Western

MiTek Leases 412,921 SF Industrial Space in Tolleson, Arizona

by Amy Works August 25, 2020

TOLLESON, ARIZ. — MiTek, a diversified global supplier of services and products to the residential and commercial construction sectors, has expanded its presence in Arizona by leasing 412,921 square feet of industrial space in two manufacturing facilities in Tolleson. The company renewed its lease for 259,200 square feet at 7890 W. Lincoln Street for a term of more than eight years. Additionally, MiTek signed a 10-year lease for 153,721 square feet of space at 7506 W. Lincoln Street. The company plans to relocate some out-of-state operations to the facility at 7506 W. Lincoln St., with occupancy beginning on Nov. 1, 2020. Payson MacWilliam, Don MacWilliam and Chris Reese of Colliers International in Arizona worked with Kevin Gallagher of Colliers St. Louis to represent MiTek in both lease transactions. John Werstler, Cooper Fratt and Pat Feeney of CBRE represented the landlord in the lease at 7506 W. Lincoln Street. The two Class A facilities are located within Tolleson Corporate Park and owned by California State Teachers’ Retirement System.

August 25, 2020

Acquisitions Colorado Development Industrial Western

Confluent Development, Bradbury Properties Sell Three Industrial Buildings at 100-Acre Highland Business Park in Denver

by Amy Works August 24, 2020

DENVER — Development partners Bradbury Properties and Confluent Development have completed the disposition of three newly constructed buildings within Highland Business Park, a 100-acre industrial campus in Denver. A separate account investor advised by Invesco acquired the assets for an undisclosed price. Delivered in June, the acquired properties are a 202,000-square-foot, built-to-suit distribution center, a 160,000-square-foot industrial building and a 130,000-square-foot facility. Ware Malcomb served as architect with Brinkmann Constructors as general contractor for the largest asset, while Intergroup Architects served as architect with Murray & Stafford as general contractor for the other two buildings. CBRE’s Jeremey Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick brokered the sale and are serving as leasing advisors for the three assets. Confluent and Bradbury began their partnership in 2016 with the Highland Building 5 project, then marking the fifth development within the business park. The partnership has now achieved full build-out of the business park, capping off its approximately $100 million venture.

August 24, 2020

Acquisitions Hospitality Western Wyoming

Waterton, Orion Cos. Acquire The Virginian Lodge in Jackson, Wyoming

by Amy Works August 24, 2020

JACKSON, WYO. — Chicago-based Waterton, as part of a joint venture with Jackson-based Orion Cos., has completed the acquisition of The Virginian Lodge and adjacent RV park, located at 750 W. Broadway in downtown Jackson. Built in the 1960s, the 170-key lodge will undergo a repositioning with renovations to rooms, amenities, common areas, retail spaces and food and beverage operations beginning in late 2020. The buyers plan to renovate and redesign the restaurant along with offering indoor/outdoor access via the property’s courtyard and soon-to-be upgraded pool and hot tub area. The repositioning plan also include the addition of five standalone camping units. The 13-acre site includes a main hotel building with 4,900-square-foot conference and event center, plus 2,600 square feet of retail space. Two adjacent buildings offer a 3,400-square-foot restaurant and 2,700 square feet of retail space. The property also includes a 103-stall RV park. OLS Hotels and Resorts/Springboard Hospitality will operate the hotel. New West Building Co. will serve as general contractor and a subsidiary of Orion Cos. will oversee construction. The acquisition price and redevelopment costs were not disclosed.

August 24, 2020

Acquisitions California Multifamily Western

CBRE Negotiates $5.3M Acquisition of Multifamily Community in Los Angeles

by Amy Works August 24, 2020

LOS ANGELES — CBRE has arranged the purchase of an apartment property located at 3906-3910 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. An Orange County, Calif.-based private client investment partnership acquired the asset for $5.3 million. The community consists of two two-story buildings offering a total of 20 apartment units. Amenities include enclosed garages, private balconies or patios and a landscaped courtyard. Sean Riley of CBRE represented the buyer, while an outside broker represented the seller, a private family dissolving its partnership.

August 24, 2020

Arizona Industrial Loans Western

PSRS Arranges $6M Refinancing for Phoenix Commercial Center Industrial Campus

by Amy Works August 24, 2020

PHOENIX — PSRS has secured a $6 million loan for the refinancing for Phoenix Commercial Center, a six-building industrial campus in Phoenix. The name of the borrower was not released. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the non-recourse, fixed-rate loan, which features a 20-year term and a 20-year amortization schedule, through a correspondent life insurance company lender. Phoenix Commercial Center offers 131,000 square feet of industrial warehouse space.

