Western

Kidder Mathews Arranges $17.5M Sale of The Mint Apartment Complex in Downtown Los Angeles

by Jeff Shaw April 24, 2023

LOS ANGELES — Kidder Mathews has arranged the sale of The Mint, a 42-unit multifamily property in downtown Los Angeles. A local investor acquired the asset for $17.5 million. The community is located at 1136 W. 6th St. Originally constructed in 1923 as an office building, it underwent a $12 million renovation in 2016. The project included structural upgrades, seismic retrofit work, and significant building system upgrades to electrical, elevators, and plumbing. Kidder Mathews’ Janet Neman and Angelica Gotzev represented the seller, a real estate investment firm managing assets throughout the U.S. and Europe. Jason Aftalion of Teva Properties was an advisor to the seller and provided management services for the asset.

April 24, 2023

Affordable Housing California Development Multifamily Western

EAH Housing Begins Construction of 76-Unit Mission Paradise Affordable Community in Hayward, California

by Jeff Shaw April 24, 2023

HAYWARD, CALIF. — EAH Housing has broken ground on Mission Paradise, an affordable seniors housing community in the Bay Area city of Hayward. DAHLIN Group designed the property, which J.H. Fitzmaurice Inc. is building. The two-tower Mission Paradise is an apartment community for seniors with income levels ranging from 20 percent to 80 percent of the area median income (AMI). The property will include a total of 76 apartments, with 15 units specifically reserved for formerly homeless individuals and families, 11 of which are designated ‘No Place Like Home’ units reserved for households with an individual with a severe mental illness. Financing participants include Chase, City of Hayward, County of Alameda, CA Department of Housing and Community Development – Accelerator, and MHP.

April 24, 2023

Colorado Leasing Activity Office Western

Pivot Energy Leases New Headquarters in Denver

by Jeff Shaw April 24, 2023

DENVER — Pivot Energy has signed a 22,628-square-foot office lease for its new headquarters at 1601 Wewatta St. in Denver’s Lower Downtown (LoDo) district. The solar energy company occupies three-quarters of the seventh floor. Pivot Energy will add an adjacent, 4,000-square-foot space for hybrid and traveling employees. The new headquarters will feature a private patio with a green roof feature, outdoor seating and grills. Newmark’s Andrew Blaustein and Josh Pons represented the tenant in the transaction. CBRE’s Chris Phenicie and Allison Berry represented the landlord, Morgan Stanley.

April 24, 2023

California Leasing Activity Retail Western

CBRE, NewMark Merrill Sign Tenants to 96,000 SF Rialto Village Retail Development in California

by Jeff Shaw April 24, 2023

RIALTO, CALIF. — CBRE and NewMark Merrill Cos. have completed the preleasing of Rialto Village, a 96,000-square-foot shopping center currently under construction in the Inland Empire city of Rialto. Everytable will occupy the final, 1,400-square-foot space at the development, which the companies broke ground on in August of last year. Other tenants include Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental. Brian McDonald, Walter Pagel and Hannah Curran of CBRE and Greg Giacopuzzi of NewMark Merrill led leasing efforts for the property.

April 24, 2023

Acquisitions California Office Western

Stivers Investment Sells Flex Office Building in Irvine, California for $11.8M

by Jeff Shaw April 21, 2023

IRVINE, CALIF. — Stivers Investment Co. has sold a two-story flex office building in Irvine for $11.8 million. The building is located at 8 Hughes. Built in 2000 in the Irvine Spectrum, it is situated on 2.3 acres with four spaces parking per 1,000 square feet. The capacity can be divided into a multitenant building. The building was 30 percent occupied at the time of sale. The new owner plans to occupy the vacant portion of the building, collect income from the existing lease and hold the asset long-term. J.R. Williamson with the Orange County office Investment Services Group of NAI Capital Commercial represented the seller in this transaction.

