PHOENIX—Homebuyers in Chandler, AZ are driving a new demand for luxury urban living, which is fueling new developments like The Cays at Downtown Ocotillo, one of the area's first upscale condominium developments. In the past decade, Chandler has gained over 100,000 new residents bringing the total population to nearly 255,000 people, according to the City of Chandler. Now the third largest city in Metro Phoenix, the burgeoning area employs over 30,000 people within the Price Corridor alone across major campuses including Intel, Wells Fargo, General Motors, PayPal and Orbital ATK. Over the next few years, Intel also plans to add an additional 3,000 new jobs to Chandler's workforce as the company looks to complete its $7B semiconductor facility.

(SOURCE: The Cays at Downtown Ocotillo)

NEW & NOTABLE

ONTARIO, CA—New Haven, a master-planned community in Ontario Ranch from Brookfield Residential, is among 2017's five best-selling communities in California, and among the top 50 nationwide, according to a survey from RCLCo. The survey measures master-planned community sales in the first six months of 2017. The 124-acre New Haven masterplan offers attached and single-family detached residences and resort-style living with abundant recreational amenities, social events and the opportunity for a well-balanced lifestyle.

DEALTRACKER

LONG BEACH, CA—Stepp Commercial has completed the $4.9 million sale of East Fifth Street Apartments, a 20-unit apartment property located near the Retro Row and Belmont Heights submarkets in Long Beach, Calif. Principal Robert Stepp of Stepp Commercial represented the seller, an Orange County-based private investor, as well as the buyer, a private investor from Los Angeles. The property closed at a 4.2 percent cap rate and a price per unit of $245,000. Built in 1961, the two-story property is located at 3025 East 5th Street and includes 10 two-bedroom units and 10 one-bedroom units. Some of the interiors feature hardwood flooring and upgraded kitchens with granite countertops and stainless steel appliances.

PHOENIX—Woodside Health has acquired Shea Medical Plaza at 7425 E. Shea Blvd. in Scottsdale for $11.7 million from Irgens. The 42,439-square-foot medical office building was built in 1999. Shea Medical Plaza is 100% leased and anchored by Scottsdale Children's Group, NextCare and AZ Perio. The medical office property is situated in the heart of Scottsdale, close to the Honor Health campus at 90th Street and Shea Boulevard. Dan Postal and Brian Ackerman with Jones Lang LaSalle brokered the deal.

PHOENIX—An unnamed borrower has secured a $29 million loan to refinance The Cove, a 652-unit multifamily property located at 2545 N 83rd Ave Phoenix, Arizona. The transaction was structured with a 15-year loan term on a 30 year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company. Luke Donahue, senior vice president/senior director of NorthMarq Capital's Phoenix regional office and Scott Monroe, managing director of NorthMarq Capital's Las Vegas regional office, secured the funds on behalf of the borrower.

LOS ANGELES—An unnamed borrower has secured $20 million to refinance six industrial properties totaling 399,400 square feet in Las Vegas. The loan term was structured for 10 years with a sub-four percent rate. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company. David Blum, senior director of NorthMarq Capital's Los Angeles office and Scott Monroe, managing director of NorthMarq Capital's Las Vegas office, secured the funds on behalf of the borrower.

LOS ANGELES—Universe Holdings has acquired the Nob Hill Towers apartment community, located in the Westlake district of Los Angeles, for $12.6 million. Originally built in 1929, the 53-unit property is an art deco era classic and features a mix of studio, 1, 2 and 3 bedroom units. Universe plans to move forward immediately with $917,000 in property improvements; including modernizing interiors with new flooring, appliance packages, counters, cabinets and other upgrades and updating exterior treatments with dramatic lighting, new paint, enhanced common areas and new landscape. The company also plans to convert dormant space in the basement level to a business center and fitness area.

PEORIA, AZ—Sonoma Pines, a 216-unit multifamily asset in Peoria, Arizona, has traded hands for $19 million. Institutional Property Advisors' Cliff David and Steve Gebing, senior managing director, represented the seller, Mentor Properties, and The Jones Group procured the buyer, a joint venture between Henley USA and Modern Residential Company. Constructed in 1984, the apartment complex is located at 8650 W. Peoria Ave. in Peoria.

