By Karena Gilbert, Office & Investment Associate, Colliers With a population of a little more than 795,000, the Boise metro area has consistently ranked as one of the fastest-growing places in the nation. Ada and Canyon counties saw a population increase of 7.8 percent from 2020 to 2022. This growth has brought both business and talent to the Boise area and around the state. In a city already ripe with highly skilled, educated and community-minded people, the influx of more talent helped stimulate the growth of local and newly planted companies. Unemployment was 2.4 percent in June 2022, its lowest since May 2018. We are once again seeing companies that have to work to attract and retain employees in this growing market. Boise office tenants have returned to work. There is a degree of remote work, along with the adoption of hybrid work, as many employers and employees are unsure how many days per week anyone will be required in the office. There is a strong desire to have employees back to work as it fuels collaboration, mentorship and training. Companies that had thought about reducing their footprint are now reconsidering and finding value in having a collaborative environment. Boise has smaller office users …
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OpenPath Investments Sells The Eleven Hundred Multifamily Community Near Sacramento for $119M
by Amy Works
ARDEN-ARCADE, CALIF. — Northern California-based OpenPath Investments has completed the disposition of The Eleven Hundred, a 45-building apartment property in the Arden-Arcade submarket of Sacramento. Beverly Hills, Calif.-based KR Properties acquired the asset for $119 million. Located at 1100 Howe Ave., The Eleven Hundred features 565 studio, one-, two-, three- and four-bedroom apartments averaging 775 square feet. OpenPath invested extensive capital in exterior and community upgrades for the property, which was built in 1963. Community amenities include a clubhouse, fitness center, swimming pool, hot tub, garden, tennis and basketball courts, playground, and a grilling and picnic area. Marc Ross of CBRE’s Sacramento Multifamily Investment Properties group represented the seller in the transaction.
STUDIO CITY, CALIF. — Los Angeles-based Gelt has purchased Avalon Studio 4121, a multifamily community located at 4041-4121 Radford Ave. in Studio City. Avalon Bay sold the asset for $76 million. Built in 2009, the four-story, two-building property features 149 apartments in a mix of one- and two-bedroom layouts. The units feature nine-foot ceilings, in-unit washers/dryers and private sundecks or patios in select units. On-site amenities include a fitness center, game/recreation room, lounge room with TV, courtyards and leasing office. At the time of sale, the property was 98 percent occupied. Gelt plans to rename and renovate the property, including installation of stainless steel appliances, quartz countertops with undermount sinks, vinyl plank flooring, tile backsplashes, cabinets, modernized hardware and recessed lighting and fixtures. Gelt will also make upgrades to the common area amenities.
IRVINE, CALIF. — CBRE has negotiated the sale of a life sciences facility located at 6 Thomas in the Irvine Spectrum Center neighborhood of Irvine. MP Biomedicals LLC acquired the property for $11 million. Ross Bourne and Chip Wright of CBRE represented the undisclosed seller in the deal. Situated on approximately 1.5 acres, the 28,835-square-foot building was converted from a light manufacturing property to a lab in 2005. Previous tenants of the building include Eagle Pharmaceuticals, Enevate Corp., BIT Group and Planet Innovation.
Norris & Stevens Arranges $4.7M Acquisition of Barrows Plaza Shopping Center in Tigard, Oregon
by Amy Works
TIGARD, ORE. — Norris & Stevens has brokered the sale of Barrows Plaza, a retail center located at 14200 and 14250 SW Barrows Road in Tigard. OPI Aloha LLC & RYL Court LLC acquired the asset for $4.7 million. Constructed in 1998, the 7,999-square-foot shopping center is situated on 1.1 acres. The one-story property has a history of long-term tenancy, with over 50 percent of the space occupied by the same tenants since 1998 and 1999. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while Dean Wier of WG Real Estate Investment Services represented the seller, CFH Limited Partnership, in the transaction.
SBH Real Estate Group Divests of Pollo Campero-Occupied Restaurant Property in Covina, California
by Amy Works
COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a triple-net-leased restaurant asset located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant chain, signed a 15-year ground lease to occupy the restaurant property, which is slated to open for business at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.
Combinations of offices with laboratories, research and development spaces and/or manufacturing areas make life sciences facilities highly customizable. These multipurpose, technical spaces are in high demand from companies seeking first-class facilities for research-based advancements. Low vacancies, high rents and the chance to convert unused office or retail spaces on a faster timeline have prompted some creative approaches to retrofit existing space to fulfill the needs of science and technology tenants. In other instances, facilities must be built from the ground up to conform to best practices. But what factors matter most to the life sciences field? And how can developers increase their speed to market? Read on for tips and checklists for developers hoping to speed up the process of building or retrofitting these facilities. Industry Drivers: Speed to Market and Flexibility Office conversions into life sciences facilities offer a variety of options. Life sciences facilities often do not need to accommodate large trucks (eliminating circulation and loading dock concerns), they use office components and (most importantly) office conversions offer faster speed to market than other types of conversions. “Speed to market is most important for these developers/tenants. There is a shortage of space, so a well-designed, spec building will …
UCLA Agrees to Acquire Former Marymount California University Campus in Southern California for $80M
by Amy Works
RANCHO PALOS VERDES, CALIF. — The University of California Los Angeles, under the advisory of the University of California Board of Regents, has agreed to purchased the former Marymount California University campus in Rancho Palos Verdes for $80 million. The acquisition, which was under a mandate by the University of California Board of Regents for the state’s public universities to educate more students, is slated to close in October. Mike Condon Jr., Kimberly Brown, McKenna Gaskill, Erica Finch, Jacob Kovner and Connor Martin of Cushman & Wakefield represented UCLA in the transaction. Adrienne Barr and Steffan Braunlich of Berkadia represented Marymount California University in the deal. Overlooking the Pacific Ocean and Catalina Island, the coastal property comprises 24.6 acres of developed campus and vacant land, plus a neighboring vacant 86-unit student apartment complex situated on 11 acres in San Pedro. Located at 30800 Palos Verdes Drive East, the campus consists of 10 existing academic buildings totaling 92,268 of gross building area previously used for classroom, administrative and other campus functions. The included apartment complex spans 18 buildings. Known as The Villas, the complex is covenanted for education use that supplements the campus’ academic use. The property also features a pool, tennis …
EL SEGUNDO, CALIF. — Washington Holdings has completed the disposition of Hyatt Place Los Angeles/LAX/El Segundo, a select-service hotel located at 750 N Nash St. in El Segundo. El Segundo-based Welcome Group acquired the asset, which was sold unencumbered by management, for $49 million. Renovated in 2020, Hyatt Place El Segundo features 143 guest rooms, The Placery bar and restaurant, The Market grab-and-go outlet, a fitness center, an outdoor pool and electrical vehicle charging stations. Additionally, the pet-friendly hotel offers a business center and 1,054 square feet of meeting or event space. John Strauss, James Stockdale and Melvin Chu of JLL Hotels & Hospitality represented the seller in the transaction.
LOS ANGELES — Kidder Mathews has arranged the sale of a 54-unit apartment community located at 340 S. Kenmore Ave. in Los Angeles’ Koreatown neighborhood. ROM Residential sold the asset to Landmark Global Management for $15.9 million. Built in 1965, the building features nine studios, 33 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. Robin Ossenbeck of Kidder Mathews represented the seller in the deal.