Western

NAI Highland Brokers $28.1M Sale of Airport Business Center in Colorado Springs

by Amy Works June 24, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of Airport Business Center, a four-building industrial park in Colorado Springs. An undisclosed buyer acquired the asset for $28.1 million. Situated on 12.7 acres, the park totals 213,240 square feet of fully leased industrial space. Additionally, the asset features 6.1 acres of surplus land for future development. The business park is located at 2510, 2520 and 2590 Aviation Way and 2504, 2506 and 2510 Zeppelin Road. Randy Dowis and Paul Engel of NAI Highland represented the undisclosed seller in the deal. Dowis and Engel are also working with the buyer on plans to develop the surplus land.

June 24, 2022

Acquisitions California Industrial Western

Fortress Investment Group Buys Warehouse in Fremont, California for $29M

by Amy Works June 24, 2022

FREMONT, CALIF. — Fortress Investment Group has acquired a warehouse facility in Fremont from Weiglein Properties, Sveiks Holdings and Glade Barne Holdings for $29 million. Situated on 6.3 acres at 42744 Boscell Road, the 93,385-square-foot warehouse features 6,886 square feet of office space, 26-foot clear heights, eight loading docks, 11 grade-level doors, 29 skylights with smoke vents and shades, dock-high and drive-in loading access, heavy power, 200 parking stalls and a 17,000-square-foot fenced-in, secured yard. The asset also offers 1.7 acres of unimproved surplus land. Balch Construction built the property, which Ross Reese designed, in 2000. At the time of sale, two tenants fully leased the property. Rick Keely and Greig Lagomarsino of Colliers represented seller, while Lagomarsino represented the buyer in the deal.

June 24, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Arranges Sale of 85-Bed Skilled Nursing Facility in New Mexico

by Amy Works June 24, 2022

NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico. The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care. The facility was experiencing census growth following an operator transition in 2019 as well as upward trending operating performance with total revenues exceeding $8.5 million. A regional owner-operator acquired the property. The seller and price were not disclosed.

June 24, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $5.7M Sale of Sherwin Williams-Anchored Retail Center in El Centro, California

by Amy Works June 24, 2022

EL CENTRO, CALIF. — Faris Lee Investments has arranged the sale of a retail strip center in El Centro. A Los Angeles-based family office sold the property to an undisclosed buyer for $5.7 million. Sherwin-Williams anchors the property, which is located at 1950 S. 4th St. Matt Brooks and Joe Chichester of Faris Lee Investments represented the seller and sourced the buyer in the deal.

June 24, 2022

Acquisitions California Multifamily Western

Virtu Investments Sells Foothill Ridge Apartments in Upland, California to Clear Capital for $82M

by Amy Works June 23, 2022

UPLAND, CALIF. — Virtu Investments has completed the disposition of Foothill Ridge, a multifamily property in Upland, to Clear Capital for $82 million, or $353,448 per unit. Built in 1973, Foothill Ridge features 232 apartments spread across 32 one- and two-story buildings on 11 acres. Units offer energy-efficient appliances, large closets and central air conditioning. Community amenities include ample open space, a resort-style pool with furnished sundeck, a spa, fitness center, dog park, playground and barbecue grills. Alexander Gracia Jr., Tyler Martin and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 23, 2022

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $53.2M Financing for Tiburon Affordable Housing Development in San Luis Obispo, California

by Amy Works June 23, 2022

SAN LUIS OBISPO, CALIF. — KeyBank Community Development Lending and Investment has provided $53.2 million in financing for the development of Tiburon, an affordable multifamily property in San Luis Obispo. KeyBank provided a $28 million construction loan and a $2.3 million permanent loan, as well as $22.9 million in low-income housing and state housing tax credit equity, to People’s Self Help Housing, a San Luis Obispo-based affordable housing development and management company. Situated on 2.1 acres, Tiburon will feature 68 units in a mix of studio, one- and two-bedroom units spread across two three-story residential buildings with a community center. The units are designated for individuals and families within the 25, 30, 40, 50 and 60 percent area median income levels. The units at 25 percent and 30 percent are part of California’s permanent supportive housing program, helping to serve unhoused individuals and those who may be prone to homelessness. The development will receive support from the California Department of Housing and Community Development, which awarded the project $6.4 million in funding under the California No Place Like Home Program. Additionally, the city and county of San Luis Obispo provided $1.1 million of funding. Transitions Mental Health of San Luis …