MESA, AZ—A 265-unit multifamily asset in Mesa, Arizona, has traded hands for $22.4 million. Institutional Property Advisors' Cliff David and Steve Gebing, senior managing director, represented the seller, a joint venture between Mentor Properties and ReNUE Properties. The Jones Group procured the buyer, a joint venture between Henley USA and Modern Residential Company. The property is located at 1800 E Covina St., approximately three miles from downtown Mesa, and six miles from the Falcon District, a high-tech hub for the area's aerospace and aviation, defense, and advanced manufacturing and business services industries.

SAN DIEGO—5260 Anna Ave, L.P., an entity of Lincoln Property Company, has acquired a 72,220-square-foot industrial facility on 2.32 acres in the heart of San Diego for nearly $11.5 million from Bixby SPE Finance 1, LLC. The property is currently 100% leased to a single tenant. Cushman & Wakefield's Bryce Aberg, Brant Aberg and Ryan Spradling represented the seller and Bryce and Brant also represented the buyer in the deal. Located at 5260 Anna Ave., the facility is composed of 66,395-square-foot of warehouse and 5,825 square feet of office space and can accommodate manufacturing, distribution and warehouse uses. Other facility features include four dock and two grade doors, good power, 53 parking spaces, 16-foot to 30-foot clear height, and secured fenced yard.

BUILDING BLOCKS

PHOENIX—Opus has unveiled plans for a speculative industrial project in the Longbow Business Park in Mesa, Arizona. Located in the Longbow Business Park and Golf Club, construction on the 147,672-square-foot project is slated to begin this month and is scheduled for January 2018. The industrial development features 32-foot clear heights, a fully secured truck court and 1,200 square feet of office space. John Werstler and Cooper Fratt of CBRE will lease the space.

WOODLAND HILLS, CA—Klorman Construction has been selected as the Design-Build contractor for the new 3-acre Covina Transit Center and Park & Ride, retail building and parking structure for Foothill Transit in Covina, California. The transit center and park and ride development includes a 372-stall, three-level parking structure, six-bus bay transit center, a 4,400-square-foot retail building and a public plaza design to connect to the future civic component. The parking structure and landscaping and features a public plaza located between a retail building, the parking structure and the transit plaza with bus bays and will be designed to ease concerns, regarding privacy and traffic noise in consideration of the surrounding neighborhood. The plazas are designed to be used by current and future residents of the development to the north as they access Foothill Transit's retail building and transit center. The Covina Transit Center and Park & Ride is part of a public-private partnership effort, called the Covina Forward. It will feature a transit plaza with bus bays, retail, parking, a public plaza, and connective pathways throughout the development.

LAS VEGAS—Dermody Properties has completed LogistiCenterSM at Las Vegas Boulevard, a 546,480-square-foot facility in the North Las Vegas submarket. Coming off its largest quarterly expansion of industrial inventory since the first half of 2008, North Las Vegas is a highly desirable market for e-commerce and omni-channel industrial operations. North Las Vegas is the largest warehouse/industrial market in Las Vegas with the most affordable rental rates and largest buildings. The property can accommodate up to four tenants ranging in size from 125,000 to 546,480 square feet. The site also contains an additional eight acres for parking, trailers or a second building. The recently completed building is e-commerce-ready, with 36 feet of clear height and above-standard auto and trailer parking. Its central location within the western U.S. makes it ideal for fulfillment, distribution and warehouse operations.

The commercial market in Phoenix is on fire. Sales activity remains active, and fundamentals are attracting new investors. The market has seen activity across all product types as well as new construction. Homeowner demand is also increasing, according to a new study. It isn't the only market in the Southwest that is performing well. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

LADERA RANCH, CA—Strategic Storage Trust II says that it has seen strong increases in same-store revenues, net operating income, occupancy and annualized rent per square footage as part of its overall operating results. In the second quarter, the firm increased total revenue by approximately $9.3 million, or 95%, when compared to the same period in 2016; increased same-store revenues and NOI by 11.6% and 23.2%, respectively, compared to the same period in 2016; increased same-store average physical occupancy by approximately 3.4% to 93.3% from 89.9% compared to the same period in 2016; increased same-store annualized rent per occupied square foot by approximately 6.2% to $13.62 from $12.82 compared to the same period in 2016; and increased modified funds from operations by approximately $2.7 million, or 119%, when compared to the same period in 2016.

