LAS VEGAS — JLL Income Property Trust, a REIT with approximately $6.8 billion in portfolio assets, purchased Silverado Square, a retail center in Las Vegas. An undisclosed seller sold the asset for $24.4 million. Sprouts Farmers Market anchors the 48,000-square-foot property, which includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Constructed in 2018, the property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. At the time of sale, the property was 98 percent leased. JLL Income Property Trust plans to build a three-tenant building on the fully entitled parcel. The new building is slated for completion later this year.
OGDEN, UTAH — Fort Worth, Texas-based MAG Capital Partners has acquired a cold storage facility located at 130 W. 28th St. in Ogden. Luis Ortega of Marcus & Millichap represented the seller, a private investor, in the deal. The sales price was not disclosed. Western Gateway Storage Corp. occupies the 62,881-square-foot property, which is situated on 1.3 acres. The tenant provides cold chain solutions, including cold and freezer storage warehousing, ambient and temperature-controlled fulfillment and refrigerated transportation services. The two-story facility features 22,000 square feet of both cooler and freezer spaces, a 16,550-square-foot warehouse and a roughly 1,800-square-foot office. The facility also features three loading docks and four drive-in doors with clear heights from 10 feet to 12 feet.
BOULDER, COLO. — Breakthrough Properties, a developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, has acquired a 9.3-acre, four-building campus in Boulder. The company plans to transform the campus into a 164,000-square-foot office, lab and flex development named Boulder 38 by Breakthrough. Located at the intersection of 38th Street and Arapahoe Avenue, the campus is one mile from Jennie Smith Caruthers Biotechnology Building, a 400,000-square-foot research and technology facility at the University of Colorado Boulder. Research conducted at the university and the surrounding ecosystem has established Boulder as a regional bioscience hub. According to CBRE market report data, the Boulder life sciences market has maintained approximately 1 million square feet of active life science requirements over the past 18 months. “Boulder has succeeded in cultivating a unique ecosystem propelled by leading research and academic institutions, creative residents and premier outdoor recreational amenities,” says Paul DeMartini, senior managing director of Tishman Speyer. “We are excited by this opportunity to create a world-class research campus that will serve as a magnet for life sciences innovation and talent.” The acquisition and redevelopment of Boulder 38 is being capitalized by the Breakthrough Life Science Property …
By Pat Swanson, Executive Vice President, Colliers Orange County Lack of supply remains most evident in the Orange County multifamily market, with vacancies trending near historic lows at 2.3 percent. As supply dwindles, we have seen the pressure felt by investors to ramp up and hunt for the elusive value-add opportunities in this marketplace. Many profit hunters actively seek properties with upside in rent, accessory dwelling unit (ADU) potential and inadequacies as part of the existing management. A recent example is a 12-unit, single-story Garden Grove asset on a large parcel of land that was purchased below replacement cost. The Florida-based seller operated and managed the building remotely and desired to move his assets closer to home. Due to the long-distance operations, the local buyer felt they could control the property more efficiently by adding improvements to generate higher rents, while also taking advantage of the open spaces that could accommodate additional ADU units. This was a perfect fit for both parties, and we were able to execute the deal. It shows the type of value-add complex that has become highly sought after. Like the investors who flocked to Garden Grove, similar buyers have reevaluated their wants for quality Class A …
FREDERICKSON, WASH. — A joint venture between a real estate fund advised by Crow Holdings Capital and Panattoni will develop four warehouse/distribution buildings totaling more than 2.3 million square feet in Frederickson. Located at Canyon Road East and E. 176th Street, the 310-acre FRED310 site has received its State Environmental Policy Act approval. Delivery of the new buildings is slated for no later than first-quarter 2024. The project’s Phase I will consist of four Class A buildings of 753,199 square feet, 437,360 square feet, 549,320 square feet and 614,020 square feet. The buildings will offer ample dock-high and grade loading, 36- to 40-foot clear heights, auto/trailer parking and large modern truck courts. The development team has executed a lease for 1.1 million square feet in the project’s Building C to a leading specialty retailer. Scott Alan, Patrick Mullin and Connor Cree of Cushman & Wakefield are marketing the properties for lease. Upon complete buildout, FRED310 will offer as much as 4 million square feet of Class A industrial product.
PORTLAND, ORE. — NBP Capital has received a $75.5 million loan for the refinancing of Heirloom, a garden-style multifamily community located at 7900 SE Luther Road in Portland. PCCP provided the senior loan. Developed by NBP Capital, Heirloom features 286 apartments spread across 10 residential buildings, as well as a swimming pool and spa with an outdoor shower, a dog park and dog wash, secured bike storage and storage units, fitness center, outdoor kitchen with a grill, dining space and fire pit and a Scandinavian-themed clubhouse with lounge areas, a kitchen and workspaces. Units feature natural wood planking, high-quality construction materials, open floor plans, washer/dryers, walk-in closets and private patios/balconies.
PHOENIX — Ogden Capital Partners has completed the disposition of Paradise Palms, a value-add apartment property located in Phoenix’s Biltmore/Uptown submarket. An undisclosed buyer acquired the asset for $36.5 million. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller in the deal. Constructed in 1959, Paradise Palms features 130 garden-style apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include onsite maintenance and property management, two resort-style pools, a pet play area, storage space, grills and a picnic area. Ralph Haver designed the property, which is located at 1517 E. Colter St.
GOLETA, CALIF. — PSRS has secured an undisclosed borrower with $18 million in construction take-out financing for Cabrillo Business Park, a 232,143-square-foot, three-building flex campus in Goleta. PSRS arranged a non-recourse, 12-year fixed-term loan through one of its correspondent life insurance companies.
SRS Real Estate Partners Brokers Sales of Three Retail Outparcels at Palmdale Marketplace for $10.2M
PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sales of three retail outparcels to Palmdale Marketplace, a power center located at 39340 10th St. W. in Palmdale, for a combined total of $10.2 million. There are three remaining properties for sale as part of the break-up strategy. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, a Texas-based owner and operator of retail properties, and the buyers. The three transactions include: – A 5,958-square-foot retail property, which was built in 2001. Jamba Juice, Baskin-Robbins and Harbour Sushi occupy the building. A private investor acquired the asset in an all-cash transaction. – The same buyer acquired a 4,875-square-foot building, occupied by Five Guys Burgers and Fries and Café Rio, for $3.4 million. Built in 2001, the property is situated on 1.2 acres. – IHOP corporate, as owner/user, acquired a 4,022-square-foot, single-tenant property for $2.5 million. IHOP occupies the property, which was built in 2002.
AURORA, COLO. — Dollar General has acquired a 75-acre land parcel within HighPoint Elevated, an industrial and logistics park located at the southeast corner of East 64th Ave. and E-470 in Aurora, for the development of a Class A distribution facility. The Goodlettsville, Tenn.-based discount retailer plans to invest $172 million into the Aurora facility, which will create around 400 new jobs at full capacity. Dollar General announced the project as part of a three-distribution center expansions in Arkansas, Colorado and Oregon. Hyde Development and Mortenson, the park’s development team, will build the 919,000-square-foot facility. Daniel Close, Todd Witty, Tyler Carner, Jeremy Ballenger and Jessica Osternick of CBRE represented Hyde Development in the land sale. The Dollar General project is the first build-to-suit commissioned at the park, which broke ground last year. Construction for the Dollar General facility is slated to being this summer, with completion scheduled for late 2023. At buildout, Highland Elevated will include up to 5.5 million square feet of industrial and logistics space, as well as retail space. The new Dollar General facility will anchor the east side of the park.