Western

REI Seeks LEED-Platinum Certification for New Distribution Center in Goodyear

by Nellie Day October 4, 2016

GOODYEAR, ARIZ. — REI will build its new distribution center in Goodyear to be net zero energy as it pursues LEED-Platinum — the highest level in the U.S. Green Building Council’s (USGBC) rating system. Situated in the Arizona desert, the facility is intended to be one of the world’s most sustainable distribution centers. REI is driving sustainability and efficiency at its new distribution center in several new ways: • The facility’s 2.2 megawatt solar system produces renewable energy on-site, enough to power the entire facility annually. The system is expected to provide REI with 20 years of free energy and pay for itself in five years. • REI and its partners have designed an omnichannel one-touch fulfillment system, enabling one person to process items eight times faster than the typical distribution center. • The distribution center will help restore the nearby Verde River, enhancing water flows and recreation access. • The distribution center features a non-evaporative cooling system fully powered by renewable energy, saving millions of gallons of water every year. Butler Design Group designed the facility in collaboration with Rocky Mountain Institute. The developer is Merit Partners Inc., and the builder is The Renaissance Companies. DMW&Hand KNAPP led technology design, …

October 4, 2016

Arizona Market Reports Multifamily Western Western Market Reports

Renter, Investor Demand on the Rise in Phoenix’s Multifamily Market

by Camren Skelton October 4, 2016

The Greater Phoenix multifamily market continues to thrive in a high-demand environment, driven by strong tenant volume and investor interest. As the local economy expands, employers are adding workers at a steady pace while demand for housing is on the rise. Apartments remain the preferred choice for many, pushing multifamily vacancy rates low even as new units are added to inventory. We fully anticipate these conditions to continue in the year ahead. Multifamily vacancy in the Greater Phoenix market ended the second quarter of 2016 at 5.9 percent, 20 basis points lower than one year earlier. Vacancy typically ticks higher in the second quarter, as some part-time residents escape the summer heat wave. This trend occurred again this year. Despite the recent seasonal rise, vacancy has been below 6 percent for the past four quarters, and the rate will undoubtedly tick lower in the second half of this year. The low-vacancy conditions are fueling robust rent growth. Asking rents have spiked by more than 8 percent in the past year, while the pace of gains is accelerating. Asking rents rose more than 5 percent in the first half of 2016, with additional increases anticipated in the months ahead. More than …

October 4, 2016

Arizona Retail Western

Lee & Associates Arranges $72.5M Sale of Sonora Village Shopping Center in Scottsdale

by Nellie Day October 3, 2016

SCOTTSDALE, ARIZ. — Lee & Associates has arranged the $72.5 million sale of Sonora Village shopping center in Scottsdale. Jan Fincham and Pat Dempsey of Lee & Associates facilitated the transaction for the buyer, Sonora Village LLC, and the seller, Sonora Village Investors LLC. The 269,369-square-foot shopping center is home to tenants including Best Buy, Staples, Party City, Pearle Vision, Aaron’s, Mattress Firm and Wildflower Bakery.

October 3, 2016

California Multifamily Seniors Housing Western

Northern California Presbyterian Homes to Build 200-Unit Seniors Housing Community Near San Francisco

by Nellie Day October 3, 2016

WALNUT CREEK, CALIF. — Northern California Presbyterian Homes and Services is developing Viamonte, a 200-unit seniors housing community in the San Francisco Bay Area city of Walnut Creek. Northern California Presbyterian Homes and Services plans to break ground on the community in 2017. Northern California Presbyterian Homes and Services develops and operates affordable seniors housing communities on the West Coast.

October 3, 2016

California Office Western

SunCal to Develop 14.5-Acre Mixed-Use Development in Downtown Los Angeles

by Nellie Day October 3, 2016

LOS ANGELES — SunCal is set to develop 6AM, a 14.5-acre mixed-use development located in the downtown Los Angeles Arts District. The project will feature public and private outdoor space; art creation space and exhibition space; creative offices; space allocated for use by a school; fitness centers; two 58-story residential towers offering live/work residences; outdoor pools and spas; hotel; grocer; food hall; retail space; and parking. Architectural firm Herzog & De Meuron is designing the project. A timeline for the development — located at the intersection of 6th and Alameda streets — has yet to be announced.

October 3, 2016

California Retail Western

Vestar Plans Renovations for Pacific Commons Shopping Center in Fremont

by Nellie Day October 3, 2016

FREMONT, CALIF. — Vestar has announced plans to renovate Pacific Commons, a 1.2-million-square-foot regional power center located in Fremont. The refresh — set to begin this month — will include the addition of indoor-outdoor dining areas with exterior tables and umbrellas; new seating areas; gathering space with fire pits; new landscaping and trellis elements; stone and wood seating walls; cobble and concrete pavers; a fountain; lighting; steel awnings; and upgraded signage. The property is home to tenants including Target, Lowe’s, Costco, Dick’s Sporting Goods, Kohl’s, Toys R Us, Nordstrom Rack, DSW, Old Navy, T.J. Maxx, Ulta Beauty, Tilly’s, Total Wine, Men’s Wearhouse and Century Theatres.

October 3, 2016

California Western

City of Burbank, Visit Burbank Receive 2016 Excellence in Economic Development Awards

by Nellie Day October 3, 2016

BURBANK, CALIF. — The International Economic Development Council (IEDC) has awarded the City of Burbank and Visit Burbank with Excellence in Economic Development Awards for projects in 2016. The City of Burbank received a Silver Award for General Purpose Print Promotion, while Visit Burbank received a Bronze Award for Special Purpose Website. The accolades were presented at an awards ceremony on Sept. 27, during the IEDC Annual Conference, which was held in Cleveland.

October 3, 2016

California Retail Western

CBRE Facilitates $15.6M Sale of Tesla-Leased Retail Property in Santa Monica

by Nellie Day September 30, 2016

SANTA MONICA, CALIF. — CBRE has arranged the sale of a retail property located at 1227 3rd St. Promenade in Santa Monica. A joint venture between KLM Equities and Harlington Realty acquired the 3,000-square-foot property for $15.6 million. The property is currently occupied by Tesla Motors. Constructed in 1938, the building underwent a complete revamp in 2012 to become a state-of-the-art showroom for Tesla. Timothy Bower, Ken McLeod and Tim Kuruzar of CBRE represented the undisclosed seller and the buyer in the deal.

September 30, 2016

California Retail Western

NAI Capital Brokers $7.5M Sale of a Retail Building West Hollywood

by Nellie Day September 30, 2016

WEST HOLLYWOOD, CALIF. — NAI Capital has arranged the sale of a retail property located at 8126 Beverly Blvd. in West Hollywood. Los Angeles-based investor Arash Denialifar acquired the property from Hamilton Properties for $7.5 million, or $852 per square foot. Previously occupied by Environment Furniture, the 8,800-square-foot property features a private parking lot. Ian Strano of NAI Capital’s Westwide office represented the seller and buyer in the transaction.

September 30, 2016

California Retail Western

Marcus & Millichap Negotiates $2.8M Sale of Carl’s Jr. Ground Lease in Oxnard

by Nellie Day September 30, 2016

OXNARD, CALIF. — Marcus & Millichap has brokered the sale of ground lease for 480 N. Rose Ave. in Oxnard. A limited liability company sold the property to a private investor for $2.82 million. The 3,000-square-foot property is net-leased to Carl’s Jr. Lior Regenstreif of Marcus & Millichap represented the seller and buyer in the transaction.

September 30, 2016

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