Western

ABI Multifamily Brokers $104M Sale of Sky Ancala Apartments in Scottsdale, Arizona

by Amy Works August 4, 2021

SCOTTSDALE, ARIZ. — ABI Multifamily has arranged the sale of Sky Ancala Apartments, a multifamily property located at 11545 N. Frank Lloyd Wright Blvd. in Scottsdale. A California-based buyer acquired the asset from a Canada-based seller for $104 million, or $316,667 per unit. Built in 1988 on 14 acres, Sky Ancala Apartments features 330 units across 20 two-story buildings. The property offers 166 one-bed/one-bath and 164 two-bed/two-bath units, all with in-suite washers/dryers. Community amenities include a business center, coffee bar, sky lounge, picnic area with barbecues, fitness center, resort-style pool, dedicated leasing office and covered parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

August 4, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $9.8M Sale of Garden Court West Multifamily Complex in University Place, Washington

by Amy Works August 4, 2021

UNIVERSITY PLACE, WASH. — Marcus & Millichap has arranged the sale of Garden Court West, a multifamily property located at 7654 40th St. W. in University Place. A limited liability company sold the community to a local limited liability company for $9.8 million. Constructed in 1972, Garden Court West features 64 apartments in a mix of 20 one-bedroom, 42 two-bedroom and two three-bedroom units. Community amenities include free parking, laundry facilities, a clubhouse, pool and courtyard. Timothy Ufkes of the Ufkes Group in Marcus & Millichap’s Seattle office represented the seller in the deal.

August 4, 2021

Development Multifamily Seniors Housing Utah Western

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Seniors Housing Development in Utah

by Amy Works August 4, 2021

WEST HAVEN, UTAH — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors age 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or suffering from homelessness. All units are reserved for seniors who earn between 30 percent and 80 percent of the area median income (AMI). The $9.5 million development marks TWG’s first property in the state of Utah and will feature numerous amenities such as a computer room, in-unit laundry, raised garden beds, on-site storage, bike racks and a community fitness center. Construction began this month, and the project is slated for completion in fall 2022. TWG was awarded low-income housing tax credits (LIHTC) from the Utah Housing Corp. to develop this project. Other partners include the Weber Housing Authority, Raymond James, Olene Walker Housing Loan Fund, Horizon Bank and Rocky Mountain Community Reinvestment Corp.

August 4, 2021

Acquisitions New Mexico Retail Western

Hawkins Cos. Sells Retail Center in Rio Rancho, New Mexico to Gibson Medical Center for $4.7M

by Amy Works August 4, 2021

RIO RANCHO, N.M. — Hawkins Cos. has completed the disposition of Mesa Center, a retail property located in Rio Rancho. Gibson Medical Center acquired the asset for $4.7 million. At the time of sale, the 29,077-square-foot property was fully leased to 12 tenants. Perry Kesler of Real West Realty and Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark handled the transaction.

August 4, 2021

Acquisitions Hospitality Nevada New York Northeast Top Stories Western

VICI Properties to Acquire MGM Growth Properties for $17.2B

by Kristin Harlow August 4, 2021

NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …

August 4, 2021

California Life Sciences Market Reports Western Western Market Reports

Orange County Solidifies Itself as a Leading Life Sciences Market

by Jeff Shaw August 4, 2021

By Bob Caudill, Executive Vice President, Colliers International From public and private funding increases to the demand created by the COVID-19 pandemic and the vaccine rollout combatting it, the life sciences sector is continuing to see a significant increase in interest from both developers and investors across the country. Rapid growth in advanced therapy medicinal products (ATMP) science, which includes gene therapy, is also driving demand for lab and manufacturing space from both early and mid-stage biotech companies. All-important leasing data points, such as vacancy and net absorption, further compare favorably to the challenged office market, suggesting even more positive days are ahead for this sector. Orange County boasts world-class life sciences innovations and is continuing to grow its educational, employment and investment footprint. Given the amount of medical device and diagnostic equipment companies in Orange County that occupy office, research and development and industrial properties, life sciences has now become the largest industry in the market. In fact, Biocom’s 2020 California Economic Impact Report has Orange County generating $37.2 billion in economic activity and supporting more than 150,000 jobs. Orange County’s growth is attributed to several factors, such as UC Irvine’s $1 billion expansion of its Medical and Health Sciences Complex. UC …

August 4, 2021

Arizona Development Industrial Western

GO Industrial Buys Site for 1.2 MSF Development Project in Phoenix

by Amy Works August 3, 2021

PHOENIX — Phoenix-based GO Industrial has purchased 77 acres of land in the West Valley submarket of Phoenix for the development of GO | 99, a three-building, 1.2 milion-square-foot industrial project. An undisclosed seller sold the site, located at the southeast corner of Buckeye Road and 99th Avenue, for $23.5 million. Buildings 1 and 2 will provide rear-loaded, mid-bay configurations and will total 246,997 square feet and 272,456 square feet, respectively. Totaling 763,410 square feet, Building 3 will feature a 600-foot-deep, cross-dock configuration, nearly 1,000 auto parking stalls and up to 314 off-dock locations. Clear heights will range from 32 feet to 40 feet. All buildings will offer dock-high and ground-level loading and heavy power. Additionally, the park will be fully secured and each truck court will have dedicated access. DLR Group is serving as architect, Willmeng Construction as general contractor and Arcadia Management Group as property manager.

August 3, 2021

Acquisitions Colorado Office Western

TerraCap Acquires 193,000 SF Denver Corporate Center Office Building for $31.1M

by Amy Works August 3, 2021

DENVER — TerraCap Management has purchased Denver Corporate Center I, formerly known as The Office at DTC, in Denver. Origin Investments and Hamilton-Titan Partners sold the asset for $31.1 million. Situated within the Denver Tech Center submarket, the 11-story building features 193,000 rentable square feet of Class A office space. The property was built in 1980. TerraCap acquired two sister buildings at this location in August 2019 for $71 million and holds the three buildings under one ownership. Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton of CBRE represented the sellers in the deal. Brightspire Capital provided debt financing for TerraCap with assistance from C.J. Kelly and Jeff Halsey of CBRE’s debt team. TerraCap hired JLL to handle leasing of the property and DPC as property manager.

August 3, 2021

Acquisitions Arizona Retail Western

Armstrong Capital Purchases Shopping Center Portfolio in Arizona for $18.3M

by Amy Works August 3, 2021

CHANDLER, ARIZ. — Armstrong Capital Development has acquired The Plant Shops North and South, two adjacent shopping centers in Chandler, for $18.3 million. The name of the seller was not released. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transaction. Situated at 4205 and 4225 S. Gilbert Road, the properties were developed in 2018. Totaling 30,820 square feet, the portfolio was 92 percent leased at the time of sale. Current tenants include Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts.

August 3, 2021

Acquisitions Industrial Nevada Western

Dalfen Buys 40,817 SF Henderson Industrial Center North II Near Las Vegas

by Amy Works August 3, 2021

LAS VEGAS — Dalfen Industrial has acquired Henderson Industrial Center North II, an industrial building located in Henderson, a suburb of Las Vegas. Terms of the transaction were not released. Located at 1080 Mary Crest Road, the 40,817-square-foot property was fully occupied at the time of sale to a long-term tenant. With this acquisition, Dalfen Industrial owns and operates more than 1.1 million square feet across the Las Vegas and Reno markets.

August 3, 2021

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