LAS VEGAS — Dornin Investment Group (DIG) has completed the sale of Town Square North, an office asset located within Town Square mixed-use development on Las Vegas Boulevard South and Sunset Road in Las Vegas. Moonwater Capital, a local real estate owner and operator, acquired the property for an undisclosed price. The two-building asset features 131,000 square feet of Class A office space. The property was vacant at both the time of DIG’s acquisition in January and the current sale.
CLEARFIELD, UTAH — Vectra Management Group (VMG) has arranged the sale of an office building located at 888 S. University Park Blvd. in Clearfield. Clearfield 888 acquired the property from 888 Associates for an undisclosed price. Situated on 11.3 acres, the 129,949-square-foot property features one building with a two-story north wing and a three-story south wing. The building was constructed from 1999 to 2001 and fully renovated from 2014 to 2016. Raju Shah and Bryan Barnes led the VMG team that represented the buyer and secured acquisition financing through KeyBank’s Salt Lake City commercial banking division. VMG and CBRE represented the seller in the transaction. The seller is a VMG-sponsored company that acquired the property in November 2015.
ENGLEWOOD, COLO. — Newmark Knight Frank has arranged the sale of an industrial property located at 8640 S. Peoria St. Building No. 6 in Englewood, a suburb of Denver. IBC Concord IV LLC sold the 42,720-square-foot asset to Peoria Street Properties LLC for $7 million. Keith Bell, Jason Addlesperger and David Lee of Newmark Knight Frank represented the seller, while CBRE represented the buyer in the transaction.
LAS VEGAS — CityCenter Holdings LLC, which is a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp., has sold the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million. The 392-room hotel will be rebranded as a Waldorf Astoria. CCLV Luxury Hotel LLC purchased the property, according to the Las Vegas Review-Journal. The investor’s owners include a commercial real estate developer and the co-founders of Panda Express restaurants. The hotel is located at the entryway of CityCenter, a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino; Vdara Hotel and Spa; and the Veer Towers. The hotel features 12,000 square feet of meeting space, five food and beverage outlets and a 27,000-square-foot spa. JLL served as advisor to the sellers, who expect to use the proceeds from the sale to pay a dividend to shareholders. Waldorf Astoria is part of the Hilton chain of hotels. — Kristin Hiller
The Dallas retail market has been on a historic run over the last five years. Dallas is attracting significant attention from foreign and domestic retail investors alike for several reasons. Cap rates continue to compress, big box spaces are experiencing steady absorption, occupancy is at an all-time high of 94.6 percent, unemployment is at a historic low of 3.7 percent, population growth is holding steady and residential development remains robust. The Dallas-Fort Worth (DFW) MSA recently ranked second in the Americas for real estate investor interest, according to a recent poll conducted by CBRE. In particular, there has been a strong increase in demand for retail properties from California buyers. Many of these investors are used to paying 4 to 5 percent cap rates. So when these California buyers have the opportunity to invest in a market showing stronger signs of growth than their local regions, they jump at the chance. According to CoStar Group, over the last 18 months, the average cap rate for a Dallas retail asset purchased by a California buyer was 6.1 percent. In contrast, the average for a Texas-based buyer was 7 percent. This statistic clearly shows that private retail investors based in California are …
WESTLAKE VILLAGE, CALIF. — Sterling Organization has purchased North Ranch Gateway, a shopping center located at the intersection of Lindero Canyon Road and Thousand Oaks Boulevard in Westlake Village. The asset was acquired on behalf of Sterling Value Add Partners LLL, one of Sterling’s latest institutional funds, for $35 million Preston Fetrow and Sam Alison of CBRE brokered the transaction. Originally built in 1989, the 86,520-square-foot center recently underwent significant renovations. TJ Maxx, Bank of America, Dunkin’ Donuts, Subway, Baja Fresh Mexican Grill, 9 Round Kickboxing, Mathnasium and Domino’s Pizza are tenants at the property, which was 74 percent occupied at the time of sale.
SEATTLE — Newmark has secured $27 million in financing for Eastlake Office Building, located at 617 Eastlake Ave. East in Seattle. The five-story property features 80,365 square feet of office space, views of Lake Union and freeway access. At the time of financing, the property was 100 percent leased. Brian Bonipart and Abby Kemp of San Francisco-based Newmark arranged the 10-year, fixed-rate loan with a 25-year amortization schedule for the undisclosed borrower through one of Newmark’s correspondent life insurance lenders. The planned use of the funds was not disclosed.
SHAFTER, CALIF. — Ross Stores has signed a lease for 1 million square feet of industrial space at 4100 Express Ave. within Wonderful Industrial Park in Shafter. Ross has been an occupant of Wonderful Industrial Park, developed by Wonderful Real Estate Development, since 2014 and currently owns a 1.7 million-square-foot distribution center located near the newly leased property. The fully entitled, 1,625-acre Wonderful Industrial Park is a rail-served industrial development entitled for 26 million square feet. The property currently offers 7.6 million square feet of completed buildings. Additional tenants at Wonderful Industrial Park include Target, American Tire Distributors, Essendant, DMSI, MRC Global and Formica. The park features an on-site rail yard with more than 17,000 feet of track with direct access to Burlington Northern Santa Fe Railway’s mainline.
SEATTLE — Áegis Living has opened the doors on Áegis of West Seattle, an 83-unit assisted living and memory care community in Seattle. The project was designed to look like a Mediterranean resort. Áegis’ most recent communities are designed on such themes. Its community under construction on nearby Mercer Island is lodge-themed, and the company recently opened an Italian-themed community in Seattle. Áegis Living is a Bellevue-based developer and operator with 31 seniors housing communities in Washington, California and Nevada.
SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a vacant industrial/flex warehouse located at 524 E. Brokhaw Road in San Jose. A private local investor sold the property to an undisclosed buyer for $3.4 million. Adam Levin of Levin Johnston represented the seller in the transaction. Situated on 0.73 acres, the 10,000-square-foot facility features 800 ampere, 120-240-volt heavy power, on-site parking and a fenced yard.
