Western

Mountain-West-Industrial-Park-Las-Vegas-NV

Nigro Construction Begins First Phase of Mountain West Warehouse Project in Las Vegas

by Amy Works March 12, 2021

LAS VEGAS — Nigro Construction has started construction of Mountain West Industrial Park in southwest Las Vegas. The 252,900-square-foot warehouse project is located at 7210 W. Post Road. The first phase consists of three industrial shell buildings on 16.5 acres, with completion slated for third-quarter 2021. The first phase will offer units ranging from 6,400 square feet to 71,500 square feet with 30-foot minimum clearance heights in the warehouse areas, 10-foot glass storefront office entries and metal canopies. The second phase includes an additional 45,000 square feet of industrial space on the remaining acres of the property.

March 12, 2021

14023-14033-Denver-West-Pkwy-Lakewood-CO

Acquisitions Colorado Office Western

Flywheel Capital Acquires 127,297 SF Office Property in Colorado from HighBrook Investors

by Amy Works March 12, 2021

LAKEWOOD, COLO. — Denver-based Flywheel Capital has purchased an office property located on 16.7 acres at 14023 and 14033 Denver West Parkway in Lakewood. New York-based HighBrook Investors sold the asset for an undisclosed price. Totaling 127,297 square feet, the asset features two three-story buildings connected by a first-floor walkway. On-site amenities include more than 1,000 parking spaces; a deli/cafeteria; break rooms on each floor of both buildings; a game room with ping pong, billiards and foosball; and an outdoor plaza with a basketball court and patio. Additionally, the site offers immediate access to South Table Mountain Recreation Area. Tim Richey, Charley Will, Jenny Knowlton, Chad Flynn and Anthony DeLorenzo of CBRE Capital Markets Institutional Properties represented the seller in the transaction. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. The acquisition represents Flywheel Capital’s second transaction in Colorado as part of its joint venture with a Latin America-based partner.

March 12, 2021

Acquisitions California Net Lease Restaurant Retail Western

SRS Brokers $2.9M Sale of Starbucks-Occupied Property in Porterville, California

by Amy Works March 12, 2021

PORTERVILLE, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding, single-tenant retail building located at 421 Vandalia Ave. in Porterville. A Southern California-based owner and developer sold the asset to a California-based investor in a 1031 exchange for $2.9 million, or $960 per square foot. Built in 2008, the 2,992-square-foot property was originally an El Pollo Loco restaurant until it was renovated in 2020 for Starbucks Coffee, which occupies the property under a 10-year, triple-net lease. The building also features a drive-thru lane. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller, while Bryan Cifranic of Commercial Retail Associates represented the buyer in transaction.

March 12, 2021

Acquisitions Industrial Washington Western

CBRE Global Investors Purchases Portside 55 Industrial Park in Tacoma, Washington

by Amy Works March 12, 2021

TACOMA, WASH. — A fund sponsored by CBRE Global Investors has purchased Portside 55, three industrial buildings located 30 miles south of downtown Seattle in the Port of Tacoma. Terms of the sale were not released. Totaling 428,010 square feet, the park was 100 percent leased at the time of sale. The property comprises the 155,100-square-foot Building A and the 51,900-square-foot Building B, both located at 1514 Taylor Way, and the 221,010-square-foot Building C located at 3401 Lincoln Ave. The buildings feature 30-foot to 32-foot clear heights, 50-foot by 50-foot column spacing, large truck courts, a total of 91 dock doors, 289 parking stalls, an ESFR fire suppression system, heavy power and LED lighting. Additionally, the site offers the potential for railcar service. Portside 55 sits on nearly 20 acres that is under a ground lease with the Port of Tacoma through 2067, with an extension through July 2092.

