PHOENIX — Tortosa LLC has completed the disposition of The Strip, a two-story retail and office building in Phoenix, to 4700 Alliance LLC, a Seattle-based investment company, for $4.4 million. Located at 4700 N. 12th St., the multi-tenant property was fully leased at the time of sale. The ground-floor space consists of retail tenants, including a craft beer and wine bar/restaurant, a craft coffee shop, a wine shop and café, a locally famous cake bakery and a soon-to-be completed speakeasy bar and co-working lounge. The second floor includes a salon, two architectural firms, a fitness tech company and headquarters for a restaurant group. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.
Western
By Charlie Farra, Senior Managing Director, Newmark The Puget Sound office market has fared better than many peer metro areas during the pandemic. While the market remains tenuous in the region, local office fundamentals have improved to date in 2022. A consistent through the chaos is a flight to quality. If employers expect a return to office, they are being tasked with creating a physical environment that is far more favorable than a home office or local coffee shop. We are referring to this as “commute-worthy real estate.” Energy, collaboration, amenities, views, natural light and safety are some of the main points of focus and, due to current economic conditions, the ability to find such space at discounted pricing is within reason. New office leases are trending toward 75 percent of their pre-pandemic footprint as companies consider how and where to operate their businesses going forward. Professional service companies currently account for the most demand and are in the office more frequently than the technology sector. In tech cities like Seattle, this is a seismic shift from the previous decade, which saw skylines transform from the expansions of Amazon, Microsoft, Meta and Google. Many companies returning to the office are utilizing a hybrid …
Westcore Acquires Four-Building Central Logistics Industrial Campus in Phoenix for $93.5M
by Amy Works
PHOENIX — Westcore has purchased Central Logistics, a four-building industrial campus located in the Central Phoenix market of Arizona. Phoenix-based ViaWest Group sold the asset for $93.5 million. Situated on 24.9 acres, Central Logistics offers a total of 1.1 million square feet of industrial space spread across four buildings with 32-foot clear heights. Currently leased to Bay Logistics, the 76,189-square-foot cold storage facility Building D North offers 13 dock-high doors and one grade-level door. Waymo occupies the 72,349-square-foot Building D South, which features 10 dock-high doors, one grade-level door and ESFR sprinklers. Ferguson occupies the 94,612-square-foot Building E, which offers a four-acre, fully secure concrete yard, two grade-level doors, 12 dock-high doors and ESFR sprinklers. Westcore plans to renovate the 165,518-square-foot Building B, which is currently vacant. John Werstler, Cooper Fratt, Tanner Ferrandi and Connie Nelson of CBRE will market the property for lease.
PCCP Provides $13.2M Equity Investment for Multifamily Development in Sumner, Washington
by Amy Works
SUMNER, WASH. — PCCP has provided a $13.2 million preferred equity investment to Timberland Partners to finance the construction of Sumner Apartments, a garden-style multifamily community in Sumner. Construction of the project commenced in May, with completion slated for third-quarter 2024. Situated on 5.7 acres at 16017 60th St., Sumner Apartments will offer 162 studio, one- and two-bedroom apartments spread across nine three-story residential buildings. Unit interiors will feature vinyl flooring, triple-pane windows, stainless steel appliances, walk-in closets, quartz countertops, full-size washers/dryers and private patios and balconies. Community amenities will include a clubhouse and amenity center, pool, covered barbecues, dog park, picnic area, electric car charging stations and bike parking. Jake Leibsohn of Northmarq’s Seattle regional office arranged the preferred equity investment between PCCP and Timberlane Partners and sourced the project’s $35.5 million senior construction loan through a regional bank.
Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista Seniors Housing Property in Mesa, Arizona
by Amy Works
MESA, ARIZ. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally constructed in 1978 and underwent significant renovations from 2013 to 2017.
DENVER — Cohen Rojas Capital Partners has completed the disposition of Uptown Terrace, a multifamily property located in Denver’s Uptown neighborhood. Quantum Capital, using out-of-state exchange funds from a Florida-based trust, acquired the asset for $8.4 million. Erik Toll, Andy Hellman, Justin Hunt, Brad Schlafer and Jessica Graham of CBRE’s multifamily investment properties team in Denver represented the seller in the deal. Located at 230-240 E. 19th Ave., Uptown Terrace features 34 one-bedroom, 515-square-foot apartments spread across two two-story buildings. Originally constructed in 1927, the property underwent recent renovations, including new paint, landscaping and signage, and an upgrade of the gated courtyard area to add an outdoor kitchen and patio.
ALBANY, ORE. — Portland-based Norris & Stevens has arranged the purchase of the Heritage Mall outparcel located at 1811 14th Ave. SE in Albany. Perseverance LLC acquired the asset for $6 million. Constructed in 1989, the 20,074-square-foot retail building sits along Southeast Geary Street and features 118 parking spaces. Todd VanDomelen of Norris & Stevens represented the buyer, while Kevin Adalto and Lance Suster of CPX represented the seller in transaction.
Ziff Purchases Six Self-Storage Properties in Southeast, Colorado Totaling 2,750 Units
by John Nelson
MOUNT PLEASANT, S.C. — Ziff Real Estate Partners has purchased six self-storage properties in the Southeast and Colorado totaling 2,750 climate- and non-climate-controlled units, including boat and RV rental spaces. The Mount Pleasant-based investor purchased the assets for an undisclosed price via its ZRP Storage Opportunity Fund. The assets in the portfolio include four existing properties: Morristown Self Storage in Morristown, Tenn.; J&S Self Storage in Fountain, Colo.; Mocks Hwy 20 Self Storage in Cumming, Ga.; and Atlas Business Center in Gainesville, Ga. The portfolio also includes two buildings in Roanoke, Va., and Waldorf, Md., that were acquired for conversion to self-storage properties branded under the StoreEase flag. Combined the six assets span 340,000 net rentable square feet. The sellers were not disclosed.
Fiber networks built with multifamily properties in mind offer network resilience while maximizing ROI for owners and operators. Well-constructed fiber networks are at the heart of meeting and exceeding residents’ growing Internet needs, especially when work-from-home culture and the constant need for online connection have made Internet slowdowns and downtime unacceptable for end users. Fiber can also strengthen connectivity across multifamily properties, shoring up the Wi-Fi services residents have come to know and on which they’ve come to depend. How does a national fiber network integrate with multifamily properties? By focusing just on the needs of the multi-dwelling unit (MDU). “Instead of building out 200-mile routes of duct and fiber, we build out ‘miracle miles’ in densely populated MDU areas. From that point, we’re able to easily grow or expand out from that area,” says Michael O’Linc, president of fiber services & campus communications at Pavlov Media. O’Linc stresses the importance of a more planned, methodical approach for MDUs. A network that serves multifamily buildings must be a network focused on backups and fail safes. The “miracle mile” method creates a main line with laterals — creating a ring shape as it expands. This approach to fiber makes networks easier to …
TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners has completed the disposition of two apartment properties in Tucson to an undisclosed buyer for $65.1 million. The seller assembled the portfolio over the last 24 months and repositioned the properties, Sierra Vista and La Mirada. Both assets received significant renovations, including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of the units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements. The new buyer plans to continue the renovation efforts. Located at 3535 N. 1st Ave., Sierra Vista features 258 apartments, two pools and a new clubhouse, leasing office and gym. La Mirada, located at 4415 E. Grand Road, offers 201 apartments, two pools, a new clubhouse with a fitness center and new outdoor amenity area. Art Wadlund, Clint Wadlund and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.