Western

Goldman Sachs, Pearlmark Receives $93.5M in Financing to Acquire Denver Office Building

by Nellie Day January 24, 2017

DENVER — A joint venture between Goldman, Sachs & Co. and Pearlmark has received $93.5 million in financing for the acquisition of a 492,799-square-foot office building in Denver. The Class A space is located at 1125 17th St. It occupies an entire city block on the corner of 17th and Lawrence streets where the Central Business District and Lower Downtown (LoDo) converge. The 25-story tower is 85.2 percent leased to JP Morgan Chase & Co. and Halliburton, among others. On-site amenities include a fitness club, juice and smoothie bar, basketball and bocce courts, and underground parking. HFF’s Eric Tupler and Josh Simon secured the four-year, floating-rate loan through Bank of America.

January 24, 2017

Office Oregon Western

Zeller Realty Group Buys Umpqua Bank Plaza in Downtown Portland for $90M

by Nellie Day January 24, 2017

PORTLAND, ORE. — Zeller Realty Group has purchased the 298,176-square-foot Umpqua Bank Plaza in Downtown Portland. The building sold for $90 million, according to Portland Business Journal. The Class A office tower is situated on the western shore of the Willamette River. The property was originally developed in 1974 but underwent renovations in 2015. The space was 97 percent leased at the time of sale. Lana Baldock, Dan Swift and Havilah Coady of Cushman & Wakefield will handle leasing at the property.

January 24, 2017

Industrial Nevada Western

Hollywood Investment Buys 790-Unit Self-Storage Facility in Reno for $10.9M

by Nellie Day January 24, 2017

RENO, NEV. — Hollywood Investment Co. LLC has acquired the 790-unit Stor-All Self-Storage located in Reno for $10.9 million. The facility is situated on 8.4 acres along Panther Drive and West Ranger Road adjacent to U.S. 395. The property includes 22 single-story buildings with asphalt drive aisles and a standalone residence and manager’s office. The LLC plans to hold the property. Bobby Loeffler of the Loeffler Self-Storage Group represented the seller, Stor-All Reno LLC, in this transaction.

January 24, 2017

California Office Western

Canyon Catalyst Fund, Pacshore Partners Sell West LA Office Portfolio

by Nellie Day January 24, 2017

LOS ANGELES — A joint venture between Canyon Catalyst Fund and Pacshore Partners has sold its 212,700-square-foot West Los Angeles office portfolio for an undisclosed sum. The portfolio contains three properties, including 22619 Pacific Coast Highway in Malibu, and 12901 W. Jefferson Blvd. and 5340 Alla Road, which are both located in Playa Vista. The JV acquired the three properties between July 2013 and March 2015. The sale is the partnership’s first disposition of investments within the Canyon Catalyst Fund, which Canyon Partners Real Estate manages on behalf of CalPERS.

January 24, 2017

California Western

Build Group Purchases San Jose Construction Co.

by Nellie Day January 24, 2017

SAN FRANCISCO — Build Group Inc., a general contracting firm in the San Francisco Bay Area, has purchased the assets of San Jose Construction Co. Inc. and assumed responsibility for completing current and future San Jose Construction projects. Build Group has also integrated all of the acquired company’s employees into its organization. Under terms of the agreement, Build Group will operate Build SJC, a new division of Build Group Inc., in the existing San Jose Construction corporate office located in Santa Clara, Calif. Over more than 60 years, San Jose Construction has built a diversified portfolio of projects including hospitality and retail commercial centers throughout the Bay Area, as well as Sacramento and Monterey counties. Build Group Inc. was founded in 2007. With annual contracts approaching $1 billion, the San Francisco-based general contractor specializes in commercial office space, hospitality, public works, residential and mixed-use projects.

