Property Type

Equity Residential Completes $45M Renovation of Pearl Apartments in Marina del Rey, California

by Jeff Shaw April 14, 2023

MARINA DEL REY, CALIF. — Equity Residential has delivered the first batch of newly renovated residences at the 597-unit Pearl Apartments in Marina del Rey. The 87 upgraded residences feature new kitchens with energy-efficient, stainless-steel appliances, quartz countertops, subway tile backsplashes and wood plank hard surface flooring throughout. Additional upgrades include energy-efficient LED lighting, new bath fixtures and sinks, water-efficient commodes and tubs with rain showers. The plumbing infrastructure was also completely replaced in these units. Equity Residential acquired the ground lease for the community in 2012 and took control of its management in 2018. With the first phase now complete, the newly renovated apartments will be available for occupancy. The renovation totaled $45 million.

April 14, 2023

Development Industrial Nevada Western

LDK Ventures Plans 85-Acre Pioneer Logistics Center in Sparks, Nevada

by Jeff Shaw April 14, 2023

SPARKS, NEV. — LDK Ventures has announced plans to develop Pioneer Logistics Center in Sparks. The company purchased the 85-acre property from Lennar in November 2022. The project will be situated in an infill area of the Pioneer Meadows master-plan community. It will feature 1.3 million square feet of industrial warehouse facilities at full build-out. Construction is scheduled to begin in 2024.

April 14, 2023

Acquisitions California Multifamily Western

TMG Brokers $14.7M Sale of Birch Commons Apartments in Fresno, California

by Jeff Shaw April 14, 2023

FRESNO, CALIF. — A family office has acquired the townhome-style apartment community of Birch Commons in Fresno for $14.7 million. The community is located at 1850 E. Birch Ave. It features a mix of one- to three-bedroom units. The sale marked the first time the asset traded hands. The original developer owned the property since it was built in 2006. Robin Kane, Brendan Kane and Gordon Larkin of The Mogharebi Group’s Fresno office represented the seller, a Central Valley builder, in the transaction. Dustin Ilic and Nick Sheehan of the Visintainer Group represented the buyer.

April 14, 2023

California Development Office Western

Pacific Life Completes Headquarters Renovations in Newport Beach, California

by Jeff Shaw April 14, 2023

NEWPORT BEACH, CALIF. — Pacific Life has completed the total interior renovation of its corporate headquarters in Newport Beach. Dubbed by employees as “Workplace Transformation 2.0,” the space spans multiple floors and “embraces the blended workplace of the future.” The new space was outfitted with engagement zones, breakout rooms, and varied collaboration areas that offer employees different workspaces and meeting options. Individuals needing privacy have adjustable work areas with stations that adapt to personal preference and allow for natural light when desired. As employees move through the office, they have the option of storing personal belongings in day lockers and are kept informed about current events via LED monitor panels located outside every elevator.  Hendy designed the space. The firm partnered with Howe Bonney & Associates, Howard Building Corp. (HBC), tk1sc, Tangram, Steelcase, Allsteel, Corporate Business Interiors (CBI) and Bentley Mills on the project. 

April 14, 2023

Acquisitions California Multifamily Western

Christina Real Estate Investors Acquires Multifamily Property in Brentwood, California

by Jeff Shaw April 14, 2023

BRENTWOOD, CALIF. — Christina Real Estate Investors has purchased a fully occupied multifamily complex in the Los Angeles neighborhood of Brentwood. Christina acquired the 10-unit asset for $6.1 million. Units average 1,200 square feet. The community is located at 12324 Montana Ave., directly across the street from the Brentwood Country Club golf course. The residences feature balconies, patios, wood-burning fireplaces, and hardwood floors.

April 14, 2023

California Development Hospitality Mixed-Use Retail Top Stories Western

LRE & Cos. Plans 10-Acre University Square Mixed-Use Development in Rocklin, California

by Jeff Shaw April 14, 2023

ROCKLIN, CALIF. — LRE & Cos. has unveiled plans for University Square, a 10-acre mixed-use development located at the intersection of Sunset Boulevard and University Avenue in Rocklin, a northeast suburb of Sacramento. The project is scheduled for completion by year-end 2025. University Square is slated to feature more than 20,000 square feet of retail space; 5,000 square feet of space for fast-food restaurants with drive-thrus; a 123-room Hilton Garden Inn hotel; a 10,000-square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent to Estia Rocklin, a build-to-rent townhome community with 181 units. Across the street from University Square is William Jessup University, a private Christian university with more than 3,000 students. The project is just east of the 8,497-acre Sunset Area development. The Sunset Area plan is centered around a new California State University, Sacramento and Sierra College campus. “This part of Rocklin is seeing tremendous growth,” says Victor Chiang, vice president of development at LRE. “By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time.” Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats, and …