(SOURCE: STRATEGIC STORAGE TRUST)

PHOENIX—Homebuyers in Chandler, AZ are driving a new demand for luxury urban living, which is fueling new developments like The Cays at Downtown Ocotillo, one of the area's first upscale condominium developments. In the past decade, Chandler has gained over 100,000 new residents bringing the total population to nearly 255,000 people, according to the City of Chandler. Now the third largest city in Metro Phoenix, the burgeoning area employs over 30,000 people within the Price Corridor alone across major campuses including Intel, Wells Fargo, General Motors, PayPal and Orbital ATK. Over the next few years, Intel also plans to add an additional 3,000 new jobs to Chandler's workforce as the company looks to complete its $7B semiconductor facility.

(SOURCE: The Cays at Downtown Ocotillo)

NEW & NOTABLE

ONTARIO, CA—New Haven, a master-planned community in Ontario Ranch from Brookfield Residential, is among 2017's five best-selling communities in California, and among the top 50 nationwide, according to a survey from RCLCo. The survey measures master-planned community sales in the first six months of 2017. The 124-acre New Haven masterplan offers attached and single-family detached residences and resort-style living with abundant recreational amenities, social events and the opportunity for a well-balanced lifestyle.

DEALTRACKER

LONG BEACH, CA—Stepp Commercial has completed the $4.9 million sale of East Fifth Street Apartments, a 20-unit apartment property located near the Retro Row and Belmont Heights submarkets in Long Beach, Calif. Principal Robert Stepp of Stepp Commercial represented the seller, an Orange County-based private investor, as well as the buyer, a private investor from Los Angeles. The property closed at a 4.2 percent cap rate and a price per unit of $245,000. Built in 1961, the two-story property is located at 3025 East 5th Street and includes 10 two-bedroom units and 10 one-bedroom units. Some of the interiors feature hardwood flooring and upgraded kitchens with granite countertops and stainless steel appliances.

PHOENIX—Woodside Health has acquired Shea Medical Plaza at 7425 E. Shea Blvd. in Scottsdale for $11.7 million from Irgens. The 42,439-square-foot medical office building was built in 1999. Shea Medical Plaza is 100% leased and anchored by Scottsdale Children's Group, NextCare and AZ Perio. The medical office property is situated in the heart of Scottsdale, close to the Honor Health campus at 90th Street and Shea Boulevard. Dan Postal and Brian Ackerman with Jones Lang LaSalle brokered the deal.

PHOENIX—An unnamed borrower has secured a $29 million loan to refinance The Cove, a 652-unit multifamily property located at 2545 N 83rd Ave Phoenix, Arizona. The transaction was structured with a 15-year loan term on a 30 year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company. Luke Donahue, senior vice president/senior director of NorthMarq Capital's Phoenix regional office and Scott Monroe, managing director of NorthMarq Capital's Las Vegas regional office, secured the funds on behalf of the borrower.

LOS ANGELES—An unnamed borrower has secured $20 million to refinance six industrial properties totaling 399,400 square feet in Las Vegas. The loan term was structured for 10 years with a sub-four percent rate. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company. David Blum, senior director of NorthMarq Capital's Los Angeles office and Scott Monroe, managing director of NorthMarq Capital's Las Vegas office, secured the funds on behalf of the borrower.

LOS ANGELES—Universe Holdings has acquired the Nob Hill Towers apartment community, located in the Westlake district of Los Angeles, for $12.6 million. Originally built in 1929, the 53-unit property is an art deco era classic and features a mix of studio, 1, 2 and 3 bedroom units. Universe plans to move forward immediately with $917,000 in property improvements; including modernizing interiors with new flooring, appliance packages, counters, cabinets and other upgrades and updating exterior treatments with dramatic lighting, new paint, enhanced common areas and new landscape. The company also plans to convert dormant space in the basement level to a business center and fitness area.

