Tuesday, June 17, 2025
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Summit-Business-Center-Riverside-CA
AcquisitionsCaliforniaOfficeWestern

CIP Real Estate Sells 138,697 SF Summit Business Center in California’s Inland Empire

by Amy Works

RIVERSIDE, CALIF. — CIP Real Estate has completed the sale of Summit Business Center, a business park in Riverside, to Dunbar Real Estate Investment Management for $19.2 million. Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez and Christian Giles of Cushman & Wakefield represented the seller in the transaction. Located at 2002-2038 Iowa Ave., the five-building, single-story complex offers 138,697 square feet of multi-tenant space. The asset offers approximately 85 percent office space and 11 ground-level roll-up doors. Situated on 9.3 acres, the asset was originally built in 1989 but has undergone numerous renovations, with the most recent being in 2018.

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DevelopmentMultifamilySeniors HousingWashingtonWestern

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles outside Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories.  PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison Street, Huntington Bank, City National Bank, Comerica Bank and First National Bank.  Opened earlier this month, The Springs at Waterfront features 182 independent living residences, 48 assisted living residences and 20 memory care units. Amenities at the property include a spa and wellness center; an indoor pool; multiple dining venues, including Fancho’s Public House; a terrace; putting green; gardens and private wine lockers.  According to PMB, the community will create more than 100 permanent jobs. 

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Outlet-Collection-Seattle_Auburn-WA
AcquisitionsRetailWashingtonWestern

Lightstone Group Acquires Outlet Collection Seattle Shopping Mall for $82M

by Amy Works

AUBURN, WASH.— The Lightstone Group has acquired The Outlet Collection Seattle, an enclosed mall located in Auburn, roughly 30 miles south of Seattle. WPG sold the asset for $82 million. Located at 1101 Outlet Collection Way, the property offers 919,446 square feet of retail space. Tenants include Nordstrom Rack, Burlington, Best Buy, Dave & Busters, Polo Ralph Lauren, Kate Spade, Ulta Beauty, Coach, Nike, Adidas and Michael Kors. The mall was 98 percent occupied at the time of acquisition. Lightstone plans to implement $10 million of capital improvements and tenancy upgrades. Nicholas King, Michele Dawson and Scott Ferguson of FFO Real Estate Advisors will manage outlet leasing at the property on behalf of the buyer, and Spinoso Real Estate Group will handle big box and mall tenant leasing. Dino Christophilis, Richard Frolik, George Good and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.

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AcquisitionsCaliforniaRetailWestern

Faris Lee Negotiates $22.8M Sale of Santa Margarita Marketplace in Rancho Santa Margarita, California

by Amy Works

RANCHO SANTA MARGARITA, CALIF. — Faris Lee Investments has arranged the all-cash sale of Santa Margarita Marketplace, a retail center in Rancho Santa Margarita. K&G Marketplace sold the asset to Curbline Properties, a publicly traded REIT, for $22.8 million. Starbucks Coffee, Luna Grill and Philly’s Best occupy the three-tenant, 29,418-square-foot pad building. Scott DeYoung, Chris DePierro, Jeff Conover and Greg Lukosky of Faris Lee represented the seller in the transaction.

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1300-N-Fiesta-Blvd-Gilbert-AZ
AcquisitionsArizonaIndustrialWestern

SKB, Arc Capital Partners Buy Two Industrial Buildings in Gilbert, Arizona for $19M

by Amy Works

GILBERT, ARIZ. — A joint venture between Portland, Ore.-based SKB and Los Angeles-based Arc Capital Partners has acquired two manufacturing buildings in Gilbert from Walnut Creek, Calif.-based Nearon for $19 million. Located at 1250 and 1300 N. Fiesta Blvd., the freestanding buildings are fully leased to three tenants. Situated on 3.2 acres, 1250 North N. Blvd. offers 45,072 square feet of single-tenant space, which is fully leased to Kaiser Garage Doors & Gates. Fiesta Tech Center, located at 1300 N. Fiesta Blvd., consists of one freestanding building totaling 148,921 square feet on 12.4 acres. The multi-tenant property is primarily leased to MKB Construction and Symage. Both properties offer ample power, excess yard space and convenient access to Loop 101, US-60 and Loop 202. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group represented the buyer and seller in the deal.

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Fullerton-On-Campus-Fullerton-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

Sundt Construction Begins Redevelopment of Two Residence Halls at California State University, Fullerton Campus

by Amy Works

FULLERTON, CALIF.  — Sundt Construction has broken ground on the redevelopment of two residence halls on the California State University, Fullerton campus. The project will replace the Jewel Plummer and Cobb Residence Halls, which were the first residence halls built on campus in 1979. The new 175,000-square-foot facility will offer 500 beds in two-bedroom units with bed-to-bath parity for residents; two-bedroom apartments for staff; and one-bedroom units for residence advisors. The project will also include shared amenity space on the ground floor, an updated connection to the university’s arboretum and an 82-space parking lot. A timeline for the development was not announced. 

