Las Vegas investors remain risk averse, favoring Class A and B properties. Increased buyer demand and a lack of inventory will support more aggressive pricing, with the sellers capitalizing on improving property performance. With stronger operations, Class C owners are encouraged to bring assets to market, pushing deal flow for the properties. The location of the asset is crucial to investors searching for higher returns, which is expected to exceed 8 percent. With an improving local economy, new construction, strengthening job market and a new “downtown,” we can expect a lower apartment vacancy and higher rents in Las Vegas this year. The improving local market and strengthen job market is being driven by some noteworthy construction and openings this year. They include the Linq, SLS Hotel (formerly Sahara Casino), the Downtown Summerlin Mall, the Grand Bazaar Shops, the Malaysia-based Genting Berhad’s $4-billion Resorts World Las Vegas (formerly Echelon) and the announcement of the $2.5-billion renovation of the Las Vegas Convention Center. These projects will create more than 15 million direct and indirect jobs. On top of this, occupancy rates keep rising. The Las Vegas market absorbed more than 3,000 units in 2013. It has absorbed another 760 net-leased units so …
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PHOENIX – A 34,440-square-foot back-office building in Phoenix has sold to the Sharp Family Revocable Trust for $5.4 million. The building is located at 4832 E. McDowell Road. It is fully leased to LogisticCare Solutions, which holds a long-term, triple-net lease. Erik Marsh and Goodall “Hook” McCullough of Newmark Grubb Knight Frank represented the trust. The seller, VWP McDowell LLC (ViaWest Group), was represented by Andy Bogardus, Steve Lindley, Bob Buckley and Tracy Cartledge of Cassidy Turley’s Capital Markets Group.
BARSTOW, CALIF. – A 68,362-square-foot retail center in Barstow has sold to Barstow Town Square LLC for $3.6 million. The center is located at 1303-1313 E. Main Street. It is anchored by Family Dollar, Aaron’s and Wienershcnitzel. The LLC was represented by Vic Gausepohl and Kirk Allisonof Colliers International. The seller, The Steele Family Trust, was represented by Brad Umansky, Kenia Drugan, Greg Bedell of Progressive Real Estate Partners.
STOCKTON, CALIF. – The Hammer & West Pad building, a 7,294-square-foot retail property in Stockton, has sold to a local private investorfor $3.7 million. The building is located at 7860 West Lane. It was built in 2008. Notable tenants at Hammer & Westinclude Western Dental, AT&T and Pizza Hut. The property is part of a larger retail center that is anchored by Walgreens. Jeff Conover of Faris Lee Investments represented both the buyer and seller, West Hammer Properties, in this transaction. The buyer was also represented by Mirna Gonzales of Green Banker.
PHOENIX — DriveTime Automotive Group has leased 14,278 square feet of space at Camelhead Square in Phoenix. The center is located at 3033 N. 44th Street. The used vehicle retailer’s new lease brings Camelhead’s occupancy to 80 percent. Other tenants at the square include Hill & Usher and Sovereign Healthcare. DriveTime was represented by CBRE’s Tom Adelson. The landlord, Sun Life Assurance Company, was represented by Chris Latvaaho, Chris Nord and Michael White of Cushman & Wakefield.
PORTLAND, ORE. — Umpqua Bank has leased 24,000 square feet inside the 72nd Corporate Center office building in Portland. The building is located at 13535 SW 72nd Ave. Umpqua was represented by Chris Elsenbach of Cresa. The landlord was represented by John Medak and Jennifer Medak of NAI Norris Beggs and Simpson, and by Evan Bernstein of Pacific NW Properties.
TUSTIN, CALIF. — CapRock Partners LLC has acquired a 110,000-square-foot, high-image industrial/R&D building in Tustin for an undisclosed sum. The building includes a second story, which features 10,000 square feet of office space. The asset is located at 14191 Myford Road. It resides within the Jamboree/5 Freeway and 261 Toll Road corridor, near Tustin Legacy and Tustin Marketplace. The building is home to one tenant, which occupies 40 percent of the space. The remaining 69,000 square feet will be converted into creative office space. CapRock will invest more than $1 million in this conversion to create a modern, open office layout. The funds will also be used for additional improvements, including collaborative outdoor work areas and outdoor entertainment amenities. Improvements are scheduled to commence this fall. The building recently underwent additional renovations, including the installation of a new façade with an expansive glass curtain wall, resurfaced entry parking lot, attractive landscaping and a seismic retrofit. The transaction was executed by Scott Read of Newmark Knight Grubb Frank. Read will also lead CapRock’s marketing efforts.
CHINO HILLS, CALIF. — Chino Hills Professional Plaza, a 40,000-square-foot medical office facility in the Los Angeles submarket of Chino Hills, has received an $8-million loan. The plaza is located at the intersection of Grand Avenue and Chino Hills Parkway. The fixed-to-floating rate loan will be used to refinance the asset and pay off an existing CMBS note for the owner, StoneCreek Company. Financing was secured by Greg Greene and CBRE Capital Market’s Debt & Structured Finance team in Dallas. It was provided by Everbank.
LOS ANGELES – A 36,000-square-foot flex property in the Los Angeles submarket of Thousand Oaks has sold to Chase Partners, LTD for $4 million. The property is located at 2610 Conejo Spectrum. It is situated within a 100-acre, master-planned business park. The property contains 8,500 square feet of office space. The remaining square footage is dedicated to warehouse space. David Parker of Chase Partners represented his investment group in this transaction, while the receiver was represented by John Anthony and Chris Steck with Charles Dunn Company. Jerry Wang was the receiver on the property, which was in foreclosure by Bank of America.
SAN DIEGO – A 16-unit apartment building in San Diego has sold to Toremi 1994 Revocable Trust for $4 million. The community is located at 1827 Reed Ave. The two-story building contains a total of 12,069 square feet. Toremi was represented by Daniel Foley and Savvas Marinos of Colliers International. The seller, Machado Family Trust, was represented by Mark Friedman of Realty World.