Property Type

American Assets Trust Buys 533-Unit Apartment Property in San Diego for $232M

by Jeff Shaw May 9, 2017

SAN DIEGO — American Assets Trust Inc., a San Diego-based REIT, has acquired Pacific Ridge, a 533-unit apartment complex near the San Diego coastline, for $232 million. The sale is one of the largest multifamily transactions in San Diego history, according to Berkadia, which brokered the transaction. Pacific Ridge is a Class A luxury community located on 15 acres with unobstructed ocean views. Carmel Partners developed the 577,147-square-foot property, which opened in 2010. Outdoor amenities include Moroccan-styled common areas, lounges, two saltwater pools and spas, an outdoor grill and dining pavilion, yoga deck, bocce court, fire pits, jogging trail and dog walk. Indoor amenities include a wine bar, coffee bar, demonstration kitchen, fitness center, tanning studio, board sport and bicycle storage, saltwater aquarium and concierge. The property is located near San Diego International Airport, SeaWorld San Diego and Petco Park, home of Major League Baseball’s San Diego Padres. Berkadia cited a declining unemployment rate — falling 60 basis points year-over-year to 4 percent at the end of February — as a reason for San Diego’s attractiveness as a market. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller, identified only as “a San Francisco-based entity,” …

May 9, 2017

Features Multifamily Top Stories

Multifamily Rents Climb in 81 Percent of U.S. Markets in April, RENTCafé Report Shows

by Jeff Shaw May 9, 2017

Average U.S. apartment rents saw a modest increase of 0.2 percent from March to April 2017, but rents increased in 81 percent of markets nationwide, according to a report from RENTCafé. The report uses data from the apartment listing service’s parent company, software provider Yardi. The RENTCafé research team analyzed data across the 250 largest cities in the United States for buildings containing 50 or more units. Based on the data, the average U.S. apartment saw a $2 increase in rent between March and April 2017. Rents increased in April in 203 of the 250 cities tracked by Yardi, while they decreased in 13 cities and stayed flat in 34. Year-over-year, rents went up 2 percent nationwide, which is “a significant reduction in regard to historical performance at this time of the year and is the lowest annual growth rate we’ve seen in more than three years,” according to the report’s author, Ama Otet. By comparison, average rents increased at triple that rate — 6 percent — from April 2015 to April 2016. California cities make up the bulk of the April rent-growth list, with 11 of the top 20 growth cities located in the state. Stockton, Calif., took the …

May 9, 2017

Market Reports Nevada Office Western Western Market Reports

Office Vacancy Declines As Product Dries Up

by Camren Skelton May 9, 2017

Last year was a relatively flat year for the Northern Nevada office market. Reno/Sparks had negative absorption in the first and third quarters of 2016, and positive absorption in the second and fourth quarters. The year ended up at 10,153 square feet of net absorption, according to the DCG internal database, essentially nullifying any real gains or losses. However, the Reno office market is much healthier at a 12 percent vacancy rate as compared to the nearly 20 percent recession highs. Each quarter also recognized more gross absorption than the previous quarter in 2016. Class A office continued to be in demand with rents increasing to north of $2 per square foot, per month, full service. Large spaces ideal for company relocations are difficult to find. Reno currently has a small supply of vacant, Class A spaces with more than 10,000 square feet available. However, we should see our first speculative construction take place in the Meadowood submarket as Mckenzie Properties plans a 40,000-square-foot building in Mountain View Corporate Center. New corporate relocations for office tenants were relatively quiet in 2016. In comparison to 2015, we saw large tenants relocate to our region, including Grand Rounds in South Meadows and …

May 9, 2017

Colorado Office Western

DSP Builders Starts Construction of $18.5M Superior Medical Center in Colorado

by Nellie Day May 8, 2017

SUPERIOR, COLO. — DSP Builders has started construction of a 60,000-square-foot medical office building in Superior. The four-story Superior Medical Center will be situated at the southeast corner of U.S. Highway 36 and McCaslin Boulevard. The $18.5 million project is slated for completion by early 2018. It is 50 percent pre-leased to tenants like Boulder Community Health (BCH), Touchstone Imaging and Cornerstone Orthopedics & Sports Medicine. John Gustafson of Newmark Grubb Knight Frank is overseeing leasing for the building. Intergroup Architects designed the property.

