GOODYEAR, ARIZ. — CIM Group has purchased Goodyear Airport 85, a recently completed industrial building adjacent to the Phoenix Goodyear Airport in Goodyear. Terms of the transaction were not released. Located at 1685 S. Litchfield Road, the 276,183-square-foot Goodyear Airport 85 is a rear-load industrial facility with 36-foot clear heights, 48 exterior dock doors and ample car, trailer and bicycle parking.
TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of Cross Creek Golf Club, located at 43860 Glen Meadows Road in Temecula. ANB Enterprises sold the asset, which includes the real estate and business, to Ken Tina LLC for $4.6 million. Brad Umansky and Greg Bedell of Progressive represented the seller, while Craig Way of Seaway Properties represented the buyer in the deal. Built in 2001, the Arthur Hill-designed, 18-hole Cross Creek Golf Club sits on 166 acres. The buyer plans to make significant investments to the upgrade the clubhouse, improve the condition of the golf course and potentially add new facilities for hosting weddings and special events. Touchstone Golf will manage the property.
By Patrick Shalz, Partner, TOK Commercial Net absorption in Boise’s office market through August is nearly 806,000 square feet. This has already outpaced the amount seen in 2020 by more than 40 percent. Meridian and Downtown Boise have had the most net absorption, with 232,000 square feet and 191,000 square feet, respectively. Overall vacancy has declined a full percentage point in 2021, from 7.3 percent to 6.2 percent. Multi-tenant vacancy has also declined from 11.2 percent to 10.7 percent. Many of the largest transactions of 2021 involved companies that are new to the Boise MSA. Kiln, a co-working company with offices in Utah and Colorado, leased nearly 50,000 square feet of newly constructed space in the Eagle View Landing project near Eagle Road and I-84. U.S. Investment Corp. and AMS Sensors, both of which are new to the market, leased 13,100 and 10,900 square feet, respectively, at the 11th & Idaho Building in downtown Boise. Overall asking rates have increased in the past year, rising $0.50 per square foot to $18.50 per square foot (full-service lease/FLSV, annually). Class A space in newly constructed office buildings have asking rates ranging between $26 and $30 per square foot. Landlords have been offering $60 to $65 …
SEATTLE — Newport Beach, Calif.-based MIG Real Estate has purchased Solara, a multifamily property located at 12736 Lake City Way NE in North Seattle. Newport Beach, Calif.-based Sares Regis Multifamily Funds acquired the property for $84 million. Built in 2001, Solara consists of three six-story buildings offering a total of 238 studio, one-, two- and three-bedroom apartments with nine-foot ceilings and in-unit washers/dryers. On-site amenities include a pool, theater, 24-hour fitness center, game room, WiFi café, parcel lockers, pet wash station, conference room, landscaped private courtyard and leasing center. MIG plans to renovate the property by refreshing the interior amenities and leasing center, painting the exterior, updating signage, implementing light apartment renovations and refreshing the corridors. Additionally, the community features five ground-floor retail suites totaling 5,893 square feet leased to The Beer Authority, Caoba Hair Salon and Spa and Seatango. Jon Hallgrimson, Eli Hanacek, Frank Bosl and Kyle Yamamoto of CBRE represented the seller in the deal. Bill Chiles, Scott Peterson and Brian Cruz of CBRE Capital Markets in San Diego partnered with CBRE’s Seattle multifamily team in arranging financing for the acquisition on behalf of MIG.
CARLSBAD, CALIF. — Miramar Capital has purchased Aston Views, a freestanding office/flex building located at 1808 Aston Ave. in Carlsbad. MCR Aston LLC sold the property for $20 million. Built in 2001 on 8.7 acres, the two-story Aston Views features 82,972 square feet of space. At the time of sale, the property was 90 percent leased. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Justin Halenza and Michael Mahoney, also of Cushman & Wakefield, provided leasing advisory.
SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty Capital Corp.’s Richmond office led the transaction.
DENVER — Berkadia has arranged the sale of Aspen Grove, an apartment community in Denver. A California-based buyer acquired the asset for $10.3 million, or $313,636 per unit. Tyler King, Nick Steele and John Laratta and Nate Moyer of Berkadia Denver represented the Colorado-based seller in the deal. Built in 2020, Aspen Grove features 33 units with washers/dryers, patios/balconies, high ceilings and stainless steel appliances. The community is located at 9850 E. Girard Ave.
LOS ANGELES — Matthews Real Estate Investment Services has arranged the sale of Manchester Plaza, a retail property located at 520-536 E. Manchester Ave. in Los Angeles. An undisclosed developer sold the asset to a local investor for $5.5 million, or $647 per square foot. The property offers approximately 8,500 square feet of multi-tenant retail space. Joe Nelson of Matthews handled the transaction.
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Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest
Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …
By Devin Ogden, Partner, Colliers Idaho has been overlooked by investors and developers in the past due to its smaller size and geographic isolation. This is not the narrative anymore. Tenants and users are currently looking to expand their operations into Idaho to serve the surging population and take advantage of a business-friendly environment with minimal regulation. Expensive land costs and significant cap rate compression in primary markets are causing developers and investors to shift their focus to secondary and tertiary markets to chase yield and opportunity. With the positive trend of people and businesses moving or expanding to Idaho, Boise is now near the top of the list for many national and regional investors and developers. The Boise industrial market has been underdeveloped in the past with only a handful of local developers that never got out ahead of themselves. The population of the Boise MSA is more than 750,000. Total industrial inventory is more than 42 million square feet with an additional 5 million-plus square feet being flex product. The market has had nearly 3 million square feet of positive absorption over the past two years and, as such, the current vacancy rate is 1.9 percent. Most new warehouse being constructed …