Western

Equipment Manufacturing Co. Sells 31,373 SF Industrial Building in Santa Fe Springs, California

by Amy Works October 20, 2023

SANTA FE SPRINGS, CALIF. — Equipment Manufacturing Co. has completed the sale of an industrial asset, located at 14930 Marquardt Ave. in Santa Fe Springs, just southeast of Los Angeles. Fortress Investment Group acquired the property for $10.5 million. Equipment Manufacturing Co. vacated the 31,373-square-foot heavy manufacturing facility, which was built in 1969. The new owner plans to renovate and reposition the property, which offers a large truck parking area and approximately one acre of excess land. Jason DuFault of KW Commercial represented the seller, while Phillip DeRousse of Lee & Associates represented the buyer in the deal.

October 20, 2023

Casa-de-Flores-Bayside-Care-Center-Morro-Bay-CA

California Loans Multifamily Seniors Housing Western

Cambridge Realty Capital Provides $15.4M Refinancing for Two Seniors Housing Properties in Morro Bay, California

by Amy Works October 20, 2023

MORRO BAY, CALIF. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services. Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

October 20, 2023

Acquisitions California Retail Western

DP Vernon Retail Divests of 14,000 SF Shopping Center in Vernon, California

by Amy Works October 20, 2023

VERNON, CALIF. — DP Vernon Retail has completed the disposition of Vernon Shopping Center, a retail property located at 2544-2550 Alameda St. in Vernon, just south of Los Angeles. Wimatex Inc. acquired the asset for an undisclosed price in a 1031 exchange. Built in 2017, Vernon Shopping Center features 14,000 square feet of retail space. At the time of sale, the property was 77 percent occupied. Current tenants include Jersey Mike’s Subs and Café Dulce. Chris Maling and David Maling of Avison Young represented the seller and procured the buyer in the deal.

October 20, 2023

Market Reports Office Washington Western Western Market Reports

Seattle, Eastside Office Shows Upbeat Trends Amid Market Challenges

by Jeff Shaw October 20, 2023

— By Lisa Stewart, Senior Managing Director, JLL; and Nick Menghini, Puget Sound Research Manager, JLL — Real estate market participants are maintaining cautious optimism for improved conditions across the Puget Sound as signs of vitality are emerging despite persistently challenging economic forces. Viewed through the lens of prior real estate cycles, it’s clear the Seattle area has a greater critical mass of highly skilled talent and a broader, more resilient economic base than previous slowdowns. Among the promising indicators are the Puget Sound’s rebound of population in-migration, from net outflows during the pandemic to more than 53,000 new residents moving here in the first half of the year. Seattle now lays claim to being the fastest growing of the top 50 U.S. cities, according to Census data. Several leading employers are also growing again. This includes Boeing, which has more hiring underway than in years’ past. Rising star Blue Origin has had about half as many open positions as Boeing over the past 12 months. The life sciences sector is further expanding as Big Pharma firms like Pfizer, Moderna and Novartis join homegrown startups with significant Puget Sound presences. Overall, companies encouraging a return-to-office (RTO) have brought more daytime foot traffic to employment …

October 20, 2023

Development Multifamily Student Housing Utah Western

American Campus Communities to Develop 5,000 Student Housing Beds at The University of Utah

by Amy Works October 19, 2023

SALT LAKE CITY — The University of Utah has selected American Campus Communities (ACC) for the development and management of 5,000 student housing beds on the university’s campus in Salt Lake City. Planned beds will be developed over the next decade and will double the amount of on-campus housing offered by the university upon completion. ACC will lead the development efforts in partnership with two Utah-based companies: MHTN Architects and Okland Construction. Design and architecture firm Ayers Saint Gross will also provide support for the projects. The first development will be built directly south of Kahlert Village in space that is currently a parking lot. The development will offer 1,500 beds upon completion, which is scheduled for fall 2026. Under terms of the public-private partnership agreement, the university will retain ownership of the land while ACC and its partners will finance, plan and construct the student housing. ACC will manage operations of the communities upon completion.

