Western

CALABASAS, CALIF. — Naked Wardrobe has purchased a 90,371-square-foot office property in Calabasas for its new headquarters.  The building is located at 26541 Agoura Road. The affordable luxury clothing brand will expand from its previous location in nearby Northridge. CBRE’s Mark Perry, Michael Slater, Tom Dwyer, Caroline Bigelow  and Carlene O’Neil, along with Scott Murphy, asset manager for Ella Valley Investments, represented the sellers, Edgemark Littleton and the Murray S. Pepper Trust. ZMax Realty represented the buyer.

FacebookTwitterLinkedinEmail

BEAUMONT, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed, single-tenant building located in Beaumont.  A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year, triple-net ground lease.  Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.

FacebookTwitterLinkedinEmail

SALT LAKE CITY — Colliers has merged with boutique firm Industrial Property Group (IPG). The latter is led by industry veterans Michael Jeppesen and Jeremy Jensen.  The new partnership underscores Colliers’ charge to invest in markets like Utah through growing its brokerage footprint with expansion in the broader Utah region and across the Southwestern United States.  Jeppesen, a 30-year industry veteran, specializes in institutional portfolio sales, leasing and asset management. He founded IPG in 2005. Jensen, a 25-year industry veteran, has served as president of the Utah chapters of the Commercial Investment Real Estate Institute (CCIM) and the Society of Industrial and Office Realtors (SIOR). 

FacebookTwitterLinkedinEmail
Prime-Arizona

AVONDALE, ARIZ. — Prime, a global developer and operator of data centers, has announced plans for a $2 billion data center campus in Avondale, roughly 20 miles outside Phoenix.  The development will include five data center buildings spanning 1.3 million square feet, generating a total of 210 megawatts of critical power upon completion. The speculative project will target occupancy by hyperscale service providers, large internet brands and global technology companies.  The data centers will span 260,400 square feet across three stories, and have access to a wholesale dark fiber connectivity network. Each building will include 12 data halls and 120,000 square feet of white space — which is the space where IT equipment is placed within a data center — alongside separate infrastructure galleries.  The campus will offer access to 100 percent renewable energy and a closed-loop cooling system, which is expected to save millions of gallons of water across the facilities. The first data center building is expected for completion in the third quarter of 2025. “Phoenix presents an incredible growth opportunity for Prime as a top-five, North American data center market with increasing demand from cloud and enterprise data center buyers,” says Chris Sumter, executive vice president of …

FacebookTwitterLinkedinEmail

FERNDALE, WASH. — Grandview North has received $57 million in construction financing for Harrington Place, a 350-unit, multi-phase apartment community in Ferndale, located near the Pacific Coast and the Canadian border. Construction is already underway on the property, located at 6276 Portal Way.  Bayview Asset Management provided capital through Bayview PACE, which provided $12 million in Commercial Property-Assessed Clean Energy (C-PACE) funding. An affiliate, Oceanview Life and Annuity Co., also brought in $45 million of construction financing. Mortgage broker  Seattle-based CapNorth helped arrange the transaction.

FacebookTwitterLinkedinEmail

HENDERSON, NEV. — Alton Industries has purchased a 19-acre parcel of land in Henderson for $13.6 million. The global manufacturer plans to build a 200,000-square-foot facility to use as its West Coast headquarters on the land.  The site was a land assemblage totaling three parcels on Whitney Mesa Drive near Sunset Boulevard and Mountain Vista Street.  Chris Lexis, Joe Leavitt and Scott Donaghe of Avison Young represented the sellers, Roseman University of Health Sciences and the City of Henderson.

FacebookTwitterLinkedinEmail

PHOENIX — Gantry has secured a $5 million loan for the value-add acquisition of a 56,000-square-foot office property in Phoenix. The borrower is an experienced private real estate investor.  The two-story building offers 278 park spaces and is located at 2225 W. Peoria Ave. within the Black Canyon Commerce Park. Vacant space at the property is formatted for medical office, as well as general professional uses.  One of Gantry’s correspondent life company lenders provided the fixed-rate, short-term bridge loan.

FacebookTwitterLinkedinEmail

YORBA LINDA, CALIF. — A California-based private investor has acquired Lakeview Professional Plaza, an 11,761-square-foot, multi-tenant office building in Yorba Linda, for $3.5 million.  The building is located at 4848 Lakeview Ave. It was built in 1975. The office is currently leased to an insurance company and a law firm on long-term leases.  Steven Ehrich of NAI Capital Commercial’s Investment Services Group represented both the buyer and seller in the transaction.

FacebookTwitterLinkedinEmail

PALO ALTO, CALIF. — A 52,000-square-foot building that will be added to Stanford Research Park in Palo Alto has received approval from the city.  The building is one of the first of its size in Silicon Valley to be designed and approved for sustainable mass-timber construction. The building will be almost entirely made of wooden and glass construction.  Form4 Architecture designed the project.

FacebookTwitterLinkedinEmail
Paxton-365-Salt-Lake-City-UT.jpg

— By Rawley Nielsen, President of Investment Sales, Colliers — Salt Lake City’s multifamily market will continue to stand out and impress in 2023…even with so much uncertainty, ongoing readjustments within the market and many investors at a stay. That’s because Utah continues to receive outsized investor interest that will maintain stability in pricing. Investors recognize overall performance at property levels remains healthy as the state continues to be a leader in population growth. Utah is also one of the top states for outstanding job creation, increased demand for housing and exponential rent growth. While multifamily investment sales volume was record-setting during the first half of 2022, we have seen volume taper dramatically in recent months. This is due to rising interest rates and a lack of clarity in the debt and equity markets that have impacted pricing. Much of this slowing can be attributed to the rising cost of capital and low leverage caused by debt service coverage ratio (DSCR) requirements. (See Tables 1-3) Overall, 2022 saw an average cap rate of 3.75 percent, decompressing over 20 basis points compared to the first half of the year. Cap rates are expected to expand further through 2023 as uncertainty in …

FacebookTwitterLinkedinEmail