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

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

Acquisitions California Multifamily Western

IPA Brokers $87.2M Sale of Paragon at Old Town Multifamily Property in Monrovia, California

by Amy Works August 15, 2024

MONROVIA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Paragon at Old Town, an apartment community in Monrovia, northeast of Los Angeles. Sequoia Equities sold the asset to SCS Development Co. for $87.2 million, or $535,276 per unit. Paragon at Old Town features 163 apartments in six floor plans with units ranging from 744 square feet to 1,247 square feet, a resident lounge, fitness center, game room, and elliptical swimming pool and spa with private cabanas, outdoor lounges and courtyards. The 6,077-square-foot ground-floor retail space offers four suites that are fully occupied by The UPS Store, eateries and a sporting goods store. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer in the deal.

August 15, 2024

Acquisitions Arizona Industrial Western

MDH Partners Buys 249,600 SF KV Buckeye 10 Industrial Park in Buckeye, Arizona for $51M

by Amy Works August 15, 2024

BUCKEYE, ARIZ. — MDH Partners has acquired KV Buckeye 10, a two-building industrial property located at 835 and 945 N. 215th Ave. in the Phoenix suburb of Buckeye, from Kentwood Ventures for $51 million. Situated on 18.8 acres, KV Buckeye 10 features 249,600 square feet of Class A industrial space spread across two buildings. Built in 2023, the asset feature 535 car parking spaces and 28-foot clear heights. Building A is 115,200 square feet and Building B is 134,400 square feet, with each building offering 12 truck-well doors and six grade-level doors. Currently KV Buckeye 10 is 60 percent leased to a variety of tenants, including the City of Buckeye; Hajoca, a privately held wholesale distributors of plumbing, heating and cooling, pool and industrial supplies; Safelite, a national automotive glass repair and replacement provider; and AVI, an international provider of communications and audio-visual technology. Greer Oliver and Connor Nebeker-Hay of JLL represented the seller in the deal. John Lydon, Hagen Hyatt and Kelly Royle of JLL are handling leasing for the project.

August 15, 2024

Colorado Development Loans Multifamily Western

PCCP Provides $41M Senior Loan for the Development of 210-Unit Overlook Apartments in Johnstown, Colorado

by Amy Works August 15, 2024

JOHNSTOWN, COLO. — PCCP has provided a $41 million senior loan to Journey Homes for the construction of Overlook Apartments, a garden-style multifamily community located at 2530 Bearberry Lane in Johnstown, just south of Fort Collins. Construction is underway with completion slated for first-quarter 2025. Situated on 16 acres, Overlook Apartments will feature 210 one-, two- and three-bedroom units spread across 10 residential buildings. The community will offer a clubhouse, fitness center, resort-style pool, coworking lounge, resident lounge, children’s playground and picnic areas with outdoor firepits and grills.

August 15, 2024

Acquisitions Arizona Retail Western

SimonCRE Sells 130,000 SF Mesa Ranch Plaza Retail Center in Mesa, Arizona

by Amy Works August 15, 2024

MESA, ARIZ. — SimonCRE has completed the sale of Mesa Ranch Plaza, a shopping center in Mesa. Mesa Ranch 24 LP acquired the asset for $26 million. Located at 1008, 1036, 1060 and 1142 E. Southern Ave., Mesa Ranch Plaza totals 130,000 square feet. At the time of sale, the property was 99 percent occupied. Alex Kozakov and Patrick Wade of CBRE’s South Bay Los Angeles office represented the buyer and seller in the transaction. Michael Hackett of CBRE served as the local market expert for the deal.

August 15, 2024

Acquisitions California Industrial Western

Hill Properties, Westport Capital Partners Divest of Multi-Tenant Industrial Building in San Diego for $17.1M

by Amy Works August 15, 2024

SAN DIEGO — Hill Properties and Westport Capital Partners have completed the disposition of 8250-8260 Camino Santa Fe in San Diego to CSF LLC for $17.1 million, or $282 per square foot. Situated on 3.6 acres, the two-building property offers 60,866 square feet of industrial space. At the time of sale, the asset was 96 percent occupied by eight tenants. The property, which was built in the late 1980s, recently underwent extensive capital improvements, including new exterior paint, suite and directional signage, monument signage, parking lot resurfacing and new landscaping. Matt Poucho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties represented the seller, while Chris Nelson of Matthews Real Estate and Brian Reyes of Tangram Commercial represented the buyer in the deal.

August 15, 2024

Retail Investment Jeffrey Salladin Revere Capital Quote

Content Partner Features Leasing Activity Loans Midwest Northeast Office Retail Southeast Texas Western

Midway into 2024, Lenders Take Note of Loan Bifurcation, Retail’s Reversal

by Sarah Daniels August 15, 2024

For more than seven months in 2024, the commercial real estate investment market remained on a sluggish path. High interest rates continued to not only challenge many asset owners who needed refinancing, but also buyers and sellers looking to make deals. For instance, some $174.7 billion in property investment sales during the first half of the year was 7 percent below a year earlier, according to MSCI Real Assets. In such uncertain times, it’s not unusual for the commercial real estate market to experience bouts of bifurcation. Typically, those are marked by trends such as rising demand for higher quality offices during economic slumps when tenants can fetch discounted rents. Early in the recovery phase, it’s not unusual for investment to flow into tech-oriented metros at the expense of other cities. The Federal Reserve’s aggressive hike of the federal funds rate has created another category of bifurcation, especially as it relates to floating-rate bridge debt and how lenders are managing their loan portfolios. That is, the difference between the performance of assets depending on when owners financed the properties, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “It’s a question of vintage,” he explains. “Loans …

August 15, 2024

Acquisitions Colorado Multifamily Western

Bell Partners Divests of 306-Unit Bell Cherry Hills Multifamily Property in Englewood, Colorado

by Amy Works August 14, 2024

ENGLEWOOD, COLO. — Bell Partners has completed the disposition of Bell Cherry Hills, an apartment community in Englewood. Terms of the transaction were not released. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 3650 S. Broadway St., the four-story, two-building property offers 306 studio, one-, two- and three-bedroom apartments. Each unit features granite countertops, Energy Star-rated appliances, energy-saving programmable thermostats and a private balcony or patio. Community amenities include a fitness center, resort-style pool and spa, outdoor kitchen, sky deck, resident lounge, game room, business center, dog park and grooming station, ski and bike repair shop, electric vehicle charging stations and two controlled-access parking garages.

August 14, 2024

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