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Ardenwood-Life-Science-Park-Fremont-CA
CaliforniaLife SciencesLoansOfficeWestern

Square Mile Capital Arranges $73.9M Loan for Life Sciences, Office Campus in Fremont, California

by Amy Works

FREMONT, CALIF. — Square Mile Capital Management has originated a $73.9 million loan secured by Ardenwood Life Science Park, a Class A life sciences and office campus in Fremont. Square Mile Capital provided the acquisition financing to a joint venture between Invesco Real Estate and Lincoln Property Company West. Eastdil Secured’s San Francisco office arranged the financing. Originally developed in 2001, the property underwent a comprehensive renovation for lab and office use in 2006. Affiliates of Tyco Electronics Corp. fully occupy the 186,000-square-foot, two-building campus.

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Deer-Valley-Four-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

DAUM Commercial Negotiates Sale of 110,679 SF Industrial Property in Phoenix

by Amy Works

PHOENIX — DAUM Commercial Real Estate Services has arranged the sale of an industrial asset in Phoenix’s Deer Valley submarket. The four-building property features 110,679 square feet of industrial space. California-based Greenwood & McKenzie sold the asset to Mountain West for an undisclosed price. Chris Rogers and Trevor McKendry of DAUM represented the seller and procured the buyer. Will Strong of Cushman & Wakefield also brokered the transaction. The buildings, which are fully leased to 38 tenants, are located at 23021, 23025, 23005 and 23015 N. 15th Ave. in Phoenix. The buildings offer 20-foot clear heights, two shared truck wells and 10-foot by 12-foot grade-level doors.

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Cadence-Brea-Brea-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Partnership Breaks Ground on 80-Unit Seniors Housing Community in Brea, California

by Amy Works

BREA, CALIF. — Cadence Living, Flournoy Development Group and Harrison Street have broken ground on Cadence Brea, an 80-unit assisted living and memory care in the Orange County city of Brea. The project team includes Thoma-Holec Design, Irwin Partners Architects and Flatiron Development Group. “This is a unique opportunity and part of our overall strategy to focus on boutique, high-end, amenity-laden communities with high walkability scores,“ says Rob Leinbach, principal with Cadence. “We are focused on locations with a high barrier to entry,” adds Justin Osborne, vice president at Flournoy Development Group. “It is rare that we come across a site with this many amenities in close proximity.” The community is scheduled to open in first-quarter 2024. This will be the third community delivered in the Cadence/Flournoy partnership after Cadence Olney in the Washington, D.C. suburb in Montgomery County, Maryland and Cadence at Kent-Meridian in the Seattle MSA. Cadence Brea is also the eighth collaboration between Cadence and Harrison Street.

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Wilmore-Center-Wheat-Ridge-CO
AcquisitionsColoradoHealthcareOfficeRetailWestern

DPC Development Co. Sells Retail, Medical Office Property Near Denver for $10.2M

by Amy Works

WHEAT RIDGE, COLO. — DPC Development Co. has completed the disposition of Wilmore Center, a mixed-use building located at 7615 and 7777 W. 38th Ave. in Wheat Ridge. T-2 Ventures acquired the asset for $10.2 million. Originally built in the early 1980s, Wilmore Center features 52,743 square feet of retail and medical office space. At the time of sale, approximately 93 percent of the property was occupied by a mix of service and medical-oriented businesses. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver office represented the seller in the transaction.

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Sun-Chase-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Bascom Group Buys Sun Chase Apartment Community in Las Vegas for $40.5M

by Amy Works

LAS VEGAS — The Bascom Group has purchased Sun Chase, an apartment property in Las Vegas, in an off-market transaction for $40.5 million, or $202,500 per unit. The name of the seller was not released. Annie Rice and Jamie Kline of JLL Capital Markets sourced the acquisition loan from ACRE Credit for the purchase. Scott McClave and Tom Gilfillan of Bascom oversaw the acquisition for Bascom. Constructed in 1984/1985, Sun Chase features 200 apartments in a mix of one- and two-bedroom floor plans. Community amenities include a fitness center, resident clubhouse, pool, barbecue area and putting green. Bascom plans to modernize the fitness center, clubhouse and pool areas while repurposing the putting green into a central park with a play structure, barbecue station, seating areas and landscaping.

