The Inland Empire multifamily market will retain its solid foundation of positivity this year as the economy again provides a healthy supply of new jobs and freshly formed households seek apartments to rent. The number of new multifamily units scheduled for delivery is a fraction of what it was last year, and this will place downward pressure on vacancy. Tightening vacancy will support another year of above-trend rent growth. Strong job growth in wholesale trade, government and transportation and warehousing positions has drawn many new employees to the Inland Empire in recent years. The number of 20- to 34-year-olds, who typically favor rental housing, has steadily increased. Growth in wholesale trade, government and warehousing will continue to attract Millennials in 2017, and the region’s employers are expected to add 27,500 new jobs overall. The Inland Empire’s employment boom has led to an increase in household formation, which has stimulated new multifamily construction. Developers fruitfully delivered 2,600 new units to the market in 2016. This exuberance, however, may well have been the peak for the current real estate cycle. This year, the projected number of apartment completions is just 500. This much more measured level of development will be quickly absorbed …
SANTA CRUZ, CALIF. — Dominion Mortgage Corp. has both arranged and provided a $4.2 million bridge loan for Villa Senior Housing. The 58-unit seniors housing community is located south of the Bay Area in Santa Cruz. No further details were disclosed.
SAN JOSE, CALIF. — DICK’S Sporting Goods opened six new stores in May. A grand opening event was recently held for the new location in Chula Vista, and another will be held May 26-28 for the new location in San Jose. With the grand opening of these new stores, DICK’S will have 697 locations in the United States. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.
DENVER — Church’s Chicken has entered into a multi-year development deal with Goalz Restaurant Group LLC to develop 20 Church’s Chicken restaurants per year in six states. The agreement, which will affect expansion in Colorado, as well as Florida, Kentucky, Ohio, North Carolina and South Carolina, is Church’s largest ever with a single operator. For the new development deal, Shawn Eby, president of Goalz Restaurant Group, partnered with American Development Partners (ADP) for development of the restaurants. ADP will invest capital to fund real estate acquisitions, construction and design. ADP will be Goalz’s build-to-suit landlord.
SPOKANE, WASH. — Premier Business Centers has opened a new location in Spokane. The flexible workspace operator is located at 707 W. Main Ave. within the Central Business District. It is situated within the historic Crescent Building.
PHOENIX — Young’s Market Company has purchased a 248,900-square-foot refrigerated/cold storage industrial building in Phoenix for $20 million. The building is located at 402 S. 54th Place. It was built in 1999 and renovated in 2003. Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the family-owned wines, spirits and select beverages distributor. The seller was Barley Equites V LLC.
GUNNISON, COLO. — A limited liability company has acquired the 107-room Holiday Inn Express & Suites Gunnison for $9.7 million. The hotel is located at 910 E. Tomichi Ave., southeast of Grand Junction. The LLC plans to improve the hotel. Gordon Allred, Shane Hanrahan and Neville Rustomjee of Marcus & Millichap represented the buyer. Allred and Rustomjee also represented the seller, another LLC, in this transaction.
SAN JUAN CAPISTRANO, CALIF. — CBRE has arranged the $9.1 million sale of a net-leased property in San Juan Capistrano to a private local buyer utilizing a 1031 tax-deferred exchange. The property, a car dealership, traded for $348 per square foot. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, TerraCotta Group LLC, a private investment firm based in El Segundo. CBRE’s Emil Gurfinkel, Tim Kuruzar and Ken McLeod represented the buyer. The 26,181-square-foot Fiat Chrysler Automobiles car dealership, located at 32881 Camino Capistrano, traded at a 5.1 percent capitalization rate.
HOLLYWOOD, CALIF. — Cahuenga Investors LP, a Los Angeles-based investment group, has acquired the home of Grandmasters Recorders, a recording studio on North Cahuenga Boulevard in Hollywood, to make room for a retail development. The price was $6.1 million. The building was built in the 1920s and began its life as Bijou Studios. Artists who have recorded at Grandmaster Recorders include Stevie Wonder, David Bowie, Ringo Starr, Tom Petty, Motley Crue, Chaka Kahn, Rick James, Blondie, Billy Idol, The Pointer Sisters, Red Hot Chili Peppers, The Black Crowes, Foo Fighters, Gwen Stefani, Jack Johnson, Kanye West, Nine Inch Nails, Tool and Rush. Kathleen Silver and Kay Sasatomi of Silver Commercial represented the seller in the transaction. Howard Sadowsky of Brooktree Partners represented the buyer. The property includes a 9,200-square-foot commercial building on 8,557 square feet of land, is located at 1518 N. Cahuenga Blvd. The buyer plans to renovate and convert the space to retail, restaurants and possibly a nightclub.
COVINGTON, WASH. — A joint venture between Oakpointe Communities and Presidio Residential Capital has received unanimous approval from the City of Covington to develop LakePointe Urban Village, a $670 million mixed-use community in Covington, approximately 30 miles south of Seattle. Located at Highway 18 and Southeast 256th Street, the 214-acre master-planned community will include an 850,000-square-foot entertainment and lifestyle center, a 130-room hotel and up to 1,500 single-family and multifamily residences. The developers plan to break ground in early 2018. KTGY Architecture + Planning designed the centerpiece of the community, a peninsula extending into a 20-acre lake with retail shops, restaurants, single-family and multifamily homes, a pavilion park, open space and trails. “We are thrilled the City of Covington was so receptive to the overall vision and design of LakePointe,” says Brian Ross, CEO of Oakpointe Communities. “We are already in lease discussions with a variety of prospective tenants including major retailers, a multiplex theater, restaurants, outdoor cafés and coffee shops, wine bars and breweries, soft good retailers, specialty and boutique retailers as well as a gourmet grocer.” Kirkland, Wash.-based Oakpointe Communities is a land and commercial development company. Presidio Residential Capital, based in San Diego, provides capital in the …