REBusinessOnline

Las Vegas Gaming: The Ugly, the Bad and the Good

By Mike Mixer, Colliers International - Las VegasAt the beginning of 2020, Las Vegas was anything but ugly. Nevada’s economy was one of the fastest growing in the country. Unemployment was the lowest ever at 3.6 percent, while casinos reported three straight months of $1 billion in winnings. Then COVID came along and things got real ugly, real quick. The entire Las Vegas Strip was shut down, closed…on less than a day’s notice.The Las Vegas unemployment rate hit a staggering 34.2 …

Hospitality, Market Reports, Nevada, Retail, Western, Western Market Reports

BentallGreenOak Acquires 607,208 SF North Bay Logistics Center in Fairfield, California

FAIRFIELD, CALIF. — BentallGreenOak, on behalf of a discretionary investment vehicle, has purchased North Bay Logistics Center, a fully net-leased distribution warehouse in Fairfield. Terms of the transaction, including the name of the seller and acquisition price, were not released.Built in 1995, the cross-dock, 607,208-square-foot property features functional tenant space with 30-foot clear heights, wide column spacing, ESFR sprinklers, 56 dock-high doors, eight grade-level doors, ample …

Acquisitions, California, Industrial, Net Lease, Western

CapRock Partners to Develop Three-Building, 230,262 SF Industrial Park in Southwest Las Vegas

LAS VEGAS — CapRock Partners has completed the acquisition of a 12.9-acre parcel at the junction of South Riley Street and West Hacienda Avenue in Southwest Las Vegas. Additionally, the company has successfully petitioned to rezone of the site to allow for the development of a three-building industrial park.The speculative industrial park will include:A 132,450-square-foot facility with 28-foot clear heights, five grade-level doors and 26 dock-high doors A 75,836-square-foot …

Development, Industrial, Nevada, Western

Cypress West Partners Sells Park Plaza Medical Campus in Redlands, California for $18.3M

REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million.Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University …

Acquisitions, California, Healthcare, Office, Western

Glencrest Group Buys Multifamily Property Near Portland, CBRE Capital Markets Secures $13.8M Loan

CANBY, ORE. — San Francisco-based Glencrest Group has purchased The Township, an apartment community located at 700 SE Fifth Ave. in Canby, approximately 25 miles south of Portland.Andrew Behrens and Jesee Weber of CBRE arranged a $13.8 million, 10-year, fixed-rate loan for the buyer. Josh McDonald of CBRE’s Portland office represented the undisclosed seller in the transaction.The Township features 92 units in a mix of one-, two- and three-bedroom floor plans spread across 13 …

Acquisitions, Loans, Multifamily, Oregon, Western

Marcus & Millichap Brokers $5.6M Sale of Carlton Village Senior Care Community in Tucson

TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Carlton Village Senior Care Community, an assisted living property located at 321 W. Limberlost Drive in Tucson. An undisclosed seniors housing developer sold the asset to a Tucson-based assisted living owner-operator for $5.6 million, or $70,000 per bed.Built in 2018, Carlton Village features 80 beds spread across eight 10-bed homes.Alex Snyder and Hamid Panahi of Marcus & Millichap’s Tucson office represented the …

Acquisitions, Arizona, Multifamily, Seniors Housing, Western

Hines Sells Industrial Logistics Facility in Santa Ana, California for $113.5M

SANTA ANA, CALIF. — Hines has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana. An undisclosed buyer acquired the property for $113.5 million.Situated close to State Route 55, Interstate 5 and John Wayne Airport, the facility offers 373,942 square feet of last-mile distribution or more traditional manufacturing and warehouse space in Southern California. Hines purchased the facility in 2017 and implemented a robust capital improvement plan, including new …

Acquisitions, California, Industrial, Western

Waterton Acquires 318-Unit The Vue Residential High-Rise in San Pedro, California

SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released.Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units …

Acquisitions, California, Multifamily, Western

Milestone Group Buys Two-Property Multifamily Portfolio Totaling 448 Units Near Phoenix

MESA AND GLENDALE, ARIZ. — An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartments through a recapitalization valued at approximately $85 million.Located at 1865 N. Higley Road in Mesa, Alta Mesa features 200 garden-style apartments in a mix of studio loft, one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a hot tub, clubhouse, fitness center, racquetball court and movie theater.Located at 7400 W. Arrowhead …

Acquisitions, Arizona, Multifamily, Western

Money360 Appoints Tom MacManus as CEO

LADERA RANCH, CALIF. — Money360, a Ladera Beach-based commercial real estate direct lender, has promoted Tom MacManus to president and chief executive office (CEO). Current CEO Evan Gentry will step back from day-to-day operations and transition responsibilities effective April 5, 2021.MacManus joined Money360 as president in October 2020 with more than 30 years of experience in commercial real estate, including serving as president of GMAC Commercial Mortgage and CEO of North American …

California, Company News, Western
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