Western

Eight Tenants Join Canyon Trails Towne Center in Metro Phoenix

by Jeff Shaw July 19, 2023

GOODYEAR, ARIZ. — Eight tenants are joining Canyon Trails Towne Center, a 90-acre, mixed-use development in Goodyear, roughly 19 miles west of Phoenix, bringing the property to full occupancy. Chipotle Mexican Grill recently opened a restaurant at the center, and Michael’s and Five Below will occupy 18,300 and 10,434 square feet, respectively. Target and Ross Dress for Less have also signed leases at the property, and Starbucks Coffee, Freddy’s Steakburgers and Denny’s are currently underway on the construction of spaces scheduled to open this fall. The landlords, principals of Santa Cruz Seaside Co., are additionally negotiating leases with two retail big box stores to occupy 30,000 square feet of new, ground-up construction. Vestar manages the property.

July 19, 2023

California Loans Multifamily Western

Slate Asset Management Provides $27M Senior Loan Facility for Lantana Uptown Apartments in Oakland

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — Slate Asset Management’s private credit business has closed a $27 million senior loan facility for Lantana Uptown, a Class A multifamily community in Oakland. The property offers high-end units and premium amenities. Charles Halladay and Lillian Roos of Jones Lang LaSalle Americas Inc. represented the undisclosed borrower.

July 18, 2023

Acquisitions California Hospitality Western

Meriwether Buys Morgan Run Club & Resort in Rancho Santa Fe, California

by Jeff Shaw July 18, 2023

RANCHO SANTA FE, CALIF. — Meriwether Cos. has acquired Morgan Run Club & Resort in the San Diego suburb of Rancho Santa Fe. The company plans to invest more than $25 million in renovating the resort and private club, including its racquet sports, golf, dining and hotel components. The renovation is scheduled over the next two to three years. The construction will occur in phases, allowing the resort to remain open. Planned enhancements include upgrades to the common areas in the dining, banquet and fitness spaces of the clubhouse; converting the existing spa into a communal recovery area; investments in the golf course irrigation, bunkering and re-grassing; construction of a new pool and casual dining outlet; renovation of the racquet sports area including the tennis, pickleball and sports courts; and an improved pool. The hotel will be completely revitalized with upscale exterior and interior room renovations, along with new management and operations.

July 18, 2023

California Development Office Western

Hendy Designs 39,550 SF Headquarters for Outdoor Apparel Brand in Costa Mesa, California

by Jeff Shaw July 18, 2023

COSTA MESA, CALIF. — Hendy has completed the design of a 39,650-square-foot headquarters for outdoor apparel and gear brand 5.11 Tactical in Costa Mesa, approximately 40 miles southeast of Los Angeles. Finalized in less than 12 months from kickoff to buildout, the interior architecture integrates the apparel brand’s distinctive product materials, textiles and gear into the design. The project team included representatives from JLL, RAM Construction, Millpro USA, Impact Visual Arts and SOURCE Creative Office Interiors.

July 18, 2023

Acquisitions California Healthcare Office Western

Montecito Medical Acquires 32,000 SF Medical Office Property in Visalia, California

by Jeff Shaw July 18, 2023

VISALIA, CALIF. — Montecito Medical has acquired a 32,300-square-foot medical office property in the San Joaquin Valley city of Visalia. The property, located on the campus of Kaweah Delta Medical Center, is fully leased by Kaweah Health. Founded in 1963, Kaweah Health operates the largest healthcare facility in the county and works with more than 5,200 medical professionals across its eight campuses. The acquisition aligns with Montecito Medical’s focus on acquiring medical office properties nationwide.

