There is roughly 61 million square feet of office space in the Las Vegas Valley. About 22 percent of that is vacant. That being said, leasing activity is picking up. Tenants nearing the end of their leases are looking for better deals elsewhere – and they’re finding them. Then there are the new players in the market, who are are kicking the tires, too. The tenant’s market has been a mainstay for the past few years in Las Vegas. But over the past 12 to 18 months, banks have shifted their philosophies in regards to how they handle their office portfolios and it’s definitely making an impact on the market. Lenders today are no longer dumping foreclosed properties back on the market at fire sale prices. Instead, they are choosing to add value to their assets by leasing space in the hopes of a better future return for investors. In general, banks are very aggressive with their terms and generous with tenant improvement allowances. Private owners have needed to follow suit in order to stay competitive. Some tenants that have considered buying are frequently steered back into leases. This is because rates and terms are far too attractive. Leasing offers …
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SAN DIEGO — The 176-room Courtyard San Diego Old Town and the 123-room Fairfield Inn & Suites San Diego Old Town have received $50 million in debt financing. They are located at 2435 Jefferson Street and 3900 Old Town Ave., respectively. Both hotels are Marriott brands and are owned by a joint venture between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. The floating-rate loan carries a three-year initial term and two optional 12-month extensions. It was secured by Mathew Comfort, Reid McGlameryand Mike Huthof Jones Lang LaSalle. The loan was provided by a domestic bank.
WESTMINSTER, COLO. – Cornerstone Real Estate Advisers LLC has acquired the 310-unit Bradburn Row in Westminster for an undisclosed sum. The community is located at 11900 Newton Street within the master-planned community of Bradburn Village, about 20 minutes north of Downtown Denver. Bradburn Row was 96 percent occupied at the time of sale.Cornerstone purchased the asset on behalf of an institutional investor. The seller, Carmel Partners, was represented by HFF’s Jordan Robbins and Jake Young.
IRVINE, CALIF. — Bixby Land Companyhas purchased a 45,576-square-foot office building in Irvine for an undisclosed sum. The company plans to redevelop the property into a creative office space that encourages a contemporary work environment. The building is located at 18231 West McDurmott in the John Wayne Airport submarket. The project has been named “gen2.” It will feature natural and sustainable materials, wood elements and an outdoor gathering area that serves as a natural extension of the collaborative interior spaces. The building is being designed to accommodate three tenants that will each occupy about 15,000 square feet. It is scheduled for completion in mid-2014. Leasing will be handled by Bob Thagard of Orion Property Partners and John Griffin of Voit. The project will be designed by LPA. This is Bixby’s seventh value-add renovation in the past two years.
DENVER — Gart Investment Company has acquired Willow Run Shopping Center, a 91,565-square-foot retail outpost in the Denver suburb of Westminster, for $10.8 million. The center is located at 12900-12910 N. Zuni Street. It was 80 percent leased at the time of sale. Notable tenants include Safeway, Allstate and Subway. Outlying tenants that were not part of the sale include JPMorgan Chase, Conoco Philips and McDonalds. Gart was represented by Shaun Riley of Faris Lee Investments. The seller, TNP SRT Willow Run, LLC, was represented by Richard Chichester, Jeff Conover and Tom Chichester of the same firm.
SAN DIEGO — The 176-room Courtyard San Diego Old Town and the 123-room Fairfield Inn & Suites San Diego Old Town have received $50 million in debt financing. They are located at 2435 Jefferson Street and 3900 Old Town Ave., respectively. Both hotels are Marriott brands and are owned by a joint venture between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. The floating-rate loan carries a three-year initial term and two optional 12-month extensions. It was secured by Mathew Comfort, Reid McGlamery and Mike Huth of Jones Lang LaSalle. The loan was provided by a domestic bank.
WESTMINSTER, COLO. – Cornerstone Real Estate Advisers LLC has acquired the 310-unit Bradburn Row in Westminster for an undisclosed sum. The community is located at 11900 Newton Street within the master-planned community of Bradburn Village, about 20 minutes north of Downtown Denver. Bradburn Row was 96 percent occupied at the time of sale. Cornerstone purchased the asset on behalf of an institutional investor. The seller, Carmel Partners, was represented by HFF’s Jordan Robbins and Jake Young.
IRVINE, CALIF. — Bixby Land Company has purchased a 45,576-square-foot office building in Irvine for an undisclosed sum. The company plans to redevelop the property into a creative office space that encourages a contemporary work environment. The building is located at 18231 West McDurmott in the John Wayne Airport submarket. The project has been named “gen2.” It will feature natural and sustainable materials, wood elements and an outdoor gathering area that serves as a natural extension of the collaborative interior spaces. The building is being designed to accommodate three tenants that will each occupy about 15,000 square feet. It is scheduled for completion in mid-2014. Leasing will be handled by Bob Thagard of Orion Property Partners and John Griffin of Voit. The project will be designed by LPA. This is Bixby’s seventh value-add renovation in the past two years.
DENVER — Gart Investment Company has acquired Willow Run Shopping Center, a 91,565-square-foot retail outpost in the Denver suburb of Westminster, for $10.8 million. The center is located at 12900-12910 N. Zuni Street. It was 80 percent leased at the time of sale. Notable tenants include Safeway, Allstate and Subway. Outlying tenants that were not part of the sale include JPMorgan Chase, Conoco Philips and McDonalds. Gart was represented by Shaun Riley of Faris Lee Investments. The seller, TNP SRT Willow Run, LLC, was represented by Richard Chichester, Jeff Conover and Tom Chichester of the same firm.
PHOENIX — Matrix Absence Management has moved its U.S. headquarters to Desert Canyon 200 in Phoenix. The space is located at 2421 W. Peoria Ave. The employee benefits management company has leased 65,502 square feet at the Desert Canyon Campus. It was previously based at the nearby Lakeside Center. Matrix will occupy a space that was vacated by American Express. It is currently undergoing renovations and should be ready for occupancy next spring. Matrix, a subsidiary of the Tokio Marine Group, was represented by Steve Corney of Jones Lang LaSalle’s Phoenix office. The landlord, REEF Desert Canyon, LLC, was represented by Jim Bayless, Ashley Brooks and Jenny Aust of CBRE’s Phoenix office.