Western

Marcus and Millichap Arranges $15M Apartment Portfolio Sale in Phoenix

by Madison Pettway August 9, 2021

PHOENIX — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio in Phoenix on behalf of two private sellers for $15 million. Wilshire Place is a 48-unit apartment community, Canyon Greens is a 44-unit apartment community and Maryland Palms is a 22-unit community. The 114-unit portfolio is located 2.5 miles north of Grand Canyon University, a private, for-profit Christian university that has plans for $500 million in additional capital investment by 2024, according to Marcus & Millichap. The buyer, Andre Golnazarian, has completed the renovation of several properties in this submarket and intends to execute a similar plan with the most recent acquisitions. Golnazarian intends to brand all three properties together.

August 9, 2021

Industrial Market Reports Washington Western Western Market Reports

Puget Sound’s Industrial Leasing Activity is Explosive in 2021

by Jeff Shaw August 9, 2021

By Brian Cagayat, Research Analyst, Cushman & Wakefield Washington officially reopened at the end of the second quarter of 2021, lifting most of the COVID-19 restrictions that had been in place for more than a year and bringing a mixture of relief and uncertainty to residents and businesses. Workers in the industrial sector were mostly considered essential, so many continued to work onsite through the pandemic. The industrial sector was also instrumental in helping aid and support everyone through the pandemic conditions, with some of those leading industrial users based here in the Puget Sound. New leasing activity in the Puget Sound region has been explosive in 2021, totaling 14.1 million square feet in the first half of the year. This has nearly equaled the 15 million square feet of annual activity tracked in all of 2020. Net occupancy growth still remains a bit in the red through the first half of 2021 with a negative 423,000 square feet of absorption. However, we expect a considerable portion (of over 10 percent) of the 29.1 million square feet of leasing activity signed since 2020 to translate into net growth in future quarters once those companies officially take occupancy. Ecommerce and 3PL firms have been …

August 9, 2021

Acquisitions Hawaii Office Retail Western

BlackSand Capital Buys Waikiki Galleria Tower in Honolulu for $270M

by Amy Works August 6, 2021

HONOLULU — BlackSand Capital has acquired Waikiki Galleria Tower, a 15-story office property on Kalakaua Avenue in Honolulu, for $270 million. The seller, an 2222 SPE LLC, an affiliate of Sanno USA, originally bought the asset from Honolulu-based The Mills Group in December 2011 for $187.1 million. BlackSand Capital plans to redevelop the two-story, 75,000-square-foot retail property that was most recently occupied by DFS Group’s T Galleria. DFS declined to extend its lease on the space, which it had occupied since 1999.

August 6, 2021

Acquisitions Colorado Loans Multifamily Western

JLL Secures $49M Acquisition Loan for Multifamily Community in Denver’s Capitol Hill

by Amy Works August 6, 2021

DENVER — JLL Capital Markets has arranged $49 million in financing for the acquisition of Aspire 7th & Grant, an apartment property located at 670 N. Grant St. in Denver’s Capitol Hill neighborhood. Leon McBroom led the JLL team that represented the borrower, an unnamed institutional fund, to secure the seven-year, fixed-rate loan through Northwest Mutual Real Estate Investments. Built in 2020, Aspire 7th & Grant features 178 studio, one- and two-bedroom units that average 882 square feet. Community amenities include a sky terrace with an outdoor fireplace, chef-inspired kitchen with a dining area, eighth-floor club area, rooftop business center, second-floor garden deck with a resort-style pool, fitness center, yoga studio, indoor pet spa and grilling lounge.

August 6, 2021

Acquisitions California Multifamily Western

IDEAL Capital Group Acquires Vintage at SLO Multifamily Property in San Luis Obispo, California for $51M

by Amy Works August 6, 2021

SAN LUIS OBISPO, CALIF. — IDEAL Capital Group has purchased Vintage at SLO, an apartment community located at 3554 Ranch House Road in San Luis Obispo, for $51 million. The seller was a joint venture between Newport Beach, Calif.-based Capstone Commercial Properties and Robbins | Reed. Completed in 2021, the 91,749-square-foot Vintage at SLO consists of seven three-story buildings offering a total of 105 apartments, with an average unit size of 874 square feet. Community amenities include a resort-style pool, fitness center, dog washing station and 161 parking spaces. Stew Watson, Dean Zander and Jef Henderson of CBRE represented the seller in the deal.

