Economic conditions in Clark County and Las Vegas continue to improve with evidence of a slow and steady recovery finally emerging. Analysts from the UNLV Center for Business and Economic Research’s late summer survey noted respondents remained optimistic about general economic conditions in southern Nevada, with 82 percent expecting to see no change or improvement. Their Southern Nevada Business Confidence Index rose to its highest level in more than four years during the summer, echoing this positive sentiment. A couple of indicators highlight the emergence of a more favorable environment, with retail sales improving, McCarran Airport traffic on the rise and the gaming “take” on the rebound. Median existing home sale prices have jumped more than $12,000 compared to the same period a year ago. Furthermore, the labor market in Clark County has stabilized with more than 6,000 jobs added to non-farm payrolls since the spring. The overall county population has also increased to its highest level in five years, according to US Census estimates. In the multifamily market, the past two indicators carry the most weight for the region’s apartment market. A healthy apartment market requires significant population densities with a positive trend. This needs to be supported by …
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Though a balanced Los Angeles office market may be a year away, the situation is certainly looking more promising than a year ago. This is due to rising rents, positive (and continued) absorption and increased transaction volume. These trends are buoyed by falling unemployment rates, which declined to 11.1 percent in the second quarter, compared with 12.4 percent a year ago. Professional services companies led this charge, adding 16,500 jobs over the past 12 months. Entertainment and media also showed robust gains, adding 8,000 jobs over the same period. Government and manufacturing sectors represent the opposite end of the spectrum and still lag in the recovery. As expected, creative users within the respective fields of entertainment, social media and gaming companies continue to drive leasing activity. This is particularly true on the Westside where companies like Riot Games in Santa Monica, Google in Venice and YouTube in Playa Vista abound. DirecTV also recently signed a 205,202-square-foot renewal in El Segundo. Many Los Angeles companies are also once again thinking about recruitment and seeking out locations that appeal to their employee base. One example is law firm Morrison Forester, which is relocating from Downtown’s Bunker Hill to the amenity-rich Financial District. …
LAS VEGAS – A joint venture between Hines and a subsidiary of real estate funds managed by Oaktree Capital Management has acquired a 32-building office portfolio in the Las Vegas submarket of Summerlin. Vegas Inc. reported the sales price to be about $127 million. The portfolio contains 1,110,500 square feet of institutional-quality office space that is spread out among 13 campuses. The acquisition also includes two additional development parcels totaling 19 acres. Some of the properties’ notable tenants include AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide. Hines has assumed property management responsibilities on behalf of the joint venture. The seller, General Growth Properties, was represented by CBRE’s Kevin Shannon, Tom Bohlinger and Charles Moore.
CITY OF INDUSTRY, CALIF. – The Walnut Business Center has sold to Cook Walnut Property LLC for $6.6 million. The 57,412-square-foot center is located at 19555-19575 E. Walnut Drive South. Cook Walnut was represented by Jeff Bethel of Lee & Associates’ City of Industry office and Peter Bacci of the firm’s Los Angeles – Central office. Bethel also represented the seller, Catesgarb Holdings.
BRENTWOOD, CALIF. – The 137-unit TownCentre Commons Apartments in Brentwood has sold to Ridge Capital Investors for $19.6 million. TownCentre Commons is currently 97 percent occupied. Ridge Capital plans to invest an additional $1 million in property renovations. The community is managed by FPI Management.
LAS VEGAS – A joint venture between Hines and a subsidiary of real estate funds managed by Oaktree Capital Management has acquired a 32-building office portfolio in the Las Vegas submarket of Summerlin. Vegas Inc. reported the sales price to be about $127 million. The portfolio contains 1,110,500 square feet of institutional-quality office space that is spread out among 13 campuses. The acquisition also includes two additional development parcels totaling 19 acres. Some of the properties’ notable tenants include AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide. Hines has assumed property management responsibilities on behalf of the joint venture. The seller, General Growth Properties, was represented by CBRE’s Kevin Shannon, Tom Bohlinger and Charles Moore.
CITY OF INDUSTRY, CALIF. – The Walnut Business Center has sold to Cook Walnut Property LLC for $6.6 million. The 57,412-square-foot center is located at 19555-19575 E. Walnut Drive South. Cook Walnut was represented by Jeff Bethel of Lee & Associates’ City of Industry office and Peter Bacci of the firm’s Los Angeles – Central office. Bethel also represented the seller, Catesgarb Holdings.
BRENTWOOD, CALIF. – The 137-unit TownCentre Commons Apartments in Brentwood has sold to Ridge Capital Investors for $19.6 million. TownCentre Commons is currently 97 percent occupied. Ridge Capital plans to invest an additional $1 million in property renovations. The community is managed by FPI Management.
PHOENIX — A 131,000-square-foot industrial building in Phoenix has sold to Grand Canyon University for $6.4 million. The single-story flex building is located at 5115 N. 27th Ave. Grand Canyon was represented by Todd Noel of Colliers International’s Phoenix office. The seller, Crown Realty & Development, was represented by Will Strong of Cushman & Wakefield.
SAN DIEGO – Construction has commenced on The Headquarters, a $40-million, adaptive re-use and renovation of the Old Police Headquarters building in San Diego’s Seaport District. The new project will transform the building into a 100,000-square-foot retail, dining and entertainment destination. The space is located at 525 Pacific, adjacent to Seaport Village. The property was originally developed in 1939 and served as the San Diego Police Headquarters until 1987. The Headquarters is scheduled for completion in fall 2013. It is being developed by Terramar Retail Centers and built by Legacy Building Services.