TWIN FALLS, IDAHO — Wood Investments Cos. has announced the addition of three new tenants to Canyon Park West, a 160,140-square-foot retail center in Twin Falls. Natural Grocers plans to open a 20,000-square-foot store at the property this fall. Additionally, Ashley HomeStore and Carter’s have signed leases totaling 18,000 and 4,084 square feet, respectively, and are now open at the center.
By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …
SEATTLE — Green Leaf Capital Partners has acquired the 96-unit Encore apartments in Seattle for $35.3 million. The community is located in the Columbia City neighborhood, adjacent to the Columbia City Link light rail stop. It also contains 6,100 square feet of street-level retail. Originally developed as high-end condominiums, the mixed-use building was completed in 2022. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors represented the seller, BDR Holdings LLC, and procured the buyer in this transaction.
SAN DIMAS, CALIF. — San Dimas CA LLC has purchased a 79,036-square-foot R&D/flex facility in San Dimas. The facility is located at 960 Overland Court. The two-story property sits on 4.2 acres and is fully occupied by Collins Aerospace, a Charlotte, N.C.-based aerospace and defense product supplier and subsidiary of Raytheon Technologies. The facility is a mission-critical location for Collins and houses the company’s research and development operations. Originally built in 1987, the property recently underwent significant landlord renovations and tenant improvements. It features a mix of open-plan offices and private offices, conference rooms, multiple kitchenettes, and 7,600 square feet of warehouse space with two dock-high positions and two truck wells. Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams with CBRE’s Investment Properties—California/Arizona/Nevada, along with Todd Tydlaska, Mike Longo, Melissa May Moock and Sean Sullivan with CBRE’s Institutional Capital Partners, represented the undisclosed seller in the transaction.
SANTA MONICA, CALIF. — Avison Young has brokered the sale of a medical office building in downtown Santa Monica. US 528 Arizona Owner LLC acquired the property for $5 million. The 3,049-square-foot medical office building is located at 520 Arizona Ave. It was acquired as part of a land assemblage for the development of a mixed-use project. Mitch Stokes of Avison Young was the sole broker in the transaction.
LAS VEGAS — Next Century Rebar LLC has acquired a 19,512-squre-foot industrial warehouse in Las Vegas for $3.7 million. The facility is located at 3020 S. Valley View Blvd. within the West Central submarket. The two-story building features 18-foot clear heights, concrete tilt-up construction, four drive-in doors and Valley View frontage. CBRE’s Tyler Ecklund represented the seller, MSC Valley LLC, in the transaction.
ENGLEWOOD, COLO. — A local buyer has purchased a 14,200-square-foot industrial building in Englewood for $1.9 million. The facility is located at 2622 S. Raritan Circle. The seller, which was in a 1031 exchange, secured a higher price than what traditional financing would have offered due to a high interest rate environment, according to NorthPeak Commercial Advisors, which represented both parties. Meanwhile, the purchase allowed the buyer to continue purchasing triple-net industrial properties within the same business park as its other holdings. The transaction also allowed the company to simultaneously complete a 1031 exchange into a more passive investment than a previous building.
LAS VEGAS — San Diego-based owner-operator Davlyn Investments has closed on the $67 million purchase of Spectrum, a 252-unit apartment community in the Curve neighborhood of Las Vegas. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the undisclosed seller. Mitch Clarfield and Meghan Varga of Newmark arranged acquisition financing. Spectrum was built in 2010 and offers one- and two-bedroom floor plans. Davlyn Investments has rebranded the property as The Michael B Townhomes and Flats.
LAS VEGAS — The Rockefeller Group has acquired seven acres of land in Las Vegas to develop two speculative industrial buildings totaling 145,630 square feet. R A Plaza LLC sold the land for $8.5 million. The project, Cheyenne Industrial Park, will be located at 3102 N. Lamb Blvd. and is fully entitled. Rockefeller plans to begin construction by the end of year. Rockefeller recently started construction on its first development in the region, Nellis Logistics Center, a 134,100-square-foot speculative distribution facility, at the southwest corner of North Nellis Boulevard and East Carey Avenue in Clark County.
SAN JOSE, CALIF. — CBRE has arranged the $15.4 million sale of Ranchero Palms, a 61-unit apartment community in San Jose. Keith Manson, Zachary Greenwood and Mac Watson represented both the buyer and seller. Ranchero Palms features one- and two-bedroom floor plans, and was recently renovated with a new entryway, railings, stairways and main electrical service. According to Apartments.com, the property was built in 1969 and offers community amenities such as a pool, a sundeck, on-site laundry facilities and dry-cleaning services.
