Property Type

Pathfinder Partners Buys Highlands at Red Hawk Apartment Community Near Denver for $18.2M

by Amy Works October 23, 2020

CASTLE ROCK, COLO. — San Diego-based Pathfinder Partners has purchased Highlands at Red Hawk, a multifamily property located in Castle Rock, a suburb south of Denver. An undisclosed seller sold the asset for $18.2 million. Constructed in 2017, Highlands at Red Hawk features 56 apartments in a breakdown of 16 one-bedroom/one-bath, 10 two-bedroom/one-bath, 22 two-bedroom/two-bath and eight three-bedroom/two-units. Each unit includes granite countertops, stainless steel appliances, walk-in closets, in-unit washers/dryers and fireplaces. Community amenities include fob-entry access, a community pool, fitness center, game room, coffee bar and barbecue/picnic area. Highlands at Red Hawk is Pathfinder’s 11th Colorado acquisition and sixth apartment property for its Pathfinder Pacific Fund that launched earlier this year.

October 23, 2020

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $2.3M Purchase of Hayden’s Ferry Multifamily Property in Tempe, Arizona

by Amy Works October 23, 2020

TEMPE, ARIZ. — Taylor Street Advisors has arranged the acquisition of Hayden’s Ferry III, a townhome-style multifamily community located in Tempe. An out-of-state private investor acquired the property from an undisclosed seller for $2.3 million, or $193,000 per unit. Located at 720 S. Roosevelt St., the property features 12 two-bedroom/two-bath units. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer in the deal.

October 23, 2020

California Retail Top Stories Western

Gap Inc. to Shutter 350 Stores, Transition Focus from Malls to E-Commerce

by Katie Sloan October 23, 2020

SAN FRANCISCO — Gap Inc. (NYSE: GPS), a longtime apparel tenant in enclosed regional malls nationwide, has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations. Store closures are scheduled for completion by fiscal year 2023, which ends Feb. 1, 2024, with 75 percent scheduled to close in 2021. By that time, the company expects 80 percent of its revenue to come from e-commerce and off-mall locations, including street-front retail stores and shops in strip and outlet centers. Gap is the latest mall staple to shutter locations amid struggles due to the COVID-19 pandemic, following Ascena Retail Group — the parent company of Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey — Bed Bath & Beyond, J.C. Penney and GNC. Gap’s comparable sales were up 13 percent at the end of the second quarter, due in large part to an expanded focus on e-commerce and to the success of the company’s activewear brand, Athleta, which saw a 6 percent increase in sales during the quarter. The company also began producing and selling face masks at the start of the pandemic, sales …

October 23, 2020

Conference Coverage Features Student Housing

COVID-19 Crisis Brings Student Housing Industry Closer Together, Say Operators at NMHC-InterFace Event

by John Nelson October 23, 2020

Author John C. Maxwell coined the phrase “Teamwork makes the dream work,” and student housing operators are experiencing that truism firsthand as they deal with the nightmare scenario of the pandemic and its ripple effects. Closed campuses, virtual learning, COVID-19 outbreak concerns and an uncertain leasing season next spring are all challenges that property managers are tackling in real time. Ironically, industry professionals say that the pandemic may actually be a net positive in the long run as it has forged colleagues closer to one another. Demi Sterling-Kinney, vice president of operations at Aspen Heights Partners, a student housing owner and operator based in Austin, said that she met with her property managers more during the pandemic than she would in a normal year. “I feel like the shakeup was good; It was painful in the moment, but overnight it seemed like we were at war and we were all coming at it together,” said Sterling-Kinney. “It felt like everyone came together to be one team.” Sterling-Kinney’s comments were made during the Leasing & Marketing Spotlight panel at the 2020 NMHC/InterFace Student Housing Conference, a joint production between the National Multifamily Housing Council, France Media’s InterFace Conference Group and Student …

October 23, 2020

Acquisitions California Multifamily Western

Prime Residential Acquires Agave Ridge Multifamily Community in San Diego for $107M

by Amy Works October 22, 2020

SAN DIEGO — San Francisco-based Prime Residential has purchased Agave Ridge, a multifamily property located in San Diego’s Kearny Mesa neighborhood. Los Angeles-based Goldrich & Kest sold the property for $107 million. Located at 7901 Harmarsh St., the 368,575-square-foot property features 369 townhome-style units in a mix of two- and three-bedroom layouts, with an average size of 1,000 square feet. On-site amenities include playgrounds, swimming pools and a fitness center. The property was originally built in 1959. Kevin Mulhern, Allen Chitayat, Stew Weston, Dean Zander and John Montakab of CBRE represented the seller, while the buyer was self-represented in the deal.

