ROSWELL, N.M. — Marcus & Millichap has arranged the sale of Comfort Suites Roswell, a hotel property located at 3610 N. Main St. in Roswell. Terms of the transaction were not released. The 68-room hotel features an indoor pool, indoor whirlpool, fitness center and laundry facilities. John Casler and Josh Tammen of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor, in the deal.
SEATTLE — AvalonBay Communities has completed the sale of AVA Ballard, a multifamily asset located at 5555 14th Ave. NW in Seattle’s Ballard neighborhood, to an undisclosed buyer for $105.5 million. Built in 2013, AVA Ballard offers 265 studio, one- and two-bedroom apartments averaging 717 square feet. Units feature quartz countertops, stainless steel appliances, plank hardwood-style flooring and washers and dryers. Community amenities include a rooftop lounge, barbecues and a dog run; a clubroom with media lounge, arcade games and lounge seating; a fitness studio; inner courtyards with barbecues, fire pits and lounge seating; rentable storage units; and electrical vehicle charging, as well as 12,000 square feet of ground-floor retail space. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the transaction.
FRESNO, CALIF. — MonticelloAM has provided an $87.2 million bridge loan for an assisted living portfolio in Fresno. The portfolio totals 39 communities. Proceeds from the loan will be used to refinance the existing debt on the properties, and the undisclosed borrower plans to secure long-term financing.
LOS ANGELES — CIM Group, through CIM Real Assets & Credit Fund, has purchased District La Brea, a collection of adjacent retail and commercial buildings along La Brea Avenue in Los Angeles. Details of the transaction were not disclosed. The acquisition includes approximately 82,210 square feet of commercial space and 171 parking stalls, including a three-story parking structure. Current tenants include Acr’Teryx, Stone Island, Undefeated, Market, Garrett Leight, Schott NYC, Sycamore Kitchen, Burrow, Interior Define, AETHER Apparel and SUGARFISH by Sushi Nozawa. Located on La Brea Avenue between 1st and 2nd streets, the one-, two- and three-story buildings were organized and rebranded as District La Brea in 2013 with further development completed in 2017. The buildings are each architecturally distinct with storefronts in a variety of styles, including rustic red brick, gold scrollwork and modern glass and stone.
SEATTLE — The Bascom Group has purchased 2300 Elliott, a 92-unit multifamily community located in Seattle’s Belltown neighborhood. Terms of the transaction were not released. Built in 1992, 2300 Elliott features a five-story residential building offering a mix of studio, one-, two- and three-bedroom units situated above two levels of structured parking. The community offers a rooftop deck, a landscaped interior courtyard, fitness center, underground parking and secure access entry. Apartment Management Consultants will provide property management services for the asset. Jamie Kline and Annie Rice of JLL arranged debt financing for the buyer. Bascom’s Chad Sanderson, Jim Singleton and Joe Ferguson sourced and managed the acquisition for the company.
AURORA, COLO. — Consolidated Investment Group has obtained $17.7 million in financing for Eastpark 70’s Buildings 5 and 6, a two-building Class A industrial portfolio in Aurora. Rob Bova and William Haass of JLL Capital Markets secured the fixed-rate, five-year loan for the borrower. Completed in 2022, the 235,987-square-foot portfolio consists of buildings located at 19822 E. 22nd Ave. and 19922 E. 22nd Ave. The facilities offer 32-foot clear heights, ample dock-high and drive-in loading and ESFR sprinkler systems. The properties are fully leased to three tenants.
— By Patrick Dempsey, senior managing director of JLL Capital Markets — The Phoenix retail capital markets environment is showing signs of resilience in the face of current economic conditions. While the market has experienced a period of lower transaction volume, recent drops in interest rates have begun to bridge the gap between buyer and seller expectations, potentially paving the way for increased activity. Notably, Phoenix stands out with impressive positive rent growth, recording the highest rate at 7.4 percent among major metros and Sun Belt markets. Phoenix’s robust employment market, especially in the semiconductor sector, continues to be a major advantage. The city boasts a strong base of major employers, contributing to its ongoing economic vitality. Investor demand remains concentrated on grocery-anchored properties and premium retail locations, highlighting the enduring value of strategically positioned assets. This trend is especially pronounced in high-growth submarkets. For example, the Southeast Valley is experiencing significant suburban and residential growth, driving the development of new grocery centers to serve the expanding population. Similarly, Northwest Phoenix with areas like Peoria and Glendale are seeing strategic investments from grocers anticipating future population growth. Looking ahead, there’s increasing optimism for a stabilization of retail capital markets transactions …
SAN JUAN CAPISTRANO, CALIF. — Almquist has opened River Street Marketplace, a new $70 million retail development located in San Juan Capistrano, roughly 55 miles southeast of Los Angeles. Almost all of the property’s 30 tenants have opened, with the additional openings scheduled for the coming weeks. Retailers and restaurants at the center, which totals 60,000 square feet, include Free People, Shop Common Thread, Tecovas, Fermentation Farm, Finca, Wildfire Mercantile, La Vaquera, Seager, Pick Me Flowers, May Martin, Mendocino Farms, Toes on the Nose, Salt Optics, CAPO Leisure House, Studio Pilates, McConnell’s Fine Ice Cream, The Market by The Meat Cellar, Hobie, Rowan and Ubuntu. Additionally, a miniature food hall will open soon at the development. Dubbed Rodeo River Street, the food hall will feature concepts including NOM, Parana Empanadas, Shootz Hawaiian, The Sushi Stand, Kebab Craft, Hudson’s Cookies, Bred Hot Chicken, Kozan Teahouse and Pastalia.
LOVELAND, COLO. — Hunt Midwest has sold Capstone at Centerra, an assisted living and memory care property in Loveland, to California-based IRA Capital for $40 million. Completed and opened in 2023, Capstone at Centerra is Hunt Midwest’s most recent Capstone senior living development and the company’s first development in Colorado. The community offers 102 studio, one- and two-bedroom apartments with granite countertops, stainless steel appliances and high-quality flooring. Capstone at Centerra includes a full-service dining room, fitness center, landscaped outdoor spaces, a salon, library, game room and scheduled transportation services. Capstone at Centerra is the third Capstone senior living community developed by Hunt Midwest, including the Capstone at Royal Palm in Royal Palm Beach, Fla., and Capstone at Station Camp in Gallatin, Tenn. Charles Bissell and Tony Hong of BWE Investment Sales represented Hunt Midwest in the transaction.
WEST VALLEY CITY, UTAH — VanTrust Real Estate has acquired 32 acres, located at 5998 W. Parkway Blvd. in West Valley City, with plans to build four industrial warehouses. The site will accommodate four buildings offering a total of 600,000 square feet of Class A industrial space. The site’s location offers easy access to State Route 201, Salt Lake City International Airport, I-80, I-15 and the Union Pacific Railroad intermodal hub. VanTrust expects construction on the first two buildings to start in late spring 2025 and deliver in late spring 2026. Construction timing on the other two buildings is still to be determined. Specific tenants for the warehouses have not yet been identified.