August 24, 2020

Acquisitions Arizona Restaurant Retail Western

Orion Investment Brokers $3.8M Sale of Multi-Tenant Retail Property in Glendale, Arizona

by Amy Works August 24, 2020

GLENDALE, ARIZ. — Orion Investment Real Estate has arranged the sale of a retail building located at the intersection of West Peoria and North 43rd avenues in Glendale. An affiliate of DeRito Partners sold the property to a Santa Clara, Calif.-based buyer for $3.8 million, or $387.72 per square foot. Originally constructed in 1987 as a single-tenant restaurant property, the 9,801-square-foot building is now a multi-tenant property. At the time of sale, the property was 89 percent occupied by Denny’s, Subway and Alta Dental. The asset is an outparcel to Glendale Towne Center, which Target anchors. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Joel Owens of Canton, Ga.-based All World Realty represented the buyer in the deal. The new owner has retained DeRito Partners for both leasing and property management

August 24, 2020

California Content Partner Features Lument Multifamily RED Capital Group Western Western Feature Archive

Rumors of the Death of Silicon Valley’s Apartment Market are Greatly Exaggerated

by Sarah Daniels August 24, 2020

Some stories are just too good not to be true. This may explain in part the outpouring of reports regarding population outflows from the San Francisco Bay Area. Multiple mid-August articles in national newspapers took up the ongoing Silicon Valley exodus. These articles make a convincing case that the COVID-19 pandemic and increased opportunities to work remotely — particularly in the high-tech industry — are prompting many Bay Area residents to consider relocating to more affordable areas, even if remote work causes their incomes to decline. The evidence supporting the theory is by no means entirely anecdotal. The number of owners listing homes for sale has increased significantly, the pace of home price appreciation has decelerated materially (less than 5 percent in May) and apartment rents and occupancy have eroded since winter. It is hard to deny that Peak Northern California is fading in the rearview mirror. This should be no surprise. The Bay Area is not only the most expensive real estate market in the country, it also is one of the most congested. Its many virtues come with a steep price tag, not only in terms of cost of living but also in aspects lumped in the quality …

August 24, 2020

Development Mixed-Use Nevada Top Stories Western

Matter Real Estate Begins Construction of $400M UnCommons Mixed-Use Project in Las Vegas

by Taylor Williams August 24, 2020

LAS VEGAS — San Diego-based developer Matter Real Estate Group has started construction of UnCommons, a $400 million mixed-use project in Las Vegas. Designed by Gensler, the development is located on a 40-acre site at Interstate 215 and Durango Drive on the city’s southwest side. Plans currently call for 500,000 square feet of Class A office space and 830 multifamily units, as well as retail and restaurant space. Completion of Phase I is scheduled for early 2022. The Las Vegas Review-Journal reports that construction on the project was delayed due to COVID-19. Subsequently, the development team has pivoted to “near hospital-quality” HVAC systems and interior finishes made of materials designed to limit the spread of diseases like the novel coronavirus. “We recognized with COVID-19 that a fundamental shift was taking place that would render many office structures as unsafe and therefore obsolete practically overnight,” says Jim Stuart, partner at Matter Real Estate Group. “With the adjustments we made to our building systems, plus additional design attributes, we believe we have unlocked the answer for employee safety that will serve as the preferred model moving forward.” The retail and restaurant component will take the form of a public outdoor venue that …

August 24, 2020

Colorado Loans Office Western

Angelo Gordon Receives $49M Refinancing for Stanford Place III Office Building in Denver

by Amy Works August 21, 2020

DENVER — Angelo Gordon has received a $49 million loan for the refinancing of Stanford Place III, a Class A office building in Denver. Prime Finance provided the loan, which Jeff Halsey and Brady O’Donnell of CBRE Capital Markets arranged. Located at 4582 S. Ulster St., Stanford Place III features 367,445 square feet of office space with immediate access to interstates 25 and 225. The property features a deli/café, tenant lounge, structured parking, nine-foot ceilings, a training center, secure bike barn and 22,000-square-foot rectangular floor plates. Current tenants include AIMCO, RS&H and Kimley Harris. SteelWave serves as property manager.

August 21, 2020

Colorado Development Multifamily Western

Dinerstein Cos. Acquires Land Site for 261-Unit Multifamily Development in Westminster, Colorado

by Amy Works August 21, 2020

WESTMINSTER, COLO. — The Dinerstein Cos. has purchased a 7.8-acre land site at the northwest corner of Westminster Boulevard and West 109th Avenue in Westminster. City Office REIT sold the land for an undisclosed price. Dinerstein Cos. plans to develop a 261-unit multifamily property on the site, which is adjacent to the 300,000-square-foot Circle Point Corporate Center and in close proximately to more than 305,000 square feet of retail space at Westminster Promenade. Chris Cowan, Bryon Stevenson and Mackenzie Walker of Newmark Knight Frank Multifamily represented the seller in the deal.

August 21, 2020

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