Western

Arden Group Acquires 145,646 SF Solutionreach Office Building in Metro Salt Lake City

by Amy Works October 19, 2021

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased Solutionreach, a five-story, Class AAA office property in Lehi. Located at 2600 Ashton Blvd., the 145,646-square-foot building serves as the headquarters for Solutionreach, a private equity-backed healthcare technology consulting company. The property was developed in 2016 as a build-to-suit corporate campus for the current tenant. Cushman & Wakefield represented the sellers, Gardner Co. and Boyer Co., in the deal. Terms of the transaction were not released.

October 19, 2021

Acquisitions California Industrial Western

H.I.G. Realty Partners Buys 3.4 MSF Southern California Logistics Center in Victorville

by Amy Works October 19, 2021

VICTORVILLE, CALIF. — H.I.G. Realty Partners has purchased Southern California Logistics Center (SCLC), a seven-property industrial portfolio in Victorville. Terms of the off-market transaction were not released. Situated on the former George Air Force Base, SCLC features 3.4 million square feet of industrial space. The fully leased property provides mission-critical logistics support to tenants in the consumer products, manufacturing, food and beverage, and aviation sectors.

October 19, 2021

Acquisitions Multifamily Nevada Western

Coldwell Banker Brokers $35M Acquisition of Silver Creek Apartments in Las Vegas

by Amy Works October 19, 2021

LAS VEGAS — Coldwell Banker Commercial has arranged the purchase of Silver Creek Apartments, a multifamily property located at 6170 Boulder Highway in Las Vegas. A Southern California-based investment firm acquired the asset from an undisclosed seller in an off-market transaction for $35 million. Built in 2002, Silver Creek Apartments features 224 units in a mix of one-, two- and three-bedroom layouts. Garry Cuff and Tom Naseef of Coldwell Banker Commercial Premier represented the buyer in the deal.

October 19, 2021

Acquisitions Arizona Retail Western

Thompson Thrift Retail Group Sells Sunrise Promenade Shopping Center Near Phoenix for $18.2M

by Amy Works October 19, 2021

PEORIA, ARIZ. — Thompson Thrift Retail Group has completed the disposition of Sunrise Promenade, a shopping center in Peoria. An undisclosed buyer acquired the asset for $18.2 million. Situated at the corner of Lake Pleasant Parkway and Happy Valley Road, Sunrise Promenade features 26,852 square feet of retail space. Current tenants include Aldi, Black Rock Coffee Bar, Club Pilates, Sherwin-Williams, Dip Nail Spa, Harumi Sushi, Wow Wow Hawaiian Lemonade, Stretch Labs, Butta Cakes and Pearle Vision.

October 19, 2021

Acquisitions Colorado Restaurant Retail Western

Southern Oak Capital, Green Rock Purchase Main Street Station Retail Condos in Breckenridge, Colorado for $16.7M

by Amy Works October 19, 2021

BRECKENRIDGE, COLO. — Birmingham, Ala.-based Southern Oak Capital and Green Rock LLC have acquired the Main Street Station retail condominiums in Breckenridge. The asset traded for $16.7 million. Built in 2002, the three-building property features more than 34,000 square feet of retail space and 22 tenants, including lululemon, local boutiques and restaurants.

October 19, 2021

Acquisitions Arizona Development Mixed-Use Top Stories Western

Howard Hughes Corp., Jerry Colangelo Buy 37,000 Acres in Phoenix for Massive Douglas Ranch Mixed-Use Project