August 6, 2021

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Arranges Sale of 129-Unit Westgate Village Seniors Housing Property in Glendale, Arizona

by Amy Works August 6, 2021

GLENDALE, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Westgate Village, a 129-unit independent living community in Glendale. Located approximately nine miles northwest of downtown Phoenix, the property was built in 2017. It totals 112,000 square feet on approximately eight acres of land. A regional developer sold the community to an unnamed REIT for an undisclosed price. The new owner plans to keep the existing operator in place. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “This was a great opportunity for the new owner to acquire a high-quality asset and the current operator to stay in place,” says Punzel. “The seller will be recycling the capital into other senior living projects.”

August 6, 2021

Lakeshore-Village-Marketplace-Moreno-Valley-CA

Acquisitions California Retail Western

Newmark Directs $8.3M Sale of Lakeshore Village Marketplace in Moreno Valley

by Amy Works August 6, 2021

MORENO VALLEY, CALIF. — Newmark has arranged the sale of Lakeshore Village Marketplace, a neighborhood shopping center located in Moreno Valley. A Southern California-based private party acquired the retail property from an entity doing business as Lakeshore Plaza Holdings LLC for $8.3 million. Situated at 23575 Sunnymead Parkway, Lakeshore Village Marketplace features 80,000 square feet of retail space. The transaction also includes a 2.3-acre land parcel adjacent to the retail center. Lakeshore Village Marketplace has maintained a steady 87 percent occupancy rate to tenants including Armando’s Mexican Restaurant, Espresso & Cupcake Café, S Bar & Grill, Oishii Sushi, Del Taco and Jack in the Box. Mario Alvarez Jr. and Pablo Rodriguez of Newmark represented the seller in the deal.

August 6, 2021

CapRock-Tropical-Logistics-Phase-II-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Partners Acquires 20.7 Acres in North Las Vegas for Three-Building Industrial Development

by Amy Works August 5, 2021

NORTH LAS VEGAS, NEV. — CapRock Partners has purchased a 10-parcel land assemblage totaling 20.7 acres in North Las Vegas for the development of CapRock Tropical Logistics Phase II, an industrial complex adjacent to CapRock Tropical Logistics. The land parcels were acquired from nine individual sellers. The total acquisition price was not released. Totaling 441,554 square feet, CapRock Tropical Logistics Phase II will feature three industrial buildings with 32-foot clear heights, large truck courts and approximately 362 parking stalls. Building 1 will offer 248,391 square feet and more than 300 linear feet of Interstate 15 frontage, 32 dock-high doors, a 185-foot truck court and 57 trailer stalls. The 101,825-square-foot Building 2 will feature 15 dock-high doors and 180 feet of shared truck courts, and the 91,338-square-foot Building 3 will offer 15 dock-high doors and 180 feet of shared truck courts. Development is underway and groundbreaking is planned for first-quarter 2022. Completion is slated for the fourth quarter of 2022. The adjacent CapRock Tropical Logistics park is a two-building, 1.1 million-square-foot industrial complex currently nearing completion. The first phase is 100 percent pre-leased and scheduled for completion in third-quarter 2021.

August 5, 2021

Acquisitions Arizona Multifamily Western

KB Development Sells Superstition Canyon Apartments in Mesa, Arizona for $65M

by Amy Works August 5, 2021

MESA, ARIZ. — KB Development has completed the sale of Superstition Canyon, an apartment community located in Mesa. A Southern California-based investor acquired the asset for $65 million. Located at 1247 S. 96th St., Superstition Canyon features 200 apartments; a heated swimming pool with TV, fireplace and barbecues; sauna; fitness center; clubhouse with a billiards table; business center; basketball court; sand volleyball court; and gated dog park. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

August 5, 2021

Colorado Development Multifamily Seniors Housing Western

Hunt Midwest Breaks Ground on 102-Unit Seniors Housing Community in Loveland, Colorado

by Amy Works August 5, 2021

LOVELAND, COLO. — Hunt Midwest has broken ground on The Capstone at Centerra, a 78,000-square-foot assisted living and memory care community in Loveland. Located within the 3,000-acre, master-planned Centerra development, the community is projected to open in late 2022. Integral Senior Living (ISL) will be the operator of the 102-unit property.

August 5, 2021

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