April 14, 2023

Conference Coverage Features Restaurant Retail

Foodservice Remains Retail Darling as Customers Have Appetite for Experiences

by Jeff Shaw April 14, 2023

LOS ANGELES — Whitney Livingston had a question for those in attendance at the annual Entertainment Experience Evolution conference in Los Angeles: Which user — food halls or restaurants — are more beneficial to driving traffic at retail properties? By show of hands, most attendees said food halls. Livingston, president of Centennial REC, was moderating the event’s “Fireside Chat: What’s Better for Traffic, Food Hall or Restaurants?” panel at the JW Marriott LA Live. Each of the categories was embodied in the form of a panelist. Representing food halls was Michael Morris, CEO of the aptly named Food Hall Co., with Rich Renninger, SVP and chief development officer of Darden Restaurants, weighing in from the perspective of more traditional, full-service restaurants. Despite what the name of the panel might suggest and Livingston’s opening poll, the dialogue that emerged between Renninger and Morris did not take on the shape of a debate so much as a conversation that illustrated that, for all their distinctions, there are many commonalities between the two types of food-and-beverage users. Ultimately, the panelists revealed that though food halls and full-service restaurants may take different paths, there is one shared recipe for success: creating a robust customer …

April 14, 2023

California Market Reports Office Western Western Market Reports

San Diego’s Office Market Watches Young Talent at Work

by Jeff Shaw April 14, 2023

— By Tim Helgeson, Senior Vice President, Asset Manager, KBS — With San Diego’s median age sitting at just 34.9 and only 12 percent of the population over 64, much of the area’s workforce comprises younger Millennials and Gen Z professionals. This new generation of workers has a fresh approach to employment, not to mention a unique shared history that’s shaped by COVID. As this younger cohort enters and establishes itself in the workforce, employers expect their office space to help them attract and retain young talent. This expectation is influencing investors’ decisions and, in many ways, reshaping the office market in the new normal. These younger workers will be impacting office market dynamics now and for the next several years in a few different ways: Accelerated Repopulation of Offices Many employees got used to working remotely during the pandemic, but there is ample evidence that companies recognize the importance of having their teams in the office. Younger workers are partially driving this trend. In fact, research shows that Gen Z values the office more now than they did before the pandemic. The truth is, no remote work situation can compare to face-to-face, on-site interactions for onboarding, teaching, mentoring and advancing …

April 14, 2023

Development Florida Multifamily Southeast

Eden Multifamily, Dermot Plan 44-Story Apartment Tower in Miami’s Park West District

by John Nelson April 13, 2023

MIAMI — Locally based Eden Multifamily and New York-based The Dermot Co. have teamed up to develop a 44-story apartment tower in Miami’s Park West district. Construction is set to begin at the site, located at 1018 N. Miami Ave., in 2024. The project will be situated near Miami Worldcenter and a Brightline station. Kobi Karp is designing the unnamed high-rise, which will feature 430 apartments, 8,000 square feet of ground-level retail space and 25,000 square feet of indoor and outdoor amenities, including a pool, fitness center and coworking spaces. The developers plan to present the project to the City of Miami’s Urban Development Review Board during its April 19 meeting. Greenberg Traurig is representing Eden Multifamily and Dermot in the land-use process. Jordan Karp LLC brokered the pending acquisition of the project site.

April 13, 2023

Development Florida Industrial Southeast

Hunt Midwest, Boyd+Mox Break Ground on 1.4 MSF Industrial Park in Central Florida

by John Nelson April 13, 2023

OCALA, FLA. — Kansas City-based Hunt Midwest and locally based partner Boyd+Mox have broken ground on Ocala South Logistics Park, a 1.4 million-square-foot industrial campus in Central Florida. The Class A development will be situated on a 93-acre site within Florida Crossroads Commerce Park, about three miles from I-75. The co-developers broke ground on the first of four buildings, a rear-load warehouse spanning 251,511 square feet. The speculative building is set to deliver before the end of the year and will feature 32-foot clear heights, 68 dock-high doors, 60-foot-deep speed bays and two drive-in doors. The project represents Hunt Midwest’s first industrial development in Florida and its first venture with Boyd+Mox. The design-build team for Ocala South Logistics Park includes civil engineer Kimley Horn, architect LS3P and general contractor Evans General Contractors. Rian Smith, Kris Courier and Josh Tarkow of CBRE are leasing the park on behalf of the owners.

April 13, 2023

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