by John Nelson October 19, 2021

PHOENIX — The Howard Hughes Corp. (NYSE: HHC) and local business magnate Jerry Colangelo are partnering to develop Douglas Ranch, a large-scale, master-planned community in Phoenix. HHC and Colangelo have purchased 37,000 acres for the project in Phoenix’s West Valley region for $600 million. Upon full buildout, Douglas Ranch will comprise 100,000 homes for 300,000 residents, as well as 55 million square feet of commercial development. The partnership plans to launch residential lot sales at Douglas Ranch in the first half of 2022. “We are creating a city of the future — leveraging HHC’s development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation,” says Colangelo, a longtime Phoenix resident and former owner of the Phoenix Suns NBA franchise. The land sellers, locally based JDM Partners and Scottsdale-based El Dorado Holdings, will remain as joint venture partners for Douglas Ranch’s first phase, which is a 3,000-acre village called Trillium located in the city of Buckeye. Colangelo is a partner at JDM Partners, along with David Eaton and Mel Shultz. The firm is one of the largest owners of entitled land in Arizona. HHC and Colangelo are launching Douglas Ranch to tap into …

October 19, 2021

Arizona Market Reports Retail Western Western Market Reports

Small Businesses Make Big Strides in Phoenix’s Retail Market

by Jeff Shaw October 19, 2021

By Matt Harper, Senior Vice President of Retail, NAI Horizon Arizona relies heavily on a robust tourism industry. When COVID-19 hit, it was a massive blow to the hospitality and retail sectors. Coming out of the pandemic, however, the Metro Phoenix retail sector has shown great resiliency, especially mom and pops. Phoenix ended the fourth quarter of 2020 with a positive net absorption of 124,330 square feet of retail space. With negative net absorption in the second and third quarters of 2020 – the devastating months of the pandemic – Phoenix ended the year at negative 373,715 square feet. This was compared to an overall positive net absorption of more than 1.1 million square feet in 2019. Phoenix vacancy rose slightly in the second quarter of 2021 from the previous quarter, coming in at 7.7 percent and 7.5 percent, respectively. Net absorption for the second quarter was a negative 63,558 square feet, down from a strong first-quarter 2021 of 466,714 square feet. The average triple-net rental rate rose slightly to $15.81 per square foot. COVID-19 travel restrictions and stay-at-home orders attributed to the paltry second- and third-quarter 2020 numbers. Then those orders were lifted by Gov. Ducey, and the sun came …

October 19, 2021

Acquisitions California Office Western

Bioscience Properties, Harrison Street Acquire Two-Building Office Property in San Diego for $41.3M

by Amy Works October 18, 2021

SAN DIEGO — Bioscience Properties and Harrison Street have purchased Sorrento Heights, a two-building office asset in San Diego, for $41.3 million. The seller was a fund managed by DRA Advisors LLC in partnership with Cypress Office Properties. Located at 9980 and 10020 Huennekens St., Sorrento Heights features 92,875 square feet of office space spread across two two-story buildings, an open breezeway, outdoor seating and tenant parking. At the time of sale, the property was 68 percent vacant, as the property’s largest tenant has placed the entirety of the 10020 Huennekens Street building on the market for sublease. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the seller in the transaction.

October 18, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $64M Sale of Delano Multifamily Community in Mesa, Arizona

by Amy Works October 18, 2021

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Delano, an apartment property located along Gilbert Road in Mesa. S2 Capital sold the asset to Western Wealth Capital for $64 million, or $241,509 per unit. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Built in 1980 on 20 acres, Delano features 265 apartments, a fitness center, swimming pool, dog park and an outdoor Wi-Fi lounge with landscaping, seating and bistro lighting. Units feature stackable washers/dryers, wood-style vinyl flooring and private patios.

October 18, 2021

Acquisitions Colorado Multifamily Western

Capstone Arranges $7.1M Sale of Macon Flats Apartment Complex in Aurora, Colorado

by Amy Works October 18, 2021

AURORA, COLO. — Capstone has brokered the sale of Macon Flats, a five-building multifamily portfolio in Aurora. The asset traded for $7.1 million. The names of the seller and buyer were not released. Macon Flats features 56 one-bedroom units and one two-bedroom unit. The buyer plans to renovate the property to modernize the asset. Sean Holamon and Jason Koch of Capstone represented the seller and buyer in the deal.

October 18, 2021

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