Property Type

Waterton Purchases 293-Unit OLiVE DTLA Multifamily Community in Downtown Los Angeles

by Amy Works January 26, 2021

LOS ANGELES — Waterton has purchased OLiVE DTLA, a seven-story mid-rise multifamily community located at 1243 S. Olive St. in downtown Los Angeles. Blake Rogers, Alexandra Caniglia, Hunter Combs, Javier Rivera and Kevin Sheehan of Walker & Dunlop represented the undisclosed seller in the deal. Justin Nelson and Allan Edelson, also of Walker & Dunlop, arranged acquisition financing for Waterton. Built in 2017, OLiVE DTLA features 293 apartments in a mix of studio, one- and two-bedroom floor plans. Units offer stainless steel appliances, subway tile backsplashes, European-style cabinets, quartz countertops, double pane floor-to-ceiling windows and wood-plank flooring. Additionally, select units feature balconies. Community amenities include a lobby, lounge, rooftop courtyard, resort-style pool area with sundeck, fire pit, grilling stations, business center, fitness center, on-site pet park and underground, controlled-access parking. The property also features 14,500 square feet of street-level retail space, 2,400 square feet of which Waterton plans to convert into 110 residential storage units. The company also plans to improve in-tenant technology access.

January 26, 2021

Acquisitions Arizona Multifamily Western

Next Wave Investors Buys The Grove on Glendale Apartments in Phoenix for $25.5M

by Amy Works January 26, 2021

PHOENIX — Next Wave Investors has acquired The Grove on Glendale, a for-rent townhome community located in North Central Phoenix, for $25.5 million. Located at 917 W. Glendale Ave., the 56-unit property consists of two-story townhomes offering a mix of three-bedroom/two-and-a-half-bathroom and four-bedroom/three-and-a-half-bathroom layouts, averaging 1,840 square feet. Each residence includes walk-in closets, large bedrooms, in-unit washers/dryers, a two-car private garage and fenced-in backyard. Community amenities include a swimming pool. Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang of ABI Multifamily represented the buyer and seller, an Arizona-based private investment developer, in the deal.

January 26, 2021

Acquisitions Arizona Industrial Western

MIG Real Estate Acquires Gateway Technology Commerce Center in Mesa for $21.4M

by Amy Works January 26, 2021

MESA, ARIZ. — MIG Real Estate has purchased Gateway Technology Commerce Center, a multi-tenant industrial and warehouse project located at 7535 E. Ray Road in Mesa. Phoenix-based Orsett Properties, the original developer, sold the asset for $21.4 million. Built in 2019, the 138,692-square-foot, Class A project features dock-high and grade-level loading, 24- and 28-foot clear heights, a 180-foot secured gated truck court and ESFR sprinklers. At the time of sale, the property was 90.3 percent occupied. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. Ken McQueen and Chris McClurg of Lee & Associates provided leasing advisory services.

January 26, 2021

Acquisitions California Hospitality Western

McClellan Business Park in Sacramento Expands with Addition of Lions Gate Hotel

by Amy Works January 26, 2021

SACRAMENTO, CALIF. — McClellan Business Park, a privately-owned, 3,000-acre mixed-use project in Sacramento, has acquired Lions Gate Hotel, located at 3410 Westover St. in McClellan Park, a census-designated place in Sacramento County. Oceanic Victorville LP, which owned the property since 2017, will remain under contract to operate the historic hotel. From 1938 to 2000, the 112-room asset served as military housing for McClellan Air Force Base. The property was renovated in 2019 and is adjacent to The Officer’s Club, a restaurant and event center also owned by McClellan Business Park. The hotel features a business center, room service, a swimming pool, ample parking and proximity to the Sacramento McClellan Airport.

January 26, 2021

Acquisitions Colorado Office Western

USA Triathlon Sells 40,084 SF Office Building in Colorado Springs to Dormie Capital Partners

by Amy Works January 26, 2021

COLORADO SPRINGS, COLO. — USA Triathlon of Colorado has completed the disposition of a three-story office building located at 5825 Delmonico Drive in Colorado Springs. Dormie Capital Partners acquired the asset for $4.6 million. The buyer plans to modernize the 40,084-square-foot building’s common areas and add amenities to serve its tenant roster, which includes USA Triathlon of Colorado. Brian Wagner and Mark O’Donnell Jr. of Newmark represented the seller in the deal.

