TUCSON, ARIZ. — SAFME Holdings LLC has purchased 10,000 square feet of office space at 1575 E. River Road in Tucson from Rabb Investments LLC for $2.3 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Kyle Kilgore of NAI Horizon, Tucson, represented the buyer.
TUCSON, ARIZ. — Wane Investments LLC has purchased an industrial building located at 990 S. Cherry Ave. in Tucson from Gould Family Properties VIII for $2.1 million. Paul Hooker of Cushman & Wakefield | PICOR represented the seller, while Christopher McClurg and Michael Giuliano of Lee & Associates represented the buyer in the transaction.
WESTMINSTER, COLO. — Malman Real Estate has arranged the acquisition of a building located at 8900 Wadsworth Blvd. in Westminster for $1.5 million. Honey Baked Ham Co. occupies the 3,880-square-foot property. Jake Malman of Malman Real Estate represented the buyer, Ramarko LLC, a Michigan limited liability, while Matt Henricks of CBRE represented the seller, TC Brookhill RLLP, in the deal.
WEST JORDAN, UTAH — J.P. Morgan and Starwood Property Trust have provided $2 billion in financing for a data center project in West Jordan, located just south of Salt Lake City. The borrower, a partnership between Los Angeles-based investment firm CIM Group and regional operator Novva Data Centers, will use the proceeds to complete construction of the second and third phases of the latter entity’s 100-acre flagship Salt Lake City campus. At full build-out, the campus will span approximately 1 million square feet and have a total power capacity of 175 megawatts (MW). According to The Wall Street Journal, that is enough electricity to power about 175,000 U.S. homes of average size. Development of the campus began several years ago, with the first phase coming on line in 2023, the same year in which ownership secured a full-campus lease with an undisclosed global tech company. Construction of Phase II of the project began in December 2023 and will feature a 318,000-square-foot data center building that will have the capacity to produce 72 MW of power. Construction of Phase III commenced in January 2024 and will also feature a 318,000-square-foot data center with a 72-MW capacity. Completion of both facilities is …
IPA Arranges $60.9M in Redevelopment Financing for Mixed-Use Project in Huntington Beach, California
HUNTINGTON BEACH, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $60.9 million in financing for a 28.9-acre oceanfront redevelopment project in Huntington Beach. Gary Mozer of IPA Capital Markets secured the 18-month, nonrecourse loan on behalf of a California-based investment and development firm. The borrower plans to develop a residential and hospitality property, which was approved by the Huntington Beach City Council, on the parcel. The residential plan includes more than 200 for-sale, single-family detached and attached homes and a 50-unit affordable housing community with 25 units to be rented to hotel workers employed onsite and nearby. The hospitality component will include a 215-room boutique hotel with 19,000 square feet of retail space. Additionally, the project plan includes 2.8 acres of coastal conservation and 4.4 acres of public parks. The project is currently in predevelopment with construction slated to commence near the end of the year.
MESA, ARIZ. — SimonCRE has acquired 64 acres of land for a new mixed-use development dubbed Medina Station in Mesa, roughly 20 miles outside Phoenix. Plans for the roughly 305,335-square-foot project include a multi-tenant retail center, retail outparcels, a restaurant district and a multifamily complex. Tenants at Medina Station will include Boot Barn, Einstein Bros. Bagels, Zara Nails, Café Zupas, GoodVets, U.S. Bank and Hawaiian Bros Island Grill. A Target store and a two-story, 80,000-square-foot Dick’s Sporting Goods will anchor the development. SimonCRE plans to break ground on the project in 2025, with initial tenant openings expected for 2026.
GILBERT, ARIZ. — CBRE has brokered the sale of The Forum at Gilbert Ranch, a Class A, 97,000-square-foot office campus in Gilbert. A private, high-net-worth 1031 exchange investor acquired the asset from a private seller for $23.5 million. The Forum at Gilbert Ranch consists of a single-story building and four two-story buildings, with an average suite size of 4,500 square feet. Additionally, the property offers onsite amenities and covered parking. The asset is situated on 6.5 acres at 1475, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive. At the time of sale, the property was 96 percent leased. Geoff Turbow, Anthony DeLorenzo, Matt Pourcho and Charlie von Arentschildt of CBRE represented the seller in the deal. The buyer was self-represented.
TEMPE, ARIZ. — Diversified Healthcare Trust has completed the $16.8 million disposition of an industrial building, located at 1415 W. Third St. in Tempe, to an undisclosed buyer. Evan Koplan and Charlie von Arenstchildt of CBRE represented the seller in the transaction. Situated on 5.3 acres, the 82,266-square-foot building features a floor plate divisible to 23,000 square feet, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100 percent air conditioning and 265 parking stalls. The facility was built in 1981. The asset includes 3 acres of excess land for heavy parking, yard use or future building expansion.
DENVER — Echo Real Estate Capital has acquired Rampart Medical Campus, a two-building portfolio of medical outpatient buildings located at 125 and 130 Rampart Way in Denver. Terms of the transaction were not released. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jennett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Schornstein of CBRE’s Denver Advisory and Transaction team to represent the undisclosed seller in the transaction. Rampart Medical Campus’ two buildings offer a total of 70,631 square feet of space. Originally built in 1942, the properties were repositioned into medical outpatient facilities in 2000 and 2008 to capitalize on the expanding local healthcare network with seven hospitals totaling more than 2,900 inpatient beds in the area. At the time of sale, the property was 50 percent occupied.
GILBERT, ARIZ. — Scottsdale, Arizona-based Diversified Partners has opened Mercy Center, an 11-acre mixed-use development in Gilbert, approximately 22 miles southeast of Phoenix. A mix of retail and office tenants — Galleria Nails, Prizm Dental, Honoré Skin Clinic, Beem Light Sauna, Brickhouse Dental and Willow Midwife — have already opened. Kolache Café and The Cabinet Design Studio are under construction and will soon join the tenant roster. Additionally, Arizona’s largest Starbucks Coffee is open at Mercy Center, which features a two-story design, a 23-car drive-thru, designated mobile order parking, an elevator and rooftop solar panels that supply 80 to 100 percent of the store’s energy needs. The center is designed to serve the needs of the growing medical and residential community surrounding Mercy Gilbert Medical Center and the soon-to-open Phoenix Children’s Hospital – East Valley.