Western

Office Vacancy Declines in Reno as Sublease Availability is on the Rise

by Jeff Shaw December 9, 2022

By Melissa Molyneaux, Executive Vice President, Colliers Northern Nevada’s office market has continued to post strong fundamentals this year. Positive tenant demand has improved vacancy in recent quarters, though an uptick in available sublease space could impact market-wide vacancy in the future. The Reno-Sparks region has also seen a handful of new speculative office construction starts that will add trophy office and medical office space to the downtown and South Meadows submarkets. Strong economic recovery has been evident this year as Nevada reached a new employment peak of nearly 1.5 million jobs in June. Washoe County’s population has grown an impressive 17.1 percent since 2010, to 500,000 people. A study by Woods and Poole Economics estimates the area will reach 764,000 people by 2060. Market-wide vacancy rates dropped to 10.6 percent in the third quarter of 2022, down 200 basis points year over year. Downtown vacancy fell 310 basis points to 11.7 percent, while suburban vacancy fell 180 basis points to 10.3 percent in the same period. Vacancy has continued to improve since the onset of the pandemic, though the Reno area has started to see an increase in available sublease space hitting the market. About one quarter of all …

December 9, 2022

Acquisitions Colorado Office Western

Crescent Real Estate Divests of 1 MSF Office Portfolio in Colorado Springs for $180M

by Amy Works December 8, 2022

COLORADO SPRINGS, COLO. — Crescent Real Estate has completed the disposition of a Class A office portfolio totaling 1 million square feet in Colorado Springs. The 13-building asset was sold as a mix of individual buildings and micro-portfolios to multiple buyers during the past four years for an aggregate price of $180 million. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller in the disposition of the entire portfolio. Crescent Real Estate originally acquired the portfolio of mid-rise and single-story office buildings in 2018 for $125 million. Crescent began divesting of the assets in 2019 through 2022. The portfolio includes: Epic One, a 145,694-square-foot building at 10807 New Allegiance Drive InterQuest I, a 74,005-square-foot facility at 9945 Federal Drive InterQuest II, a 54,057-square-foot building at 9925 Federal Drive InterQuest III, a 66,223-square-foot building at 9950 Federal Drive InterQuest IV, a 46,948-square-foot property at 9960 Federal Drive Patriot Park I, a 103,183-square-foot facility at 985 Space Center Drive Patriot Park II, a 33,190-square-foot building at 980 Technology Court Patriot Park V, a 51,770-square-foot property at 745 Space Center Drive Patriot Park VI, a 103,970-square-foot asset at 655 Space Center Drive Patriot Park VII, an 89,624-square-foot facility at 565 …

December 8, 2022

Arizona Build-to-Rent Development Loans Western

JLL Arranges $30M Construction Loan for Villas Litchfield Park Build-to-Rent Community in Phoenix

by Amy Works December 8, 2022

PHOENIX — JLL Capital Markets has arranged a $30 million construction loan for Villas Litchfield Park, a build-to-rent community in Phoenix. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Litchfield Park will feature 153 one- and two-bedroom, freestanding, single-story units for residences. All units will offer simulated wood flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge areas and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the 3.5-year loan through Old National Bank for the borrower.

December 8, 2022

Acquisitions Affordable Housing California Multifamily Western

PEF Advisors Acquires Alcove East Village Affordable Housing Community in San Diego for $20M

by Amy Works December 8, 2022

SAN DIEGO — Preservation Equity Fund Advisors has purchased Alcove East Village (formerly known as Nook East Village) in San Diego from an undisclosed seller for $20 million. Built in 2019, the five-story Alcove East Village features 91 affordable residences for individuals and veterans. Each apartment averages 254 square feet and includes kitchenettes with under-counter refrigerators, two-burner stove tops, microwaves, private bathrooms and hardwood floors. Select units offer balconies. The community has eight units allotted for residents earning up to 30 percent of the area median income (AMI), two units at 65 percent AMI, 80 units at 80 percent AMI and one manager unit. Regulatory agreements require five units to be fully handicap accessible and two unit to be accessible to the hearing and visually impaired. As of September 2022, the property was 95.6 percent occupied. Onsite amenities include a community room, laundry facilities, elevator, controlled access, leasing office, rooftop patio, bike parking, Amazon Hub lockers and valet trash pickup.

December 8, 2022

California Development Industrial Western

JK Management Sells 21.3-Acre Industrial Development Site in Holtville, California

by Amy Works December 8, 2022

HOLTVILLE, CALIF. — JK Management has completed the disposition of a 21.3-acre industrial site at 2255 Melon Road in Holtville. An undisclosed owner/occupier acquired the asset for $4.2 million. The buyer has not released future plans for the facility. The property currently features 101,665 square feet of industrial building improvements, with a 57,310-square-foot refrigerated space, two shop buildings and office space. Matt Davis, Melanie Haynes and Shannon Whitfield of Cushman & Wakefield’s National Land Advisory Group represented the seller in the deal.

December 8, 2022

Acquisitions Industrial Oregon Self-Storage Western

Marcus & Millichap Negotiates $4.2M Sale of Summit Self Storage in Bend, Oregon

by Amy Works December 8, 2022

BEND, ORE. — Marcus & Millichap has arranged the sale of Summit Self Storage, a self-storage facility at 720 SE 9th St. in Bend. An individual/personal trust sold the asset to a limited liability company for $4.2 million. Built in 1977, Summit Self Storage features 146 units and was 98 percent occupied at the time of sale. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Portland office represented the seller and buyer in the deal.

