Western

Colliers Arranges Sale of 31,962 SF Office Building in Tempe, Arizona

by Amy Works July 14, 2022

TEMPE, ARIZ. — Colliers has brokered the sale of Kyrene Corporate Center, an office property located at 9280 S. Kyrene Road in Tempe. Handwrytten Software Co. acquired the asset for an undisclosed price. The company, which provides software and hardware to mimic human handwriting for use in marketing materials, will use the 31,962-square-foot property as its headquarters. Situated on 2.6 acres, the asset was built in 1998. Michael Marsh of Colliers Arizona represented the buyer, while Michael Milic of Colliers Arizona represented the undisclosed seller in the deal.

July 14, 2022

Arizona Development Loans Mixed-Use Multifamily Office Retail Student Housing Western

CIM Group Provides $204M Construction Loan for 1.1 MSF Central Station Mixed-Use Development in Phoenix

by Amy Works July 13, 2022

PHOENIX — A CIM Group-managed fund has closed a $204 million construction loan to Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a mixed-use transportation hub in downtown Phoenix. Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, more than 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 23-story towers and a podium. The development is adjacent to an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. The development team broke ground on the project in April.

July 13, 2022

Acquisitions Colorado Multifamily Western

Seagate Sells Links at Legacy Ridge Apartments in Westminster, Colorado for $94M

by Amy Works July 13, 2022

WESTMINSTER, COLO. — Seagate Legacy Associates has completed the disposition of Links at Legacy Ridge Apartments, a multifamily property located at 2710 Bruchez Parkway in Westminster. MIG Real Estate acquired the asset for $94 million. Completed in 1999, Links at Legacy Ridge features 232 apartments in a mix of studio, one-, two- and three-bedroom floor plans with nine-foot ceilings, walk-in closets, patios/balconies and full-size washers/dryers. Community amenities include a resort-style pool, clubhouse and fitness center. Dave Martin and Brian Mooney of Northmarq’s Denver Investment Sales team represented the seller in the deal.

July 13, 2022

Development Multifamily Student Housing Washington Western

Champion Real Estate Plans 516-Bed Student Housing Development Near University of Washington

by Amy Works July 13, 2022

SEATTLE — Champion Real Estate Co. has acquired 0.33 acres of land at 700 NE 45th St. near the University of Washington campus in Seattle for the development of a 516-bed student housing community. Named Victory at the U, the community will offer fully furnished units alongside shared amenities including study and fitness centers, recreation space and a rooftop deck offering views of Lake Union. Dylan Simon of Kidder Matthews represented Champion and the undisclosed seller of the development site, which Champion acquired for $7.3 million.

July 13, 2022

Arizona Build-to-Rent Development Loans Single-Family Rental Western

Northmarq Arranges $49.5M Construction Loan for Honeycutt Run Build-to-Rent Community in Maricopa, Arizona

by Amy Works July 13, 2022

MARICOPA, ARIZ. — Northmarq’s Debt & Equity has arranged a $49.5 million construction loan for the development of Honeycutt Run, a build-to-rent residential property in Maricopa. Mesa-based Bela Flor Communities is developing the community. Situated on 19.2 acres at 36351 W. Honeycutt Run Road, Honeycutt Run will feature 209 single-story homes. The site plan is approved for one-, two- and three-bedroom single-family casita-style homes with private, fenced-in backyards. Community amenities will include a swimming pool, clubhouse, fitness center and barbecue areas with fire pits. Brandon Harrington, Bryan Mummaw, Tyler Woodard, Chris McCook and Bryan Liu of Northmarq secured the loan, which was structured at an 80 percent loan-to-cost ratio. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team brokered the sale of the fully zoned and entitled land on behalf of the seller, Phoenix-based Suncrest Real Estate & Land.

