Western

Las Vegas Retail Remains a Strong Investment

by Jeff Shaw June 23, 2023

— By Todd Manning, Managing Broker, NAI Vegas, and Maria Herman, Senior Vice President, Retail Division, NAI Vegas — The Las Vegas retail market continues to perform well into 2023 despite a few headwinds (and headlines) dogging the industry. The success is due in part to Las Vegas continuing to experience strong growth coming out of the pandemic years. For example, visitor volume to Las Vegas reached more than 3 million people in February 2023, which was up 17.8 percent year over year, but was still down 3.4 percent from February 2019. Speaking of performing well, Las Vegas’ retail vacancy rate has been holding steady at around 5.2 percent, just slightly lower than it was a year ago. It is also the market’s lowest retail vacancy rate in over 15 years. Rent growth is slowing, however, and is down from the 10.4 percent gains of one year ago. Rent growth has been another bright spot for Las Vegas retail landlords as rates continue to increase at 7.7 percent year over year. Rent growth is slowing, however, and is down from the 10.4 percent gains from a year ago. Not surprisingly, the investment market for commercial property, retail included, has experienced …

June 23, 2023

Colorado Development Loans Multifamily Western

Formativ, Argosy Real Estate Partners Receive Construction Financing for The Hunter Apartments in Colorado Springs

by Jeff Shaw June 22, 2023

COLORADO SPRINGS, COLO. — A joint venture between Formativ and Argosy Real Estate Partners has secured construction financing for The Hunter, a 214-unit multifamily development in Colorado Springs’ New South End neighborhood. The Hunter will offer studio, one- and two-bedroom floor plans. Amenities include a two-story tenant lounge, golf simulator, pool, fitness center, co-working space, bike storage, dog wash station and a parking garage. The seven-story building is scheduled for completion in late 2024. Rob Bova of JLL Capital Markets led the team that arranged the loan.

June 22, 2023

Acquisitions California Retail Western

JLL Brokers $29M Sale of Adams Marketplace in Huntington Beach, California

by Jeff Shaw June 22, 2023

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has brokered the $29 million sale of Adams Marketplace, a 65,116-square-foot shopping center located in Huntington Beach, approximately 35 miles southeast of Los Angeles. Built in 1974 and renovated in 2022, the property was 98 percent occupied at the time of sale. Smart & Final Extra anchors the center, with other tenants including Petco, Starbucks Coffee, MemorialCare Medical and Wingstop. Jiffy Lube, 76 Gas and Carl’s Jr. are also located at the center and were not included in the sale. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Ti Kuruzar and Daniel Tyner of JLL represented the seller, affiliates of Fortress Investment Group and DJM Capital. A private, California-based buyer purchased the property.

June 22, 2023

Acquisitions California Industrial Western

Intersection Equities, Blue Buy Vista Riverside Business Park in Jurupa Valley, California for $19.5M

by Jeff Shaw June 22, 2023

JURUPA VALLEY, CALIF. — Intersection Equities and Blue Vista Capital Management have acquired Riverside Business Park, a 122,000-square-foot industrial park in Jurupa Valley, for $19.5 million. The park contains 30 suites ranging from 1,500 square feet to 11,000 square feet, offering a total of 30 drive-up doors. Intersection Equities plans to leverage its value-add strategy to make strategic capital improvements aimed at enhancing the attractiveness of the park for both existing and future tenants. Barret Woods of Lee & Associates represented the seller, Transition Properties, while Stefan Pastor of Stream Realty represented the buyers.

June 22, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $5.9M Sale of Townhome Community in Anaheim, California

by Jeff Shaw June 22, 2023

ANAHEIM, CALIF. — CBRE has arranged the $5.9 million sale of a 14-unit multifamily townhome community in Anaheim. An unnamed buyer acquired the asset for $5.9 million. This transaction sets a new benchmark for the city of Anaheim, with a price per unit of $421,000, according to CBRE. The community is located at 129 S. Olive St. in downtown Anaheim. Built in 1986, the property spans about 15,517 square feet and features two-bedroom/two-bathroom, townhome-style floor plans with vaulted ceilings, central air, patios and balconies. The community was recently renovated with fresh paint and exterior wood replacement. CBRE’s Dan Blackwell represented both the buyer and seller in this transaction.

