Western

Standard Real Estate, Mohr Capital Plan 180,000 SF Industrial Project in Reno, Nevada

by Amy Works June 28, 2024

RENO, NEV. — Standard Real Estate, in partnership with Mohr Capital, is developing an industrial facility on 11 acres in Reno. Located at 9865 N. Virginia St., the project will offer 180,000 square feet of multi-tenant industrial space. Developed by Mohr Capital, the single-story facility will offer 14- by 16-foot grade-level doors designed for logistics and distribution tenants; 32-foot clear heights; 25 dock positions outfitted with 40,000-pound levelers and seals; motion-sensing LED light fixtures; an ESFR fire protection sprinkler system; 3,000 amp, 277/480 volt, 3-phase power; and 80/20 outside-air, roof-mounted, gas-fired make-up air units. Additionally, the facility will include options to build office spaces on the end caps and in-line. Completion is slated for third-quarter 2025. Greg Shutt of CBRE will manage leasing for the development.

June 28, 2024

California Development Hospitality Western

Replay Destinations to Develop 53-Room Luxury Hotel on Former Lumber Yard in Downtown Healdsburg, California

by Amy Works June 28, 2024

HEALDSBURG, CALIF. — Replay Destinations is developing a luxury hotel within Mill District, a master-planned neighborhood in downtown Healdsburg in Sonoma County. The company will redevelop a 10-acre former lumber site to construct the hotel. The hotel will offer 53 guest rooms; a spa and wellness center; an outdoor pool and spa deck; a restaurant and bar; and a vintners and wine program, as well as curated local guest experiences throughout Healdsburg and Sonoma County. Replay will retain ownership in the hotel “to ensure the realization of the company’s vision.” Dunnigan Sprinkle Architects will blend local agrarian influences and industrial inspiration from the site’s past with a contemporary wine-country aesthetic. The project is currently in the design review process with the City of Healdsburg, with construction expected to begin in spring 2025.

June 28, 2024

Development Healthcare Loans Office Utah Western

JLL Arranges Equity for Development of Syracuse Medical Office Building in Utah

by Amy Works June 28, 2024

SYRACUSE, UTAH — JLL has arranged an equity placement for the Syracuse Medical Office Building development in Syracuse, approximately 30 miles north of Salt Lake City. CJ Kodani and Mark Root of JLL Capital Markets secured the equity through Chesnut Healthcare Real Estate for the developer, Fort Street Partners. Located at 3000 W. Antelope Drive, the 20,399-square-foot medical office building is fully pre-leased by three regional physical groups. Completed is slated for 2025.

June 28, 2024

Acquisitions Colorado Industrial Western

Dalfen Industrial Divests of I-70 Center, Aurora Center in Metro Denver

by Amy Works June 28, 2024

DENVER AND AURORA, COLO. — Dalfen Industrial has completed the dispositions of two industrial facilities totaling 150,000 square feet in Denver and Aurora. Acquisition prices were not disclosed for either deal. Denver-based Armstrong Capital Development acquired I-70 Industrial Center, a two-building, 77,222-square-foot light industrial warehouse complex in Denver. CBRE arranged the transaction. Dalfen originally purchased the asset in August 2019. Wanko, a design, engineering and manufacturing firm, purchased Aurora Center I, a 75,000-square-foot, Class A industrial building in Aurora. Built in 2003, the facility features side- and rear-loading options, a fully gated and secured truck court, trailer parking, and additional land on the east side of the building that could be used for additional trailer parking or as a potential 30,000-square-foot building expansion. Cushman & Wakefield executed the transaction.

June 28, 2024

Acquisitions California Retail Western

Calbay Development Sells 1,429 SF Retail Building in Encinitas, California for $3.1M

by Amy Works June 28, 2024

ENCINITAS, CALIF. — Calbay Development has completed the sale of 1967 San Elijo Ave. in Cardiff-by-the-Sea, a beach community in Encinitas, north of San Diego. Albatross LLC acquired the asset for $3.1 million. Situated on 16,702 square feet, the coastal pad is adjacent to Cardiff Seaside Market Center and across from San Elijo State Beach. Jack in the Box formerly occupied the 1,429-square-foot building, which offers 20 parking spaces. The buyer plans to redevelop the property and occupy the site. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the deal.