January 26, 2021

Acquisitions Company News Industrial Northeast Office Pennsylvania Top Stories

Swedish Private Equity Firm Agrees to Buy Exeter Property Group in $1.9B Merger

by John Nelson January 26, 2021

STOCKHOLM AND CONSHOHOCKEN, PA. — EQT AB, a private equity firm based in Stockholm, has agreed to purchase Exeter Property Group, an industrial real estate owner and developer based in the Philadelphia suburb of Conshohocken. EQT plans to purchase Exeter using $800 million in EQT shares and nearly $1.1 billion in cash for a total acquisition price of nearly $1.9 billion, including the refinancing of Exeter’s existing $300 million in debt. Founded in 2006, Exeter has approximately $10 billion in assets under management. In addition to industrial properties, Exeter also owns life sciences and office space in the United States and Europe. Exeter has 37 offices in North America, Europe and Asia. EQT expects Exeter’s revenue in 2020 to total $135 million. Exeter’s recent acquisitions include Creekview Corporate Center in metro Dallas, a 193,000-square-foot industrial building in Illinois and a new distribution center in Pennsylvania totaling 1.2 million square feet. The company also recently developed a 673,920-square-foot speculative industrial building in the St. Louis suburb of Edwardsville, Ill. Upon completion of the transaction, Exeter will operate as EQT Exeter and will be part of the EQT Real Estate Assets division, which comprises EQT Infrastructure and EQT Real Estate. EQT Exeter …

January 26, 2021

Features Hospitality Industrial Mixed-Use Multifamily New Jersey Northeast Office Property Type Restaurant Retail

US Commercial, Multifamily Construction Starts Down 20 Percent in 2020, Says Dodge Data

by John Nelson January 26, 2021

HAMILTON, N.J. —The value of commercial and multifamily construction starts in 2020 tumbled 20 percent to end the year at $193.4 billion, according to Dodge Data & Analytics. Within the top 20 metropolitan areas that the Hamilton-based research firm tracks, the fall was more severe as that group’s starts fell by 23 percent in value, or $111.1 billion. Overall, commercial real estate starts fell 26 percent in value to $104 billion, while multifamily building activity slid by 11 percent to $89.5 billion. Richard Branch, chief economist for Dodge Data, says that the COVID-19 pandemic had a significant negative impact on commercial and multifamily construction across the country with only a few markets seeing year-over-year increases in construction starts compared to 2019. “The construction sector will show signs of recovery in 2021, but, the road back to full recovery will be long and difficult. The effects of the pandemic on the U.S. economy and building markets will be felt for several years,” says Branch. “While some areas stabilized over the summer, the current wave of the virus has further hindered activity.” Only one metro area in Dodge Data’s top 10, Phoenix, reported a year-over increase in construction starts. The No. 7 …

January 26, 2021

Hospitality Market Reports Nevada Retail Western Western Market Reports

Las Vegas Gaming: The Ugly, the Bad and the Good

by Jeff Shaw January 26, 2021

By Mike Mixer, Colliers International – Las Vegas At the beginning of 2020, Las Vegas was anything but ugly. Nevada’s economy was one of the fastest growing in the country. Unemployment was the lowest ever at 3.6 percent, while casinos reported three straight months of $1 billion in winnings. Then COVID came along and things got real ugly, real quick. The entire Las Vegas Strip was shut down, closed…on less than a day’s notice. The Las Vegas unemployment rate hit a staggering 34.2 percent. One out of three people in Las Vegas became unemployed in April 2020. Meanwhile, the last time the Strip was shut down was after the JFK assassination in 1963. The bad doesn’t look so bad compared to the ugly. As the year comes to a close, the Las Vegas Strip has reopened, but with fewer visitors. Low visitor demand hits hard in a city with more than 150,000 rooms. Las Vegas hotel occupancy has dropped from 90 percent down to 44 percent. Room rates have seen a milder drop this year, down only 6.77 percent (from $133 a night to $124 a night). The Las Vegas Gaming Market was also unlucky, especially without a robust convention …

January 26, 2021

Development Mixed-Use Texas

Reger Holdings to Develop 425-Acre EastVillage Mixed-Use Project in Austin

by Taylor Williams January 25, 2021

AUSTIN, TEXAS — Buffalo-based Reger Holdings will develop EastVillage, a 425-acre mixed-use project that will be located along the Parmer Lane tech corridor in northeast Austin. Both the Austin American-Statesman and Community Impact Newspaper put the value of the project at approximately $1 billion. Current plans call for approximately 800,000 square feet of office space, 300,000 square feet of retail and restaurant space, three hotels totaling 390 rooms, 2,000 multifamily units, an active adult community and a 150-acre nature preserve. The centerpiece of the development will be a 1.5-acre village green for outdoor events and gatherings, while a network of trails will also connect the various uses. Nearby employers include Samsung, Dell, Amazon and The Home Depot Technology Center. A construction timeline was not released.

January 25, 2021

Development Industrial Texas

Developers Break Ground on 643,760 SF Spec Industrial Project in Sunnyvale, Texas

by Taylor Williams January 25, 2021

SUNNYVALE, TEXAS — Developers Brian Flaherty and Eric Langford, the duo behind the redevelopment of the former Raytheon industrial campus in the northeastern Dallas suburb of Garland, have broken ground on a 643,760-square-foot industrial project in nearby Sunnyvale. The development will consist of two cross-dock buildings with divisibility to 100,000 square feet and 36-foot clear heights that will be built on a speculative basis. Paladin Partners is leasing the project, which is expected to be complete this fall.

January 25, 2021

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