Property Type

Waterford Property, CSCDA Buy Oceanaire Apartments in Long Beach for $120M, Plan Middle-Income Housing Conversion

by Amy Works April 1, 2021

LONG BEACH, CALIF. — A partnership between Waterford Property Co. and the California Statewide Communities Development Authority (CSCDA) has purchased Oceanaire, a multifamily property located at 150 W. Ocean Blvd. in Long Beach. Waterford, as property administrator, acquired the property with CSCDA for $120 million. The partnership plans to convert the 216-unit property into middle-income housing, with the acquisition being part of a workforce housing financing program CSCDA created in 2020. Using tax-exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide needed housing for the middle-income workforce demographic. With this purchase, the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the transaction.

April 1, 2021

Acquisitions Nevada Retail Western

Dapper Cos. Acquires Historic Huntridge Theater in Downtown Las Vegas, Begins Renovation

by Amy Works April 1, 2021

LAS VEGAS — Dapper Cos. has purchased the historic Huntridge Theater in Las Vegas for $4 million. The company plans to renovate the theater, which is on the National Register of Historic Places. The theater originally opened in 1944 and shuttered after nearly 60 years of operation on July 31, 2004. The theater was originally operated by the Commonwealth Theater Company of Las Vegas and in 1951, was taken over by the Huntridge Theater Company of Las Vegas, partially owned by actresses Loretta Young and Irene Dunne. J Dapper, head of Dapper Cos., has also invested in the redevelopment of five other commercial proeprties in downtown Las Vegas, including Huntridge Shopping Center, 630 S. 11th Street, The Herbert at 801 S. Main St., 608 S. Maryland Parkway and 201 S. Las Vegas Boulevard.

April 1, 2021

Arizona Development Multifamily Western

Continental Properties, McShane Complete 192-Unit Multifamily Property in Mesa, Arizona

by Amy Works April 1, 2021

MESA, ARIZ. — McShane Construction Co., on behalf of Continental Properties, has completed the construction of Springs at Red Mountain, a multifamily community in Mesa. Situated on 10.5 acres on North Power Road, Springs at Red Mountain features 192 apartments spread across seven two- and three-story garden-style residential buildings with a mix of studio, one-, two- and three-bedroom units. The buildings feature wood frame construction with stucco and stone exterior. Many units offer upgraded features including vinyl plank flooring, granite countertops and wine coolers. The gated, pet-friendly community includes a clubhouse with fitness center and swimming pool; an outdoor ramada with a fire pit; a barbecue area; car wash for residential use; and on-site surface and garage parking. Phillips Partnership is the architect of record for Springs at Red Mountain.

April 1, 2021

Acquisitions Arizona Multifamily Western

Passco Cos. Divests of 389-Unit Almeria at Ocotillo Apartments in Chandler, Arizona

by Amy Works April 1, 2021

CHANDLER, ARIZ. — Passco Cos. has completed the disposition of Almeria at Ocotillo, an apartment community located in Chandler. A New York-based pension fund advisor acquired the property for an undisclosed price. Built in two phases in 2014 and 2015, Almeria at Ocotillo features 389 apartments, two swimming pools, two clubhouses, two fitness centers with yoga studios, outside dining areas with gas barbecue grills, a children’s playground and splash pad, and a pet park. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

April 1, 2021

Acquisitions Arizona Industrial Western

NKF Negotiates $16.8M Purchase of Distribution, Manufacturing Facility in Phoenix

by Amy Works April 1, 2021

PHOENIX — Newmark Knight Frank (NKF) has arranged the acquisition of a newly built distribution and manufacturing property located at 4615 W. McDowell Road in Phoenix. A Southern California-based private investor purchased the asset from CapRock Partners for $16.8 million in a 1031 exchange. The 146,500-square-foot facility can accommodate up to four light manufacturing and distribution tenants. The property features a concrete truck court, 30 dock-high and four grade-level loading doors, 32-foot clear heights, an ESFR sprinkler system, heavy power, 2,259 square feet of office space and ample parking. Rick Sheckter and Robert Stephens of NKF represented the buyer, while Payson MacWilliam and Don MacWilliam of Colliers International represented the seller in the transaction.

April 1, 2021

Development Hospitality Mixed-Use Multifamily Office Retail Southeast Top Stories Virginia

Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.

by Katie Sloan April 1, 2021

ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn. The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park. At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers. The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification. The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground …

April 1, 2021

Illinois Market Reports Midwest Midwest Market Reports Office

The Future of Chicago’s CBD Is Slowly Coming into Focus

by Kristin Harlow April 1, 2021

By Jeff Mulder, Colliers International Chicago By now, we all know that the COVID-19 pandemic has wreaked havoc across the world, affecting life as we knew it in the most unexpected ways. Our business, the business of office space, has been hit hard as companies almost instantly deferred or canceled real estate decisions and switched to work-from-home. The average occupancy of buildings in Chicago’s central business district (CBD) is currently 8.2 percent, according to the Building Owners and Managers Association. One year in, and corporations are still trying to determine the best path forward and what that will look like. But evidence of change, and some signs of what the future will look like, are slowly coming into focus. One noteworthy and reliable data point is sublease space. Colliers research reports that in the 20-plus-year history of Chicago’s office market, vacant sublease space offerings rise and peak within two to four quarters following major financial crises like the 2002 Tech Wreck and the 2009 Great Financial Crisis. Following these trends, current sublease space offerings in Chicago’s CBD have more than doubled since March 2020. Typically in the past, tenants in the market quickly absorbed sublease spaces that were offered — …

April 1, 2021

Company News Retail Texas

Academy Sports + Outdoors Reports Record Sales of $1.6B for Fiscal Fourth Quarter

by Taylor Williams March 31, 2021

KATY, TEXAS — Academy Sports + Outdoors Inc. (NASDAQ: ASO) reported a record $1.6 billion in net sales for its fiscal fourth quarter that ended on Jan. 31, 2021, a figure that represents a 16.6 percent year-over-year increase. E-commerce contributed significantly to this growth, rising 60.7 percent year-over-year as customers increasingly shopped online and either picked up their goods in stores or had them delivered. For the fiscal year 2020, the metro Houston-based retailer reported total revenue of approximately $5.7 billion, an increase of 17.8 percent from fiscal 2019. The company’s stock price opened at $25.78 per share on Wednesday, March 31, up from the closing price $12.99 per share on Oct. 2, 2020, shortly after the company went public. Academy Sports + Outdoors operates more than 250 stores across 16 states.

March 31, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 300-Unit Palo Alto Apartments in Metro Austin

by Taylor Williams March 31, 2021

PFLUGERVILLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Palo Alto Apartments, a newly built, 300-unit multifamily community in the northern Austin suburb of Pflugerville. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center, business center and a resident clubhouse. Will Balthrope, Jordan Featherston and Drew Kile of IPA, along with Kent Myers of Marcus & Millichap, represented the seller, Palo Alto Luxury Apartments LP, and procured the buyer, Oxford at Palo Alto Ltd.

March 31, 2021

Leasing Activity Oklahoma Retail Texas

At Home Opens 117,552 SF Store at Plaza at Quail Springs in Oklahoma City

by Taylor Williams March 31, 2021

OKLAHOMA CITY — Plano-based home furnishings retailer At Home (NYSE: HOME) has opened a 117,552-square-foot store at Plaza at Quail Springs, a shopping center in Oklahoma City. Locally based investment and management firm JAH Realty owns the center, which is located at 2201 NW 138th St. near Quail Springs Mall on the city’s north side. At Home is backfilling a space formerly occupied by three separate tenants. The company’s total store count now stands at 225.

March 31, 2021

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