Western

Industrial Retailers, Warehouse Users Rely on Ports, Rails to Provide Variety During Economic Uncertainty

by Sarah Daniels August 22, 2022

Amazon recently reconfigured and consolidated its network of warehouses, and many other retailers followed suit. The result? The outlook for industrial real estate, particularly retail warehouses, is now more difficult to interpret. Many retail clients are repositioning their supply chains to help avoid slowdowns and a potential International Warehouse Logistics Association (IWLA) union strike on the West Coast. This change has merged with a corporate need to find additional options for shipping and transport (especially as prices for transportation and industrial rents rise). The demand for industrial space has increased rapidly in less “congested” areas. As economic uncertainty continues, there is a shift towards tertiary markets for industrial real estate. This change provides significant opportunities for industrial investors, says Steve Pastor, VP of global supply chain, and ports/rail logistics/consultant at NAI James E. Hanson, who serves as NAI Global Industrial Council Chair. Investors and developers may be able to take advantage of a pause in a highly competitive field, in tertiary markets that have been traditionally less expensive than major and core markets. Amazon’s Impact News of Amazon’s plans to scale back its acquisition of industrial space (and to sublease its existing property to other retailers) has given some users opportunities …

August 22, 2022

Development Industrial Nevada Western

Lincoln Property Plans 1.6 MSF Windsor Commerce Park in North Las Vegas

by Amy Works August 19, 2022

NORTH LAS VEGAS — LPC Desert West, the Southwest division of Dallas-based Lincoln Property Co., has acquired an 86-acre land parcel in North Las Vegas for the development of Windsor Commerce Park, a nearly 1.6 million-square-foot industrial development. Totaling eight buildings, Windsor Commerce Park is LPC’s first-ever ground-up industrial development in Nevada. At completion, Windsor Commerce Park will offer buildings ranging from 49,920 square feet to 397,440 square feet. The buildings will feature up to 36-foot clear heights, 24-foot-tall glass entries, touchless technology and large clerestory windows providing sky views and natural light. Construction is scheduled to begin in first-quarter 2023, with completion slated for fourth-quarter 2024. LPC plans to build all eight buildings in one phase. Lee & Sakura will serve as architect for the project. A general contractor will be selected in mid-October.

August 19, 2022

California Loans Multifamily Western

JLL Arranges $69.7M Acquisition Financing for The Vines at Riverpark Apartments in Oxnard, California

by Amy Works August 19, 2022

OXNARD, CALIF. — JLL Capital Markets has arranged $69.7 million in acquisition financing for The Vines at Riverpark, a two-story attached townhome community in Oxnard. JLL represented the borrower, Interstate Equities Corp., to secure a two-year, floating-rate loan through Prime Finance with four one-year extension options. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 two- and three-bedroom townhomes with an average size of 1,369 square feet. Units offer private two-car garages, full-size washers/dryers, separate water heaters, central air and heat, front porches or balconies, stainless steel appliances and granite countertops. The residential property is part of Riverpark, a 700-acre, master-planned community that features parks, jogging trails, bike paths and playgrounds. Peter Smyslowski, Charles Halladay, Jonah Aelyon, Spencer Bergthold and Elijah Lax of JLL Capital Markets represented the undisclosed seller in the deal.

August 19, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Investments Negotiates $19.5M Acquisition of Anaheim Resort Centre Retail Property Near Disneyland

by Amy Works August 19, 2022

ANAHEIM, CALIF. — Faris Lee Investments has arranged the purchase of Anaheim Resort Centre, a retail investment opportunity located within the Disneyland Resort District in Anaheim. An Irvine-based family office acquired the asset from an undisclosed seller for $19.5 million. Located on the corner of Harbor Boulevard and Katella Avenue, Anaheim Resort Centre features 10,000 square feet of retail space that nine tenants fully occupy on a triple-net lease basis. Nick Miller and Shaun Riley of Faris Lee Investments represented the buyer in the transaction.

August 19, 2022

Acquisitions Multifamily New Mexico Western

Kennedy Wilson Acquires 260-Unit Cantata at the Trails Multifamily Community in Albuquerque

by Amy Works August 19, 2022

ALBUQUERQUE, N.M. — Kennedy Wilson has purchased Cantata at the Trails, a multifamily property in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. Constructed in 2013, the garden-style community features 260 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a clubhouse, swimming pool, business center and fitness center, as well as communal grilling and lounging areas. Kennedy Wilson will immediately implement its management program, including physical improvements to the property and operational upgrades. The value-add strategy includes an investment in renovating unit interiors, refreshing common areas throughout the community and upgrading resident amenities to enhance the outdoor-oriented living environment at the property.