January 24, 2017

California Retail Top Stories Western

Joint Venture to Redevelop East Hills Mall in Southern California

by Katie Sloan January 24, 2017

BAKERSFIELD, CALIF. — A joint venture between C & C Properties Inc. and MarkChris Investments has announced the redevelopment of East Hills Mall in Bakersfield, roughly 110 miles north of Los Angeles. The 414,000-square-foot enclosed regional mall will be transformed into a 350,000-square-foot, open-air lifestyle center. A state-of-the-art movie theater will anchor the development, which is set to feature a collection of restaurants, retail and entertainment space. Renovations will include the addition of a large outdoor plaza, water fountain, and seating and landscaping around the movie theater complex. Development plans also include the addition of several buildings along Mall View Road for shops, restaurants and services. The buyers acquired the mall from a joint venture between Retail Equities LLC and El Corte Ingles in late December 2016. Duane Keathley, Vince Roche and Josh Sherley of Cushman & Wakefield | Pacific Commercial Realty Advisors represented both the buyer and seller in that transaction, and have been retained by the new ownership to lease the redeveloped center. Construction is expected to begin this year, with completion scheduled for fall 2018. — Katie Sloan

January 24, 2017

California Market Reports Multifamily Western Western Market Reports

Encouraging Multifamily Market Fundamentals Drive Investors to the Inland Empire

by Camren Skelton January 24, 2017

A steady supply of job opportunities and the growing population in the Inland Empire are supporting household formation, raising demand for housing and bolstering the performance of the area’s multifamily property market. Nearly 22,420 households were formed in the Inland Empire over the past four quarters that ended in September, while 48,500 individuals were added to the local population. By year’s end, area employers will have expanded the workforce by 2.2 percent with the addition of 30,000 positions. Hiring this year was driven by the government sector, which climbed 4 percent, or by more than 9,400 workers during the past 12 months that ended Sept. 30. The trade, transportation and utilities sectors also performed well, contributing 8,950 jobs over the same period. These strong hiring trends resulted in the unemployment rate falling 20 basis points to 6.2 percent — nearing the pre-recession five-year average of 5.7 percent — over the year-long period that ended in the third quarter of 2016. The Inland Empire’s growth and solid economic fundamentals are key factors behind the observable rise in construction activity we’ve witnessed this year. Apartment construction is booming, and builders are expected to more than double the units that were brought into …

January 24, 2017

Mixed-Use Nevada Western

Construction Underway on the Towers at Pink Hill Mixed-Use Development Near UNR Campus

by Nellie Day January 23, 2017

RENO, NEV. — Construction is underway on the Towers at Pink Hill, a mixed-use development located near the University of Nevada, Reno campus. The four-story development is the flagship project for Pink Hill Properties LLC, founded by University of Nevada basketball teammates Kevinn Pinkney and Garry Hill-Thomas. The community will offer 23 units atop three restaurants and retail space. The architect for the development is Studio HBA, Reno, and the general contractor is TFP Inc. Greater Nevada Credit Union provided financing for the development, which is scheduled to open later this year.

January 23, 2017

California Multifamily Western

UCR to Develop 340-Unit Apartment Community in Redlands

by Nellie Day January 23, 2017

REDLANDS, CALIF. — UCR has announced plans to develop the 340-unit the Crossings at Redlands apartment community. The luxury development will be situated at the northeast corner of Lugonia Avenue and Nevada Street in Redlands. It will be positioned directly adjacent to the 306-unit Circa2020 complex. Construction will commence on the Crossings at Redlands this spring. The move-in phase will begin in early 2018. The community will offer layouts ranging from studios to home-style carriage units. First RC Corp. will build the community, which Miller Architectural Corp. designed.

January 23, 2017

California Industrial Western

Industrial Property Trust Buys Facility in Los Angeles for $12M

by Nellie Day January 23, 2017

LOS ANGELES — Industrial Property Trust (IPT) has purchased a 104,335-square-foot industrial facility in an unincorporated area of Los Angeles for $12 million. The facility is located at 18554 S. Susana Road. IPT plans to carry out a $2 million renovation before offering the property for lease. Michael Collins of Daum Commercial Real Estate represented IPT in the deal. Robert Colacion of Gateway Business Properties represented the seller, the Ahmadinia Family Trust.

January 23, 2017

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