Western

Kidder Mathews Arranges $5.5M Sale of Apartment Portfolio in Spokane, Washington

by Amy Works July 19, 2022

SPOKANE, WASH. — Kidder Mathews has arranged the combined $5.5 million sales of two multifamily properties in Spokane. Max Frame of Kidder Mathews represented the undisclosed separate buyers in each transaction. The Lloyd, a multifamily property located on the corner of West Mansfield Avenue and North Monroe Street in Spokane, sold for $4.3 million. Built in 1911, the property features 33 residential units and four commercial units. The buyer plans to renovate the entire building. Built in 1910, The Annie features two buildings offering a total of 11 units. The property, which is located at 1022 W. Sinto Ave., sold for $1.2 million.

July 19, 2022

Colorado Development Industrial Mixed-Use Top Stories Western

Coors Family Begins $900M Mixed-Use Redevelopment of CoorsTek Headquarters Campus in Golden, Colorado

by John Nelson July 19, 2022

GOLDEN, COLO. — The Coors family, a magnate responsible for Coors beer products, has begun Phase I of the mixed-use redevelopment of its CoorsTek Inc. campus in downtown Golden, just west of Denver. CoorsTek, formerly Coors Porcelain, was founded in 1910 at the multi-block site at Washington Avenue and 9th Street, which is the historical location of the invention of the aluminum beer can in 1959. The new global headquarters for CoorsTek will anchor the 1.3 million-square-foot project, which is the largest redevelopment in the history of downtown Golden. At full buildout, the development will feature new and adaptive reuse office space, multifamily residences, shops, restaurants and a hotel. The costs for the redevelopment weren’t disclosed, but the Denver Business Journal reports that the Coors family is investing $900 million in the project. AC Development, a master-planned community developer established by the Coors family in 2020, is overseeing construction. Owned by the Coors family since 1884, the site was in continuous use for industrial purposes for over 100 years, ceasing its operations earlier this year. CoorsTek is privately owned by the Coors family and is not part of Molson Coors Beverage Co. (NYSE: TAP), the producer of beer and seltzer …

July 19, 2022

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Shows No Signs of Stopping

by Jeff Shaw July 19, 2022

By Paul Sweetland, Senior Vice President, Colliers After a record year in 2021, Southern Nevada’s industrial market does not appear to be slowing down. The first-quarter vacancy decreased to 1.7 percent with 2.9 million square feet of net absorption. This is the lowest vacancy rate we have ever recorded in Southern Nevada. For comparison, vacancy only went as low as 3.1 percent during the boom that preceded the Great Recession. Demand was positive for all industrial subtypes for the first quarter, while rents for warehouse and distribution space increased 46 percent year over year. All industrial sectors added jobs on a year-over-year basis, with the largest increase being in logistics, which added 8,100 jobs. The current industrial boom has been driven by the influx of relocations and expansions from all over the U.S., but primarily from California. Southern Nevada’s strategic location, with its ability to service 12 markets within one day, has also made it an ideal location for regional and national distribution. New industrial completions totaled 2.1 million square feet this quarter, almost all of it being warehouse/distribution product. Southern Nevada is in its third major wave of post-Great Recession industrial development, with more than 8 million square feet now under …

July 19, 2022

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Streamlining Permits and Entitlements: How to Avoid Timeline Creep

by Sarah Daniels July 19, 2022

Developers have seen permitting and entitlement timelines lengthen exponentially over the past few years. What is causing increased timelines and how do developers overcome challenges and avoid unnecessary delays? If expanded timelines are inevitable in some cases, how can developers ensure that slowdowns do not spread to other aspects of development? Many municipalities have been overwhelmed by an explosion in projects and applications in the development queue, and the issues are compounded by employee turnover within these organizations. Municipal slowdowns in upgrading utility capacities have further stalled the process of development. Additionally, the process for obtaining permits and entitlements has grown increasingly complex in certain regions, regardless of property type. REBusiness Online spoke with experts at Bohler, a land development design and consulting firm, to learn the best practices for keeping delays and budgets under control in the face of growing timeline uncertainties. To avoid problems before they begin, these experts recommend early due diligence and local expertise, as well as an approach that incorporates the community, local agencies and the authority having jurisdiction at crucial points. Bohler’s team also emphasizes the importance of working through waiting periods and working on different elements of a project concurrently, so that if …