PEORIA, AZ—Sonoma Pines, a 216-unit multifamily asset in Peoria, Arizona, has traded hands for $19 million. Institutional Property Advisors' Cliff David and Steve Gebing, senior managing director, represented the seller, Mentor Properties, and The Jones Group procured the buyer, a joint venture between Henley USA and Modern Residential Company. Constructed in 1984, the apartment complex is located at 8650 W. Peoria Ave. in Peoria.

MESA, AZ—A 265-unit multifamily asset in Mesa, Arizona, has traded hands for $22.4 million. Institutional Property Advisors' Cliff David and Steve Gebing, senior managing director, represented the seller, a joint venture between Mentor Properties and ReNUE Properties. The Jones Group procured the buyer, a joint venture between Henley USA and Modern Residential Company. The property is located at 1800 E Covina St., approximately three miles from downtown Mesa, and six miles from the Falcon District, a high-tech hub for the area's aerospace and aviation, defense, and advanced manufacturing and business services industries.

SAN DIEGO—5260 Anna Ave, L.P., an entity of Lincoln Property Company, has acquired a 72,220-square-foot industrial facility on 2.32 acres in the heart of San Diego for nearly $11.5 million from Bixby SPE Finance 1, LLC. The property is currently 100% leased to a single tenant. Cushman & Wakefield's Bryce Aberg, Brant Aberg and Ryan Spradling represented the seller and Bryce and Brant also represented the buyer in the deal. Located at 5260 Anna Ave., the facility is composed of 66,395-square-foot of warehouse and 5,825 square feet of office space and can accommodate manufacturing, distribution and warehouse uses. Other facility features include four dock and two grade doors, good power, 53 parking spaces, 16-foot to 30-foot clear height, and secured fenced yard.

BUILDING BLOCKS

PHOENIX—Opus has unveiled plans for a speculative industrial project in the Longbow Business Park in Mesa, Arizona. Located in the Longbow Business Park and Golf Club, construction on the 147,672-square-foot project is slated to begin this month and is scheduled for January 2018. The industrial development features 32-foot clear heights, a fully secured truck court and 1,200 square feet of office space. John Werstler and Cooper Fratt of CBRE will lease the space.

WOODLAND HILLS, CA—Klorman Construction has been selected as the Design-Build contractor for the new 3-acre Covina Transit Center and Park & Ride, retail building and parking structure for Foothill Transit in Covina, California. The transit center and park and ride development includes a 372-stall, three-level parking structure, six-bus bay transit center, a 4,400-square-foot retail building and a public plaza design to connect to the future civic component. The parking structure and landscaping and features a public plaza located between a retail building, the parking structure and the transit plaza with bus bays and will be designed to ease concerns, regarding privacy and traffic noise in consideration of the surrounding neighborhood. The plazas are designed to be used by current and future residents of the development to the north as they access Foothill Transit's retail building and transit center. The Covina Transit Center and Park & Ride is part of a public-private partnership effort, called the Covina Forward. It will feature a transit plaza with bus bays, retail, parking, a public plaza, and connective pathways throughout the development.

LAS VEGAS—Dermody Properties has completed LogistiCenterSM at Las Vegas Boulevard, a 546,480-square-foot facility in the North Las Vegas submarket. Coming off its largest quarterly expansion of industrial inventory since the first half of 2008, North Las Vegas is a highly desirable market for e-commerce and omni-channel industrial operations. North Las Vegas is the largest warehouse/industrial market in Las Vegas with the most affordable rental rates and largest buildings. The property can accommodate up to four tenants ranging in size from 125,000 to 546,480 square feet. The site also contains an additional eight acres for parking, trailers or a second building. The recently completed building is e-commerce-ready, with 36 feet of clear height and above-standard auto and trailer parking. Its central location within the western U.S. makes it ideal for fulfillment, distribution and warehouse operations.