LAS VEGAS – The $43-million expansion of the United Brotherhood of Carpenters (UBC) and Joiners of America International Training Center has been completed in Las Vegas. The facility now includes a 220,000-square-foot building that will provide a variety of training resources for UBC members. The new facility includes shop space, more than 30 classrooms, two large meeting halls, and a display area and museum. The center now boasts a total of 365,000 square feet. The center’s expansion began in September 2012. An opening ceremony is scheduled for early next year. Construction was completed by the PENTA Building Group. Many UBC members, who were trained by the Carpenters International Training Fund, contributed to this project. The center provides in-depth training to regional instructors and union members in the U.S. and Canada. The United Brotherhood of Carpenters contains nearly 500,000 members and more than 200 training centers across North America. The facility originally opened in 2001.
Western
LAKEWOOD, WASH. – The 254-unit Echelon Apartments in Lakewood has received a $28.5-million refinance. The townhouse-style community is located at 101 88th Street Court SW just southwest of Tacoma. It was built in 2009. The loan was provided by Ed Belz of Berkeley Point. Financing was structured under the FHA 223(a)(7) program, which allows existing, qualifying FHA loans to be refinanced. The property is owned by Lakewood Project, LLC.
FLAGSTAFF, ARIZ. – A single-tenant, triple-net leased asset in Flagstaff has sold to a private investor for $7.2 million. The asset is located at 9147 West Route 66 on 7.52 acres. It is fully leased to Camping World through 2024. The acquisition was part of a 1031 tax-deferred exchange. The private client was represented by Paul Lafrenz and Melissa Foster of CBRE San Diego Commercial Private Capital Group. The Arizona purchase was completed in conjunction with Andrew Fosberg of the CBRE Phoenix Private Capital Group.
The retail market in Southern Nevada in mid-2013 continues to mirror the broader economy, with some bright spots and some declines in performance. There appears to be a belief (or maybe a hope) by many market observers that if there hasn’t been enough improvement in Las Vegas to date, then it has to be occurring in the near future. It seems the effects of the Great Recession are still lingering and the economy hasn’t yet built up a sustainable head of steam as measured by true objective metrics. A good measure of the local economic health is unemployment statistics. The unemployment rate in Las Vegas has dropped from 9.8 percent to 9.7 percent from February to July of this year, according to the Bureau of Labor Statistics. On another bright note, an additional 1.83 million square feet of retail space was under construction at the end of the second quarter of 2013. More than 70.1 percent of this total space was preleased. General Growth Properties’ The Shops at Summerlin comprises 1.5 million square feet of current construction. It is expected to open in late 2014 and is already more than 85 percent leased to tenants like Dillard’s and Nordstrom Rack. …
VANCOUVER, WASH. — Kennedy Wilson and its partners have acquired The Pointe, a 388-unit apartment community in Vancouver, for $39.5 million. The community is located at 3708 NE 109th Ave. in the Portland submarket. The seller was not named.
PACIFICA, CALIF. – The 97-room Best Western Plus Lighthouse Hotel in Pacifica has changed hands. The hotel is located at 105 Rockaway Beach Ave. just 25 minutes south of Downtown San Francisco. The seller, Invest West Financial Corporation, was represented by Henry Bose and Mark McDermott of CBRE Hotels. The buyer was not named.
MURRAY, UTAH — MIG Real Estate has purchased the Mountain View Corporate Center, an 84,421-square-foot office building in Murray, for an undisclosed sum. The Class A center is located at 756 and 764 East Winchester Street near Downtown Salt Lake City. It is currently 91 percent leased. Notable tenants include Motorola and Liberty Mutual. Though this is MIG’s first acquisition in Greater Salt Lake, it is the firm’s 18th office investment. MIG is focusing on well-located properties with value-add components. The unnamed seller was represented by Cushman & Wakefield/Commerce Real Estate Solutions.
VANCOUVER, WASH. — Kennedy Wilson and its partners have acquired The Pointe, a 388-unit apartment community in Vancouver, for $39.5 million. The community is located at 3708 NE 109th Ave. in the Portland submarket. The seller was not named.
PACIFICA, CALIF. – The 97-room Best Western Plus Lighthouse Hotel in Pacifica has changed hands. The hotel is located at 105 Rockaway Beach Ave. just 25 minutes south of Downtown San Francisco. The seller, Invest West Financial Corporation, was represented by Henry Bose and Mark McDermott of CBRE Hotels. The buyer was not named.
MURRAY, UTAH — MIG Real Estate has purchased the Mountain View Corporate Center, an 84,421-square-foot office building in Murray, for an undisclosed sum. The Class A center is located at 756 and 764 East Winchester Street near Downtown Salt Lake City. It is currently 91 percent leased. Notable tenants include Motorola and Liberty Mutual. Though this is MIG’s first acquisition in Greater Salt Lake, it is the firm’s 18th office investment. MIG is focusing on well-located properties with value-add components. The unnamed seller was represented by Cushman & Wakefield/Commerce Real Estate Solutions.