Western

Remington Nevada Sells 115,037 SF Shopping Center in Las Vegas for $50.3M

by Amy Works January 15, 2025

LAS VEGAS — Remington Nevada has completed the sale of Mountain’s Edge Marketplace, a neighborhood shopping center in Mountain’s Edge, a master-planned community in Las Vegas. An out-of-state investor acquired the asset for $50.3 million, or $37 per square foot. Roy Fritz and Preston Fetrow of CBRE’s National Retail Investment Partners-West represented the seller, a Las Vegas-based private investment firm. The purchase includes the assumption of a $33 million CMBS loan requiring the new borrower to engage a loan expeditor to facilitate the process. Situated on 14.7 acres at 7975 Blue Diamond Road, Mountain’s Edge Marketplace offers 115,037 square feet of retail space, which is 98 percent leased to 40 national and local retailers. Current tenants include Ross Dress for Less, Planet Fitness, Starbucks Coffee, Supercuts, The UPS Store, China A Go Go and T-Mobile. The property is shadow anchored by an Albertsons-occupied property, which was not included in the sale.

January 15, 2025

California Development Loans Multifamily Seniors Housing Western

Live Oak Bank Provides $40M in Construction Financing for Assisted Living, Memory Care Community in California

by Amy Works January 15, 2025

CALIFORNIA — Wilmington, N.C.-based Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Additional details about the property were not released. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million C-PACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners was the borrower.

January 15, 2025

Acquisitions California Office Western

CBRE Negotiates $2.6M Sale of Two-Story Office Building in Irvine, California

by Amy Works January 15, 2025

IRVINE, CALIF. — CBRE has arranged the sale of an office building located at 9890 Irvine Center Drive in Irvine. Navigators Advisory Group acquired the property from ICD Equities for $2.6 million. Built in 2007, the two-story 4,950-square-foot building features a mix of open and private offices. Recent upgrades include a loft-style creative design that features open ceilings and exposed ducting. Jeff Carr and Jonathan Carr of CBRE represented the seller, while Blake Garrett of The Feed Group represented the buyer in the transaction.

January 15, 2025

Acquisitions California Loans Retail Western

Marathon Asset Management Provides $164M Acquisition Loan for Shopping Mall in Thousand Oaks, California

by Amy Works January 14, 2025

THOUSAND OAKS, CALIF. — Marathon Asset Management has provided a $164 million mortgage loan for the acquisition of The Oaks, a shopping mall located in Thousand Oaks, roughly 38 miles west of Los Angeles. Stockdale Capital Partners was the borrower. Nordstrom, Dick’s Sporting Goods and AMC Theatres anchor the 1.2 million-square-foot property, which is situated on 85 acres. Other tenants at the center include Apple, Anthropologie, Zara, H&M and Arhaus. Joseph Griffin of Marathon originated the loan. Greg Stampley and Jessica Henning of Eastdil Secured arranged the financing on behalf of Stockdale.

January 14, 2025

Acquisitions California Office Western

CBRE IM Disposes of 310,925 SF Office Building in Irvine, California for $42M

by Amy Works January 14, 2025

IRVINE, CALIF. — CBRE IM has completed the disposition of 2600 Michelson Drive, a 16-story office building in Irvine, to a Southern California-based private investor for $42 million. Anthony DeLorenzo, Todd Tydlaska, Sean Sullivan, Sammy Cemo, Bryan Johnson and Grant Goldman of CBRE Investment Properties represented the seller in the deal. Located on 4.6 acres in the Greater Airport submarket of Orange County, Calif., the 310,925-square-foot office property includes an adjacent five-level parking structure with 1,013 spaces. Built in 1986, the property has undergone extensive renovations. The asset features a two-story lobby and mezzanine, car charging stations, a conferencing facility, fitness center and MJ’s Café Irvine. Additionally, the building offers immediate access to Interstate 405 and State Routes 55 and 73. This year, the Jamboree-Michelson Pedestrian Bridge will be completed, connecting the building with walkable retail, residential and hospitality amenities.

