Sunday, January 25, 2026
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RetailWashingtonWestern

Starbucks to Close Stores, Lay Off Workers in $1B Restructuring Effort

by Kristin Harlow

SEATTLE — Starbucks Coffee has announced that it will be eliminating roughly 900 non-retail U.S. jobs, with additional plans to close several hundred underperforming company-operated stores, as part of a broader $1 billion restructuring effort. The company’s store count will decrease by about 1 percent, which translates to roughly 500 closures for the company, as reported by CNBC. Starbucks plans to end its fiscal year with almost 18,300 North American locations, including both company-operated and licensed cafés.  Brian Niccol, chairman and CEO of Starbucks Coffee, stated that baristas from closing locations will receive severance packages or will be transferred to nearby locations. The latest store closures and layoffs at Starbucks are part of Niccol’s wide-ranging turnaround strategy in his first year at the company.  Starbucks has reported six consecutive quarters of declining same-store sales, as well as a previous round of 1,100 corporate layoffs in February. 

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DevelopmentIndustrialNevadaWestern

Lincoln Completes 1.6 MSF Windsor Commerce Park in Las Vegas

by Amy Works

LAS VEGAS — Lincoln Property Co. has completed Windsor Commerce Park, the company’s first-ever ground-up industrial development in the Las Vegas market. Situated on 86 acres, the 1.6 million-square-foot Windsor Commerce Park features eight buildings ranging from 49,920 square feet to 397,440 square feet. Buildings offer rear loading and cross-dock configurations, up to 36-foot clear heights, up to 4,000 amps of power, large clerestory windows and move-in-ready speculative office suites. The property is nearly 50 percent leased with tenants including regional, national and global operators specializing in HVAC, logistics and e-commerce. The project team includes Lee & Sakahara as architect and R&O Construction. Kevin Higgins, Garrett Toft, Jake Higgins and Kelsey Higgins of CBRE are handling leasing for the project.

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CaliforniaDevelopmentLoansRetailWestern

JLL Secures $27M Construction Loan for Retail Project in Rocklin, California

by Amy Works

ROCKLIN, CALIF. — JLL Capital Markets, on behalf of Blue Coast Capital, has arranged a $27 million construction loan for Whitney Ranch Retail Center, a to-be-built, 52,200-square-foot neighborhood retail center in the Whitney Ranch community of Rocklin. The three-year construction loan was secured with U.S. Bank. Slated for completion in 2026, Whitney Ranch Retail Center will include 35,000 square feet of inline and standalone retail, as well as five ground-leased pad sites totaling 17,200 square feet. The property will be shadow anchored by Nugget Markets, an upscale supermarket chain with 16 locations across Northern California.

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AcquisitionsColoradoRetailWestern

CenterSquare Acquires 31,871 SF North Bear Crossing Shopping Center in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Conshohocken, Pa.-based CenterSquare has acquired North Bear Crossing, a 31,871-square-foot service retail property located in the Denver suburb of Lakewood. The center was 86 percent leased at the time of sale to tenants including Sports Clips, Domino’s Pizza, Kentucky Fried Chicken/A&W, Moe’s Original BBQ and F45 Training. North Bear Crossing marks CenterSquare’s 61st acquisition nationally.

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AcquisitionsColoradoRetailWestern

Kaufman Hagan Negotiates $3M Sale of Retail Center in Lone Tree, Colorado

by Amy Works

LONE TREE, COLO. — Kaufman Hagan Commercial Real Estate has negotiated the sale of Park Meadows Village, a shopping center in Lone Tree. The asset traded for $3 million, or $392.67 per square foot. Three long-term tenants fully occupy the 7,640-square-foot retail plaza at 9447 Park Meadows Drive. Ryan Floyd and Colby Constantine of Kaufman Hagan handled the transaction. The names of the seller and buyer were not released.

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AcquisitionsCaliforniaMultifamilyWestern

Legacy Partners, PGIM Acquire Student Housing Community in Azusa, California for $92M

by Amy Works

AZUSA, CALIF. — A joint venture between Legacy Partners and PGIM has purchased University Village, a student housing property in Azusa, from Azusa Pacific University for $92 million. The community will be rebranded as Citrus Place Apartments and will be available for leasing by the end of September. Built in 1985, the property was previously used as student housing by Azusa Pacific University until the end of spring semester 2025. Located at 801 E. Alosta Ave., the 14-acre property consists of 20 two-story garden-style residential buildings offering a mix of 320 one- and two-bedroom apartments. Units include washers/dryers, kitchen appliances, dishwashers, central heating, air conditioning and individual hot water heaters. Community amenities include two outdoor swimming pools, a hot tub, a recreational room, two tennis courts, a basketball court and 600 parking spaces. In addition to the rebranding, Legacy Partners and PGIM plan to create a new leasing office and fitness center and make value-add improvements such as interior renovations, exterior paint and landscaping upgrades.

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Affordable HousingArizonaDevelopmentMultifamilyWestern

Pennrose Underway on $57M Affordable Housing Development in Phoenix

by Amy Works

PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with six units reserved for residents earning at or below 40 percent of the AMI and 24 available for residents earning at or below 50 percent of the AMI. The remainder of the apartments are set aside for seniors earning at or below 60 percent of the AMI.  Upon completion, Garfield Terrace II will deliver an additional 60 units for seniors earning at or below 60 percent of the AMI, with 12 apartments reserved for formerly homeless residents. Completion is scheduled for fall 2026.  Amenities at the property will include a fitness center, outdoor courtyard and recreation area, community room and parking. The Greater Phoenix Urban League and Central Arizona Shelter Services …

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AcquisitionsIndustrialNevadaWestern

Rockefeller Group Sells 104,440 SF Industrial Building in North Las Vegas

by Amy Works

NORTH LAS VEGAS, NEV. — Rockefeller Group has completed the sale of a 104,440-square-foot industrial building within Cheyenne Industrial Park at 3130 N. Lamb Blvd. in North Las Vegas to an undisclosed buyer for $23.5 million. The distribution facility features a clear height of 32 feet, 18 dock-high doors, two grade-level doors, a 135-foot gated truck court, 105 auto parking stalls, 2,000 amps of power and 2,528 square feet of office space. The two-building Cheyenne Industrial Park was designed by HPA Architecture with Martin Harris Construction as general contractor. Both buildings feature six-inch floor slab thickness, LED lighting, TPO roofing, ESFR sprinklers and evaporative coolers. Jason Simon, Rob Lujan and Danny Leanos of JLL represented the seller in the deal.

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AcquisitionsCaliforniaRetailWestern

Insomniac Entertainment Buys Avalon Theatre in Hollywood for $15.7M

by Amy Works

LOS ANGELES — Insomniac Entertainment has acquired the Avalon Theatre in Los Angeles’ Hollywood submarket from Ligny LLC for $15.7 million. Located at 1735 Vine St., the two-story, 33,400-square-foot Avalon Theatre was built in 1927. Jason Lamoreaux of Coldwell Banker Commercial Real Estate Solutions represented the seller and buyer in the deal, which is the first time the property has traded hands in 50 years.

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AcquisitionsArizonaRetailWestern

Union Hospitality Group Purchases 6,208 SF Retail Property in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Union Hospitality Group has purchased a 6,208-square-foot retail space at 2465 N. Campbell Ave. in Tucson. JPMorgan Chase Bank NA sold the asset for $2.4 million. Greg Furrier and Natalie Furrier of Cushman & Wakefield | PICOR represented the buyer, while Dave Hammack of Cushman & Wakefield | PICOR represented the seller in the deal.

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