Western

Ray, VeLa Development Partners Break Ground on 401-Unit Multifamily Tower in Phoenix

by Amy Works April 19, 2024

PHOENIX — Ray and VeLa Development Partners, as co-developers, have broken ground on Ray Phoenix, a 26-story residential tower at 777 N. Central Ave. in Phoenix. Johnson Marklee & Associates, in partnership with Lamar Johnson Collaborative, designed the project, while Grace Fuller Marroquín of Grace Fuller Design conceived the landscape concept. Situated in the Roosevelt Row Arts District, Ray Phoenix will feature 401 residential units — 193 studios; 116 one-bedrooms, including den and duplex options; and 92 two-bedrooms, including duplex and penthouse options. Totaling 523,000 square feet, the building will feature a fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens and workspaces, as well as more than 4,500 square feet of ground-level retail space.

April 19, 2024

Acquisitions California Office Western

NYLREI, Bridgeton Buy 78,000 SF Office Building in San Francisco for $22M

by Amy Works April 19, 2024

SAN FRANCISCO — New York Life Real Estate Investors (NYLREI) and Bridgeton have acquired 410 Townsend Street, a four-story office building in San Francisco’s South of Market (SoMa) submarket. An undisclosed seller sold the 78,000-square-foot asset for $22 million. Mike Taquino and Kyle Kovac of CBRE represented the buyers in the deal. This transaction represents the first partnership between NYLREI and Bridgeton.

April 19, 2024

Acquisitions California Retail Western

Kennedy Wilson Negotiates $12.5M Sale of Beverly Palm Plaza in Beverly Hills, California

by Amy Works April 19, 2024

BEVERLY HILLS, CALIF. — Kennedy Wilson Brokerage has arranged the sale of Beverly Palm Plaza, a retail center at 9150-9198 Olympic Blvd. in Beverly Hills. DSC America Inc. sold the property to a local investor for $12.5 million. Supercuts, Domino’s Pizza, Sushi Sasabune, Bodhi Thai, Crazy Fish, Traveling Tikes and Zeglio Custom Clothier are tenants at the fully occupied, 11,484-square-foot property. Ed Sachse, Kyle Fishburn and Jack Nathan of Kennedy Wilson Brokerage represented the seller in the transaction.

April 19, 2024

29105-29229-S-Western-Ave-Rancho-Palos-Verdes-CA

Acquisitions California Loans Retail Western

Calmwater Capital Provides $12.3M Acquisition Loan for Western Plaza Shopping Center in Rancho Palos Verdes, California

by Amy Works April 19, 2024

RANCHO PALOS VERDES, CALIF. — Calmwater Capital has provided Irvine-based West Hive Capital with $12.3 million in short-term first mortgage debt. The loan will fund the off-market acquisition and renovation of a neighborhood retail property in Rancho Palos Verdes, a coastal city south of Los Angeles. The three-year, interest-only, nonrecourse financing was secured by Western Plaza, a 44,000-square-foot shopping center at 29105-29229 S. Western Ave. A portion of the loan proceeds will be used to fund an extensive renovation of the property, which the seller owned for the past 60 years. West Hive plans to demolish one of three existing buildings and create a 3,000-square-foot outdoor patio. Additional improvements will include modernized storefronts and architectural façades, contemporary signage, new landscaping and a resurfaced, 119-space parking lot. Michael Guterman of BWE arranged the financing. Jason Ehrenpreis of CBM1 represented both parties in the acquisition and is the leasing broker for West Hive.

April 19, 2024

Acquisitions Net Lease New Mexico Retail Western

Marcus & Millichap Brokers Sale of 13,847 SF Retail Property in Rio Rancho, New Mexico

by Amy Works April 19, 2024

RIO RANCHO, N.M. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 13,847-square-foot, single-tenant retail property in Rio Rancho. Natural Grocers occupies the building, which was built in 2020, on a 15-year, triple-net-lease basis, with 12 years remaining on the lease at the time of sale. Natural Grocers’ current portfolio includes 164 stores in 21 states. Don McMinn of Taylor McMinn Retail Group represented the undisclosed seller in the transaction. The price was also not disclosed. “Despite the surplus of net-lease inventory on the market and limited buyer pool, quality net-lease grocery inventory remains in short supply and high demand,” says McMinn.

April 19, 2024

Industrial Market Reports Utah Western Western Market Reports

The Hidden Good News of Salt Lake City’s Industrial Market

by Jeff Shaw April 19, 2024

— By Jarrod Hunt, vice chair, Colliers — The Utah industrial market continues to perform very well given the reduction in the average deal size in 2023 (illustrated in the charts for both Utah and Salt Lake Counties below). The entrepreneurial spirit that continues to be the backbone of Utah’s economy is evident with the smaller lease sizes. This was a welcome opportunity for companies confined to limited options for growth over the past economic run-up. However, we have seen a notable increase in out-of-market tenant inquiries, with many in search of larger blocks of space in the New Year. We expect the pendulum to swing the other direction this year with an increase in the average square footage of completed deals, an overall increase in the number of deals and a reduction in the vacancy rates, which will put a solid floor on lease rates. The reduction in vacancy is most attributable to the stark reduction of construction deliveries in the two main county markets, Salt Lake and Utah counties (per the charts below). This dramatic reduction in speculative building activity is “on brand” for Utah, being a very disciplined market for new construction compared to several other high-growth …

April 19, 2024

Acquisitions California Office Western

Bannon Investments Sells Natomas Corporate Center in Sacramento for $44.5M

by Amy Works April 18, 2024

SACRAMENTO — Bannon Investments Ltd. has completed the disposition of Natomas Corporate Center, an office property at 2020 W. El Camino Ave. and 2555 Natomas Park Drive in Sacramento. Chavez Management Group acquired the asset for $44.5 million. Situated on 21 acres, the property offers 419,000 square feet of office space spread across two buildings. Build in 2009, the 12-story, 319,325-square-foot building at 2020 W. El Camino Ave. is fully occupied by six tenants, including Department of Housing & Community Development, Lewis Brisbois Bisgaard & Smith LLP and the Department of Health Care Access and Information. The three-story, 86,872-square-foot building at 2555 Natomas Park Drive was built in 2020. Matt Havelock and Max Kelly of Avison Young represented the seller, while Michael J. Anthony of MJA Realty Investments represented the buyer in the transaction.

April 18, 2024

California Loans Multifamily Western

Northmarq Arranges $50.7M Loan for 10-Property Multifamily Portfolio Near Los Angeles

by Amy Works April 18, 2024

LOS ANGELES — Northmarq has secured $50.7 million in refinancing for a 10-property apartment portfolio in the Los Angeles/Hollywood areas. Panot Capital manages the buildings, which were built in the 1920s and offer a total of 482 units. Zalmi Klyne of Northmarq’s Los Angeles debt and equity team arranged the financing, which was structured with a seven-year term and four years of interest-only payments at a rate of 5.9 percent. The lender was Israel Discount Bank of New York.

April 18, 2024

Loans Multifamily Seniors Housing Washington Western

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Amy Works April 18, 2024

GIG HARBOR, WASH. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units. Tacoma-based Senior Services of America manages the community and has for more than 10 years.

April 18, 2024

Acquisitions California Mixed-Use Multifamily Retail Western

Faris Lee Investments, SSG Realty Corp. Broker $4.4M Sale of Mixed-Use Property in Newport Beach, California

by Amy Works April 18, 2024

NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land. Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction. Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.

April 18, 2024

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