LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a retail property located at 9012, 9032 and 9142 W. Ken Caryl Ave. in Littleton. The shopping center traded for $4.5 million. The property features 37,458 square feet of multi-tenant retail space. Dallas Sandberg of Pinnacle Real Estate Advisors represented the undisclosed seller, while Thomas Graeve of Pinnacle Real Estate represented the buyer in the deal.
MESA, ARIZ. — Greystar has acquired a 154-acre industrial development near Phoenix Mesa Gateway Airport from Phoenix-based Unbound Development. The acreage sold for $43.7 million. Located in Phoenix, the asset consists of six different parcels and provides Greystar with a Class A industrial development opportunity. Unbound spent the last year and a half acquiring the 154 acres located near the northeast corner of Pecos and Sossaman roads and obtaining approval from Mesa’s planning and zoning board for a development named Unbound Gateway. Unbound purchased 18 acres in September 2021 and remaining 136 acres in January 2022 for a combined total of $27.1 million. Greystar will utilize the development team that Unbound had assembled, with Derek Builders as general contractor, Deutsch Architecture Group as designer and Hunter Engineering as civil engineer. The development will feature approximately 2.2 million square feet in three buildings, including a 1.2 million-square-foot building, a 517,029-square-foot building and a 476,229-square-foot building.
FRESNO, CALIF. — Matthews Real Estate Investment Services has arranged the purchase of Shaw West Center, a shopping plaza located at 2047-2097 W. Shaw Ave. in Fresno. A 1031 exchange buyer acquired the asset from an undisclosed seller for $11.1 million. Shaw West Center is occupied by national and regional tenants, with many under triple-net leases. Nabil Awada of Matthews Real Estate Investment Services represented the buyer in the deal.
OAKLAND, CALIF. — Colliers has arranged the sale of a creative office property located at 1504 Franklin St. in downtown Oakland. Bullock Capital acquired the asset from SpringTide Franklin LLC for an undisclosed price. The two-story building features 27,440 square feet with 2,000 square feet of ground-floor retail space along 15th Street. The property was built in the 1920s, retrofitted in the 1960s, then restored, retrofitted and modernized in 2018. The most recent renovations included seismic upgrades, new building systems, tech-drive building security and high-end creative finishes. At the time of sale, the property was 81 percent leased. Comfy | Enlightened, a subsidiary of Siemens Real Estate, anchors the building. Will Cliff and Aileen Dolby of Colliers represented the seller in the transaction.
BARSTOW, CALIF. — Joseph W. Brady Inc., dba The Bradco Cos., has facilitated the sale of 2601 Barstow Road, an office building that the Bureau of Land Management formerly occupied in Barstow. Wells Fargo, representing The Constance Wallace Irrevocable Trust, sold the property to Sonata North LLC for an undisclosed price. Constructed in 1997 on 4.8 acres, the 15,280-square-foot building features several built-out offices, a breakroom, four restrooms, conference rooms, supply room, a mail room and open space for cubicles. Additionally, there are two roll-up doors for a storage warehouse on the back side of the building, a fenced yard in the rear of the property and ample covered and non-covered parking. The seller was a referral of Newmark Knight Frank.
LAKEWOOD, COLO. — Blue West Capital has brokered the sale of a retail property located at 5807 W. Colfax Ave. in Lakewood. A California-based family office sold the asset to a California-based investor for $2.8 million. O’Reilly Auto Parts has occupied the property on a net-lease basis since 1998, with approximately four years remaining on its lease. Brandon Gayeski of Blue West Capital represented the seller and buyer in the deal.
PHOENIX — Berkadia Institutional Solutions has arranged the sale of Vaseo Apartments, a 1,222-unit multifamily community in Phoenix. A partnership led by DivcoWest and Klein Financial Corp. sold the asset to Dallas-based Invesco Real Estate for $325 million. Vaseo features an onsite café and market, four swimming pool and spa areas, a 42-seat movie theater, fitness center, full-length basketball court, tennis court, sand volleyball court, playground and a large clubhouse with a demonstration kitchen. Mary Ann King, Brett Betzler, Kaohu Berg-Hee, Mark Forrester of Berkadia, along with CBRE, represented the seller in the deal.
GOLETA, CALIF. — Agoura Hills-based Majestic Asset Management has purchased a six-building industrial/R&D campus located at 315-346 Bollay Drive and 320-340 Stork Road in Goleta, for $50.7 million in an off-market transaction. The asset was part of a portfolio of commercial properties managed by The Towbes Group. Situated on 11.9 acres, the 194,625-square-foot portfolio is occupied by multiple tenants, including Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs and Santa Barbara Imaging Systems. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the buyer in the transaction.
BOZEMAN, MONT. — Montana-based BlackRidge Cos. has obtained $50.9 million in construction financing for the development of 2131 Graf, a garden-style apartment community in Bozeman. Located at the intersection of Graf Street and South 19th Avenue, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Community amenities will include a clubhouse with a community room, fitness center, spa, barbecue grilling stations, a firepit, lawn games and an onsite management office. Completion is slated for September 2023. Jennifer Quigley of Berkadia Denver secured the permanent construction financing on behalf of the borrower. The 221(d)(4) construction loan, financed through HUD’s green building program, features a 40-year term and 3.03 percent interest rate.
ELK GROVE, CALIF. — Kubato Tractor Corp. has closed escrow on a 43.7-acre land parcel located at 10251 E. Grant Line Road in Elk Grove. Terms of the transaction were not released. Kubato plans to develop a 632,000-square-foot Western Regional Distribution Center at the site, which has an additional 12-plus acres of expansion land for future needs. The company will relocate from its 180,000-square-foot facility in Lodi, where it has operated its Western distribution center since 2005. Tim Pryor of Mid Cal Industrial Properties and Ken Noack of Newmark Knight Frank handled the transaction.
