Western

Growth Continues in the Mojave River Valley

by Jeff Shaw January 17, 2024

— By Joseph W. Brady, CCIM, SIOR, President, The Bradco Companies — A population boom has brought houses, companies and retailers to the High Desert also known as the Mojave River Valley. The “High Desert” used to be a term that referred to one area: the northern region of San Bernardino County that is beyond the Cajon Pass. As such, many other “High Desert” popped up, including the nearby Joshua Tree Area, in addition to namesakes in Arizona, Nevada and Oregon. That led this particular area to be rebranded as the Mojave River Valley, notes Joseph W. Brady, president of The Bradco Companies in Victorville, Calif. As a long-time, 35-year resident, of the Mojave River Valley, he is the longest serving commercial broker in the region. What is the current state of commercial real estate in the Mojave River Valley? Retail is rather steady, with each of the cities — Apple Valley, Adelanto, Hesperia, and Victorville — all seizing new opportunities for commercial. Sprouts grocery stores (remodel of the former Toys”R”Us) are coming into Victorville and the Town of Apple Valley. We also have many smaller national tenants that continue to expand in the retail marketplace. Retail vacancy levels continue …

January 17, 2024

Emerald-Island-Rainbow-Club-Casino-Henderson-NV

Acquisitions Hospitality Nevada Retail Western

LOGIC Commercial Real Estate Brokers Sale of Emerald Island, Rainbow Club Casino in Henderson, Nevada

by Amy Works January 16, 2024

HENDERSON, NEV. — LOGIC Commercial Real Estate has arranged the sale of Emerald Island and Rainbow Club Casino in downtown Henderson. An affiliate of ECL Water Street LCC, a Las Vegas-based company with 45 properties in three states, acquired the assets from Tim Brooks for an undisclosed price. The buyer company is led by Ron Winchell and Marc Falcone. Tim Brooks, former owner, will continue overseeing both properties’ day-to-day operations as general manager. Covering approximately 2.7 acres, the portfolio features a combined gaming machine count of approximately 768 and each property holds a Nevada non-restricted gaming license. Vincent Advisory Group of LOGIC represented the seller in the transaction.

January 16, 2024

Acquisitions California Industrial Western

CBRE Negotiates $18.5M Sale of Two-Building Industrial Complex in Anaheim, California

by Amy Works January 16, 2024

ANAHEIM, CALIF. — CBRE has arranged the sale of an industrial complex located at 3000-3010 E. La Jolla St. in Anaheim. A Southern California-based private seller sold the asset to an undisclosed buyer for $18.5 million. Anthony DeLorenxo, Gary Stache, Bryan Johnson, Nick Williams and Keith Greer of CBRE Investment Properties represented the seller in the deal. Totaling 88,128 square feet, the complex consists of a 50,128-square-foot building at 3000 E. La Jolla St. and a 37,128-square-foot building at 3010 E. La Jolla St. Both facilities feature a dock and truck well. Sonfarrel Aerospace, an aerospace part manufacturer, has fully occupied the asset since 1974 and will continue to do so.

January 16, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Co., American Hospitality Break Ground on Roseville Junction Mixed-Use Development in Roseville, California

by Amy Works January 16, 2024

ROSEVILLE, CALIF. — LRE & Co. and American Hospitality Services have broken ground on Roseville Junction, a mixed-use development at 290 Conference Center Drive in Roseville, a suburb northeast of Sacramento. Functioning as a sports and entertainment complex in Placer County, Roseville Junction will include two select-service hotels, three restaurants, an outdoor gathering place and The Electric Pickle, which will offer a bocce ball court, 10 pickleball courts and dining venues. Caption by Hyatt Roseville will feature 112 rooms and suites, a fitness center, meeting facilities and a reimagined hotel lobby with an on-site restaurant and beverage venue, an all-day café, market and bar with a lounge and social space. Hyatt House Roseville will offer 126 rooms, including studios and one-bedroom suites, public spaces, workout spaces and a rooftop bar.

January 16, 2024

California Development Multifamily Western

Liberty National Acquires Development Site in San Diego for Apartment Tower Project

by Amy Works January 16, 2024

SAN DIEGO — Liberty National Corp. has purchased a land site at 1520 and 1532 3rd Ave. in downtown San Diego for the development of a residential property. Terms of the transaction were not released. Liberty acquired the 22,484-square-foot site in December 2023 and plans to build a high-rise multifamily community on the site. The property will also offer a selection of affordable housing options.

