Western

IPA Arranges Sale of Parc Roundtree Ranch Apartments in Metro Phoenix for $88.8M

by Julia Sanders July 23, 2021

PEORIA, ARIZ. — Institutional Property Advisors has arranged the sale of Parc Roundtree Ranch, a 275-unit apartment property in Peoria, approximately 13 miles north of Phoenix. The property sold for $88.8 million, or $322,909 per unit. Gebing and Cliff David of IPA represented the seller, Evergreen Devco Inc., and procured the buyer, Bridge Investment Group. Completed in 2021, Parc Roundtree Ranch is located northeast of the Westgate Entertainment District, a mixed-use development in Glendale with more than 20 restaurants, retailers and entertainment venues including Yard House, Saddle Ranch, Buffalo Wild Wings and a 20-screen AMC movie theater. The Westgate district is anchored by Gila River Arena, which is the home to the National Hockey League’s Arizona Coyotes. Additionally, the apartment property is located next to Roundtree Park, a public community park with grills, a picnic area, a playground and a soccer field. The apartment community is close to the Loop 101 freeway and U.S. 60, and has access to employment hot spots such as Southwest Valley, Midtown and downtown Phoenix. Additionally, there are approximately 7,300 businesses within a 10-mile radius of the property. “The West Valley’s combination of durable jobs and growth in the distribution and industrial sectors has provided …

July 23, 2021

Greenwood-Corporate-Plaza-Greenwood-Village-CO

Acquisitions Colorado Office Western

Viking Partners, Bancroft Capital Acquire 412,869 SF Greenwood Corporate Plaza Near Denver

by Amy Works July 23, 2021

GREENWOOD VILLAGE, COLO. — Viking Partners Management, on behalf of its fourth value-add fund, and Bancroft Capital have purchased Greenwood Corporate Plaza, a suburban office campus located at 5990 Greenwood Plaza in Greenwood Village. An undisclosed seller sold the asset for $38.4 million. Built in 1981 and renovated in 2015, Greenwood Corporate Plaza features four identical, three-story, Class B office buildings totaling 412,869 square feet on 36 acres. At the time of sale, the property was 57 percent occupied. The buyers plan to implement a capital improvement plan that will include replacing the roofs and HVAC systems; modernizing building entrances and exterior lighting; reforming the outdoor hardscape; and refreshing the elevators, bathrooms, lobbies and hallways.

July 23, 2021

Acquisitions California Industrial Western

Rockefeller Group Sells 135,623 SF Distribution Center in San Diego

by Amy Works July 23, 2021

SAN DIEGO — Rockefeller Group has completed the disposition of Airway Industrial Park, a distribution center located in San Diego’s Otay Mesa submarket. The buyer was a fund managed by Black Creek Group, which Ares Management acquired on July 1. The price was not disclosed. Situated on 7.8 acres at 8150 Airway Road, the property offers 135,623 square feet of industrial space. Airway Industrial Park features 32-foot clear heights, a 185-foot truck yard, truck trailer parking and an efficient office design, as well as 137 auto parking spaces. The project team included Ware Malcomb, Kimley-Horn & Associates and Dempsey Construction.

July 23, 2021

Acquisitions California Industrial Western

Sentre Buys Temecula Heights Industrial Facility in California for $40.7M

by Amy Works July 23, 2021

TEMECULA, CALIF. — Sentre has purchased Temecula Heights, an industrial property located at 42301 Zevo Drive in Temecula, for $40.7 million, or $178 per square foot. The name of the seller was not released. Constructed in 1998 on 11 acres, Temecula Heights features 229,000 square feet of industrial space, 26-foot clear heights, ESFR sprinklers and 27 dock doors. At the time of sale, the property was 84 percent leased to a Fortune 100 medical product company.

July 23, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $4.8M Sale of Planet Fitness-Occupied Property in Tucson

by Amy Works July 23, 2021

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 4755 S. Calle Santa Cruz within Tucson Spectrum in Tucson. A limited liability company acquired the property from another limited liability company for $4.8 million. Planet Fitness occupies the 25,000-square-foot property, which was built in 2018, under a net lease. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the transaction.

July 23, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $28.1M Loan for Multifamily Acquisition in Phoenix

by Amy Works July 23, 2021

PHOENIX — Ready Capital has closed $28.1 million in financing for the acquisition, renovation and stabilization of an apartment in the South West Valley submarket of Phoenix. Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 23, 2021

Acquisitions Colorado Multifamily Western

Manulife Investment Acquires TriVista on Speer Multifamily Property in Denver for $144.5M

by Amy Works July 22, 2021

DENVER — Manulife Investment Management, on behalf of a third-party managed account, has purchased TriVista on Speer, a multifamily property located at 1350 Speer Blvd. in Denver’s Golden Triangle neighborhood. An undisclosed seller sold the community for $144.5 million. Completed in 2019, the seven-story TriVista on Speer features 322 apartments with an average unit size of 985 square feet. All units include designer kitchens with granite and quartz countertops, in-home washers/dryers, high ceilings and oversized windows with mountain and city views. Community amenities include a rooftop pool and spa; two courtyards with firepits and bocce ball courts; a chef’s kitchen; a two-story fitness center with a yoga/spin studio; and a pet spa/grooming station. Brady O’Donnell and Jill Haug of CBRE arranged an acquisition loan through MetLife for the buyer.

July 22, 2021

Acquisitions Multifamily Nevada Western

Western Wealth Capital Enters Las Vegas Market, Buys 216-Unit San Michele Apartments

by Amy Works July 22, 2021

LAS VEGAS — Western Wealth Capital has purchased San Michele Apartment Homes in Las Vegas for an undisclosed price. The transaction marks the investor’s entrance into the Las Vegas market. Originally constructed in 1997, San Michele Apartment Homes features 216 units. The community is situated approximately eight miles from the Las Vegas Strip and five miles from the city’s Summerlin neighborhood. The seller was not disclosed.

July 22, 2021

Acquisitions Industrial Net Lease Nevada Western

Newmark Arranges $16.6M Sale of Cold Storage, Ice Production Facility in Las Vegas

by Amy Works July 22, 2021

LAS VEGAS — Newmark has brokered the sale of a cold storage and ice production plant in Las Vegas. ZNZ Enterprises sold the asset to an undisclosed buyer for $16.6 million. Located at 1201 Searles Ave., the 100,991-square-foot property is fully triple-net leased to Reddy Ice Corp. The facility has operated as an ice production and cold storage facility since 1983. Reddy Ice has operated at the facility since 1999. Michael Zobrist, Lauren Tabeek and Jeffrey Price of Newmark represented the seller in the deal.

July 22, 2021

Acquisitions Colorado Restaurant Retail Western

Cushman & Wakefield Negotiates $9.8M Sale of Three-Building Retail Portfolio in Westminster, Colorado

by Amy Works July 22, 2021

WESTMINSTER, COLO. — Cushman & Wakefield has arranged the sale of a retail portfolio comprising three inline shop buildings located within Westminster Crossings shopping center in Westminster. Colorado-based Coco’s Place acquired the asset from Centre Point Properties for $9.8 million. Totaling 28,705 square feet of gross leasable space, the multi-tenant property was 100 percent leased to a mix of regional and national tenants. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the deal.

July 22, 2021

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