Western

Retail Drives Industrial Growth Through Much of the Western U.S.

by David Cohen June 19, 2018

The industrial market is enjoying a moment in the sun throughout the West. Much of this is due to the retail sector’s continued technological advances, which have placed increasing demand on speedy delivery as manufacturing, distribution and warehousing needs are more important now than ever. “The market fundamentals for industrial properties are the best they have ever been,” says Bob O’Neill, senior vice president of acquisitions at CapRock Partners in Newport Beach, Calif. “Industrial absorption, lease rates and sales prices are at all-time highs, while market vacancies are at historic lows and construction in the Western United States remains in check.” Michael Collins, vice chairman of DAUM Commercial Real Estate Services in Los Angeles, has witnessed a similar trend in his market. He notes industrial assets in LA typically sell for $140 per square foot to $200 per square foot, with a vacancy rate of less than 2 percent in Southern California. “Developable land is becoming more scarce and the Los Angeles County industrial marketplace remains very vibrant,” he notes. “Lease rates throughout Southern California have reached an all-time high and sales values are at unprecedented highs, with actual prices based on building age, location, functionality and amenities.” Those looking …

June 19, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Reno Multifamily Rent Growth Among Nation’s Highest as Vacancy Remains Low

by Taylor Williams June 19, 2018

Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. The company pulled 112 permits last year to build out internal areas of the factory. The introduction of Tesla’s electric semitruck necessitates a further expansion of production in the coming years. On the supply side, development is ramping up quickly as builders finally move away from primary markets to relieve housing pressure in tertiary metros. Inventory will expand by more than 4 percent this year, representing the largest increase on record. The South Reno submarket contains a majority of the completions slated this year. More than 1,400 units are underway in the submarket, including nearly 1,000 scheduled for delivery in 2019. Builders are also active in the Sparks submarket, where 600 units are underway and scheduled for completion. The introduction of new units has pushed up the percentage of properties offering leasing incentives to 16 percent. Still-tight conditions are limiting the average incentive to just nine days of free rent. An influx of …

June 19, 2018

Acquisitions Arizona Office Western

International Joint Venture Acquires 302,209 SF Office Property in Phoenix

by Amy Works June 18, 2018

PHOENIX — New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Finland-based Ilmarinen Mutual Pension Insurance Co., has purchased 24th at Camelback, an office property located in Phoenix’s Camelback Corridor submarket. Hines U.S. Office Value Added Venture III sold the property for an undisclosed price. The eight-story property features 302,209 square feet of Class A office space. CBRE represented the seller in the deal.

June 18, 2018

Acquisitions California Office Western

Meridian Sells Multi-Tenant Office Building in Bay Area for $39.5M

by Amy Works June 18, 2018

BRISBANE, CALIF. — Meridian has completed the disposition of a multi-tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transaction. Built in 1983, the six-story building features 104,000 square feet of office space. CBRE’s Northern California Capital Markets team represented the seller and buyer in the deal.

June 18, 2018

Acquisitions California Office Western

Vanbarton Group Buys 73,835 SF Office Building in Los Angeles for $37.7M

by Amy Works June 18, 2018

LOS ANGELES — Vanbarton Group has acquired an office building located at 6725 Sunset Blvd. in Los Angeles’ Hollywood submarket. Crown Realty & Development sold the property for $37.7 million. The five-story multi-tenant property features 73,835 square feet of office space. At the time of sale, the property was fully leased by 15 tenants. Additionally, the transaction included an adjacent three-level parking structure. Kevin Shannon, Rob Hannan, Ken White, Michael Moll of NKF Capital Markets, along with John Tronson of Avison Young and Kreg Groat of Crown Realty & Development, represented the seller in the sale.

June 18, 2018

Arizona Development Multifamily Seniors Housing Western

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

by Amy Works June 18, 2018

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum’s Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now owns and operates seven seniors housing communities in the Phoenix metro. The developer is based in Denver.

June 18, 2018

California Loans Retail Western

NorthMarq Capital Secures $8.5M Refinancing for Retail Center in Richmond, California

by Amy Works June 18, 2018

RICHMOND, CALIF. – NorthMarq Capital has arranged $8.5 million in refinancing for Richmond City Center, a shopping center located at 1100-1350 MacDonald Ave. in Richmond. Walgreens, FoodCo and Payless Shoe Source are tenants at the 73,892-square-foot property. Joe Giordani of NorthMarq Capital’s Los Angeles office secured the refinancing, which was structured with an 18-month term on a 30-year amortization schedule.

June 18, 2018

California Development Retail Western

Primestor Development Breaks Ground on 115,000 SF Shopping Center in Los Angeles

by Amy Works June 15, 2018

LOS ANGELES — Primestor Development is breaking ground today for Jordan Downs Plaza, a shopping center located within the Jordan Downs project in the Watts area of Los Angeles. As part of the Jordan Downs revitalization project, the shopping center will bring 115,000 square feet of retail space to the area. Situated on 9.5 acres, the open-air project will include a full-service supermarket, fitness center and a variety of local and national retailers. Jordan Downs Plaza is a public/private partnership, and the project would not be possible without a financial investment of the federal government through its New Market Tax Credit Program and the conveyance of property by ground lease from the U.S. Department of Housing and Urban Development and the Housing Authority of the City of Los Angeles. Financing for the project is provided by Federal Realty Investment Trust, Genesis LA, Chase, California Statewide Communities Development Corp. and Los Angeles Development Fund.

June 15, 2018

Acquisitions California Office Western

NKF Negotiates $49M Sale of Office Building in San Francisco’s Van Ness Corridor

by Amy Works June 15, 2018

SAN FRANCISCO — NKF Capital Markets has brokered the sale of an office building located at 939 Ellis St. in the Van Ness Corridor of San Francisco. A joint venture between Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners sold the property to The Seavest Investment Group for $49 million. The seven-story building features 87,190 square feet of rentable office space, 53 parking stalls and a 4,460-square-foot patio roof deck with views of downtown San Francisco. Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee of NKF Capital Markets represented the seller, while the buyer, assisted by Meridian, was self-represented in the transaction.

June 15, 2018

Acquisitions Arizona Office Western

Cushman & Wakefield Brokers Sale of 162,640 SF Office Building in Tempe, Arizona

by Amy Works June 15, 2018

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Tempe City Center, an office building located at 1400-1470 E. Southern Ave. in Tempe. Tempe CC Hui LLC purchased the 162,640-square-foot property from Tempe City Center Limited Partnership for an undisclosed price. At the time of acquisition, the property was more than 90 percent leased to a variety of tenants, including National Bank of Arizona, Fresensius Medical Care and regional law firm Carpenter, Hazelwood, Delgado & Bolen. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller in the deal. The members of the acquisition group, who are principally from Hong Kong and Honolulu, were introduced to the asset by Brandon Holdings Inc., the investment’s sponsor, and IX Advisors, an investment advisory based in Seattle.

June 15, 2018

Newer Posts

Older Posts