Western

Marcus & Millichap Arranges $4M Sale of Net-Leased Retail Building in Castle Pines, Colorado

by Amy Works February 4, 2025

CASTLE PINES, COLO. — Marcus & Millichap has arranged the sale of a net-leased retail property located at 7282 Lagae Road in Castle Pines. An Arizona-based developer/limited liability company sold the asset to a Colorado-based private investor for $4 million. Service Street Auto Repair occupies the 4,488-square-foot building under a 20-year absolute triple-net lease. The property is situated near the Castle Rock Promenade & Outlets and a King Soopers Center. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the deal.

February 4, 2025

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.3M Sale of Manufacturing Building in Portland, Oregon

by Amy Works February 4, 2025

PORTLAND, ORE. — Norris & Stevens has arranged the sale an industrial manufacturing/storage facility at 9348 N. Peninsular Ave. in Portland. Anlekus LLC acquired the asset from Miscoe Properties LLC for $2.3 million. Originally constructed in 1932 with additions in the 1950s and 1970s, the property consists of a main industrial building, a maintenance building and two separate outbuildings totaling 75,000 square feet. Formerly used for food production and storage, the asset features six loading docks, one drive-in door, 18- to 20-foot clear heights and a large office area. Greg Nesting of Portland-based Norris & Stevens represented the buyer and seller in the transaction.

February 4, 2025

Development Multifamily Student Housing Utah Western

University of Utah, ACC Break Ground on 1,400-Bed Student Housing Development in Salt Lake City

by Amy Works February 3, 2025

SALT LAKE CITY — The University of Utah (The U) and American Campus Communities (ACC), in a public-private partnership, have broken ground on a $155 million student housing complex in Salt Lake City. The six-story residence hall will add 1,400 beds for first- and second-year students. The U will manage and program the first floor to feature common indoor and outdoor social areas, new dining facilities and fitness areas. The development is part of ACC’s American Campus Equity (ACE program), which enables universities to expand and enhance student housing without taking on additional debt. Under a 55-year lease agreement that includes two 10-year extensions for a final term of 75 years, ACC will manage and own a leasehold interest in the property. The project team includes MHTN Architects, Ayers Saint Gross and Okland Construction. The new residence hall is slated to open for occupancy in fall 2026.

February 3, 2025

Acquisitions Multifamily Washington Western

Northmarq Brokers $19.9M Sale of Richland Court Apartments in Richland, Washington

by Amy Works February 3, 2025

RICHLAND, WASH. — Northmarq has arranged the sale of Richland Court, a multifamily property located at 2433 George Washington Way in Richland. KEI Apartment Fund 9 LLC sold the asset to BLV-Richland Court LLC for $19.9 million. Built in 1994, Richland Court offers 88 one-, two- and three-bedroom apartments and 142 parking spaces, including 10 garage, 24 carport and 108 surface spots. Apartment amenities include full-sized washers and dryers, air conditioning, balconies, fireplaces, microwaves, ovens, vaulted ceilings and ADA-accessible rooms. Community amenities include onsite maintenance and management, a community clubhouse, seasonal pool, fitness center, package receiving, a recreation center, spa and tanning bed. Tyler Smith, Joe Kinkopf and Steve Fischer of Northmarq’s Seattle Multifamily Investment Sales team represented the seller in the deal.

February 3, 2025

Acquisitions California Industrial Western

CBRE Negotiates $18.1M Sale of Industrial Facility in Buena Park, California

by Amy Works February 3, 2025

BUENA PARK, CALIF. — CBRE has negotiated the sale of an industrial building located at 8401 Page St. in Buena Park. Products Go LLC acquired the asset for $18.1 million. Situated on 2.7 acres, the 55,362-square-foot building offers abundant parking and quick access to Interstate 5 and State Route 91. Keith Greer, Ben Seybold and Sean Ward of CBRE represented the seller, a private investor, in the deal.