July 18, 2023

California Healthcare Leasing Activity Office Western

CBRE Arranges Two Lease Extensions at Oakland’s Rotunda Building

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — CBRE has arranged two lease extensions totaling 10,000 square feet at the Rotunda Building in Oakland. The extending tenants include East Bay Endoscopy Surgery Center, an outpatient endoscopic facility specializing in gastroenterology, and East Bay Center for Digestive Health, a provider of comprehensive gastroenterology and hepatology services. Rubicon Point Partners owns the 300,000-square-foot office and retail building, and is currently underway on upgrades to building systems, common areas and tenant amenities. CBRE’s Andy Schmitt, Trent Holsman and Alex Robertson represented the landlord. Michael Sharapata of JLL represented East Bay Endoscopy Surgery Center, while Russel Gallaway of Gallaway Commercial represented East Bay Center for Digestive Health.

July 18, 2023

Market Reports New Mexico Office Western Western Market Reports

Higher-Quality Properties, Downsizing Drive Strong Office Leasing Activity in New Mexico

by Jeff Shaw July 18, 2023

— By John Ransom, Senior Vice President and Principal, Colliers — Albuquerque MSA office users continue to closely evaluate real estate decisions post-pandemic. The leasing trend is pivoting toward quality properties with landlords upgrading their building systems, security and amenity offerings. Tenant improvement costs are central to lease negotiations, so matching a tenant with space that requires the least amount of renovations to meet their needs is critical for both the tenant and the landlord to make a deal. In any event, tenants often have to share in the TI costs with upfront capital or amortizing a portion of the construction expense into the rental rate. This leads to longer lease terms and additional lease securitization requirements. Beneficial occupancy and other creative incentives are also being offered by landlords in lieu of additional tenant improvement dollars. Companies looking to downsize are considering a trade up in building/space quality. The upgrade has little impact to overall real estate expense, while improving the working conditions for their employees and ability to recruit in a competitive hiring climate. The office vacancy rate has steadily decreased to about 12 percent from a high of 20 percent five years ago. The bulk of vacancies are …

July 18, 2023

Acquisitions California Office Western

Global Net Lease Sells Office Property in San Jose for $50M

by Jeff Shaw July 17, 2023

SAN JOSE, CALIF. — Global Net Lease. has agreed to sell an office property in San Jose for $50 million. The property, originally acquired by GNL in 2014 for $52.5 million, will be converted to residential use by a local developer. Further details were not disclosed.

July 17, 2023

Acquisitions California Industrial Western

Levin Johnston Arranges $14.5M Sale of Industrial Portfolio in Burlingame, California

by Jeff Shaw July 17, 2023

BURLINGAME, CALIF. — Levin Johnston has arranged the $14.5 million sale of an industrial portfolio in the Bay Area city of Burlingame. The 1.6-acre site consists of eight separate industrial suites in two adjacent buildings. The transaction comprised two adjacent properties with 31,415 square feet of leasable space. Both properties are zoned for warehouse use with flex office space. The properties include on-site external parking, 14-foot ceiling heights and multiple drive-in bays for warehouse access. They are located at 890 Mahler Road and 1550 Gilbreth Road. The Levin Johnston team of Adam Levin, Robert Johnston and Jessica Tomasetti represented both the buyer and seller of the properties.

July 17, 2023

Acquisitions Colorado Office Western

Ivy Realty Buys Junction 23 Creative Office Redevelopment in Denver

by Jeff Shaw July 17, 2023

DENVER — Ivy Realty has purchased Junction 23, a creative office property at 2323 Delgany St. in Denver’s River North (RiNo) District. The price was not disclosed. The project represents a 12-month renovation by EverWest, which converted a 1975-built industrial building into 86,127 square feet of creative workspace in 2019. Junction 23 features an open interior, indoor-outdoor concept with a 73,915-square-foot ground floor and 12,212-square-foot second floor. The project incorporates numerous flexible work areas including modern conference rooms, small-group breakout spaces and roll-up garage doors that connect to a center atrium and outdoor meeting areas. It features 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights and energy-efficient LED lighting. John Jugl of Newmark represented the seller, EverWest, in the transaction.

July 17, 2023

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