March 12, 2021

Build-to-Rent Development Finance Insight Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Walker & Dunlop Western

Walker & Dunlop: SFR/BFR Rapidly Growing Option for Rental Spaces

by Sarah Daniels March 12, 2021

The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …

March 12, 2021

Arizona Development Multifamily Western

P.B. Bell Opens $55M Grayson Place Multifamily Community in Goodyear, Arizona

by Amy Works March 11, 2021

GOODYEAR, ARIZ. — P.B. Bell, as owner and manager, has opened Grayson Place, an apartment property located at 1499 N. 159th Ave. in Goodyear. The $55 million development features 296 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,278 square feet. The community offers smart home technology, including smart door locks, thermostats and lights, controlled by the MyAPT app by Cox. Additionally, each unit features granite countertops, stainless steel appliances, subway tile backsplash, modern wood cabinets, full-sized washers/dryers, wood-style flooring, modern pendant lighting and private patios or balconies. Community amenities include a heated pool and spa; resident clubhouse with multiple lounge areas; outdoor entertainment spaces with grilling stations; a 24-hour fitness center; resident cinema room; business center; dog park; and pet spa. The controlled-access, gated community also offers valet trash, package lockers, 24-hour emergency maintenance, complimentary common area Wi-Fi and electric vehicle charging stations.

March 11, 2021

Acquisitions Arizona Industrial Leasing Activity Western

Reich Brothers Acquires 620,000 SF Warehouse in Arizona, Leases 250,000 SF to Dynarex

by Amy Works March 11, 2021

GLENDALE, ARIZ. — Reich Brothers has purchased a 620,000-square-foot distribution facility located on 30 acres in Glendale. Terms of the acquisition were not released. The undisclosed seller made interior and exterior improvements to the site, including the addition of a 3.5-acre trailer lot adjacent the property, and completed lease-up of the facility. Reich Brothers plans to continue to upgrade and maintain the facility for distribution and logistics tenants. Dynarex, an Orangeburg, N.Y.-based medical supplies company, has signed a lease to occupy 250,000 square feet at the property. Thyssenkrupp’s 3PL division occupies the remainder of the asset. Located at 7811 N. Glen Harbor Blvd., the 620,000-square-foot building features clear heights ranging from 32 feet to 40 feet and 43 dock-high doors. Additionally, the site offers access to Loop 101 and Interstate 10.

March 11, 2021

Loans Multifamily Nevada Western

Dwight Capital Provides $30.2M HUD Financing for Cabrillo Apartments in Las Vegas

by Amy Works March 11, 2021

LAS VEGAS — Dwight Capital has closed $30.2 million in HUD financing for Cabrillo Apartments in Las Vegas. The loan includes a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property is Energy Star certified. Brandon Baksh of Dwight Capital originated the transaction. Built in 2008, Cabrillo Apartments features six residential buildings offering a total of 242 units, a leasing office/clubhouse and four garage buildings. Community amenities include a pool, spa, business center, fitness room and common lounge area.

March 11, 2021

Acquisitions Colorado Healthcare Office Western

Pinnacle Real Estate Brokers $16.8M Sale of Medical Office Park in Broomfield, Colorado

by Amy Works March 11, 2021

BROOMFIELD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a medical office park located at 3301-3305 W. 144th Ave. in Broomfield. BPC Holdings sold the asset to an undisclosed buyer for $16.8 million, or $284 per rentable square foot. The property features 59,326 rentable square feet of medical office space. Corey Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal.

March 11, 2021

259-267-S-San-Gabriel-Blvd-715-E-Broadway-San-Gabriel-CA

Acquisitions California NAI Retail Western

NAI Capital Arranges $2.9M Sale of Three-Building Retail Property in San Gabriel, California

by Amy Works March 11, 2021

SAN GABRIEL, CALIF. — NAI Capital Commercial has arranged the sale of a three-building retail asset located at 259-267 S. San Gabriel Blvd. and 715 E. Broadway in San Gabriel. San Gabriel Sash & Door Inc. sold the asset for $2.9 million, or $255 per square foot, to an undisclosed buyer. Totaling 11,712 square feet, the asset comprises three buildings on three separate parcels with frontage along both S. San Gabriel Boulevard and East Broadway, plus a parking lot. The property was partially leased at the time of sale. The seller plans to lease back 2,156 square feet of the property, while the new owner will occupy the vacant unit. Marie Taylor of NAI Capital Commercial’s Investment Services Group handled the transaction.

March 11, 2021

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