May 8, 2017

California Multifamily Western

The Bascom Group Buys Harvard Villa Apartments in Torrance for $14M

by Nellie Day May 8, 2017

TORRANCE, CALIF. — The Bascom Group has acquired the 64-unit Harvard Villa Apartments in Torrance for $14 million. The community is located at 20341 Harvard Blvd. Harvard Villa is situated near the Pacific Ocean and the 405, 110, 710 and 105 freeways. The seller is a long-term private owner. Erich Pryor, Eric Snyder and Thomas Sherlock of Talonvest Capital arranged a $11.4 million acquisition loan from TCF National Bank. Hooman Emanuel of Emanuel Real Estate Group represented Bascom in the transaction.

May 8, 2017

California Office Western

McCormick Construction Completes Renovation of Westwood One Broadcast Campus in Culver City

by Nellie Day May 8, 2017

CULVER CITY, CALIF. — McCormick Construction has completed the renovation of the 45,000-square-foot Westwood One radio broadcast facility in Culver City. The campus is located at 8935, 8965 and 8944 Lindblade Ave. Cumulus Media recently acquired Westwood One, adding sports, news, talk, music and programming services. McCormick built 21 radio broadcast studios on the property. The CIM Group owns the site.

May 8, 2017

Arizona Multifamily Western

Sierra Antigua Apartments in Arizona Sells for $2M

by Nellie Day May 8, 2017

SIERRA VISTA, Ariz. — A limited liability company has purchased the 60-unit Sierra Antigua apartments for $2 million. The community is located at 800 N. Lenzner Ave. in Sierra Vista, just southeast of Tucson. Hamid Panahi and James Crawley of Marcus & Millichap represented the buyer. Panahi, Crawley and Cliff David and Steve Gebing of the same firm represented the seller, also an LLC.

May 8, 2017

Multifamily Seniors Housing Western

Ridgeline Management to Operate Two Seniors Housing Communities in Salt Lake City MSA

by Nellie Day May 8, 2017

LINDON AND SALT LAKE CITY, UTAH — Ridgeline Management Co. has added two Osmond Senior Living properties to its operational portfolio, both in the Salt Lake City metro. The two properties are Osmond Senior Living in Lindon and Osmond Senior Living Memory Care in Salt Lake City. Ridgeline began operating the communities April 1. Ridgeline Management Co. is a seniors housing operator based in West Linn, Ore., with a portfolio of 24 communities in 10 states.

May 8, 2017

Massachusetts Northeast Office

SVN | Parsons Arranges Sale of Office Building in Ashland, Massachusetts

by Haisten Willis May 8, 2017

ASHLAND, MASS. — SVN | Parsons Commercial Group | BOSTON has arranged the sale of a 5,728-square-foot office building at 54-58 Union St. in Ashland. Victor Galvani and Garrett Quinn of SVN | Parsons represented the seller, Euroland Real Estate, and procured the buyer, Martel HVAC Corp. Martel, a heating and cooling solutions company, will move its corporate headquarters from Holliston to the property. Eurobrew Inc., a specialty beer importer, formerly owned and occupied the building. The property consists of office space, basement storage and a parking lot.

May 8, 2017

Massachusetts Northeast Retail

Liquors 44 to Open 24,000 SF Location in Springfield, Massachusetts

by Haisten Willis May 8, 2017

SPRINGFIELD, MASS. — Liquors 44 is opening its sixth location in western Massachusetts at 1755 Boston Road in Springfield. The company is a locally owned and operated liquor superstore founded in 1987. Matt Halprin of New England Retail Properties was the exclusive broker for the new 24,000-square-foot store on Boston Road.

May 8, 2017

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