Western

Ulta, At Home Sign Leases Totaling 95,000 Square Feet at Everett Mall Redevelopment in Metro Seattle

by Jeff Shaw March 15, 2023

EVERETT, WASH. — Ulta Beauty and At Home Stores have signed leases totaling 95,000 square feet at Everett Mall, a property currently undergoing redevelopment in Everett, roughly 30 miles north of Seattle. Both retailers will open spaces within a building that formerly housed Sears. Existing tenant Ulta will occupy 10,000 square feet, with At Home leasing 85,000 square feet. Owner Brixton Capital purchased Everett Mall in 2017 and broke ground on the project earlier this year, which will comprise three phases of redevelopment. Bayley Construction is the general contractor, with MG2 providing architectural services. Mattis Partners represented Brixton in the lease negotiations. Real Retail represented At Home, and Northwest Retail Partners represented Ulta.

March 15, 2023

California Market Reports Office Western Western Market Reports

Orange County’s Office Market is on Divergent Paths as it Looks to Find Balance

by Jeff Shaw March 14, 2023

— Scott Wetzel, Executive Vice President, JLL — Tenants and debt remain the most important drivers of the Orange County office ecosystem — both having undergone major evolutions in recent history. Maybe unexpectedly, leasing velocity improved year over year, despite the never-ending drumbeat of a pending recession. Conversely, investment markets were much more cautious as debt cost spiked and investors pumped the brakes. Leasing From Bob Iger to Howard Schultz, prominent executives are voicing frustration over the state of the office market…and rightfully so. We watched the pendulum swing from end to end as office tenants went from fully “in office” pre-pandemic, to 100 percent remote for the better part of 2020 and 2021. Today, the national office usage rate still hovers around 50 percent, according to the most recent Kastle Systems report. Orange County reflects this national trend, meaning it’s stuck in the middle between in-office and in-home. Tenants are also on divergent paths as some seek quality, while others prioritize value. New Orange County office developments like Flight (Lincoln Property Company), Boardwalk (AEW) and Spectrum Terrace (the Irvine Company) are fully leased and have achieved premium rental rates, typically 70 percent-plus above average market lease rates. Large contiguous …

March 14, 2023

Colorado Development Multifamily Western

Legacy Partners, Griffin Capital Break Ground on 380-Unit Multifamily Development in Aurora, Colorado

by Jeff Shaw March 14, 2023

AURORA, COLO. — A joint venture between Legacy Partners and Griffin Capital has broken ground on Legacy Metro 525, a 380-unit apartment community in Aurora. The transit-oriented development will be adjacent to the Sable light rail station and near I-225 and Highway 83. Legacy Metro 525 will offer a mix of 380 studio to three-bedroom apartments, with an average unit size of 846 square feet. It is scheduled for completion near the end of 2025. Legacy and Griffin Capital closed on the construction financing with a loan from Poppy Bank of Santa Rosa, Calif. The developers purchased the site, located at 525 S. Dawson St. in southern Aurora, in September 2022. Cushman & Wakefield’s team of Wade Fletcher, Jim Capecelatro, and Mike Kboudi brokered the sale transaction.

March 14, 2023

California Development Industrial Loans Western

Lovett Industrial Receives $24.9M Construction Financing for Rialto, California Project

by Jeff Shaw March 14, 2023

RIALTO, CALIF. — Lovett Industrial has received $24.9 million in construction financing to develop Rialto II, a 114,115-square-foot, Class A industrial development in Rialto. Once completed, Rialto II will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. The six-acre site is located at 1910 W. Renaissance Parkway. The three-year, fixed-rate loan is through American Realty Advisors. Peter Thompson, Samuel Godfrey and Jordan Leake led the JLL Capital Markets debt advisory team.

March 14, 2023

Acquisitions California Office Western

Buchanan Street Partners Sells Newport Beach Office Space for $20.4M

by Jeff Shaw March 14, 2023

NEWPORT BEACH, CALIF. — Buchanan Street Partners has sold a two-building, 42,697-square-foot office property to a private Newport Beach real estate firm for $20.4 million. Buchanan purchased the offices in 2020 for $11.5 million. Located at 1400 and 1420 Bristol St. N., the property was 22 percent leased at the time of sale. Buchanan had initially planned to carry out an adaptive reuse initiative at the property until the buyer, a residential developer, showed interest.

March 14, 2023

Acquisitions California Multifamily Western

Keller Williams Brokers $11.5M Sale of Glendon Apartments in West Los Angeles

by Jeff Shaw March 14, 2023

LOS ANGELES — Keller Williams Commercial has negotiated the sale of The Glendon, a 27-unit apartment building in the Palms submarket of West Los Angeles. Glendon LP acquired the asset for $11.5 million. Built in 1986, the community is located at 3724 Glendon Ave. Matthew Kanner of Keller Williams Commercial and president of the Kanner Group, represented both the buyer and the seller, JEB Properties, in this transaction. The closing cap rate was 3.84 percent, with price per unit of $427,778.

March 14, 2023

California Industrial Leasing Activity Western

R.L. Jones Leases 240,975 SF Industrial Building at Landmark at Otay in San Diego

by Jeff Shaw March 14, 2023

SAN DIEGO — R.L. Jones Customhouse Brokers has leased a 240,975-square-foot industrial building currently under construction at Landmark at Otay in San Diego. The facility is situated at the intersection of SR-905 and SR-125. Targeted for shell completion in May 2023, R.L. Jones will relocate its corporate headquarters to 1610 Landmark Road as it expands its operations in the park to nearly 400,000 square feet across two new Class A industrial structures. R.L. Jones signed its first lease, totaling more than 150,000 square feet, within the same park in 2021. The new agreement represents the largest non-Amazon industrial lease in Otay Mesa in the past decade, and the largest in San Diego County in the past five years, according to the Colliers San Diego team of Mark Lewkowitz, Chris Holder and Will Holder, which is responsible for marketing and leasing the development. Majestic Realty Co. and Sunroad Enterprises are the developers behind Landmark at Otay.

March 14, 2023

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Private Portfolio Group Purchases Havenly Fountain Hills Build-to-Rent Community in Arizona for $68.3M

by Jeff Shaw March 13, 2023

FOUNTAIN HILLS, ARIZ. — Private Portfolio Group has acquired the 147-unit Havenly Fountain Hills for $68.3 million. The build-to-rent community is located at 16550 East Avenue of the Fountains in Fountain Hills, a suburb of north Scottsdale. Each rental home features 10-foot ceilings, fully fenced private backyards, front porches, high-end interior finishes, quartz countertops, stainless steel appliances and full-size washers and dryers. Mark Forrester of Berkadia represented the sellers, Arizona-based Keystone Homes and Lexin Capital, while Scott Holland of Berkadia Scottsdale secured life company acquisition financing on behalf of the buyer.

March 13, 2023

California Development Industrial Western

Patrinely Group Buys Industrial Development Site in Menifee, California for $61M

by Jeff Shaw March 13, 2023

MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.

March 13, 2023

California Development Multifamily Seniors Housing Western

Harbert South Bay Partners Plans 350-Unit The James Seniors Housing Community in Irvine, California

by Jeff Shaw March 13, 2023

IRVINE, CALIF. — Harbert South Bay Partners has released plans for The James, a 350-unit, eight-story seniors housing community in the Orange County city of Irvine. The site is walkable to Irvine-Tustin’s vibrant shopping area, The District at Tustin Legacy. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. The James will feature 210 independent living, 110 assisted living and 30 memory care units. Momentum Senior Living, which is based in Orange County, will be the operator.

March 13, 2023

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