July 13, 2022

Acquisitions Colorado Industrial Western

Marcus & Millichap Negotiates Sale of 80,640 SF Priority Plastics Manufacturing Facility in Arvada, Colorado

by Amy Works July 13, 2022

ARVADA, COLO. — Marcus & Millichap has arranged the sale of a single-tenant industrial facility at 5861 Tennyson St. in Arvada. The property traded for an undisclosed price. Priority Plastics occupies the 80,640-square-foot industrial manufacturing facility, which was built in 2000 on 5.3 acres. Alyssa Tomback of Marcus & Millichap’s Denver office represented the private investor seller in the deal. The name of the buyer was not released.

July 13, 2022

Instil-Bio-Life-Sciences-Campus-Tarzana-CA

California Development Life Sciences Loans Western

Instil Bio Receives $85M Construction Loan for Life Sciences Campus Near Los Angeles

by Amy Works July 12, 2022

TARZANA, CALIF. — Instil Bio Inc. has received an $85 million construction loan for the development of Instil Bio Life Sciences Campus in Tarzana. Greg Grant of CBRE arranged the five-year, floating-rate, interest-only, non-recourse loan for the borrower. CBRE’s Andrew Riley and Jeff Pion facilitated Instil Bio’s original acquisition of the site in October 2020. Located at 18404-18412 Oxnard St., the campus will feature 102,000 square feet of lab, office and good manufacturing practice space. Instil Bio is a clinical-stage biopharmaceutical company focused on developing innovative cell therapies in the fight against cancer.

July 12, 2022

Acquisitions Loans Multifamily Utah Western

New York Life Provides $55M Acquisition Loan for The Ridge Apartments Near Salt Lake City

by Amy Works July 12, 2022

MIDVALE, UTAH — New York Life Investors has provided a $55 million loan to MAXX Properties for the purchase of The Ridge, a Class A multifamily property in Midvale. The fixed-rate loan features 10 years of interest-only payments. Built in 2017, The Ridge features 261 apartments. The property is located at 7611 S. Union Park Ave. Robert Prouty, Jordi DeHoyos and Katie Thompson of Colliers Mortgage advised the buyer on the financing. Rawley Nielsen, Darren Nielsen and Mark Jensen of Colliers International Salt Lake City brokered the transaction. MAXX Properties is a privately held, 86-year-old real estate firm consisting of multifamily, commercial and cooperatives. The firm’s portfolio includes 39 communities, consisting of 9,351 owned multifamily units in six states.

July 12, 2022

Acquisitions Industrial Utah Western

Vesta Realty Partners Acquires 1.1 MSF Distribution Center in Spanish Fork, Utah

by Amy Works July 12, 2022

SPANISH FORK, UTAH — Salt Lake City-based Vesta Realty Partners has purchased Western Distribution Center, located at 4000 E. Highway 6 in Spanish Fork. A pair of Knoxville, Tenn.-based investors sold the asset for an undisclosed price. Jarrod Hunt of Colliers International represented the seller and buyer in the deal. Initially built by Fingerhut Corp., the facility features 1.1 million square feet of warehouse and distribution space.

July 12, 2022

Acquisitions Industrial Oregon Self-Storage Tennessee Western

Invesco REIT Buys Two Self-Storage Portfolios in Oregon, Tennessee for $42M

by Amy Works July 12, 2022

BEND, ORE., AND CLARKSVILLE, TENN. — Invesco Real Estate Income Trust (INREIT) has acquired two self-storage portfolios in Bend and Clarksville for a combined purchase price of $42 million. The two-story, single-story, drive-up self-storage properties in Bend total 62,805 square feet across 674 units. The portfolio includes a 49,523-square-foot, 550-unit property that is 98.7 percent occupied, at 20230 Powers Road, as well as 345 Cleveland Ave., a 13,282-square-foot, 124-unit facility that is 100 percent occupied. Located in Clarksville, the three single-story, drive-up self-storage properties total 204,425 square feet across 1,347 units. The portfolio includes 1280 Parkway Place, a 67,350-square-foot, 505-unit facility that is 95.6 percent occupied; 4351 Guthrie Highway, an 80,275-square-foot, 471-unit facility that is 96.6 percent occupied; and 117 Old Excell Road, a 56,800-square-foot, 371-unit facility that is 97.8 occupied. The names of the sellers were not released.

July 12, 2022

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