DENVER — Nexus Commercial Realty has arranged the sale of a multifamily property located at 2945 N. Irving St. in Denver. Irving Properties LLC sold the 4,794-square-foot asset to Irving 29 LLC for $1.3 million. Brandon Kaufman of Nexus represented the buyer, while Gunnar Wilson and Jason Koch of Nexus represented the seller in the transaction.
DENVER — CBRE has arranged the sale of a LEED Gold-certified industrial flex building located at 6144 N. Panasonic Way in northeast Denver’s Airport corridor. Omaha-based NewStreet Properties acquired the property from Denver-based Westfield Co. for $22 million. Westfield Co. originally constructed the 112,966-square-foot facility as a build-to-suit for Panasonic Enterprise Solutions (PESCO), a technology and solar subsidiary of Panasonic, in 2016. The smart property features warehouse, assembly, research and design space, as well as a two-story office space with Class A finishes. Situated on six acres, the property is adjacent to the 61st and Peña Light Rail Station. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE represented the seller in the deal.
VISALIA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Cameron Crossing, an apartment community located in Visalia. A Visalia-based private family acquired the asset for $16.3 million, or $170,000 per unit. Situated on a 4.8-acre site, Cameron Crossing features 96 units in a mix of one-, two- and three-bedroom floor plans, with an average size of 957 square feet. Additionally, the property features a swimming pool, clubhouse, laundry facilities and reserved parking. Alex Mogharebi, Otto Ozen, Robin Kane, Mark Bonas and Brendan Kane of TMG represented the seller, a Washington-based private investment group, in the transaction.
PHOENIX — Next Gen Black Canyon, an entity controlled by Helix Properties, has acquired Black Canyon Commerce Park, a three-building office park in Phoenix’s I-17 Corridor. Irvine, Calif.-based Granite Black Canyon Holdings sold the multi-tenant asset for $10.7 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE Property Management will continue to manage the property, with Ashley Brooks of CBRE serving as the leasing agent. Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. The 181,584-square-foot property, which was 65 percent leased at the time of sale, features two single-story buildings and one two-story building.
GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.
PHOENIX — Marcus & Millichap has brokered the sale of Ocotillo Estates, a 47-unit apartment property located in Phoenix. A limited liability company acquired the property from a private investor for $5 million. Located at 6702 N. 17th Ave., Ocotillo Estates features two studios, 17 one-bedroom/one-bathroom units and 28 two-bedroom/two-bathroom units. Developed in 1979, the property has undergone light renovations with community amenities including ample covered parking, 24-hour controlled access security gate and an on-site management office. Additionally, the property features individual metering for electricity. Paul Bay of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.
CHANDLER, ARIZ. — CBRE Global Investors has purchased a data center, located at 2500 W. Frye Road in Chandler, an eastern suburb of Phoenix, for $72.7 million. The seller was Lincoln Rackhouse, the data center division of Lincoln Property Co., in partnership with Principal Real Estate Investors. Kristina Metzger and James McCarthy of CBRE Data Center Capital Markets represented the seller in the deal. Lincoln Rackhouse and Principal Real Estate Investors originally purchased the data center in 2018 as part of a three-property portfolio. A global data center services provider fully occupies the 191,000-square-foot facility.
PORTLAND, ORE. — A joint venture between Holland Partner Group and Pacific Life Insurance Co. has acquired Tupelo Alley, a mixed-use community located in Portland’s North Mississippi Avenue neighborhood. Institutional investors advised by J.P. Morgan Asset Management sold the property for $58 million. Situated on 1.4 acres at 3850 N. Mississippi Ave., the three-building Tupelo Alley features 188 apartments in a mix of studio, one- and three-bedroom layouts, averaging 770 square feet, and 10,000 square feet of ground-floor retail space. On-site amenities include indoor and outdoor gathering spaces for residents. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller, while Charles Halladay, Rick Salinas and Charlie Watson, also of JLL Capital Markets, represented the buyer in the transaction. Additionally, JLL arranged $37.7 million in acquisition financing for the buyer.
PORTLAND, ORE. — Colliers International has arranged the purchase of 6Y, a 11-story creative office building located at 811 SW Sixth Ave. in Portland’s Central Business District (CBD). Deka Immobilien acquired the asset from a joint venture between KBS and True North Management Group for $47.5 million. The transaction marks Frankfurt, Germany-based Deka’s third U.S. purchase in the last nine months and its entry into the Oregon market. Overlooking Pioneer Square, the 116,224-square-foot property was repositioned to include upgraded creative office suites, a tenant lounge and a contemporary lobby. Robert Stamm and Andres Roldan of Colliers’ Investment Advisory Group, in coordination with Chris Johnson of Colliers’ Portland office, represented the buyer, while Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.
SALINAS, CALIF. — KeyBank Real Estate Capital has provided a $29 million loan to refinance Pacific Coast Care Center, a 149-bed skilled nursing facility in Salinas, just south of the Bay Area proper. The facility was built in 1979. The borrower is an investor group led by BM Eagle Holdings and BlueMountain Capital Management. Financing for the property was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program. Proceeds from the FHA loan were used to pay down a portion of an interim bridge loan. A KeyBank-led bank syndicate originally provided the acquisition financing in mid-2017 as part of a multi-asset skilled nursing portfolio. The deal team consisted of John Randolph of Key Bank’s FHA Healthcare team and Grant Saunders and Peter Trazzaera from Key Bank’s Healthcare Group.
