Western

Brickyards-on-Ellsworth-Mesa-AZ

MESA, ARIZ. — Scottsdale-based Martens Development has broken ground on Brickyards on Ellsworth, an industrial development in Mesa, a suburb east of Phoenix. Completion is slated for second-quarter 2025. Upon completion, Brickyards on Ellsworth will feature eight buildings totaling 909,553 square feet of move-in-ready spaces for industrial tenants. The buildings will range from 35,000 square feet to 250,000 square feet. The project team includes FCL Builders, Ware Malcomb, Hunter Engineering, TLCP and Peterson Associates. Principal Asset Management is the construction lender. Jackie Orcutt, Kevin Cosca, Pete Wentis, Jonathan Teeter and Alex Wentis of CBRE are leading leasing for the development.

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Pinnacle-Peak-Commerce-Center-Phoenix-AZ

PHOENIX — Top 10 Properties has acquired Pinnacle Peak Commerce Center, a freestanding, Class A light industrial building in Phoenix’s Deer Valley submarket. An undisclosed seller divested of the asset for $21.8 million. With immediate access to Interstate 17, Pinnacle Peak Commerce Center features 93,725 square feet of industrial space. At the time of sale, the property was 100 percent leased to three tenants. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, in partnership with Tracy Cartledge and Robert Buckley of Cushman & Wakefield, brokered the transaction for the buyer and seller. Trevor McKendry and Chris Rogers of DAUM Commercial provided lease advisory.

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Level-Crossing-Phase-3-Surprise-AZ

SURPRISE, ARIZ. — Hardy World LLC and Silver Creek Development have broken ground on the Phase III at the Level Crossing master-planned industrial development site in Surprise. Located at 13550 N. Dyasrt Road, the third and final phase will include a 150,615-square-foot speculative warehouse facility. Geared toward logistics and distribution tenants, the warehouse will have the potential to be divided into three tenant spaces for maximum flexibility. ARCO Construction Co. is providing design-build services for the project. The overall Level Crossing plan is slated for completion in early 2025.

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Thornton-Town-Center-Thornton-CO

THORNTON, COLO. — Faris Lee Investments has arranged the sale of Thornton Town Center. The retail property is located at the southeast corner of Interstate 25 Freeway and E. 104th Street in Thornton, a suburb north of Denver. A Southern California-based private investor sold the property to a Southern California-based value-add investor for $14.4 million. Thornton Town Center offers 265,181 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal.

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Avenue-at-Olive-Park-Glendale-AZ

GLENDALE, ARIZ. — Phoenix-based Western Retail Advisors has arranged the sale of Avenue at Olive Park, a retail property at 5814 W. Olive Ave. in the Phoenix suburb of Glendale. A California family office sold the asset to 2015 K&A Kisidiaris Trust for $5.5 million. McDonald’s, dd’s Discounts, Panda Express, Jack in the Box and Circle K are tenants at the fully occupied retail center. Darrell Deshaw of Western Retail Advisors represented the seller, while Gabe Manzanares of Compass Commercial represented the buyer in the transaction.

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Emerald-Heights-Redmond-WA

REDMOND, WASH. — Emerald Communities has completed a $63 million expansion project at Emerald Heights, a continuing care retirement community in Redmond, a suburb east of Seattle. The Courtyard building concept was first introduced in 2017 and construction began in September 2022. Emerald Heights is welcoming 34 residents to their new homes this week and eight units are still available. The three-level Courtyard building offers six apartment designs including one-bedroom, one-bedroom with a den, two-bedroom and two-bedroom with a den that range in size from 826 to 1,764 square feet. The Courtyard building encompasses an underground parking structure, an entry plaza, shared outdoor spaces and meeting areas on each floor for social gatherings. Architectural firm of Rice Fergus Miller designed the project under the direction of Dean Kelly. GLY Construction was the builder. In addition to the newly opened Courtyard, Emerald Heights is also working on a new $55 million assisted living project, FirView. This 67,555 square-foot expansion will bring 54 one-bedroom apartments of assisted living along with a new dining space, activity rooms, outdoor patio, underbuilding parking and a sky-bridge connection the main buildings.  Dean Kelly of Rice Fergus Miller and GLY Construction will also be involved in the …

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Gateway-Grand-Phase-I-Mesa-AZ

MESA, ARIZ. — Greystar has completed the first phase of Gateway Grand, a Class A industrial development in Mesa, and the company’s first industrial project in Arizona. Located at 7852 and 8016 E. Pecos Road, Gateway Grand Phase I offers 1.1 million square feet of industrial space spread across two 537,429-square-foot buildings. Available for immediate occupancy, the properties include speculative office space, initial HVAC on site and are move-in ready for a range of users. The office space includes conference rooms, break rooms, open and private offices and restrooms, while the industrial space includes 40-foot clear heights, 60-foot by 60-foot column spacing, a 70-foot speed bay, ESFR sprinklers and seven-inch slabs. Each building has 98 dock-high and four grade-level doors, supports 518 auto parking spaces and is equipped with 3,600 amps of power that is easily expandable via additional SES electrical gear on order. Phase II will add a 1.1 million-square-foot single building that is rail capable, with adjacency to Union Pacific’s planned Pecos Industrial Rail and Train Extension project. The building features will mirror those of Phase I, with an expanded 192 docks doors, seven-inch unreinforced slab over four-inch ABC, auto parking spaces and 2,000 square feet of speculative office …

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5240-Lankershim-Blvd-Los-Angeles-CA

LOS ANGELES — Beverly Hills-based Bolour Associates has provided more than $20 million in debt financing for the redevelopment of three retail projects in Los Angeles. Upon redevelopment, the sites will deliver 375 apartments. The borrower is North Carolina-based Grubb Properties. The portfolio includes: 700 Santa Monica Blvd., a 10,500-square-foot retail property slated for redevelopment into 99 apartments. 1200 Vine St., a 27,000-square-foot retail building in Hollywood that will be redeveloped into 151 apartments. 5240 Lankershim Blvd., a 30,900-square-foot land parcel in North Hollywood with plans for redevelopment into 128 units.

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161-E-Evelyn-Ave-Mountain-View-CA

SUNNYVALE AND MOUNTAIN VIEW, CALIF. — Gantry has arranged a $14 million permanent loan to refinance a cross-collateralized pair of flex industrial facilities in Silicon Valley. The properties — located at 1250-1252 Borregas Ave. in Sunnyvale and 161 E. Evelyn Ave. in Mountain View — offer a total of 60,000 square feet. At the time of financing, both assets were fully occupied. Murphy Osborne and Andrew Ferguson of Gantry’s San Francisco office secured the financing on behalf of the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features 25-year amortization and prepayment options throughout the life of the loan.

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8541-Phinney-Ave-N-Seattle-WA

SEATTLE — Cushman & Wakefield has arranged the sale of James Bon Apartments, a multifamily building at 8541 Phinney Ave. N. in Seattle’s Phinney Ridge neighborhood. A local apartment operator acquired the property from a local family investor for $3.1 million, or $258,000 per unit. Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter and Matt Kemper of Cushman & Wakefield represented the buyer and seller in the deal. Originally constructed nearly 45 years ago, James Bon offers 12 apartments, an on-site laundry facility and secured access at two entry/exit points.

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