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ArizonaDevelopmentHealthcareOfficeWestern

Okland Capital Breaks Ground on 68,000 SF Celebration Medical Center in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Okland Capital has started construction for Celebration Medical Center, a medical office project in Gilbert. CBRE is marketing the facility for lease. Located at 3275 S. Mercy Road, the three-story building will offer 68,000 square feet of Class A medical office space divided into eight suites. The property is more than 30 percent pre-leased, with two undisclosed tenants.

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Market ReportsNevadaRetailWesternWestern Market Reports

Steady Tenant Demand Drives Historically Low Vacancy in Reno’s Retail Market

by John Nelson

— By Roxanne Stevenson, senior vice president of Colliers — Reno’s retail market saw a dip in net absorption and a slight uptick in regional vacancy toward the middle of 2024. Tenant demand began to moderate this year after the robust leasing activity of 2022 and 2023. Vacancy reached a record low at the beginning of the year, dipping to 3.8 percent in the first quarter, though it now sits just above 4 percent.  When analyzing the state of Reno’s retail market, there are several categories to consider: Tenant Activity Strong tenant demand, particularly in food and beverage, automotive,fitness and experiential concepts, should continue to stabilize the market. Reno has seen a handful of existing tenants expanding, as well as new entrants in recent years. Trader Joe’s opened its second location in South Reno and intends to plant a third flag in northern Sparks. Bob’s Discount Furniture and Twin Peaks are also opening their first locations in Northern Nevada at Redfield Promenade.  Other notable and active tenants include Miniso, In-N-Out Burger, Starbucks, Dave’s Hot Chicken, Panera, Ace Hardware and Einstein Bros. Bagels. A few tenants, however, have shuttered their doors. There were three 99 Cents Only locations that filed bankruptcy …

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Verrado-Marketplace-Buckeye-AZ
ArizonaDevelopmentRestaurantRetailWestern

Vestar Starts Construction on 500,000 SF Verrado Marketplace in Buckeye, Arizona

by Amy Works

BUCKEYE, ARIZ. — Vestar has broken ground on Verrado Marketplace, a retail destination at the northeast corner of Interstate 10 and Verrado Way in Buckeye. The 500,000-square-foot development is situated at the entrance to DMB Associates’ 8,800-acre Verrado master-planned community. The $275 million project is projected to generate more than $50 million in total tax revenue for the City of Buckeye and contribute an estimated $1.8 billion in economic output over the next 10 years. Upon completion, Verrado Marketplace will have more than 50 retailers and restaurants, including Target, Harkins Theater’s Backlot concept, Safeway, Ross Dress for Less, Marshalls and HomeGoods. Additional pre-signed tenants include ULTA Beauty, Famous Footwear, Buckle, Salt Tacos + Tequila, Bath & Body Works, Shake Shack, Handel’s Ice Cream, Nekter Juice, See’s Candies, Thai Chili, Einstein Bros. Bagels, Tropical Smoothie, Hawaiian Bros., European Wax Center, Zara Nails, Pacific Dental, America’s Best Contacts & Glasses and Mountain America Credit Union. The new tenants are slated to start opening in spring 2026. Verrado Marketplace will also feature a splash pad, live performance stage and video screen and a half-acre central lawn surrounded by restaurants and outdoor fireplace, as well as a Sip & Stroll experience, where guests over 21 …

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Grand-Hyatt-Deer-Valley-Park-City-UT
DevelopmentHospitalityUtahWestern

Hyatt Opens 436-Key Grand Hyatt Deer Valley Hotel in Park City, Utah

by Amy Works

PARK CITY, UTAH — Hyatt Hotels Corp. has opened Grand Hyatt Deer Valley, a 436-key resort at Extell Development Co.’s Deer Valley East Village in Park City. Grand Hyatt Deer Valley provides direct access to Deer Valley Resort, including more than 300 skiable acres, 20 debut runs and three chairlifts, and is expected to open for the 2024/2025 season in December, conditions permitting. Designed by Denver-based OZ Architecture, Grand Hyatt Deer Valley offers 381 guest rooms and 55 residences. All rooms are equipped with flat-screen HDTVs, Nespresso coffee makers, blackout curtains, individual climate control, hair dryers, bathrobes and minifridges. The resort also features a heated outdoor pool, three oversized hot tubs, a pool deck and a nighttime entertainment program. The property offers four restaurants, Remington Hall, Hidden Ace, Living Room and Double Blacks; nearly 30,000 square feet of indoor and outdoor event space, including a 10,000-square-foot ballroom; skier services; pet-friendly programming; Camp Hyatt Kids Club; and The Spa at Grand Hyatt Deer Valley.

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