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Mountain-Vista-Commerce-Center-Phoenix-AZ

Westmount Realty Capital Buys 134,713 SF Mountain Vista Commerce Center in Phoenix

by Amy Works June 7, 2021

PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.

June 7, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Brokers Sale of Three Apartment Properties in Arizona Totaling $14.2M

by Amy Works June 7, 2021

PHOENIX AND SURPRISE, ARIZ. — Taylor Street Advisors has arranged the sales of three multifamily properties located in Phoenix and Surprise for a total of $14.2 million. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer, an out-of-state investor, and the undisclosed seller in the deals. The transactions include: The $5.4 million, or $200,000 per unit, acquisition of Encanto Oasis, a 26-unit property located at 1840 W. Thomas Road in Phoenix. The buyer plans to add in-unit washers/dryers and private patios to each unit and convert the laundry facilities and gym space into two additional residential units. The $3.8 million, or $209,722 per unit, purchase of The Madison, an 18-unit community located at 5624-5646 N. Sixth St. in Phoenix. The $5 million, $147,059 per unit, acquisition of Thompson Ranch, a 34-unit townhome property located at 15427 N. Jerry St. in Surprise.

June 7, 2021

Acquisitions Colorado Loans Western

Money360 Provides $7.4M Acquisition Loan for Industrial Property in Littleton, Colorado

by Amy Works June 7, 2021

LITTLETON, COLO. — Money360 has provided an undisclosed borrower with a $7.4 million loan for the acquisition of an industrial building in Littleton. Loan proceeds will be used to fund future leasing costs and a capital expenditure program to renovate add value to the property. The three-year loan features two 12-month extension options.

June 7, 2021

Colorado Office Top Stories

Broe Group Plans Phase One of $150M Office Building in Denver

by Julia Sanders June 4, 2021

DENVER, COLO. — Broe Real Estate Group has unveiled plans for 200 Clayton, a Class A commercial office property in Denver. Construction is slated to start in August of this year and finish in 2023. The 200 Clayton project is an eight-story, Class A office building located in the Cherry Creek North shopping district and will have 76,000 square feet of office and retail space. The building is the first phase of the Clayton Street redevelopment. Broe Real Estate Group had to push the project when the pandemic hit last year, according to BusinessDen.com. OmniTRAX, The Broe Group’s transportation affiliate, will anchor the project and occupy the second and third floors, totaling about 20,000 square feet. Leasing negotiations are currently underway for prospective tenants on floors four through eight. The Broe Real Estate Group has made other investments in Denver, such as 1801 Skyline Apartments, which is a 12-story, 144-unit apartment building, and 216/252 Clayton Street, which is a 19,000-square-foot Class A mixed-use building. 216 Clayton Street is currently the headquarters of The Broe Group. After the completion of 200 Clayton, the firm plans to demolish the parking garage and 252 Clayton Street building to develop a seven-story office building …

June 4, 2021

Acquisitions Colorado Multifamily Western

29th Street Capital Acquires Parq at Iliff Station Apartment Community Near Denver for $134M

by Amy Works June 4, 2021

AURORA, COLO. — 29th Street Capital (29SC) has purchased Parq at Iliff Station, a multifamily property located in Southeast Aurora, for $134 million. Located at 2602 S. Anaheim St., Parq features 424 apartments and was built in 2018. 29SC plans to implement an improvement plan, including new smart-home technology packages, upgrading interior finishes and adding additional amenities throughout the community. Haven Residential, 29SC’s in-house property management group, will operate the community. Brian Eisendrath and Cameron Chalfant of CBRE arranged a fixed-rate acquisition through a life company for the buyer. The name of the seller was not released.

June 4, 2021

Acquisitions California Office Western

Bailard Sells Office Campus in Lake Forest, California to Kingsbam Real Estate Capital for $40M

by Amy Works June 4, 2021

LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.

June 4, 2021

Colorado Development Multifamily Western

Southern Land Co. Breaks Ground on 385-Unit Multifamily Component of Karl’s Farm Development in Northglenn, Colorado

by Amy Works June 4, 2021

NORTHGLENN, COLO. — Southern Land Co. has broken ground on a residential portion at the Karl’s Farm development in Northglenn. Located at 1801 E. 120th Ave., the $90 million project will feature a mix of townhome, studio, one-, two- and three-bedroom apartments. Situated on 13.8 acres, the 385 residences will be split between three-story townhomes and four-story, elevator-served apartment buildings. The units will feature a boutique, modern industrial style. Community amenities will include a pool, private outdoor spaces, dog spa, bike shop and shared workspaces. The 66-acre Karl’s Farm development will include apartments, single-family homes, commercial space, parks, open spaces and trails. The project team for the residential portion includes Denver-based KTGY Group, Southern Land Co.’s in-house construction division, Denver-based Kimley-Horn and Houston-based Integrity Structural Group.

June 4, 2021

California Loans Multifamily Western

BridgeCore Funds $2.1M Loan for Los Angeles Multifamily Property

by Amy Works June 4, 2021

LOS ANGELES — BridgeCore has provided a $2.1 million loan for a nine-unit apartment building located in Los Angeles’ Mar Vista neighborhood. The loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The 18-month term, including one six-month extension option with interest and capital improvement reserves, provides the undisclosed borrower with time and capital to renovate and lease the three vacant units at market rate, retrofit the building and position the property for an eventual exit with conventional financing.

June 4, 2021

Acquisitions Arizona Net Lease Office Western

Marcus & Millichap Brokers $2M Sale of Net-Leased Office Property in Surprise, Arizona

by Amy Works June 4, 2021

SURPRISE, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased office building located at 12129 W. Bell Road in Surprise. A limited liability company sold the asset to an undisclosed buyer for $2 million. RISE Services Inc. occupies the 8,936-square-foot building, which was built in 2003. Chris Lund and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.

June 4, 2021

Acquisitions California Industrial Office Western

Voit Real Estate Brokers $47M Sale of Office/Industrial Portfolio in Southern California

by Amy Works June 3, 2021

CHULA VISTA AND MISSION VALLEY, CALIF. — Voit Real Estate Services has arranged the sale of a five-property office and industrial portfolio in Chula Vista and Mission Valley. Protea Properties acquired the portfolio from Carleton Management for $47 million. Totaling 231,878 square feet, the portfolio includes a 48,828-square-foot, fully leased industrial/showroom building at 630 Bay Blvd. in Chula Vista; a 32,601-square-foot, fully leased multi-tenant office property at 660 Bay Blvd. in Chula Vista; a 99,584-square-foot, fully occupied office/industrial building at 780-784 Bay Blvd. in Chula Vista; a 30,046-square-foot, single-tenant property at 830 Bay Blvd. in Chula Vista; and a 20,819-square-foot, multi-tenant office building located at 5920 Friars Road in Mission Valley. Tenants at the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Randy LaChance Sr. of Voit’s San Diego office represented the seller, while the buyer was self-represented.

June 3, 2021

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