June 23, 2022

Acquisitions Nevada Retail Western

SVN|The Equity Group Arranges $24.4M Sale of Silverado Square Retail Center in Las Vegas

by Amy Works June 23, 2022

LAS VEGAS — SVN | The Equity Group has brokered the sale of Silverado Square, a retail center situated on 6.5 acres in Las Vegas. AG Property Development LLC sold the asset to an undisclosed buyer for $24.4 million. Located at 1110-1190 E. Silverado Blvd., Silverado Square features 48,492 square feet of retail space. Sprouts Farmers Market anchors the property, which was developed in 2018 and 2019. Nolan Julseth-White of SVN | The Equity Group represented the seller, while Rob Ippolito of Newmark represented the buyer in the transaction.

June 23, 2022

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Negotiates $19.8M Sale of Avon Apartments in Denver

by Amy Works June 23, 2022

DENVER — NorthPeak Commercial Advisors has arranged the sale of Avon Apartments, a multifamily property located at 2850 and 2880 S. Federal Blvd. in Denver. The asset traded for $19.8 million, or $200,000 per unit. The names of the seller and buyer were not released. Totaling 75,662 square feet, Avon Apartments features 99 units. Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.

June 23, 2022

Acquisitions Industrial Utah Western

Dunleer Purchases 83,893 SF Industrial Park in Salt Lake City for Redevelopment

by Amy Works June 23, 2022

SALT LAKE CITY — Los Angeles-based Dunleer has acquired a multi-tenant industrial building, located at 2950 W. 500 S in Salt Lake City, for an undisclosed price. The transaction marks Dunleer’s first industrial investment in Utah. Situated on 4.8 acres, the 83,893-square-foot facility features 16 units, 20 ground-level doors, 20 restrooms and more than 110 parking spaces. At the time of sale, the property was 95 percent occupied. Dunleer plans to renovate the individual units as leases expire. Eli Priest of Newmark represented the buyer and undisclosed seller in the transaction.

June 23, 2022

Acquisitions Arizona Development Industrial Top Stories Western

Creation Sells Industrial Building Near Phoenix for $130M, Plans 4.2 MSF New Development

by Jeff Shaw June 23, 2022

BUCKEYE, ARIZ. — Creation, a real estate development and alternative investment firm headquartered in Phoenix, has sold 10 West Commerce Park in the Phoenix suburb of Buckeye for $130 million. The seller says it’s the highest gross sales price for an industrial property in Buckeye’s history. The buyer was Los Angeles-based investment firm Cohen Asset Management. Funko, a toy company best known for its pop culture figurines, bobbleheads and other collectibles, fully occupies the 10 West property, signing the lease in advance of completion in 2021. The 860,602-square-foot asset serves as the company’s U.S. distribution center. Will Strong of Cushman & Wakefield’s Phoenix office brokered the sale transaction. “We are firm believers that the Buckeye industrial submarket will continue to mature and attract industry-leading organizations as it establishes its place among sought-after West Coast industrial development hubs,” says Brandon Delf, principal and co-chief investment officer with Cohen Asset Management. Simultaneously with the sale announcement, Creation unveiled plans for a new industrial development in Buckeye. Named Ten85, the proposal calls for 4.2 million square feet of speculative space on a 270-acre parcel. The planned Ten85 logistics park will include four buildings ranging in size from 650,000 to 1.2 million square feet …

June 23, 2022

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