Western

Garrett Cos. Breaks Ground on 163-Unit Multifamily Property in Colorado Springs

by Amy Works June 4, 2025

COLORADO SPRINGS, COLO. — The Garrett Cos., as developer and contractor, has begun construction on a multifamily development in Colorado Springs. Ware Malcomb’s Denver and Chicago offices are providing architecture and civil engineering services for the project. Situated on 7.2 acres at the intersection of Barnes Road and Rio Vista Street, the garden-style property will offer 163 apartments in a mix of one-, two- and three-bedroom layouts. Each unit will have a full-sized washer/dryer. Community amenities will include a resort-style pool and spa with cabanas, a fitness center, dog park, clubhouse with lounge, billiards and arcade games and coworking and private office spaces.

June 4, 2025

Acquisitions Industrial Washington Western

Marcus & Millichap Brokers Sale of 31,000 SF Industrial Property in Woodinville, Washington

by Amy Works June 4, 2025

WOODINVILLE, WASH. — Marcus & Millichap has arranged the sale of The Junction, an industrial facility in Woodinville. A limited liability company sold the asset to an undisclosed buyer for $10.5 million. Located at 19151 144th Ave. NE, the 31,000-square-foot The Junction is 93 percent leased to a variety of tenants, including fast food, auto care and tasting rooms. John Marks and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the deal.

June 4, 2025

Acquisitions Colorado Industrial Western

JLL Brokers Sale of 2.1 MSF Industrial Portfolio Across Three Markets

by Amy Works June 3, 2025

DENVER — JLL Capital Markets has arranged the sale of an industrial portfolio spanning Denver, Houston and northern New Jersey. Principal Asset Management and a state-sponsored pension plan acquired the asset from an undisclosed seller. Terms of the transaction were not disclosed. Totaling 2.1 million square feet, the portfolio spans 10 industrial properties that were 96.7 percent occupied at the time of sale. The portfolio includes: – Five properties, totaling 1.2 million square feet, in Denver at 11700 E. 47th Ave., 11511 E. 45th Ave., 11775 E. 45th Ave., 11351 E. 45th Ave. and 11198 E. 45th Ave. – Four assets, totaling 708,944 square feet, at Waypoint Business Park on S. Sam Houston Parkway W in southwest Houston – A 208,899-square-foot facility at 1203 S. River Road at Exit 8A on the New Jersey Turnpike Trent Agnew, John Huguenard, Peter Merrion, John Plower, Patrick Nally, Charlie Strauss, William McCormack and Robert Key of JLL Capital Markets Investment Sales and Advisory team represented the seller in the transaction.

June 3, 2025

Arizona Development Mixed-Use Office Restaurant Retail Western

Wespac Breaks Ground on Sprouts Farmers Market Headquarters in Phoenix

by Amy Works June 3, 2025

PHOENIX — Wespac Construction has broken ground for the construction of Sprouts Farmers Market headquarters, a mixed-use campus in north Phoenix. Trammell Crow Co. is developing the project, which was designed by RSP Architects. Keyser and JLL are handling brokerage services for the project. Located within CityNorth near 56th Street and Loop 101, the 180,000-square-foot campus will feature a four-story, 144,500-square-foot Class A office building, a 25,000-square-foot flagship Sprouts grocery store, 11,000 square feet of high-end retail and restaurant space and a three-story parking garage. The campus will also offer modern amenities, including an onsite gym, yoga studio, top-floor deck, Press Coffee café, culinary kitchens, tasting rooms and a garden for chef-driven meals and community events. Sprouts will transition from its current 96,000-square-foot space to the new location by August 2026.

June 3, 2025

Acquisitions Colorado Multifamily Western

Thompson Thrift Sells 300-Unit Upland Flats Multifamily Community in Colorado Springs

by Amy Works June 3, 2025

COLORADO SPRINGS, COLO. — Thompson Thrift has sold Upland Flats in Colorado Springs to NALS Apartment Homes for an undisclosed figure. Matt Barnett, Dan Woodward, Jake Young and Dave Potarf of Walker & Dunlop brokered the sale. Thompson Thrift began developing the 300-unit community in 2021. The Watermark 2021 Multifamily Development Fund III LP provided equity for the project. Situated on 15.5 acres, Upland Flats’ amenity package includes 24-hour fitness centers, community gardens, dog parks and more.

