Western

Bridge Partners Buys Harvest at Fiddyment Ranch Apartments in Roseville, California for $111M

by Amy Works June 17, 2021

ROSEVILLE, CALIF. — Bridge Partners has purchased Harvest at Fiddyment Ranch, a multifamily community located in Roseville, from Roseville-based USA Properties Fund for $111 million. Located at 1900 Blue Oaks Blvd. within the Fiddyment Ranch master-planned community, the 300-unit property was 97 percent leased at the time of sale. The community offers a mix of one-, two- and three-bedroom apartments, ranging from 771 square feet to 1,258 square feet. Community amenities include a clubhouse and game room, fitness center, heated pool and spa, dog park and playground. Marc Ross of CBRE represented the seller in the transaction. Andrew Behrens of CBRE’s San Francisco office organized an acquisition loan on behalf of the buyer.

June 17, 2021

Gardens-Hidden-Creek-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Capstone Negotiates $17.5M Acquisition of Gardens at Hidden Creek Multifamily Property in Colorado Springs

by Amy Works June 17, 2021

COLORADO SPRINGS, COLO. — Capstone has brokered the purchase of The Gardens at Hidden Creek, an apartment community located in Colorado Springs. The property traded for $17.5 million. The names of the seller and buyer were not released. Located at 1111-1123 Verde Drive, The Gardens at Hidden Valley feature 125 units in a mix of 19 studios, 82 one-bedroom/one-bath, 23 two-bedroom/two-bath and one three-bedroom/one-bath layouts. On-site amenities include a pool, cybercafé, picnic area, fitness center, barbecue area and clubhouse. Adam Riddle and Patrick Knowlton of Capstone represented the buyer in the deal.

June 17, 2021

Acquisitions Montana Retail Western

Wood Investments Acquires 67,000 SF Vacant Retail Building in Billings, Montana

by Amy Works June 17, 2021

BILLINGS, MONT. — Wood Investments Cos. has purchased a vacant retail building situated on 5.19 acres at 2618 King Ave. West in Billings. Billings-based Wilson-Taylor Partnership sold the asset for $4.6 million. Formerly occupied by Big Bear Sports Center, the building features 67,000 square feet of retail space. By the close of escrow, Wood Investments had secured leases with HomeGoods, Sierra Trading Post and Petco to occupy the multi-tenant building. Wood Investments will redevelop the building to comply with tenant specifications, as well as implement capital improvements and upgrades to the overall asset. HomeGoods and Sierra Trading Post will occupy a total of 42,000 square feet and Petco will occupy 15,000 square feet. All three tenants are slated to open in 2022. Additionally, approximately 10,000 square feet of space is still available. Chad Moore of Mountain West Commercial Brokerage in Salt Lake City represented the buyer, while Richard Martin of Mountain West Commercial Brokerage in Billings represented the seller in the transaction.

June 17, 2021

Acquisitions Arizona Multifamily Western

MG Properties Group Acquires Centra Apartments in Midtown Phoenix for $74.5M

by Amy Works June 16, 2021

PHOENIX — San Diego-based MG Properties Group has purchased Centra, a multifamily property located in midtown Phoenix, from FORE Property for $74.5 million. Built in 2020, the five-story, podium-style property features 223 units and underwent a swift lease up. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller. Brooks Benjamin of KeyBank arranged $43.1 million in acquisition financing for the buyer.

June 16, 2021

Acquisitions Arizona California Hospitality Industrial Multifamily Western

MIG Expands Portfolio with Four Acquisitions Across Arizona, California

by Amy Works June 16, 2021

MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …

June 16, 2021

Acquisitions Multifamily Nevada Seniors Housing Western

SLIB Negotiates $20.2M Sale of 98-Unit Seniors Housing Community in Las Vegas

by Amy Works June 16, 2021

LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas. The 76,458-square-foot community sits on 3.2 acres. A local developer sold the property to a private equity fund for $20.2 million. The new owner plans to replace the operator. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

June 16, 2021

California Industrial Leasing Activity Western

Lee & Associates Brokers 155,000 SF Long-Term Lease for M2 Ingredients in Vista, California

by Amy Works June 16, 2021

VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.

June 16, 2021

Industrial Market Reports New Mexico Western Western Market Reports

New Mexico is Primed for Industrial Growth

by Jeff Shaw June 16, 2021

By Tim With, Senior Vice President, Colliers The amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the brink of new construction for some time, with the need for new Class A space far outweighing the current availability. The nationwide industrial supply posted record deliveries in 2020 that totaled more than 300 million square feet. This represents about a 2 percent year-over-year increase in total inventory. In comparison, Albuquerque’s inventory grew by less than 1 percent over the past five years, while vacancy rates decreased by almost 550 basis points. Most new construction has been build-to-suit activity. Tenants, meanwhile, are challenged with a lack of choice as a considerable amount of the existing vacant space is functionally obsolete. The average overall asking lease rates for existing warehouse/distribution space was $6.58 per square foot, triple net, at the end of …

June 16, 2021

Acquisitions Arizona Multifamily Western

GoodLife Housing Partners Sells Two Multifamily Properties in Tempe for $30.5M

by Amy Works June 16, 2021

TEMPE, ARIZ. — Los Angeles-based GoodLife Housing Partners has completed the disposition of two apartment communities located in Tempe. Capital Allocation Partners acquired the properties for $30.5 million, or $178,363 per unit. Both built in 1968, the properties are the 134-unit Sakara Tempe and the 36-unit Sakara Villas at Tempe. Units at the properties consist of a mix of one-, two- and three-bedroom layouts, with select units having new laminate kitchen countertops, wood-style vinyl flooring and two-tone paint with accent walls. Additionally, some units are furnished for the convenience of student tenants, as the properties are within walking distance of Arizona State University. Community amenities at Sakara Tempe include a resort-style swimming pool with cascading water features and poolside cabanas, a fitness facility, bocce ball court and an outdoor TV lounge. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 16, 2021

Rite Aid occupies the 508,000-square-foot warehouse at 1755 E. Beamer St. in Woodland, Calif., (pictured) and the 926,860-square-foot warehouse at 2801 West Ave. H in Lancaster, Calif.

Acquisitions California Industrial Western

Westcore Buys Two Distribution Warehouses in California from Kimco Realty for $108M

by Amy Works June 15, 2021

LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.

June 15, 2021

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