June 22, 2023

Acquisitions California Retail Western

Hanley Arranges $4.1M Sale of Retail Pad in Perris, California

by Jeff Shaw June 22, 2023

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.1 million sale of a 5,303-square-foot retail pad in the Inland Empire city of Perris. Altura Credit Union and Little Caesars Drive-Thru occupy the property, which was built in 2022 as an outparcel to a shopping center anchored by Cardenas Markets. Bill Asher and Jeff Lefko of Hanley represented the seller, a California-based private partnership. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the buyer, a California-based family office.

June 22, 2023

Content Partner Development Features Leasing Activity Midwest NAI Northeast Retail Southeast Texas Western

Retailers Eager to Expand Despite Higher Rental Rates, Development Slowdowns

by Sarah Daniels June 22, 2023

Retailers, developers and leasing agents who attended the ICSC LAS VEGAS 2023 conference in May left the show cautiously upbeat about the state of retail. It was only the second consecutive gathering since the pandemic shut down the annual show in 2020 and 2021, and many brands made known their intent to remain in expansion mode, especially fast-casual restaurants, car washes, coffee shops, auto parts stores, entertainment concepts and medical services. The only obstacle stopping them at this point is the higher rental rates that they may have to pay as a consequence of higher construction costs, says George Macoubray, vice president of retail brokerage for NAI Elliott in Portland, Oregon. “A lot of these concepts are doing well,” declares Macoubray, whose Northwest Retail Advisors team represents landlords and regional and national tenants throughout Oregon and Washington. “We’ll see how far these tenants can go in terms of what they pay to fill new projects, but the enthusiasm and willingness to grow is definitely there.” Practicing Vigilance The same can’t be said for ICSC conference attendees who are on the capital markets side of the business. Higher interest rates have fueled a bid-ask spread between buyers and lenders, while regulatory …

June 22, 2023

California Loans Office Western

Gantry Arranges $11.3M Refinancing for Office Tower in Berkeley, California

by Jeff Shaw June 21, 2023

BERKELEY, CALIF. — Gantry has secured an $11.3 million permanent loan to refinance a multi-tenant office tower located at 2855 Telegraph Ave. in Berkeley. The six-story, 83,557-square-foot office building accommodates more than 35 tenants, including professional services, medical offices and small businesses. It was originally constructed in the 1960s. Gantry’s Tony Kaufmann and Alex Poulos secured the 30-year, fixed-rate loan, which one of Gantry’s correspondent life company lenders provided. The financing replaces a maturing CMBS loan, providing stability and financial flexibility for the building’s tenant base.

June 21, 2023

Acquisitions California Office Western

Lee & Associates Brokers $4M Sale of Royale Oak Office Park in Covina, California

by Jeff Shaw June 21, 2023

COVINA, CALIF. — Lee & Associates-Pasadena has arranged the sale of the Royale Oak Office Park in the San Gabriel Valley city of Covina. An international investor acquired the asset for $4 million in an all-cash transaction. The 19,300-square-foot property, located at 1272-1274 Center Court Drive in the Village Oaks Business Park, comprises two multi-tenant office buildings. The property offers updated interior suites, private restrooms, exterior entrances and significant upside potential in rental rates. The seller recently implemented renovations, including new exterior staircases, paint and landscaping. Lee’s Jamie Harrison and Christopher Larimore represented the seller.

June 21, 2023

Acquisitions Industrial Self-Storage Washington Western

SecureSpace Acquires 57,700 SF Northlynn Mini-Storage in Seattle

by Jeff Shaw June 21, 2023

SEATTLE — SecureSpace has acquired Northlynn Mini-Storage in the Lynnwood area of Seattle. The facility is located at 15620 Highway 99. It contains a total of 57,700 net rentable square feet. The ground-floor units consist of drive-up and interior units, with two dozen rentable parking spaces. SecureSpace plans a substantial renovation to enhance the appeal of the facility for the 134,000 residents residing within a three-mile radius. The property will be rebranded as SecureSpace Self Storage Lynnwood, becoming the eighth store under that brand in the Seattle MSA.

June 21, 2023

Newer Posts

Older Posts