January 14, 2025

Nellis-Commerce-Center-North-Las-Vegas-NV

Development Industrial Nevada Western

Panattoni Development Completes 228,760 SF Nellis Commerce Center in North Las Vegas

by Amy Works January 14, 2025

NORTH LAS VEGAS, NEV. — Panattoni Development Co. has completed Nellis Commerce Center in North Las Vegas. The 228,760-square-foot, Class A industrial building features 17 dock doors, 18 additional knock-out panels and 48 trailer parking stalls. The facility also features 36-foot clearance, ESFR fire sprinklers and the ability to accommodate up to two tenants with square footage divisible to approximately 105,700 square feet. Nellis Commerce Center is situated 12 miles from Harry Reid Airport, less than five miles from the I-15 interchange and seven miles from US Highway 95. Panattoni Development Co. developed Nellis Commerce Center, which is being marketed by Sean Zaher, Garrett Toft and Jake Higgins of CBRE.

January 14, 2025

Acquisitions Colorado Retail Western

CentrePoint Acquires 76,000 SF Retail Center in Edgewater, Colorado

by Amy Works January 14, 2025

EDGEWATER, COLO. — CentrePoint Properties has acquired Edgewater Public Market, a 76,000-square-foot retail center located in Edgewater, roughly five miles outside downtown Denver, for an undisclosed price. LCP Development, an affiliate of LCP Management, was the developer and seller. Opened in 2019 within a building formerly occupied by King Soopers, the center comprises a food hall and 17 retail tenants, as well as three additional buildings leased to tenants including Shake Shack, Syrup, Veterinary Emergency Group and Adelita’s Cocina y Cantina.

January 14, 2025

Acquisitions California Restaurant Retail Western

Valore Ventures Sells 3,895 SF Restaurant Property in Fontana, California

by Amy Works January 14, 2025

FONTANA, CALIF. — Valore Ventures has sold a 3,895-square-foot single-tenant restaurant property in the Los Angeles suburb of Fontana. McDonald’s occupies the property on a 20-year ground lease. Construction of the building was completed in December 2024. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners represented Valore Ventures in the transaction. Joe Linkogle of Marcus & Millichap represented the buyer, a private trust.

January 14, 2025

Market Reports Nevada Office Southeast Market Reports Western

Vegas’ Office Market Balances Growth, Resilience Amid Challenges

by John Nelson January 14, 2025

— By Patti Dillon, Executive Vice President, Colliers — Las Vegas’ office market is at a critical juncture as shifting dynamics could shape its future for years to come. New developments like the anticipated 30-acre studios development project in discussion with Howard Hughes Corporation present opportunities, though second-generation office space is expected to dominate over the next three to five years. This shift is driven by cost efficiency, evolving tenant demands and the higher expenses tied to new construction. Though new builds offer state-of-the-art facilities, the adaptability and affordability of second-generation spaces make them a practical solution for many businesses. Las Vegas continues to attract high-profile corporate tenants from out of state. These companies are drawn to flexible office spaces that feature modern technology and proximity to mixed-use developments that support the evolving hybrid work model. The increasing demand for live-work-play environments has placed a premium on mixed-use developments that combine residential, office and retail spaces. Despite ongoing demand, the market faces significant challenges. Investor confidence has been impacted by broader economic factors, including the U.S. elections, geopolitical tensions and inflationary pressures. Supply chain disruptions, rising construction costs and higher interest rates also create barriers for developers and limit financing options …

January 14, 2025

California Loans Multifamily Western

JLL Secures $188M Loan for Vive Luxe Multifamily Community in San Diego

by Amy Works January 13, 2025

SAN DIEGO — JLL Capital Markets has secured a $188 million loan on behalf of Sunroad Enterprises for Vive Luxe, a multifamily property in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market’s Debt Advisory team secured the five-year, fixed-rate loan for the borrower from accounts managed by KKR, a global investment firm. Located at 4890 Sunroad Centrum Lane, Vive Luxe offers 442 one-, two- and three-bedroom apartments, ranging from 726 square feet to 1,122 square feet. Each unit offers stainless steel appliances, gourmet kitchens, quartz countertops and open concept living spaces. Onsite amenities include a swimming pool with clubhouse and spa, fitness center, wine lounge, sky deck and ocean lounge. The property also offers 23 affordable units.

January 13, 2025

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