July 19, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $38.7M Sale of Apartment Community in Vancouver, Washington

by Amy Works July 18, 2022

VANCOUVER, WASH. — Kidder Mathews arranged the sale of 134th Street Lofts, a multifamily property in Vancouver. An undisclosed buyer acquired the asset from an undisclosed seller for $38.7 million in an off-market transaction. Newly constructed, 134th Street Lofts offers 124 apartments and is near Legacy Salmon Creek Medical Center, Washington State University Vancouver and a variety of local and national retailers. Dylan Simon, Max Frame and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller and sourced the buyer in the deal.

July 18, 2022

Acquisitions California Industrial Western

Dalfen Industrial Buys 86,680 SF Property in San Diego from Alcion Ventures, LPC West

by Amy Works July 18, 2022

SAN DIEGO — Dalfen Industrial has acquired a freestanding industrial building, located at 7615 Siempre Viva Road in San Diego’s Otay Mesa submarket. A partnership between Alcion Ventures and Lincoln Property Co. West sold the asset for $24.8 million. Mark Lewkowitz and Chris Holder of Colliers represented the buyer and seller in the deal. Totaling 86,680 square feet, the building is divisible by 45,180 square feet and features 20 dock-high doors, two grade-level roll-up doors, a sprinkler system, 27- to 28-foot clear heights, 1,500 amps, a 180-foot truck court and 6,950 square feet of office space.

July 18, 2022

Loans Multifamily Utah Western

Colliers Mortgage Arranges $9.8M Fannie Mae Loan for Siena Villas Multifamily Property in Orem, Utah

by Amy Works July 18, 2022

OREM, UTAH — Colliers Mortgage Southwest has arranged a $9.8 million Fannie Mae loan for the refinancing of Siena Villas, a multifamily community in Orem. Rob Prouty of Colliers Mortgage Southwest arranged the 10-year loan for the borrower, Siena Villas LLC. Constructed in 2011, Siena Villas features 81 market-rate apartments with in-unit washers/dryers, onsite management and covered and uncovered parking.

July 18, 2022

Acquisitions Arizona Office Western

BatchService Acquires Office Building in Tempe, Arizona for $8.8M

by Amy Works July 18, 2022

TEMPE, ARIZ. — BatchService has purchased an office property, located at 4625 S. Wendler Drive in Tempe, for $8.8 million. BatchService is a software company that provides an all-in-one prospecting platform for residential real estate investors, agents and brokers. Built in 1985 and renovated in 2016, the two-story building offers 44,000 square feet of useable office space. The property is currently undergoing tenant improvements for additional offices, new paint and new flooring. Eddie Gonzalez of SVN Desert Commercial Advisors represented the buyer in the transaction.

July 18, 2022

Acquisitions Colorado Multifamily Western

Capstone Brokers $7.1M Sale of Gabion Apartments in Colorado Springs

by Amy Works July 18, 2022

COLORADO SPRINGS, COLO. — Capstone has brokered the sale of The Gabion Apartments, a multifamily building located at 676 W. Monument St. in Colorado Springs. The property traded for $7.1 million. Pat Knowlton of Capstone represented the undisclosed seller, while Jeff Dimmen, also of Capstone, represented the undisclosed buyer in the deal. Built in 2015, Gabion Apartments features 20 units. At the time of sale, the property was fully leased.

July 18, 2022

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Berkadia Negotiates $75M Sale of Built-to-Rent Community in Flagstaff, Arizona

by Amy Works July 15, 2022

FLAGSTAFF, ARIZ. — Berkadia has arranged the sale of The Overlook at Buffalo Park, a built-to-rent multifamily property at 1651 N. Gemini Drive in Flagstaff. Georgia-based St. Clair Holdings sold the asset to San Diego-based Logan Capital Advisors for $75 million. Built in 2021, The Overlook at Buffalo Park features 155 rental homes in a mix of one-, two- and three-bedroom cottage-style designs. The homes feature largely detached floor plans with vaulted ceilings, front porches and stainless steel appliances, including full-size washers and dryers. Community amenities include a clubhouse with porch seating, two pet parks, a dog washing station, fire pits and a fitness center. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the deal.

July 15, 2022

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