June 3, 2025

Acquisitions California Retail Western

CBRE Arranges $25.7M Sale of Shopping Center in Costa Mesa, California

by Amy Works June 3, 2025

COSTA MESA, CALIF. — CBRE has arranged the $25.7 million sale of Westport Plaza & Square, a 39,334-square-foot shopping center located in Costa Mesa. Built in 1975 and renovated in 2002 and 2018, the center is situated on 13.7 acres. Tenants at the property — which was 97 percent leased at the time of sale — include Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimo’s Pizza and LaserAway. Westport Plaza & Square has roughly 54 years remaining on its long-term ground lease. Jimmy Slusher, along with Megan Lanni and Shaya Northrup of CBRE’s NRP-West team, represented both the seller, Newport Beach-based Space Investment Partners, and the buyer, Asana Partners, in the transaction.

June 3, 2025

Colorado Development Retail Western

Evergreen Devco Completes Construction of Multi-Tenant Retail Buildings in Frederick, Colorado

by Amy Works June 3, 2025

FREDERICK, COLO. — Evergreen Devco has completed construction of site infrastructure and two multi-tenant retail buildings at Silverstone Marketplace, a 35-acre shopping center located at Highway 52 and Colorado Boulevard in Frederick. A 123,000-square-foot King Soopers Marketplace, including a French bakery, apparel, fuel station and drive-thru pharmacy, anchors the development. The location is the first King Soopers in Frederick. Silverstone Marketplace also includes 20,000 square feet of shop buildings that are 93 percent leased. Currently signed tenants include Wingstop, Club Pilates, Domino’s Pizza, Cold Stone Creamery, Great Clips, Blue Sky Nails & Lash, Five Guys, Pacific Dental and Chipotle. Chase Bank, Wendy’s and Valvoline will occupy pad sites, starting in early 2026, at the property. G3 Architecture served as architect, Galloway provided civil engineering design, Mark Young Construction handled site work and Epic Construction served as contractor for the shop buildings.

June 3, 2025

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas Multifamily Enters a New Era of Growth Opportunity

by John Nelson June 3, 2025

— By Adam Schmitt of CBRE — The Las Vegas multifamily market is experiencing a significant transformation that’s shaped by new construction trends and evolving market dynamics. As the city continues to expand and adapt, it is essential for current investors, developers and capital allocators to understand the opportunities and barriers for growth. The multifamily market has seen substantial fluctuations since the onset of COVID-19. Rents surged by 24.6 percent in 2021, buoyed by government interventions. However, as these supports diminished, vacancy rates rose sharply, climbing from an average of 3.4 percent in 2021 to 7.35 percent in 2023. Recent trends, however, indicate a recovery. Vacancy rates have decreased to 6.5 percent as of February, which hint that multifamily fundamentals may be regaining stability and moving toward normalized averages. The single-family housing market is another critical element influencing the overall health of Las Vegas’ economy. The market produced 160,092 single-family homes between 2003 and 2008. However, only 142,455 were built between 2009 and 2024. This slowdown has led to soaring home prices, even amid rising mortgage rates approaching 7 percent. Consequently, the growing disparity between renting and owning has created favorable conditions for rental housing demand, further solidifying the multifamily …

June 3, 2025

Development Multifamily Student Housing Utah Western

Brinkmann Constructors, Kayne Anderson Break Ground on 607-Bed Student Housing Community in Salt Lake City

by Amy Works June 2, 2025

SALT LAKE CITY — Brinkmann Constructors, in partnership with Kayne Anderson, has broken ground on Trolley North Apartments, an eight-story student housing community in Salt Lake City. The 395,000-square-foot property will offer 200 apartments units, totaling of 607 beds, and four levels of parking. Located near the University of Utah, Trolley North Apartments is being built in two phases. The first phase consists of the six-month construction of an eight-story stair tower to support rooftop cellular equipment. The cellular equipment must be relocated before the start of the second phase — the construction of the student housing development. BKV Group will serve as the project architect.

June 2, 2025

California Loans Retail Western

PSRS Arranges $40M Refinancing of 245,000 SF Shopping Center in Los Angeles

by Amy Works June 2, 2025

LOS ANGELES — PSRS has arranged a $40 million loan for the refinancing of La Alameda Shopping Center, a 245,000-square-foot property located in the Los Angeles neighborhood of Walnut Park. The 18.3-acre center comprises six building clusters and features Spanish architecture, pedestrian-friendly courtyards, plaza spaces, outdoor seating and a fountain. Tenants at the property include Ross Dress For Less, CVS Pharmacy, Marshalls, Don Chente Bar & Grill, Wingstop, Dollar Tree, Chuck E. Cheese, Panda Express, GameStop, Cold Stone Creamery, Petco and Bath & Body Works. Kostas Kavayiotidis, Mike Davis and Jacob Lee of PSRS arranged the nonrecourse CMBS loan, which carries a 10-year term.

June 2, 2025

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