February 3, 2025

Acquisitions California Industrial Retail Self-Storage Western

Storm Properties Acquires Self-Storage, Retail Property in Escondido, California for $10.5M

by Amy Works February 3, 2025

ESCONDIDO, CALIF. — Storm Properties has purchased a self-storage and retail asset in Escondido for $10.5 million. Located at 510 and 520 W. Valley Parkway, the property features 37,125 square feet of storage buildings, a 7,000-square-foot retail strip building and a 5,900-square-foot pad for future retail development. The self-storage facility offers 262 storage units, while the retail space consists of four in-line suites and a single-tenant retail building. One of the retail suites serves as the onsite management for the self-storage facility. The retail is 100 percent occupied, while 97 percent of the self-storage units are currently rented. Storm Properties, a subsidiary of Torrance, Calif.-based Storm Industries, currently manages a diverse portfolio of multifamily, industrial and retail properties.

February 3, 2025

California Hospitality Loans Western

MMCC Arranges $5M Refinancing for El Dorado Hotel in Sonoma, California

by Amy Works February 3, 2025

SONOMA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $5 million in refinancing for El Dorado Hotel, a boutique hotel in Sonoma. Bill Lanting arranged the financing with a national bank on behalf of the client, a California-based hospitality management and development group. Terms of the five-year, nonrecourse loan include a 6.9 percent interest rate with a 25 year-amortization. Located at 405 1st St. West, El Dorado Hotel offers 27 guest rooms. Built in 1880, the hotel was recently renovated in 2023. Amenities include a saltwater pool, semi-private balconies, a courtyard and a restaurant and bar.

February 3, 2025

Market Reports Nevada Office Western Western Market Reports

Las Vegas Office Sector Continues Resilience, Bucks National Vacancy Trend

by John Nelson February 3, 2025

— By Giovanna Abraham, Market Intelligence Analyst, Avison Young — The Las Vegas office market continues to defy broader national trends, maintaining resilience and attracting attention for its stability and growth. While many U.S. cities struggle with rising office vacancies, Las Vegas stands out for its comparatively low vacancy rate, steady rent growth and positive return-to-office trends. Despite recent increases in vacancy, Las Vegas remains well below national averages, with a vacancy rate of 15.2 percent in the third quarter — 850 basis points lower than the national availability rate of 23.7 percent. This performance reflects the unique dynamics shaping the Las Vegas office market, including a steadily growing population and the city’s appeal as a business-friendly destination. Low Vacancy Rates and a Stable MarketOffice vacancy has gradually increased over the past six quarters, but Las Vegas has also experienced a much slower rise than many larger metropolitan markets. This measured growth has allowed the city to remain competitive, with vacancies rebounding to pre-pandemic levels by late 2021 and holding steady through first-quarter 2023. After brief upticks in the first half of 2024, the vacancy rate declined again by third-quarter 2024, dropping from 15.9 percent to 15.2 percent. This resilience …

February 3, 2025

Development Loans Multifamily Utah Western

PCCP Provides $60M Senior Loan for 201-Unit Apartment Project in Downtown Salt Lake City

by Amy Works January 31, 2025

SALT LAKE CITY — PCCP has provided a $60 million senior loan to J. Fisher Cos. for the construction of The Edison, a seven-story multifamily community in downtown Salt Lake City. Construction will commence in February with completion scheduled for February 2027. Located at 256 S. 200 East, The Edison will offer 201 apartments across five residential stories atop two levels of parking (158 stalls) and 7,800 square feet of ground-floor retail space. The unit mix will consist of 40 junior one-bedroom units, 105 one-bedroom units and 56 two-bedroom units with an average size of 823 square feet. The units will offer 10-foot ceilings, stainless steel appliances, quartz closets and full-size washers/dryers. Community amenities will include a swimming pool, hot tub, sauna, fitness center, golf simulator, arcade, clubhouse, coworking space, outdoor fireplace and a courtyard with barbecues.

January 31, 2025

Acquisitions Multifamily Washington Western

Trent Development Sells Nimbus Apartment Property in Everett, Washington for $49M

by Amy Works January 31, 2025

EVERETT, WASH. — Trent Development has completed the disposition of Nimbus, a multifamily community located at 2701 Rockefeller Ave. in Everett, approximately 30 miles north of Seattle. CEP Multifamily acquired the asset for $49 million. Completed in 2022, Nimbus features 165 studio, one- and two-bedroom apartments with soft-close cabinets, stainless steel appliances, quartz countertops, modern tile backsplashes and at least nine-foot ceilings. Onsite amenities include a coworking lobby, fitness room, arcade, cloud room with an entertaining kitchen and a rooftop lounge with mountain views. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal.

January 31, 2025

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