Western

Realty Capital Partners Invests $11.7M in Active Adult Development in Basalt, Colorado

by Amy Works August 30, 2023

BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.

August 30, 2023

Acquisitions Arizona Industrial Western

Western American Investments Acquires 10,963 SF Industrial Space in Tucson, Arizona

by Amy Works August 30, 2023

TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.

August 30, 2023

Acquisitions Colorado Hospitality Northeast Pennsylvania Top Stories Western

KSL Capital Partners Agrees to Acquire Hersha Hospitality Trust for $1.4B

by Kristin Harlow August 30, 2023

DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …

August 30, 2023

Acquisitions Arizona Development Healthcare Industrial Mixed-Use Multifamily Office Restaurant Retail Western

Partnership Purchases 311-Acre Site for Mixed-Use Project in Gilbert, Arizona

by Amy Works August 29, 2023

GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.

August 29, 2023

Acquisitions California Industrial Western

Westcore Acquires 3.5 MSF Industrial Portfolio in California

by Amy Works August 29, 2023

CHINO, VALENCIA AND LIVERMORE, CALIF. — Westcore has acquired the Odyssey Portfolio, a 3.5 million-square-foot industrial portfolio across Chino, Valencia and Livermore. The price was not disclosed. The portfolio includes: The industrial buildings are all fully occupied with staggered lease expirations that will enable Westcore to drive value and make capital improvements to the properties. Current tenants include Pharavite, Tesla, Draxlmaier Automotive, Coca-Cola and Schlage. Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl of Eastdil Secured represented the undisclosed seller, while Westcore was self-represented in the deal.

August 29, 2023

Acquisitions Colorado Industrial Self-Storage Western

Andover Properties Buys 215,748 SF Self-Storage Facility in Colorado Springs

by Amy Works August 29, 2023

COLORADO SPRINGS, COLO. — Andover Properties has acquired a self-storage facility situated on 23 acres in Colorado Springs. Terms of the transaction were not released. Andover will rebrand the 215,748-square-foot facility under its Storage King USA brand. Previously, the asset operated as AAA Platte Self Storage. The property has 681 climate-controlled units in a variety of sizes. The Storage King USA portfolio now totals 158 facilities in 18 states across the country, with five assets in Colorado.

August 29, 2023

California Development Multifamily Western

JPI Starts Construction of 482-Unit The Exchange at Riverside Apartments in California

by Amy Works August 29, 2023

RIVERSIDE, CALIF. — Irving, Texas-based JPI has begun vertical construction on The Exchange at Riverside, a three-story multifamily development in the Inland Empire city of Riverside. The community will feature 482 one-, two- and three-bedroom apartments, as well as several live/work units. Apartments will offer energy-efficient, stainless steel appliances and electric ranges; private tiered balconies; nine-foot ceilings; and a full-sized washers/dryers. Community amenities will include two resort-style pools with cabanas and outdoor fireplaces, an outdoor kitchen, coworking lounges, a fitness center, dog park, bicycle storage and repair room and electric vehicle charging stations. First occupancy for The Exchange at Riverside is slated for late 2024.

August 29, 2023

Acquisitions Colorado Retail Western

NorthPeak Brokers $2.6M Acquisition of Retail Space in Colorado Springs

by Amy Works August 29, 2023

COLORADO SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the purchase of a retail space located at 4425 Buckingham Drive in Colorado Springs. The asset traded for $2.6 million, or $1,100 per square foot. The property features 2,347 square feet of retail space, which a Dunkin location currently occupies. Matt Lewallen and Kevin Calame of NorthPeak Commercial Advisors represented the buyer in the deal. Further details were not disclosed.

August 29, 2023

California Market Reports Retail Western Western Market Reports

Los Angeles Retail Evolves as Tenants Reign Supreme

by Jeff Shaw August 29, 2023

— By Gabe Kadosh, Vice President at Colliers in Los Angeles — Retail leasing activity in Los Angeles is robust. Demand is particularly strong in the home/furniture industries. The quick-service restaurant segment is another one that continues to grow, with a large uptick in demand for drive-thru accommodations. Now, for the good news — or bad news, depending on whether you’re a landlord or tenant. Los Angeles remains a tenant market. There is currently too much available retail space. Oftentimes, retail tenants can simply go across the street if they find a particular landlord’s rent — or lease terms — unfavorable. The current vacancy rate for retail in Greater Los Angeles stands at about 6 percent. Significant concessions and incentives are being offered in various regions of Los Angeles. Downtown Los Angeles is seeing the largest number of concessions. That’s because the office market has been shuttered so dramatically, thanks to the pandemic and the work-from-home trend that just won’t go away. This has caused some Downtown mixed-use office and retail landlords to offer base CAM or even no rent just to keep the doors open. In other cases, some retail tenants only pay a percentage of sales with no …

August 29, 2023

Acquisitions Build-to-Rent Content Partner Development Features Leasing Activity Midwest NAI Northeast Single-Family Rental Southeast Texas Western

Single-Family Rental, Built-to-Rent Investment Sales Outlook Remains Positive Despite Economic Challenges

by Sarah Daniels August 29, 2023

The multifamily sector is under general disruption from a variety of factors, such as falling valuations, financing difficulties, questions about forward net operating income, shifts in regulations and more. Chris Town, who works in commercial sales and leasing at NAI Latter & Blum in Baton Rouge, La., is an expert in single-family rental (SFR) and built-to-rent (BTR) investment sales. Town says that there are challenges, but a solid future ahead for the sector. The overarching challenges take the form of the Federal Reserve interest rate hikes. “It’s the major factor behind the immediate slowdown of home construction and home buying,” Town explains. “Another factor, of course, is land. These are true whether you’re talking true multifamily or the submarkets of BTR and SFR.” A combination of factors has created a tug-of-war among incentives. High interest rates, with home prices at or near historical highs, mean millions of people need places to live. Many of these potential homeowners have families and want the ameliorations and amenities of a detached single-family housing. “Depending on the metric and organization’s research used, you could say the country is five to six million units short on single-family homes,” Town says. The Larger Economy’s Impact on …

August 29, 2023

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