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. …
Western
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.
CHANDLER, ARIZ. — PHX Arizona 2012, LLC, has purchased the 289-unit Villamora apartment complex in Chandler for $32.9 million. The community is located at 2150 South Arizona Ave. near the Arizona Railway Museum and Tumbleweed Recreation Center. It is also situated near the offices of Intel Corporation, Chandler Regional Medical Center, Orbital Sciences Corporation and PayPal. The garden-style complex was built in 2001.The property was acquired from PM Olive Grove Chandler, LLC. The transaction was executed by Mark Forrester and Ric Holway of Hendricks-Berkadia.
DENVER – The 110-room Hotel Teatro in Denver has received $22.5 million in refinancing. The hotel is located at 1100 14th Street near the Colorado Convention Center in the city’s Central Business District. The historic building was constructed in 1911. It formerly served as the executive offices of the Denver Tramway Company until it underwent a $20.6-million conversion to a hotel in 1999. The property was acquired by DiNapoli Capital Partners in 2006. The company will use the funds to refinance the property’s existing first mortgage and to upgrade the hotel. Financing was arranged by Brad Zampa and Nathan Elliott of CBRE Capital Markets. The loan was originated by Ronnie Gul of Mesa West Capital.
ALISO VIEJO, CALIF. — Aliso Viejo Medical Center, a 27,192-square-foot medical office building in South Orange County, has sold to a private equity fund for an undisclosed sum. The Class A building is located at 24502 Pacific Park Drive in Aliso Viejo. Kaiser Permanente serves as the center’s main tenant. It signed a five-year lease renewal this past August. The buyer was represented by Guggenheim Realty Group. The seller, Accretive Realty, was represented by Garth Hoganand Todd Perman ofNewmark Grubb Knight FrankGlobal Healthcare Services. They worked in conjunction with Richard Bland of Cornish & Carey Newmark Knight Frank.