Property Type

Net Lease Office Properties Divests of 354,888 SF Data Center, Office Campus in Scottsdale, Arizona

by Amy Works August 16, 2024

SCOTTSDALE, ARIZ. — Net Lease Office Properties has completed the sale of a single-tenant data center and office campus on Shea Boulevard in the Phoenix suburb of Scottsdale. Terms of the transaction were not released. Situated on more than 38 acres, the 354,888-square-foot asset serves as a mission-critical data and operations center for CVS. Peter Bauman and Tivon Moffitt of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2024

California Loans Multifamily Seniors Housing Western

JLL Arranges $52M Refinancing for Atria Newport Beach Seniors Housing Community in California

by Amy Works August 16, 2024

NEWPORT BEACH, CALIF. — JLL has arranged $52 million in refinancing for Atria Newport Beach, a seniors housing community located at 393 Hospital Road in Newport Beach. The borrower is a partnership between a national REIT and Atria Senior Living. Aaron Rosenzwieg and Dan Baker of JLL Capital Markets arranged the financing. MidCap Financial provided the floating-rate, first-mortgage loan. Built in two phases with the north building fully renovated in 2023 and the south building purpose-built and opened in 2021, the three-story buildings offer a total of 168 studio, one- and two-bedroom independent living, assisted living and memory care units. Community amenities include 24-hour support staff, all-day dining, valet and concierge services, fitness classes, car services, housekeeping, a salon and spa, yoga studio, theatre, library, game room and underground parking garage.

August 16, 2024

Acquisitions Industrial Utah Western

Dakota Pacific Real Estate, Brasa Capital Sell Two Warehouse Buildings in Pleasant Grove, Utah

by Amy Works August 16, 2024

PLEASANT GROVE, UTAH — Dakota Pacific Real Estate, in partnership with Brasa Capital Management, has completed the sale of two Class A industrial warehouses in Pleasant Grove, between Salt Lake City and Provo. A national industrial investment firm acquired the assets for an undisclosed price. Totaling more than 427,000 square feet, the two buildings are fully leased to six diverse companies. The project development team included Big-D Construction, Mitre Peak and Zions Bank. Lucas Burbank and Ben Richardson of Newmark led the leasing efforts of the project. Burbank, Richardson and Jim Linn of Newmark handled the sales transaction.

August 16, 2024

Arizona Development Industrial Western

Evergreen Devco Buys 12.7-Acre Parcel in Tempe, Arizona for Industrial Development

by Amy Works August 16, 2024

TEMPE, ARIZ. — Evergreen Devco has acquired 12.7 acres of land at the southeast corner of 48th Street and Alameda Drive in Tempe for $13 million. The company plans to develop 48th @ Alameda, an industrial project, on the site. The acquired parcel includes two sites: Jim Wilson of Cushman & Wakefield will list the project for sale or lease.

August 16, 2024

Acquisitions California Industrial Western

EZ Fit Movers Acquires 44,278 SF Built-to-Suit Industrial Building in San Diego

by Amy Works August 16, 2024

SAN DIEGO — San Diego-based EZ Fit Movers LLC has purchased an industrial building located at 2548 Cactus Road in the Otay Mesa submarket of San Diego. A local development company sold the asset for $11.4 million. EZ Fit Movers entered into a build-to-suit agreement in 2021 with the seller with the intent of occupying the 44,278-square-foot building. EZ Fit Movers will occupy more than half of the office and warehouse space of the facility. Todd Holley of Voit Real Estate Services represented the buyer, while CBRE represented the seller in the transaction.

August 16, 2024

California Civic Development Top Stories Western

Public-Private Partnership Opens $2B Los Angeles Clippers Arena in Inglewood, California

by Jeff Shaw August 16, 2024

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has opened Intuit Dome, a 915,000-square-foot events arena in Inglewood that will be the home of the National Basketball Association’s LA Clippers. Former Microsoft executive Steve Ballmer owns the team. Intuit Dome is situated on a 28-acre site between Prairie Avenue and Century Boulevard and near SoFi Stadium, the new home arena for the Los Angeles Rams football team. The arena will host home games for the Clippers, as well as sporting events not involving the Clippers, family shows, concerts, conventions and corporate events. The arena opened yesterday with a concert from Grammy award winner Bruno Mars. The Clippers have been headquartered at the Staples Center in Los Angeles since 1999. The team shared the facility with the Los Angeles Lakers. However, the Clippers will be the only tenant at the Intuit Dome, according to the Los Angeles Times. The development team broke ground on the project in September 2021. Intuit Dome offers 86,000 square feet of training, medical and player spaces, as well as five basketball courts with more than 17,700 seats and 640 bathrooms. The arena also features 48,000 square feet of retail and restaurant space …