August 19, 2022

Acquisitions California Lee & Associates Net Lease Retail Western

Lee & Associates Brokers $4.8M Sale Union Bank-Occupied Property in Sunnyvale, California

by Amy Works August 19, 2022

SUNNYVALE, CALIF. — Lee & Associates has brokered the sale of a retail building located at 1109 E. Arques Ave. in Sunnyvale. The asset traded for $4.8 million. Neil Cowperthwaite and Winston Street of Lee & Associates Oakland represented the undisclosed seller in the deal. Union Bank occupies the 5,600-square-foot freestanding building on a long-term, triple-net lease.

August 19, 2022

Market Reports Multifamily Oregon Western Western Market Reports

Portland’s Multifamily Market Positioned to Weather the Storm

by Jeff Shaw August 19, 2022

By Jordan Carter, Executive Vice President, Kidder Mathews Much like the city itself, Portland multifamily owners are no stranger to adversity — whether that refers to the weather, news media or the instability of today’s economy. There’s no doubt the rising interest rate environment will have an impact on the lending market for both refinances and sales in the short-term, but the good news is market fundamentals in the Portland metro remain solid. At 4.53 percent, our vacancy rate sits well below the national average of 4.98 percent, per CoStar. The average apartment rent is now $1,600 per month, thanks to year-over-year rent growth of 8.5 percent, which CoStar projects to remain near 5 percent for the next couple years. New construction, which peaked at nearly 13,000 units in 2018, has slowed dramatically due to legislative and policy changes that have disincentivized developers. These challenges have been magnified by elevated material costs and an arduous permitting process. Year-over-year deliveries of 4,000 units illustrate the dramatic slowdown, as they’re well below the supply needed to meet a demand of more than 10,000 new units annually. The hot single-family home market also continues to push prospective home buyers out of the market. …

August 19, 2022

Acquisitions Colorado Multifamily Western

Unique Properties Brokers $110M Sale of Terra Village Apartments in Edgewater, Colorado

by Amy Works August 18, 2022

EDGEWATER, COLO. — Unique Properties/TCN Worldwide and the Unique Apartment Group have arranged the sale of Terra Village Apartments, a multifamily community located at 6201 26th Ave. in Edgewater. California-based Trion Properties acquired the asset for $110 million, or $273,631 per unit. Terra Village features 402 apartments. Recent renovations include new kitchen cabinets, stainless steel appliances, tile backsplashes, updated bathrooms and in-unit washers/dryers. Marc Lippitt, Elliott Polanchych, Will McCauley, Phil Dankner and Kevin Higgins of Unique Properties represented the undisclosed sellers in the deal.

August 18, 2022

Acquisitions Arizona Multifamily Western

Northmarq Negotiates $44.5M Sale of Sonoma Valley Apartments in Apache Junction, Arizona

by Amy Works August 18, 2022

APACHE JUNCTION, ARIZ. — Scottsdale-based Sonoma Valley LLC has completed the sale of Sonoma Valley Apartments, located at 975 S. Royal Palm Road in Apache Junction. FSO Real Estate Services, a division of Phoenix-based FSO Capital Partners, acquired the property for $44.5 million. Built in 2001, the 176,000-square-foot community consists of 11 two-story residential buildings on 9.9 acres. The property features 88 two-bedroom/two-bath, 950-square-foot units and 88 three-bedroom/two-bath, 1,050-square-foot units. On-site amenities include a pool, hot tub, 24-hour fitness center, picnic areas, basketball court and playground. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team brokered the transaction.

August 18, 2022

Acquisitions Colorado Multifamily Western

Marcus & Millichap Arranges $34.4M Sale of Multifamily Community in Aurora, Colorado

by Amy Works August 18, 2022

AURORA, COLO. — Marcus & Millichap has negotiated the sale of The Fitz on 14th, an apartment property in Aurora. The community traded for $34.4 million, or $195,455 per unit. The names of the buyer and seller were not released. Constructed in 1973, Fitz on 14th features 176 apartments in a mix of 18 studios and 158 one-bedroom units with open kitchens. Community amenities include a resort-style pool, barbecue/picnic area, playground, dog park, on-site leasing office, laundry facilities and a fully equipped workout room. Jason Hornik and Greg Price of Marcus & Millichap’s Denver office represented the seller and buyer in the transaction.

August 18, 2022

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