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Vista-Terrace-Marketplace-Vista-CA
AcquisitionsCaliforniaRetailWestern

Black Lion Investment Sells Vista Terrace Marketplace in Vista, California for $13.3M

by Amy Works

VISTA, CALIF. — Black Lion Investment Group has completed the sale of Vista Terrace Marketplace, a retail strip center in Vista. A real estate fund advised by Crow Holdings Capital acquired the asset for $13.3 million. Situated on two acres at 1280, 1330 and 1350 E. Vista Way, Vista Terrace Marketplace features 28,440 square feet of newly renovated retail space. At the time of sale, the property was 91 percent leased to a variety of national and local tenants, including Anytime Fitness, Discovery Preschool, Sports Clips, Jersey Mike’s Subs, Pacific Dental, Upper Crust Pizza and Bombay Café. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the seller in the deal. This two-part transaction comes one year after the $10.7 million sale of three outparcel pad buildings at Vista Terrace Marketplace in December 2020.

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136-College-Ave-Santa-Rosa-CA
AcquisitionsCaliforniaNet LeaseRetailWestern

Hanley Investment Group Arranges $8M Sale of 7-Eleven-Occupied Property in Santa Rosa, California

by Amy Works

SANTA ROSA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant investment property located at 136 College Ave. in Santa Rosa. Pleasant Hill-based California Capital Group sold the asset to an El Dorado Hills-based private investor for $8 million. Jeremy McChesney of Hanley represented the seller, while Chris Fenolio of Weller Partners represented the buyer in the transaction. A 7-Eleven with a gas station occupies the 2,988-square-foot property on a net-lease basis.

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Buckeye-54-Buckeye-AZ
AcquisitionsArizonaDevelopmentIndustrialWestern

Joint Venture Acquires 54-Acre Land Parcel in Buckeye, Arizona for Logistics Park Development

by Amy Works

BUCKEYE, ARIZ. — Buckeye 54 LLC, a joint venture between Contour Real Estate and Shopoff Realty Investments, has purchased a 54-acre industrial development site at the southeast corner of Southern Avenue and Rainbow Road in Buckeye. KWC Motorsports LLC sold the property for $6.5 million. The joint venture plans to develop a logistics park with two warehouses totaling 900,000 square feet. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal.

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Fireside-Apts-Colorado-Springs-CO
AcquisitionsColoradoMultifamilyNorthmarqWestern

Northmarq Brokers $20.5M Sale of Fireside Apartments in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Northmarq has arranged the sale of Fireside Apartments, a multifamily property located at 610 N. Murray Blvd. in Colorado Springs. Clear Capital acquired the asset from Blueline Equity Partners for $20.5 million. Built in 1971, Fireside Apartments features 108 units. Alex Possick, Rich Ritter and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller. Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq arranged $16.2 million in acquisition financing for the buyer.

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AcquisitionsArizonaDevelopmentIndustrialWestern

Dermody Properties Acquires 961-Acre Land Parcel Near Phoenix for Industrial Development

by Amy Works

EL MIRAGE, ARIZ. — Dermody Properties has purchased 961 acres of land in El Mirage, a suburb of Phoenix. The company plans to develop Copperwing Logistics Center, an industrial park with approximately 10 million square feet of speculative space over the next 10 years. Additionally, the company will develop approximately 300 acres for other third-party owners/users and build-to-suit customers. Initial development is slated to begin in 2022. Novo Development, which has been involved with the project since its inception, will continue to assist with the new venture. The land is being purchased from John F. Long Family Trust, known for developing more than 30,000 homes over four decades, including Arizona’s first master-planned community, before focusing efforts on retail and commercial projects in the West Valley Arizona market. Industrial zoning was already in place for the land. In addition, the property is within an approved Foreign Trade Zone (FTZ), meaning companies within the park that are active uses of FTZ can receive up to a 75 percent reduction in real estate and personal property taxes. Dermody Properties also intends to bring new water and sewer sources to the site along with new roads and park amenities. Pat Feeney, Rusty Kennedy and …

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