Western

DivcoWest Buys 72,506 SF Life Sciences Building in San Diego

by Jeff Shaw May 26, 2023

SAN DIEGO — DivcoWest has purchased a 72,506-square-foot, Class A life sciences building in the San Diego submarket of Torrey Pines. The fully leased building is located at 11119 N. Torrey Pines Road. This represents the first Torrey Pines acquisition by a private real estate investor since 2000. It is one of only three research properties in the market not owned by a public REIT, nonprofit or owner/user. The seller is an affiliate of Alexandria Real Estate Equities. Eastdil Secured marketed the property to a limited group of qualified buyers.

May 26, 2023

California Market Reports Multifamily Western Western Market Reports

Apartment Market Fundamentals Remain Strong in Los Angeles Despite a Shifting Market

by Jeff Shaw May 26, 2023

— By Priscilla Nee, Executive Vice President, CBRE — The Los Angeles apartment market started showing signs of cooling as supply has risen to meet demand. Rents decreased marginally year over year as last year’s apartment demand decreased following pent-up pandemic demand. In response to decreased prices, renter demand for space has seen an increase in the first few months of 2023. Across the market, vacancy is sitting just below 4.5 percent as of first-quarter 2023, which is up from all-time lows of around 3.7 percent one year prior. Concessions for new renters are present. They have been steady and increasing since the third quarter of 2022 as landlords work to attract great renters to new and existing projects. Additional new supply is outpacing present demand, despite early upticks in demand for the year. That, paired with a strong development pipeline and an additional 27,000 units under construction, may continue to drive vacancy rates up should demand not increase in kind. This could lead to potential reductions in lease rates if a property sits vacant on the market long enough. Most current development and construction is centered in Downtown LA, Koreatown and South LA. Markets like Inglewood are setting themselves …

May 26, 2023

Development Hospitality Washington Western

InterContinental Hotels & Resorts to Open First Pacific Northwest Hotel in Bellevue, Washington

by Jeff Shaw May 25, 2023

BELLEVUE, WASH. — InterContinental Hotels & Resorts is set to open its first hotel in the Pacific Northwest in October. The InterContinental Bellevue at The Avenue will feature two towers housing 365 luxury condominiums, a 208-room InterContinental Hotel, 85,000 square feet of high-end retail space and celebrity chef-led dining. It is located on the corner of NE 8th Street and Bellevue Way. Fortress Development owns InterContinental Hotels & Resorts.

May 25, 2023

California Development Industrial Western

Hendy Completes Mercedes-Benz Restoration Facility in Long Beach, California

by Jeff Shaw May 25, 2023

LONG BEACH, CALIF. — Hendy has completed design work on the Mercedes-Benz Classic Center in Long Beach. The facility features 41,500 square feet of workspace, 20,000 square feet of vehicle storage, auto restoration and maintenance areas, a showroom, processing bay and retail area. The hangar-sized building was formerly an aircraft production site for aeronautic firm McDonnell Douglas, which merged with Boeing, a leading supplier of passenger aircraft. This is the world’s second Mercedes-Benz Classic Center.

May 25, 2023

Acquisitions Colorado Hospitality Western

Marcus & Millichap Brokers $5.5M Sale of Best Interstate Inn Wheat Ridge in Colorado

by Jeff Shaw May 25, 2023

WHEAT RIDGE, COLO. — Marcus & Millichap has arranged the sale of the 100-room Best Interstate Inn Wheat Ridge in Wheat Ridge. A private investor acquired the hotel for $5.5 million. The asset is located at 4735 Kipling St. The acquisition provides the buyer with a multifamily conversion opportunity. Christy McDougall of Marcus & Millichap represented both the buyer and seller, a limited liability company.

May 25, 2023

Acquisitions California Industrial Western

GID Buys 95,000 SF Warehouse in Redlands, California

by Jeff Shaw May 25, 2023

REDLANDS, CALIF. — GID has purchased a multi-tenant industrial warehouse in Redlands. The 95,500-square-foot, Class A building includes 12 docks with three drive-ins and 30-foot clear heights. It is fully leased to two tenants. This is GID’s second industrial acquisition in Southern California. The company recently acquired a three-building industrial park in the East San Gabriel Valley.

May 25, 2023

Colorado Industrial Leasing Activity Western

MTM Transit Leases 22,689 SF Industrial Outdoor Storage Facility in Denver

by Jeff Shaw May 25, 2023

DENVER — MTM Transit has leased an industrial outdoor storage (IOS) property in Denver. It is located at 280 West 62nd Ave. The 22,689-square-foot space features outdoor storage that could suitably accommodate a 100-passenger van fleet. It is situated near strong population bases and offers access to Denver’s major freeways. Mike Viehmann represented MTM in the lease transaction.

May 25, 2023

Acquisitions Arizona Loans Multifamily Top Stories Western

IPA Arranges Sale of 234-Unit High-Rise Apartment Complex in Downtown Phoenix

by Katie Sloan May 25, 2023

PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …

May 25, 2023

Acquisitions Multifamily Washington Western

Equus Capital Partners Acquires 150-Unit Sierra Sun Apartments in Puyallup, Washington

by Jeff Shaw May 24, 2023

PUYALLUP, WASH. — Equus Capital Partners has acquired Sierra Sun Apartments, a 150-unit property in the Seattle suburb of Puyallup. Built in 2006, Sierra Sun comprises 20 apartment buildings and an 8,500 square-foot clubhouse and amenity center. The community offers one-, two- and three-bedroom townhome-style units. Each unit includes an attached two car garage. Equus will conduct $2 million in renovations to the asset, including interior and exterior updates, as well as enhancements to the clubhouse and amenity center. Madison Apartment Group, a subsidiary of Equus, will oversee the upgrades in addition to managing the community. The investment is being made on behalf of a programmatic joint venture between an affiliate of Equus and a public pension plan that is based in the U.S.

May 24, 2023

Acquisitions California Restaurant Retail Western

SRS Brokers $15M Sale of Two Chick-fil-A-Leased Properties in Southern California

by Jeff Shaw May 24, 2023

MISSION VIEJO AND PALM DESERT, CALIF. — SRS Real Estate Partners has brokered the $15 million sale of two single-tenant retail properties in Southern California. Located in Mission Viejo and Palm Desert, Chick-fil-A occupies both buildings on triple-net ground leases. Jimmy Slusher, Eric Shain and John Read of CBRE represented the seller of the 4,800-square-foot Mission Viejo property, a local private investor. The Palm Desert property comprises 4,738 square feet on 1.6 acres within Monterey Crossing Shopping Center. Timothy Genske of CBRE and Bruce Bailey of The Bailey Group represented the seller, UCLA, which received the property as a donation. Matthew Mousavi and Patrick Luther of SRS represented the private, California-based buyer in both transactions.

May 24, 2023

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