January 16, 2024

Acquisitions Colorado Restaurant Retail Western

SRS Real Estate Arranges $8.8M Sale of 7-Eleven-Occupied Property in Wheat Ridge, Colorado

by Amy Works January 16, 2024

WHEAT RIDGE, COLO. — SRS Real Estate Partners has negotiated the sale of a newly developed retail property at 4400 Harlan Court in Wheat Ridge. Cadence Capital sold the asset to a California-based family office for $8.8 million. 7-Eleven occupies the 4,650-square-foot property, which is situated on 1.3 acres. The asset also includes Laredo Taco, 7-Eleven’s new quick-service restaurant concept. The building is an outparcel to Lakeside Center, a 728,000-square-foot retail power center anchored by Walmart Supercenter, Petco, Planet Fitness and Goodwill. Ryan Tomkins of SRS Capital Markets represented the seller in the transaction.

January 16, 2024

Hawaii Market Reports Retail Western Western Market Reports

Navigating Hawaii’s Retail Landscape: Adapting to Shifting Tides

by Jeff Shaw January 16, 2024

— By Jon-Eric Greene, Colliers — Hawaii has historically been home to many of the nation’s top grossing retail locations (as measured by gross sales), including one of the highest grossing regional malls in Ala Moana Center, and the world-famous retail street, Kalakaua Avenue in Waikiki. However, since COVID shutdowns, Hawaii retailers and shopping centers have struggled to recover. While the tourism and hotel markets have bounced back, an important visitor demographic — the international shopper — has yet to return. Tourism is Hawaii’s No. 1 industry, with almost every dollar circulating through the economy tracing back to visitors. In 2019, Hawaii welcomed a record 10.4 million visitors. However, in 2020, arrivals plummeted to 2.7 million visitors due to the pandemic. The state experienced rebounded visitor numbers in 2021 and 2022 of 6.8 million and 9.2 million visitors respectively and expected to end 2023 with 9.3 million visitors. The visitor profile has changed dramatically, however, impacting many retailers and shopping centers. In 2019, around 3 million visitors were international, with over 50 percent (1.58 million) coming from Japan. In 2022, only 900,000 of Hawaii’s 9.2 million visitors were international, including just 192,500 Japanese. So, while overall visitor counts to Hawaii …

January 16, 2024

Acquisitions California Office Western

J Street Buys 390,609 SF Vacant Office Building in San Diego, Plans Redevelopment Project

by Amy Works January 15, 2024

SAN DIEGO — J Street has acquired a fully vacant office building in San Diego, known as Tower 180, in a lender-facilitated, off-market transaction for an undisclosed price. The buyer plans to convert the 25-story building into hospitality and residential use. Brunson Howard and Rick Reeder of Newmark, along with Kevin Shannon, Tony Malk, Chris Benton and Anthony Muhlstein of Newmark’s U.S. capital markets team, represented the undisclosed seller. Located at 124 W. Broadway, the 390,609-square-foot asset primarily offers 10,000-square-foot floor plates. The asset is centrally located with easy access to Civic Center Trolley Station, Light Rail (MTS Station), Santa Fe Train Depot, San Diego International Airport, Interstate 5 and Highway 163.

January 15, 2024

Loans Mixed-Use Multifamily Office Retail Utah Western

PGIM Real Estate Provides $18.5M Mezzanine Loan for Mixed-Use Portfolio in Layton, Utah

by Amy Works January 15, 2024

LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a mixed-use multifamily and commercial portfolio in Layton, approximately 25 miles north of Salt Lake City. The 6.3-acre site features a newly constructed apartment community and two commercial buildings. The multifamily portion totals 252 units, and the two commercial buildings offer a total of 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space. Daniel Kattan of PGIM secured the financing for the borrower.

January 15, 2024

Acquisitions California Retail Western

Hanley Investment Arranges Sales of Two Retail Assets at Antelope Valley Plaza in Lancaster, California

by Amy Works January 15, 2024

LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of a single-tenant Smart & Final Extra! and a single-tenant property occupied by dd’s Discounts at Antelope Valley Plaza in Lancaster, approximately 65 miles north of Los Angeles. Two individual private 1031 exchange buyers acquired the assets in separate transactions, which totaled $11.4 million. In the first transaction, PacWest Management, in partnership with Evergreen Development Co., sold the single-tenant, 32,200-square-foot property that is occupied by Smart & Final Extra! under a new 15-year corporate lease. The property is located at 2058 W. Avenue J. Sean Cox, Bill Asher, Alexander Moore and Kevin Fryman of Hanley represented the seller in the deal. In the second transaction, a Southern California-based 1031 exchange buyer acquired the 24,000-square-foot property at 2038 W. Avenue J in an all-cash transaction. dd’s Discounts, which occupies the property, has less than three years remaining on the initial lease term. Cox, Asher, Moore and Fryman represented the seller, PacWest Management, in the transaction.

January 15, 2024

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