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

Acquisitions California Retail Western

NAI Capital Brokers $2.5M Sale of The Powerhouse Retail Property in Santa Monica, California

by Amy Works June 27, 2024

SANTA MONICA, CALIF. — NAI Capital Commercial has arranged the sale of The Powerhouse, a historic retail building located at 3116 2nd St. in Santa Monica, a coastal city west of Los Angeles. Temple Mishkon sold the asset to 2nd Street Santa Monica LLC for $2.5 million, or $1,660 per square foot. Built in 1909 and totaling 1,500 square feet, The Powerhouse is on the California Register of Historical Resources. In 1982, Ry Hay, Paul Linke and Lucinda Zeising converted the building into a playhouse, but by the early 1990s, the theatre fell into disrepair and was abandoned. The Powerhouse Theatre Co. revitalized the space in 1995 and operated until 2011. In 2016, the building underwent an extensive renovation that included an earthquake retrofit, new electrical and plumbing systems, a new roof, updated bathrooms and an exterior dock.

June 27, 2024

Civic Colorado Development Western

Colorado Christian University Nears Completion of $170M Expansion Project in Lakewood, Colorado

by Amy Works June 26, 2024

LAKEWOOD, COLO. — Colorado Christian University (CCU) is nearly the completion of $170 million of new facility construction at the Lakewood campus, just west of Denver. The facilities include Leprino Hall, an academic building; Yetter and Rockmont Halls, apartment-style residence halls; Anschutz Student Center; and the soon-to-be-completed Armstrong Center. The 60,000-square-foot Armstrong Center will enable the school of music to return to CCU’s main campus, expand the library, offer a 500-seat performance theater and provide the university with its first dedicated chapel. Additionally, CCU is investing $45 million for a new science and engineering building and athletic facilities.

June 26, 2024

Acquisitions Loans Multifamily Washington Western

Washington Federal Bank Completes Sale of $2.8B in Multifamily Loans

by Amy Works June 26, 2024

SEATTLE — Washington Federal Bank, the wholly owned subsidiary of WaFd Inc. (NASDAQ: WAFD), has consummated the sale of approximately $2.8 billion of multifamily commercial real estate loans to Bank of America, which in turn is selling the loans to funds managed by Pacific Investment Management Co. The sale of the multifamily loans was executed at no loss to WaFd and provides immediate liquidity, according to the seller. The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger.

June 26, 2024

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