June 28, 2024

Industrial Market Reports Washington Western Western Market Reports

Pacific Northwest Industrial Market Stays Stable

by Jeff Shaw June 28, 2024

— By Vanessa Herzog, SIOR, CCIM, Principal, Lee & Associates | Seattle — Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to high land price expectation, stabilized rental rates and continued high costs of new construction. We think this trend will continue well into 2025 leaving Developers and Land Sellers frustrated. Regionally, large land parcels are difficult to find or assemble, leaving Developers looking at infill assemblages, land use changes or full site redevelopment. IOS specialized properties are slowing in demand from Tenants. Finally, we are seeing the small owner user facilities for sale or lease, and the demand from this user group level off. Here are some statistics: Total Inventory at 398M SF, Current Vacancy rate 7% (27.8M SF), Market Asking Rates $1.12/SF/Mo., Sublease Space 20% of total vacancy (5.6 M/SF): New Construction underway 9.9M SF. Demand …

June 28, 2024

Arizona Development Multifamily Student Housing Western

Subtext Plans 769-Bed VERVE Tempe Student Housing Project Near Arizona State University

by Amy Works June 27, 2024

TEMPE, ARIZ. — Subtext has announced plans for VERVE Tempe, a high-rise student housing community at 1011 E. Orange St. in Tempe. Slated for delivery in fall 2026, the 15-story property is within walking distance of the Arizona State University campus. Totaling 479,388 square feet, VERVE Tempe will feature 240 units in a mix of studio, one-, two-, three- and four-bedroom layouts, totaling 769 beds. VERVE Tempe will also offer 2,030 square feet of street-level retail space; a coffee bar with hot and nitro options; dedicated study space with booths, pods and collaboration rooms; a game room with simulators; rooftop pool deck; and a two-story fitness and wellness center with spa, sauna and yoga studio. Project partners include ESG Architecture & Design as architect and interior designer and Brinkmann Constructors as general contractor. Kennedy Wilson is providing an undisclosed amount of construction financing for the development.

June 27, 2024

California Development Multifamily Western

SRGNC Opens 479-Unit The Martin Multifamily Property in Sunnyvale, California

by Amy Works June 27, 2024

SUNNYVALE, CALIF. — Sares Regis Group of Northern California (SRGNC) has started leasing at The Martin, an apartment community in downtown Sunnyvale, just west of San Jose. The 12-story building offers 479 apartments in a mix of studio, one-, two- and three-bedroom layouts, along with penthouse and townhome options. The first residents are expected to move in in July. Situated within the master-planned Cityline, The Martin’s on-site amenities include a pool, spa, clubroom, two fitness centers, a sky lounge on the 11th floor with panoramic views, a 3,000-square-foot rooftop deck with outdoor barbecues, pet spa and bike storage. Additionally, the development will offer 11 retail spaces and co-working space for residents. The Martin’s all-electric, high-efficiency apartments will offer stainless steel appliances, contemporary cabinets with quartz countertops, ceramic tile bathtubs and showers, in-unit washers/dryers, central air conditioning, wall-to-wall wood-plank flooring, floor-to-ceiling windows, private bathrooms and patios. San Francisco-based Heller Manus is the architect for the project. A joint venture between SRGNC and Hunter Partners is developing the larger Cityline project. Upon completion, Cityline will encompass 1,100 new apartments, 1 million square feet of office space and more than 500,000 square feet of retail space.

June 27, 2024

California Development Hospitality Loans Mixed-Use Retail Western

Priority Capital Advisory Arranges $35M Refinancing for Robertson Lane Mixed-Use Project in West Hollywood

by Amy Works June 27, 2024

WEST HOLLYWOOD, CALIF. — Priority Capital Advisory has arranged $35 million in debt financing to refinance Faring’s planned Robertson Lane, a 400,000-square-foot retail and hotel project in West Hollywood. Centennial Bank provided the financing, which Zachary Streit of Priority Capital Advisory arranged. Located at 645-681 N. Robertson Blvd., the 84,506-square-foot development site is an assemblage of eight contiguous lots. The assembled site was originally entitled for a 10-story, 237-room hotel with dining, nightclub, entertainment and retail space, a rooftop pool and a three-level, 750-car underground parking garage. In 2022, the ownership submitted a revised plan for a 123-room luxury hotel and seven-story office tower over ground-floor retail space and a subterranean garage. Current plans include the adaptive reuse and rehabilitation of the Factory Building, a historical building dating to 1929.

June 27, 2024

Stevenson-Ranch-Plaza-Stevenson-Ranch-CA

Acquisitions California Retail Western

Hanley Investment Group Negotiates Sale of 29,817 SF Shopping Center in Stevenson Ranch, California

by Amy Works June 27, 2024

STEVENSON RANCH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a neighborhood shopping center in Stevenson Ranch, approximately 35 miles northwest of Los Angeles. San Francisco-based Catalyst Real Estate sold the asset to a Los Angeles-based private investor for an undisclosed price. Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore of Hanley Investment Group represented the seller, while Edmond Bina of Beverly Hills-based EMB Properties represented the buyer in the deal. Originally built in 1999 and remodeled in 2023, Stevenson Ranch Plaza offers 29,817 square feet of retail space at 25804-25860 Hemingway Ave. Tutor Time, a subsidiary of Learning Care Group, anchors the retail center and has operated at the property since it was built.

June 27, 2024

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