Palms will offer a modern, market-rate, low-cost rent option in the downtown Tucson submarket. The community’s studio and one-bedroom units will offer new plumbing, electrical, HVAC units, outdoor patios, finished cabinets, quartz countertops, stainless steel appliances, flooring, washers/dryers and modern fixtures. Onsite amenities will include a full-service coffee bar with café seating, residential lounge, private business center, arcade nook, gym and yoga studio, resort-style pool, sand volleyball court, outdoor kitchen area and dog park.

January 27, 2023

Arizona Development Industrial Western

Joint Venture Starts Construction of 599,351 SF Sub-Zero Industrial Project in Goodyear, Arizona

by Amy Works January 27, 2023

GOODYEAR, ARIZ. — ViaWest Group, Scottsdale Investment Management and building partners Willmeng Construction, DLR Group and Kimley-Horn have broken ground on a build-to-suit industrial warehouse in Goodyear for Sub-Zero Group. The 599,351-square-foot development will be the third facility that the Madison, Wis.-based kitchen appliance company operates in the West Valley. Situated on 36.4 acres, the warehouse and distribution center is located on the southwest corner of Camelback Road and Cotton Lane. The company’s other facilities are located at 3865 W. Van Buren and 4295 N. Cotton Lane.

January 27, 2023

Acquisitions Arizona Retail Western

First Washington Realty Sells Whole Foods Market-Anchored Retail Center in Tucson for $31.1M

by Amy Works January 27, 2023

TUCSON, ARIZ. — First Washington Realty has completed the disposition of River Center, a neighborhood retail center at 5555-5675 E. River Road in Tucson, to a private investor for $31.1 million. River Center features 107,508 square feet of retail space. At the time of sale, the property was fully leased to Whole Foods Market, Petco, Walgreens, Tenet Healthcare, Childtime Childcare and Orange Theory Fitness. Patrick Dempsey, Geoff Tranchina and Patrick Anthon of JLL Retail Capital Markets’ investment sales and advisory team represented the seller in the transaction.

January 27, 2023

Arrow-Business-Center-Rancho-Cucamonga-CA

California Development Industrial Western

Core5, MBK Break Ground on Spec 49,291 SF Arrow Business Center in Rancho Cucamonga, California

by Amy Works January 27, 2023

RANCHO CUCAMONGA, CALIF. — A joint venture between Core5 Industrial Partners and MBK Industrial Properties has broken ground on Arrow Business Center, a Class A industrial building in Rancho Cucamonga. Slated for completion in September, the speculative facility will offer 49,291 square feet of warehouse space. Situated on 2.4 acres at 11770 Arrow Route, Arrow Business Center will feature five dock-high doors, one drive-in position, 32-foot clear heights, 145-foot-deep truck court, six-inch floor slab and an ESFR sprinkler system. The property will also feature solar power and ample parking with five trailer parking stalls and 46 vehicle stalls. David Neault of KW Commercial will handle leasing for the project.

January 27, 2023

Acquisitions Colorado Retail Western

NAI Shames Makovsky Brokers $6.3M Sale of Retail Building in Denver

by Amy Works January 27, 2023

DENVER — NAI Shames Makovsky has arranged the sale of a retail property located at 70 N. Broadway in Denver. Fleming Building LLC acquired the asset from 70 Broadway LLC for $6.3 million. The property features 17,500 square feet of retail space. Todd Snyder and Joey Gargotto of NAI Shames Makovsky represented the seller in the deal.

January 27, 2023

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Surprisingly Resilient Amid Economic Headwinds

by Jeff Shaw January 27, 2023

By Dean Willmore, Executive Vice President; Kyle Kirchmeier, Associate; Alex Stanisic, Vice President; and Laura Wilhelm, Senior Field Research Analyst, CBRE Las Vegas’ current industrial market is surprisingly resilient. There is, of course, a possibility of planned projects being put on hold or not moving forward at all due to rising inflation and economic uncertainty, but leasing activity hasn’t slowed. Regardless of never-before-seen rent growth, record-low vacancy and a marked increase in asking lease rates every 60 days, the market still may not have peaked. As of the third quarter of 2022, the average asking lease rate was $1.19 per square foot (triple net), and the overall vacancy rate remained at a very low 1 percent. However, industrial/flex space in the 2,000- to 5,000-square-foot range, which is still dealing with the effects of the pandemic, has shown no noticeable rent growth. Some landlords are even offering leasing incentives to attract tenants. If the market contracts in 2023, smaller tenants in this size range will be the first to see its effects. Nearly half of the 17 million square feet under construction during the third quarter was pre-leased, and nearly 80 percent of those projects were in North Las Vegas. The largest lease of the quarter occurred in the submarket, with …

January 27, 2023

Development Multifamily Oregon Student Housing Western

CRG Plans 12-Story Chapter at Eugene Student Housing Property Near University of Oregon

by Amy Works January 26, 2023

EUGENE, ORE. — CRG and its partner Kenter Capital have secured the land and construction financing for Chapter at Eugene, a 12-story, 119-unit student housing community adjacent to the University of Oregon campus in Eugene. Construction is slated to begin later this month, with delivery scheduled for 2024 to coincide with the start of the 2024-25 academic year. Located at 754 E. 13th Ave., the 302-bed Chapter at Eugene will offer a mix of studio, two-, three-, four- and five-bedroom apartments, with preleasing scheduled to begin in early fall 2023. The furnished residences will feature wood-style flooring, kitchens with quartz countertops and stainless steel appliances, living rooms with smart TVs, and in-unit laundry. Community amenities will include a 5,000-square-foot rooftop recreation deck with a dog run, dining areas and fire pits with seating, and a 12th-floor resident lounge with a demonstration kitchen and study rooms, as well as a fitness center, yoga room, study areas, resident storage and bicycle parking on the ground floor. Byline Bank provided construction financing, Seattle-based Jackson Main Architecture served as architect and Springfield, Ore.-based John Hyland Construction is serving as general contractor.

January 26, 2023

Arizona Development Industrial Western

Schnitzer Properties Completes 560,352 SF Queen Creek Commerce Center in Chandler, Arizona

by Amy Works January 26, 2023

CHANDLER, ARIZ. — Portland, Ore.-based Schnitzer Properties has completed the construction of Queen Creek Commerce Center, a two-building industrial project at Queen Creek Road and Hamilton Street in Chandler. Situated on 34 acres, Queen Creek Commerce Center features 560,352 square feet of industrial space. Three tenants have pre-leased the development: Intel, NEHP and Horsepower Automotive Group. Rick Collins of JLL brokered the leases on behalf of Schnitzer Properties.

January 26, 2023

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