October 19, 2023

Acquisitions Multifamily Oregon Western

Fairfield Divests of 206-Unit Sandy28 Apartment Building in Portland, Oregon

by Amy Works October 19, 2023

PORTLAND, ORE. — Fairfield has completed the disposition of Sandy28, a mixed-use multifamily property located in Portland’s Central Eastside. Terms of the transaction were not released. Developed in early 2020 by Fairfield, Sandy28 features 206 apartments and 3,300 square feet of retail space. The community offer a rooftop lounge, fitness center, game room, coworking space, and expansive outdoor courtyard spaces with a dog park and pet lounge. Anthony Palladino, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

October 19, 2023

Acquisitions California Retail Western

IPA Negotiates $25.3M Sale of Long-Term Ground Lease for Nohl Plaza in Orange, California

by Amy Works October 19, 2023

ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $25.3 million sale of the leasehold interest in a long-term ground lease at Nohl Plaza in Orange. Tom Lagos, Patrick Toomey and Jose Carrazana of IPA, along with Joe Linkogle of Marcus & Millichap, represented the seller, Nohl Plaza LLC, and procured the undisclosed buyer in the deal. Built between 1966 and 1979 on more than 10 acres, Nohl Plaza features 103,639 square feet of retail space. Current tenants include Vons, Starbucks Coffee, Del Taco, Bank of America, the Tartan Room restaurant and Union 76 gas station.

October 19, 2023

Acquisitions Affordable Housing Multifamily Utah Western

CPP Acquires 112-Unit Skyline View Apartments in Layton, Utah

by Amy Works October 19, 2023

LAYTON, UTAH — Community Preservation Partners (CPP) has acquired Skyline View Apartments in Layton. CPP partnered with The Hampstead Cos., as co-owner and co-developer, for the community. CPP’s total development investment is approximately $39.5 million, which includes the $22 million purchase price and an estimated $70,000-per-unit renovation. CPP’s renovation and investment will renew the property’s affordability status for additional 20 years and preserve affordability for residents earning up to 50 percent of area median income. Comprised of eight two-story, garden-style buildings at 443, 448 and 430 N. Fairfield Road, Skyline View Apartments features 112 two-bedroom units, ranging in size from 720 square feet to 768 square feet. The asset was built between 1973 and 1978 and the buildings have not had significant renovations. Extensive renovations to interiors and exteriors will begin immediately with construction slated for completion in August 2024. Major enhancements will include installation of new windows, replacement of outdoor siding, and the addition of packaged terminal air conditioner units. Common amenity upgrades will include new paths of travel for improved accessibility, new tot lots, on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, …

October 19, 2023

750-W-Garden-of-the-Gods-Rd-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Blue West Capital Brokers $5.1M Sale of Multi-Tenant Retail/Flex Building in Colorado Springs

by Amy Works October 19, 2023

COLORADO SPRINGS, COLO. — Blue West Capital has brokered the sale of a multi-tenant retail/flex property located at 750 W. Garden of the Gods Road in Colorado Springs. A local 1031 exchange buyer acquired the asset for $5.1 million. The name of the seller was not released. Bryce McNeely of Blue West Capital represented the buyer and seller in the off-market transaction. The 33,892-square-foot property was 100 percent occupied by a mixture of local tenants at the time of sale.

October 19, 2023

California Features Property Type Retail

The Unstoppable Rise Of The Outlet Mall

by Hayden Spiess October 19, 2023

For decades, outlet malls have been a popular destination for shoppers of all ages. From the first multi-store outlet center that Vanity Fair opened in 1974, in Reading, Pennsylvania, and throughout the 1980s and 1990s, outlet malls grew rapidly. Outlet malls offer a wide variety of name-brand merchandise at discounted prices, and as a result, they are a great way to save money on popular brands of clothes, shoes, and accessories. Although outlet malls have been around for decades, the pandemic was a major hit to the retail landscape. Prior to 2020, outlet malls were seeing a surge in popularity, as consumers became more price-conscious and savvy on how to save money on their favorite brands. In June 2022, visits to outlet malls in the U.S. were down 6.7 percent from 2021 and down 14.3 percent from 2019, according to Placer.ai. This had outlet mall developers scrambling for a strategy and a path forward. Growth in California One of the most thriving outlet malls in the country is the Outlets at Tejon in Tejon Ranch, California, strategically located on Interstate 5 between Los Angeles and Bakersfield, just south of the Highway 99 interchange. This mall is home to over 50 …

October 19, 2023

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