Western

Rewards, Risk Mitigation Fuel Cell Tower Lease Sales

by Sarah Daniels June 14, 2023

A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …

June 14, 2023

Acquisitions Arizona Multifamily Student Housing Western

University Partners Acquires 826-Bed Community Near Arizona State in Tempe

by Jeff Shaw June 13, 2023

TEMPE, ARIZ. — University Partners has acquired Canvas Tempe, an 826-bed student housing community located near the Arizona State University campus in Tempe. A joint venture between Toll Brothers and Harrison Street sold the asset for an undisclosed price. Built in 2021, the community offers a mix of studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop oasis, jumbotron, e-sports lounge, sauna room, spray tan facility and innovation lab. Tim Bradley, Shawn Sweeney and Steve Hovanec of TSB Capital Advisors arranged financing for the acquisition on behalf of University Partners. TSB Realty brokered the transaction. “Canvas marks our third acquisition in recent years in the Tempe market and is an excellent complement to our growing portfolio,” says Troy Manson, principal of University Partners.

June 13, 2023

California Development Loans Mixed-Use Office Retail Western

Citivas Provides Construction Financing for 25,000-SF Mixed-Use Project in Santa Monica, California

by Jeff Shaw June 13, 2023

SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.

June 13, 2023

California Life Sciences Loans Western

PSRS Arranges $13.2M in Financing for Life Sciences Asset in Carlsbad, California

by Jeff Shaw June 13, 2023

CARLSBAD, CALIF. — PSRS has arranged a $13.2 million refinancing for a 47,000-square-foot life sciences property in Carlsbad. A growing start-up occupies the property. The undisclosed permanent lender was able to fund the loan prior to the tenant taking occupancy. The loan’s interest rate is fixed for seven years and amortized over a 30-year schedule. Pasha Johnson, Trevan Swierczewski and Daniel de Leon of PSRS arranged the refinancing.

June 13, 2023

California Leasing Activity NAI Retail Western

NAI Negotiates Three Leases for Total by Verizon in Inglewood, California

by Jeff Shaw June 13, 2023

INGLEWOOD, CALIF. — NAI Capital Commercial has arranged three leases totaling 6,049 square feet for Total by Verizon, a wireless phone service provider formerly called Total Wireless. Tina LaMonica and Patrick Ortiz of NAI represented the landlords in the leasing negotiations. In Los Angeles, Total by Verizon will open a 2,234-square-foot store within a space formerly occupied by AT&T and a 2,000-square-foot store at Martin Luther King Jr. Shopping Center. Additionally, the tenant will occupy a 1,815-square-foot space in Inglewood, roughly 12 miles outside Los Angeles.

June 13, 2023

California Leasing Activity Multifamily Seniors Housing Western

JCH Brokers Operational Transition of Assisted Living Facility in Alhambra, California

by Jeff Shaw June 13, 2023

ALHAMBRA, CALIF. — JCH Senior Housing Investment Brokerage has arranged the lease negotiation of a prominent assisted living facility in Alhambra, just east of Los Angeles. The facility, previously operated by a national operator, will now be under the management of a regional operator that specializes in low-income residents.

June 13, 2023

Arizona Market Reports Retail Western Western Market Reports

Phoenix Retail Is Flying High

by Jeff Shaw June 13, 2023

Ryan Desmond, partner, Western Retail Advisors in Phoenix Metro Phoenix’s population grew faster than any other major U.S. city between 2010 and 2020. By 2021, the Valley’s 1.48 percent population growth continued to far exceed the country’s .01 percent growth — the slowest annual growth rate in our nation’s history. For a community that has historically been criticized as being over-retailed on a per-capita basis, this has injected tremendous strength into the local retail market. Today, Phoenix ranks as a hotspot among U.S. cities for retail absorption. According to CoStar, Phoenix had absorbed 4.1 million square feet of retail space year over year — the strongest absorption since the start of the Great Recession — by the start of the second quarter in 2023. This reduced the market’s overall vacancy rate to 5 percent. This is impressive, but it doesn’t reflect the increased gap between demand for Class A product and all other retail classes. Much like the flight to quality happening in the office sector, tenants looking for retail space in metro Phoenix want excellence: high-traffic locations in a growth submarket with compelling demographics. As a result, we have seen more metro Phoenix Class A retail properties reach full …

June 13, 2023

California Development Industrial Western

North Palisade Partners Acquires Industrial Development Site in Redlands, California for $44.5M

by Jeff Shaw June 12, 2023

REDLANDS, CALIF. — North Palisade Partners has acquired a nearly 17-acre site at 1101 California St. in Redlands for $44.5 million. The site previously housed a waterpark that closed in 2018. North Palisade plans to transform the space into a modern, Class A warehouse distribution facility. Hunter Warner of Lee & Associates represented the buyer and unnamed seller in the transaction.

June 12, 2023

Arizona Loans Retail Western

Gantry Arranges $53.4M Refinancing for The Village at Prasada Retail Center in Surprise, Arizona

by Jeff Shaw June 12, 2023

SURPRISE, ARIZ. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot, multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, Chad Metzger and Ryan Gross of Gantry secured the loan through an institutional global financial services firm on behalf of the undisclosed borrower.

June 12, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Negotiates Sale of 93-Unit Seniors Housing Portfolio in Pacific Northwest

by Jeff Shaw June 12, 2023

SEATTLE — Senior Living Investment Brokerage (SLIB), a Chicago-based firm, has arranged the sale of three communities in the Pacific Northwest. The facilities offer a combined 93 units and 105 beds, and were built between 1991 and 1995. The buyer is a private owner-operator group out of Texas. The seller, price, names and locations were not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Matt Alley of SLIB handled the transaction.

June 12, 2023

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