April 21, 2023

Acquisitions California Multifamily Western

ABI Brokers Sale of Apartment Community in East Phoenix for $2.2M

by Jeff Shaw April 21, 2023

PHOENIX — ABI Multifamily has brokered the sale of an eight-unit apartment community in east Phoenix for $2.2 million. The complex is located at 3526 East Montecito Ave. in the Arcadia Lite District. The property recently underwent a full renovation, which included the addition of stainless steel appliances, white shaker cabinets, backsplashes, countertops and more. The exterior has been renovated with desert landscaping and the installation of private front patios and private backyards. The buyer is based out of California. The seller is local to Arizona. ABI Multifamily’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented both the buyer and seller.

April 21, 2023

California Leasing Activity Office Western

Premier Workspaces Opens 14,500 SF Shared Office Property at Fox Plaza in Los Angeles

by Jeff Shaw April 21, 2023

LOS ANGELES — Premier Workspaces has signed a 10-year lease for 14,500 square feet of shared office space at 2121 Avenue of the Stars, also known as Fox Plaza, in Los Angeles’ Century City. Constructed in 1986, the 34-story, Class A trophy building has become a landmark due to its role as Nakatomi Plaza in Die Hard. It is also where former President Ronald Reagan had his offices for several years after leaving public office. The Irvine Co. owns the asset. Gary Weiss of LA Realty Partners represented Premier Workspaces, while Rick Buckley of the same firm represented the Irvine in the lease transaction.

April 21, 2023

California Leasing Activity Office Western

P3 Post Leases 11,359 SF Office Space in Burbank, California

by Jeff Shaw April 21, 2023

BURBANK, CALIF. — P3 Post, a full-service media post-production company, has leased 11,359 square feet of office space at 2921 W. Alameda Ave. in Burbank. The company will relocate to the new space on May 1. The two-story property was built in 1958. It is situated within the Burbank Media District and features 20 offices, a conference room, a kitchen and ample storage. CBRE’s Derek Newton represented the tenant in the lease negotiations.

April 21, 2023

California Industrial Leasing Activity Western

CBRE Arranges 41,500 SF Lease of Warehouse Property in San Diego

by Jeff Shaw April 21, 2023

SAN DIEGO — CBRE has arranged the lease of a 41,500-square-foot industrial space at 7615 Siempre Viva Road in San Diego’s submarket of Otay Mesa. HK Trans LLC leased the property at a market record rental rate of $1.28 per square foot, according to CBRE. The term is 62 months. The full-service supply chain logistics business will occupy about half the building. CBRE’s Ramin Salehi, John Smith and Joe Smith represented HK Trans LLC in the transaction. Mark Lewkowitz and Chris Holder of Colliers represented the landlord, DG Siempre Viva Property Owner LP.

April 21, 2023

Market Reports Nevada Office Western Western Market Reports

Local Business is Reno’s Primary Office Driver

by Jeff Shaw April 21, 2023

— By Melissa Molyneaux, Executive Vice President, Colliers — The Northern Nevada market has seen continued positive net absorption, slowed investment sales and a sizeable increase in available sublease space in recent months. Local tenants with smaller footprints have been the driving force behind leasing activity and the market’s positive net absorption, with most new leases signed in 2022 being 5,000 square feet and less. Meanwhile, national and corporate tenants reevaluating their space needs have brought much of the available sublease space to the market in significantly larger blocks. Uncertainty surrounding interest rates has slowed investment sales, although pricing remains healthy. With investors putting a pause on new acquisitions, owner-user purchase activity may increase as tenants seize new occupancy opportunities. New construction starts have been minimal, although redevelopment/renovation projects remain prevalent. Two new developments that have broken ground include the Kimpton, a premier Class A high rise in downtown Reno, and Renown South Meadows, a specialty care center with about 40,000 square feet available for third-party providers. Each development represents continued demand from client-facing occupiers and healthcare providers in the region. In 2022, there were 30 companies that either expanded in or relocated to Northern Nevada, according to the Economic Development Authority of Western …

April 21, 2023

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