PHOENIX — Scottsdale, Ariz.-based ATLAS Capital Partners has completed the disposition of an infill parcel to the City of Phoenix for $29.6 million. The city has earmarked the land for revitalization as part of its regional Rio Reimagined initiative and the RIO PHX plan, which will promote 20 miles along the Rio Salado/Salt River corridor as a local and regional destination. Located at 3030 S. 7th St., the 29.4-acre site is currently occupied by a 42,469-square-foot industrial building with tenancy through 2028. The site is situated within an Opportunity Zone, less than two miles from Sky Harbor International Airport, minutes from downtown Phoenix and interstates 10 and 17. ATLAS partnered with OakPoint Real Estate, a vertically integrated real estate investment firm, on the transaction. Will Strong, Phil Haenel and Foster Bundy of Cushman & Wakefield’s Capital Markets Group represented ATLAS in the deal.
GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monte Vista, an apartment community in Glendale. A workforce and affordable housing fund acquired the asset from a private seller for $25.5 million, or $122,596 per unit. Built in 1985, Monte Vista features 208 apartments, a swimming pool, laundry facility and covered parking. Apartments offer washer/dryer connections, dishwashers and walk-in closets. The average unit size is 787 square feet. Cliff David and Steve Gebing of IPA, along with Darrell Moffitt of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
SANTA ANA, CALIF. — Voit Real Estate Services has arranged the sale of an industrial building located at 2249 S. Yale St. in Santa Ana. Stage Stop 8 LLC sold the asset to Daytona Holding LLC, a locally owned manufacturing company, for $13.2 million. The buyer will use the 49,506-square-foot property as an auxiliary facility for its Southern California operations. Michael Hefner and Mike Vernick of Voit Real Estate Services represented the seller and buyer in the transaction.
EVERETT, WASH. — Colliers has arranged the sale of an industrial facility located at 815 Sievers-Duecy Blvd. in Everett. Underwood Gartland 64 LLC sold the property to a privately held family business, which is one of the largest HVAC operators on the West Coast, for $8.3 million. Totaling 26,666 square feet, the property offers a clear height of 24 feet, 24,070 square feet of warehouse space, 2,596 square feet of office space, ESFR sprinklers, 600 amps of 3-phase power and dock-high and drive-in loading.
— By Brian Anderson of CBRE — Utah’s retail market is shaped by its young population and large households, driving demand for big box stores and quality consumer brands. Utah has the youngest median age of any state in the U.S. by nearly four years, and the largest median household size. Our retail real estate market mirrors these realities. Large-box grocers and membership warehouses dot the landscape, creating gravity points that draw junior boxes, shops and restaurant users to these neighborhoods. Utah’s household incomes continue to rise, while the per capita income remains average. This has led to a concentration of quality — though not luxury — consumer brands in most retail centers. Despite challenges in construction and finance markets, Utah’s ongoing housing expansion is pushing box users and grocers to open new locations. The Salt Lake and Provo MSAs are expected to see several new big box and large grocery stores, mostly in outlying communities, after a quiet 2023 and 2024. Smaller-format grocers focused on organic food are also in permitting stages in established communities. These new locations will spark competition for restaurant and shop users. Health-conscious brands are expected to take space in desirable centers as 2025 progresses. …
TACOMA, WASH. — Phillips Edison & Co. has acquired Westgate North, a retail center in Tacoma. Located at 2601 N. Pearl St., Westgate North offers 74,789 square feet of retail space that is 97.9 percent leased to a mix of national and local tenants. Westgate North is shadow-anchored by Safeway. Other major tenants include Ace Hardware, Taco Bell, Chase Bank, Franciscan Health System and Anytime Fitness. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Capital Market’s Investment Sales and Advisory team represented the undisclosed seller in the deal.
ORANGE, CALIF. — Bailard has completed the disposition of an office property located at 725 West Town and Country Road in Orange. A local buyer acquired the asset for $15.4 million. The five-story, 90,191-square-foot is currently 62 percent leased to 12 tenants. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su of CBRE represented the seller in the transaction.
COLORADO SPRINGS, COLO. — On behalf of the United States Air Force Academy, Bryan Construction has completed Madera Cyber Innovation Center, a cybersecurity training facility for cadets in Colorado Springs. The four-story, 48,800-square-foot facility will be home to Air Force CyberWorx, the Department of Computer and Cyber Science and the Institute of Future Conflict. The facility provides the essential laboratory and workspace environments for cadets engaged in critical disciplines, including cyber engineering, cyber law and cybersecurity forensics. Designed by Clark Nexsen, the facility features a structural glass wall system and a free-floating, self-supporting curvilinear staircase. Construction of project included an extensive communication and technology infrastructure with 29 miles of cabling integrated throughout the facility. Additionally, Madera Cyber Innovation Center meets UFC 4-023-03 standards for progressive collapse resistance.
FULLERTON, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $12.6 million sale of North Euclid Shopping Center, a 41,219-square-foot shopping center located in the Orange County city of Fullerton. A 21,480-square-foot Stater Bros. Markets formerly anchored the property. The remaining space is fully leased to a barber shop, hair salon, family dentist, chiropractic office, H&R Block and multiple quick-service restaurants. Kevin Fryman, Eric Wohl and Ed Hanley of Hanley Investment Group represented the seller, Anaheim, Calif.-based Kraemer Land Co., and the buyer, an off-market local private investor, in the transaction. Kraemer Land Co. has managed North Euclid Shopping Center for 21 years.
PLACENTIA, CALIF. — Lee & Associates | Orange has arranged the sale of an industrial asset located at 1101 Richfield Road within Miraloma Business Center in Placentia. Davcal sold the property to Chin Kim for $3 million. Originally built in 1991, the 7,492-square-foot warehouse facility features 400 amps, 120/208v, three-phase electrical service; 16-foot minimum warehouse clearance; two ground-level doors; 3,000 square-foot of office space, plus a second-floor office space; and easy access to local freeways. Jameson Hearne, Marshal Vogt and Bryan Miller of Lee & Associates | Orange represented the seller in the deal.