October 22, 2020

Acquisitions California Office Retail Western

Newmark Arranges $36.1M Sale of Mixed-Use Property in Beverly Hills

by Amy Works October 22, 2020

BEVERLY HILLS, CALIF. — Newmark has arranged the sale of a mixed-use building located at 139 S. Beverly Drive in Beverly Hills. Sakioka Farms, which owned the asset for more than 70 years, sold the property to Hakim Family for $36.1 million, or $1,216 per square foot. The three-story building features 29,735 rentable square feet with high-street retail on the ground floor and two levels of office space above. Additionally, the asset features a surface parking area. Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, Michael Moll, Sean Fulp and Jay Luchs of Newmark represented the seller. The buyer, led by Sam Hakim, was self-represented in the deal.

October 22, 2020

California Company News Restaurant Retail Western

Chipotle Reports $1.6B in Third-Quarter Revenue as Digital Sales Triple

by Amy Works October 22, 2020

NEWPORT BEACH, CALIF. — Year-over-year revenue for Chipotle Mexican Grill (NYSE: CMG) increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the total restaurant count to 2,710. The company rolled out its “Chipotlane” drive thru at 26 of the 44 new restaurants. The chain also saw its restaurant-level operating margin dip to 19.5 percent, a decrease from 20.8 percent in third-quarter 2019. As of Sept. 30, Chipotle has $1.1 billion in cash, investments and restricted cash, and no debt, along with a $600 million untapped credit facility with which to continue to navigate impacts of the COVID-19 pandemic.

October 22, 2020

Acquisitions Colorado Office Western

Quantum Commercial Group Brokers $2.5M Sale of Office Property in Colorado Springs

by Amy Works October 22, 2020

COLORADO SPRINGS, COLO. — Quantum Commercial Group has facilitated the sale of an office property located at 301 and 305 S. Union Blvd. in Colorado Springs. Hillside Community Preparatory School acquired the asset from the County of El Paso, Colorado, for $2.5 million. The property features 103,591 square feet of office space. Taylor Stamp, Dale Stamp and Andrew Oyler of Quantum Commercial Group represented the seller, while Mike Helwege of Core Commercial Brokerage Co. represented the buyer in the deal.

October 22, 2020

California Industrial Leasing Activity Western

UPS, Amazon to Lease Space at Visalia Industrial Park in Central California

by Amy Works October 22, 2020

VISALIA, CALIF. — The City of Visalia and the Visalia Economic Development Corp. have announced two new tenants at the Visalia Industrial Park currently under construction in Visalia. A 425,000-square-foot UPS hub is now complete and construction has begun on a 1.3 million-square-foot distribution center for Amazon. YS Industrial is also developing two 300,000-square-foot speculative facilities adjacent to Millipore Sigma and near VWR (Avantor). Additionally, current tenants — SORMA, California Dairies and Hydrite Chemical Co. — are expanding their footprints at the industrial park.

October 22, 2020

Acquisitions Healthcare Midwest Wisconsin

IRA Capital Acquires North Hills Health Center in Suburban Milwaukee for $60M

by Kristin Harlow October 22, 2020

MENOMONEE FALLS, WIS. — IRA Capital has acquired North Hills Health Center in Menomonee Falls, located about 20 miles northwest of Milwaukee, for $60 million. The medical campus comprises two Class A buildings totaling 119,000 square feet that are fully leased to Froedtert Health, a five-hospital system and the primary teaching affiliate of the Medical College of Wisconsin. Froedtert provides a range of outpatient services at the North Hills facility, including an imaging center, fertility clinic, sleep center, women’s health center, pulmonary rehab facility, occupational medicine clinic and walk-in urgent care. The buildings also house two of the health system’s subsidiaries, Inception Health and Exceedent. The seller was undisclosed. The acquisition marks IRA’s 17th healthcare real estate purchase in the past six months totaling over $350 million.

October 22, 2020

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