August 16, 2024

Affordable Housing Features Multifamily

Challenges, Opportunities Abound in Addressing US Affordable Housing Crisis

by Taylor Williams August 16, 2024

By Derrick Barker, founder and CEO, Nectar Many founders and CEOs in commercial real estate have seen their fair share of market cycles. Analyzing today’s affordable housing crisis within the current multifamily rental market lends itself to sharing personal insights and most importantly, discussing how we can address these challenges head-on. A Cautionary Tale from 2013 Consider this personal story as anecdotal evidence. In 2013, this writer, a private investor at the time, acquired an apartment complex in Austell, Georgia, a suburb of Atlanta. It was a prime investment: cash-flowing and competitively priced due to it being a buyer’s market. For a while, we were the crown jewel of the submarket, which gave us a competitive advantage when leasing. But the tide turned quickly. Neighboring properties that were previously underperforming sold at discounts. New owners used their cost savings to renovate and undercut our rental rates. Suddenly, our competitive edge vanished, and we found ourselves with overpriced, outdated units. This experience imparted a crucial lesson: In real estate, you must always be prepared for market shifts — because the market ALWAYS shifts. Fast forward to today, and we’re seeing some eerily familiar patterns in the following areas: The Developer’s Dilemma …

August 16, 2024

California Industrial Leasing Activity Market Reports Western Western Market Reports

Orange County Industrial Sector Experiences Leasing Slowdown, but Investment Remains Active

by Jeff Shaw August 16, 2024

— By Erick Parulan — The Orange County industrial market, along with Los Angeles and the Inland Empire, is experiencing a general decline in leasing activity as it navigates the post-pandemic landscape. Tenant demand and leasing have significantly slowed as occupiers adopt a more cautious approach to expansion, with some occupiers deciding to downsize and consolidate their industrial footprints. Tenant occupancies continue to contract in the second quarter, with manufacturers, retailers and 3PL (third-party logistics) companies shedding unused space that may have been acquired during the pandemic frenzy, further increasing sublet availabilities. Orange County sublet availabilities surpassed 3.3 million square feet in the second quarter of 2024, raising total availabilities to 9.5 percent for the quarter. While pandemic-driven rental rates hit historic highs, they have since cooled amid softening demand. Many landlords now offer increased free rent concessions to attract new tenants. Average asking lease rates have been on the decline in Orange County over the past two quarters. They decreased by 5.2 percent from the prior quarter, reaching $1.64 per square foot in second-quarter 2024. High market rents previously deterred many occupiers, but with rents on the decline, some tenants have adopted a wait-and-see approach to see where rates …

August 16, 2024

Leasing Activity Retail Texas

EōS Fitness Signs Two Retail Leases Totaling 94,842 SF in Houston Area

by Taylor Williams August 15, 2024

HOUSTON AND WEBSTER, TEXAS — Dallas-based EōS Fitness has signed two retail leases totaling 94,842 square feet in the Houston area. The deals are for 53,829 square feet at Center at Baybrook in Webster, a southwestern suburb, and 41,013 square feet at Easton Commons Plaza on the city’s northwest side. EōS Fitness will respectively backfill spaces formerly occupied by Bed Bath & Beyond and an undisclosed movie theater operator. Both openings are slated for 2025. Kevin Sims, Shireen Owlia and David Meyer of NewQuest Properties represented EōS Fitness in both sets of lease negotiations. Christi Vinzant internally represented the landlord, Kimco Realty, in the Webster deal. Kathy King and Charles Blaschke of Edge Realty Partners represented the undisclosed landlord in the East Commons deal.

August 15, 2024

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $17.2M Sale of Multifamily Portfolio in Chicago’s Uptown Neighborhood

by Kristin Harlow August 15, 2024

CHICAGO — Kiser Group has brokered the $17.2 million sale of Ravenswood Gardens, a multifamily portfolio consisting of 151 units across seven buildings in the Sheridan Park Historic District of Chicago’s Uptown neighborhood. Katie LeGrand, Lee Kiser and Jacob Price of Kiser brokered the transaction. Initially marketed in summer 2023, the portfolio went under contract but did not close due to market volatility. The seller, continuing its strategic exit from Chicago, revisited the sale in 2024. The buyer plans to reposition the units and rebrand them as Sheridan Park. The buyer assumed the seller’s existing loan, which features an interest rate below 4 percent for the next five years. The buyer now owns more than 400 units in the Uptown neighborhood.

August 15, 2024

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