December 8, 2022

Acquisitions Arizona Multifamily Top Stories Western

IPA Brokers $116M Sale of Liv Crossroads Apartment Community in Gilbert, Arizona

by Jeff Shaw December 8, 2022

GILBERT, ARIZ. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Liv Crossroads, a multifamily property located in Gilbert, approximately 20 miles southeast of Phoenix. The 356-unit property sold for $116 million, which equates to $325,843 per unit. Completed earlier this year, the property comprises 19 residential buildings, as well as a clubhouse, heated pool and fitness center. Other amenities at the community include a car care center, electric car charging stations, bicycle repair station and community garden. Averaging 876 square feet, the apartments feature walk-in closets, vinyl plank flooring, stainless steel appliances and granite countertops in the kitchens. According to the community’s website, studio rents start at $1,330 per month and one-bedroom units start at $1,603 per month. Located within Gilbert’s central business district, Liv Crossroads is approximately two miles from the 250-acre mixed-use Rivulon development, where office tenants include Morgan Stanley, Deloitte, Merill Lynch, Amerifirst Financial and the headquarters of Isagenix International. The property is also adjacent to the Chandler Airpark area. Gilbert and Chandler are together home to companies including Honeywell, Intel, PayPal, Amazon, Wells Fargo, Dignity Health and Northrop Grumman. Steve Gebing and Cliff David of IPA represented the seller, Liv Communities. …

December 8, 2022

John Ducey Walker & Dunlop Affordable Housing

Affordable Housing Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Affordable Housing Crisis Calls For New Solutions, Effective Programs

by Sarah Daniels December 8, 2022

By John Ducey, chief production officer of Walker & Dunlop’s affordable lending group Private industry and the federal government are rallying to recover ground lost to a housing affordability crisis that has been decades in the making. Nearly half of the nation’s renters, 46 percent, are housing cost-burdened, which the Census Bureau defines as those families paying 30 percent or more of their income on rent and utilities. The burden is higher for some, with nearly one in four families (23 percent of Americans) paying half or more of their income for housing. The situation calls for a change in tactics, a recognition of recent policy failures and a shared commitment to double down on programs with proven efficacy. As a nation we must ask, what can we do differently to put more homes within reach for the growing ranks of Americans who struggle to meet basic housing costs? A Building Problem The gap between housing costs and strained household budgets has widened due to both insufficient supply and wage stagnation that has fueled demand for affordable housing. The larger of the two issues — a lack of supply — traces chiefly to the 2008 financial crisis, which put a …

December 8, 2022

Acquisitions California Retail Western

Combined Properties Sells Three Grocery-Anchored Shopping Centers in Los Angeles County for $136.8M

by Amy Works December 7, 2022

LA VERNE AND MONTEBELLO, CALIF. — Beverly Hills-based Combined Properties has completed the disposition of three grocery-anchored shopping centers totaling more than 400,000 square feet in Los Angeles County. EDENS, an institutional investor, acquired the portfolio for $136.8 million. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller in the transaction. The portfolio includes: The Commons at La Verne, a 120,720-square-foot asset in La Verne anchored by Vons and Ross Dress for Less Montebello Mix, a 216,385-square-foot property in Montebello that is 94 percent occupied and anchored by Vons, Rite Aid, Ross Dress for Less and Marshalls Foothill Plaza, a 65,000-square-foot center located at 1375 Foothill Blvd. in La Verne and anchored by Sprouts Farmers Market and Bank of America

December 7, 2022

Affordable Housing Development Hawaii Multifamily Western

Ikaika ‘Ohana, Hunt Capital Open 89-Unit Affordable Multifamily Property in Lahaina, Hawaii

by Amy Works December 7, 2022

LAHAINA, HAWAII — Ikaika ‘Ohana and Hunt Capital Partners, in collaboration with Urban Housing Communities, have opened Kaiaulu o Kupuohi, an affordable housing community in Lahaina. Located at 258 Kupouhi St., Kaiaulu o Kupuohi features 89 apartments divided into 20 one-bedroom units, 34 two-bedroom units and 35 three-bedroom units. The apartments are reserved for families earning up to 60 percent of the area median income. Onsite amenities include a community center, management, tot lot, barbecue/picnic area, laundry facilities and ample parking. Goodfellows Bros. and Maryl Group Construction served as general contractors and Design Partners served as project architect. ThirtyONe50 Management operates the asset. The total cost for Kaiaulu o Kupuochi is $64.6 million. Hunt Capital Partners provided $21.9 million in federal and $8.1 million in Hawaii state Low-Income Housing Tax Credit (LIHTC) equity for the project. Other funding sources include the Bank of Hawaii, which provided a $27.6 million construction loan and an $8.2 million construction-to-permanent loan; the Hawaii Housing Finance and Development Corp., which provided $17.1 million in Rental Housing Revolving Funds; Maui County, which provided a $6.4 million permanent loan; and Ikaika ‘Ohana, which provided a $725,952 permanent loan.

December 7, 2022

Newer Posts

Older Posts