Western

CBRE Negotiates $13.9M Sale of Phase I of PSi Commerce Center in Las Vegas

by Amy Works October 15, 2021

LAS VEGAS — CBRE has arranged the sale of Phase I of PSi Commerce Center, a two-building flex industrial property in Las Vegas. Credi Gramercy acquired the asset from Parting Seas Investments for $13.9 million. Tyler Eckland of CBRE represented the seller in the transaction. The buyer plans to use the 73,247-square-foot property as a bakery and food preparation facility. The first phase of PSi Commerce Center comprises a 48,568-square-foot warehouse at 7175 Belcastro St. and a 24,679-square-foot industrial/flex warehouse at 7255 W. Arby Ave.

October 15, 2021

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $3M Acquisition of Retail Property in Castle Rock, Colorado

by Amy Works October 15, 2021

CASTLE ROCK, COLO. — Marcus & Millichap has arranged the purchase of Encore Castle Rock, a retail building located at 20 Wilcox St. in Castle Rock. A private investor acquired the property for $3 million. Cory Gross of Marcus & Millichap’s Denver office represented the buyer in the deal. Well State Healthcare is a tenant at the 8,297-square-foot property. The buyer plans to open a coffee shop and fitness facility at the building, according to Marcus & Millichap.

October 15, 2021

Acquisitions California Retail Western

Lincoln Property Co., Cara Investment Acquire 135,000 SF Saks Fifth Avenue-Occupied Property in San Francisco

by Amy Works October 14, 2021

SAN FRANCISCO — Lincoln Property Co. and Cara Investment have purchased 384 Post Street on Union Square in San Francisco’s retail district. Terms of the transaction were not released. Saks Fifth Avenue has occupied the 135,000-square-foot property for more than four decades and currently leases the entirety of the property through 2027. The building features 163 feet of retail frontage along Post Street, with five floors above grade and one below-grade floor. Eastdil Secured represented the seller in transaction.

October 14, 2021

Acquisitions Multifamily Oregon Western

Guardian Real Estate Sells Hidden Village Apartment Community Near Portland for $30.2M

by Amy Works October 14, 2021

WEST LINN, ORE. — Guardian Real Estate Services has completed the disposition of Hidden Village, a multifamily property located in West Linn. FPA Multifamily acquired the asset for $30.2 million. Located at 40010 Robin Place, Hidden Village features 98 garden-style apartments in a mix of one- and two-bedroom flats and two-bedroom townhomes averaging 848 square feet. Units include stainless steel appliances, fireplaces, upgraded LED lighting, balcony/patio with storage and vaulted ceilings. On-site community amenities include a clubhouse, pool, spa, fitness center, covered parking and detached garages. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets Investment Sales Advisory team represented the seller in the deal.

October 14, 2021

Colorado Development Multifamily Western

High Street Residential, CBRE Investment to Develop 252-Unit Residences at Olde Town Station Near Denver

by Amy Works October 14, 2021

ARVADA, COLO. — High Street Residential and its joint venture partner CBRE Investment Management, on behalf of the CBRE U.S. Development Partners 5 fund, will develop The Residences at Olde Town Station, a multifamily community in Arvada. The four-story property will feature 252 units ranging from studio to two-bedroom layouts over two levels of structured parking. On-site amenities will include a fitness center, clubroom, lounge, rooftop deck, two courtyards with lounge seating and fire pits, a resort-style pool and a dog park. The Eisen Group is serving as architect and PCL Construction is the general contractor. Citizens Bank provided financing for the project. High Street Residential is Trammell Crow Co.’s residential subsidiary. Construction is slated to begin in early October with final completion scheduled for late 2023.

October 14, 2021

Arizona Development Multifamily Western

Thornydale Apartments Breaks Ground on 209-Unit The Alexander Multifamily Community in Marana, Arizona

by Amy Works October 14, 2021

MARANA, ARIZ. — Thornydale Apartments LLC, c/o Sears Financial Corp., has broken ground on The Alexander, a $49 million multifamily property located at 3915 W. Aerie Drive in Marana. The 292,850-square-foot development will feature two main mid-rise buildings, six garage buildings providing 12 loft units with attached garages, and two freestanding garages. The 209-unit property will offer technology and wellness amenities, including property-wide high-speed internet, keyless door and property access, lighting and temperature controls, and DISH TV, as well as blackout blinds in the bedrooms and adjustable smart lighting to customize the in-unit environment. Community amenities will include a dog park, barbecue area, bike storage and repair area, a resort-style pool, fitness center, outdoor fitness area and a variety of wellness offerings. Completion is slated for June 2023. Thornydale Apartments is owner/developer of the property, which Shelton Residential will manage. The project team includes Way Architects P.C., EMJ Construction, Dish Fiber and Data Link, Perry Engineering and The Planning Center.

October 14, 2021

Acquisitions California Retail Western

JLL Brokers $8.4M Sale of Rite Aid-Occupied Retail Building in Wildomar, California

by Amy Works October 14, 2021

WILDOMAR, CALIF. — JLL Capital Markets has arranged the sale of a single-tenant retail property located at 32459 Clinton Keith Road in Wildomar. A private seller, which owned the property since 2012, sold the asset to an undisclosed buyer for $8.4 million. Rite Aid occupies the 17,272-square-foot building, which was constructed in late 2007. Situated on 1.5 acres, the property features a drive-thru lane and ample parking. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

October 14, 2021

Alabama Arizona District of Columbia Florida Georgia Healthcare Kansas Midwest Southeast Tennessee Texas Top Stories Western

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

Acquisitions Colorado Loans Multifamily Western

KeyBank Provides $40M in Acquisition Financing for Enchanted Springs Apartments in Colorado Springs

by Amy Works October 13, 2021

COLORADO SPRINGS, COLO. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for Hamilton Zanze, a San Francisco-based real estate investment company, for the acquisition of Enchanted Springs, an apartment property in Colorado Springs. Built in 2020, Enchanted Springs features 200 one-, two- and three-bedroom apartments spread across 10 three-story residential buildings. Community amenities include a pool, hot tub, sundeck, cabanas, grilling areas, fitness center and clubhouse lounge. Paul Angle and Nicholas Lynn of KeyBank Real Estate Capital structured the financing. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.

October 13, 2021

Colorado Development Industrial Western

Opus Buys 19.7-Acre Site in Metro Denver to Develop Two Spec Industrial Buildings

by Amy Works October 13, 2021

CENTENNIAL, COLO. — Opus Development Corp. has purchased a 19.7-acre land site at 7801 S. Fairway St. within the Dove Valley submarket of Centennial. Heirborn Partners sold the parcel for an undisclosed price. Opus plans to develop The Ridge at Dover Valley, a two-building speculative industrial development, at the site. The 102,877-square-foot building will offer 26 dock positions, four drive-in doors and 210 parking stalls, while the 116,524-square-foot building will offer 26 dock positions, four drive-in doors and 250 parking stalls. Both buildings will be Class A industrial facilities featuring extensive glass and architectural design elements. Completion is slated for May 2022. Opus is the developer, design-builder, architect and engineer of record for the property. Todd Witty and Daniel Close of CBRE are marketing the buildings for lease. Rick Egitto of Avison Young represented the seller, while Witty represented the buyer in the deal.

October 13, 2021

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