Western

CBRE Negotiates $32.7M Sale of Alderwood Towne Center in Lynnwood, Washington

by Amy Works June 29, 2022

LYNNWOOD, WASH. — CBRE has arranged the sale of Alderwood Towne Center, a retail center in Lynnwood. Bellevue-based Tri-Western Syndicated Investments, a private holding company controlled by the Radford family, acquired the asset from Alderwood Shopping Center 04 E LLC, a private investor, for $32.7 million. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal. Jack Standeford with CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. Located at 3105-3225 Alderwood Mall Blvd., Alderwood Towne Center features 105,357 square feet of retail space leased to 20 businesses, including anchor tenants Marshalls and Michaels. Other retailers include Almost Golf, Mattress Depot, Pure Hockey and Precor Fitness. The property was constructed in 1986.

June 29, 2022

California Development Multifamily Student Housing Western

Landmark Properties to Start Construction of 166-Bed Student Housing Development Near UCLA

by Amy Works June 29, 2022

LOS ANGELES — Landmark Properties is set to break ground on The Mark at Los Angeles, a 166-bed student housing development located adjacent to the University of California, Los Angeles (UCLA) campus at 10915 Strathmore Drive. The community will offer two- through five-bedroom units, including five affordable units offering 21 beds. Shared amenities will include an outdoor courtyard, private and shared rooftop terraces, and a resort-style swimming pool. Landmark purchased the development site from the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS), which owned the land and an existing building on the property since the mid-1950s. Foundry Commercial represented the seller in the transaction. Construction on the community is scheduled for completion by September 2024.

June 29, 2022

Acquisitions Multifamily Washington Western

Goodman Real Estate Sells Coventry Court Apartment Property in Tacoma, Washington for $21.1M

by Amy Works June 29, 2022

TACOMA, WASH. — Goodman Real Estate has completed the disposition of Coventry Court IV Apartments, a multifamily community located at 908 76th Street Court East in Tacoma. Jordan Fisher with Next Wave Investors acquired the asset for $21.1 million, or $211,000 per unit. The transaction included the buyer assuming the loan on the property. Built in 1990, Coventry Court IV Apartments features 100 garden-style apartments. Brandon Lewis, Dylan Simon and Jerrid Anderson of The Simon and Anderson Team of Kidder Mathews’ Seattle office represented the seller in the transaction. Kidder Mathews was the only broker involved in the deal. A separate 20-unit property, Coventry Court Annex, recently sold for $3.4 million to the same purchaser. Kidder Mathews also brokered the transaction.

June 29, 2022

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Retail Property in Mesa, Arizona

by Amy Works June 29, 2022

MESA, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 1158 S. Crismon Road in Mesa. A limited liability company sold the asset to an undisclosed buyer for $3.3 million. Walgreens occupies the 14,992-square-foot retail building, which was built in 2001, on a triple-net corporate lease with more than four years remaining. Chris Land and Mark Ruble of Marcus & Millichap represented the seller in the deal.

June 29, 2022

Market Reports Nevada Office Western Western Market Reports

Las Vegas Tops List of National Office Performers

by Jeff Shaw June 29, 2022

By Ryan Sarbinoff, First Vice President and Regional Manager, Marcus & Millichap A growing, educated local labor force and lower rents compared to other office hubs in the region are driving office tenants to Las Vegas. The metro registered the largest drop in office vacancy among major U.S. markets over the 12-month span that ended in March, as tenants absorbed more than 2 million square feet. Much of this space was at Class B/C properties, with the subsector noting the strongest four-quarter span for demand on record. The resulting 330-basis-point reduction in overall availability during the year-long period slashed vacancy to a more than 15-year low of 12.4 percent, enhancing the sector’s outlook heading into the second quarter. The metro’s second-largest submarket by inventory, Southwest Las Vegas, exemplifies the strength of the local office sector. During the past year, the area accounted for half of the metro’s 20,000-square-foot-plus lease executions. International Gaming Technology’s sublease of a three-story building highlighted recent activity, with VisCap Media, Agilysys, DraftKings, Kiewit and Molina Healthcare all making notable commitments that dropped vacancy to 9.4 percent in March. Apart from leasing, this submarket is also the center of development. Roughly 60 percent of the space slated for completion …

June 29, 2022

Acquisitions California Office Western

Tishman Speyer Sells 259,754 SF Office Building in El Segundo for $205.5M

by Amy Works June 28, 2022

EL SEGUNDO, CALIF. — Tishman Speyer has completed the disposition of 555 Aviation, an office building located within a creative office campus in El Segundo. An undisclosed buyer acquired the asset for $205.5 million. Kevin Donner, Doug Harmon, Ben Lushing, David Hasbrouck, Ben Cooper and Lars Platt of Cushman & Wakefield represented the seller in the deal. Belkin International, Publicis and Fabletics fully occupy the 259,754-square-foot, low-rise property. The tenants have a weighted average lease term of approximately nine years. Tishman Speyer acquired the asset in 2015 for $45 million with the intent to convert the single-story distribution and repair facility into a creative office environment. After its sole user, Xerox, vacated the building in 2017, Tishman Speyer implemented a $44 million reinvention program that transformed the property light-filled spaces accented by large windows, a fitness center, café and multiple outdoor gathering areas.

June 28, 2022

Colorado Development Mixed-Use Multifamily Retail Western

Carson Development Plans 200-Acre Ledge Rock Center Mixed-Use Community in Johnstown, Colorado

by Amy Works June 28, 2022

JOHNSTOWN, COLO. — Carson Development is developing Ledge Rock Center, a 200-acre, master-planned, mixed-use community in Johnstown, approximately 25 miles southeast of Fort Collins. At full build out, Ledge Rock Center will offer more than 1 million square feet of retail space, 1,200 apartments and 200 single-family residences. Murdoch’s Ranch and Home Supply has already committed to one anchor tenant space, pre-leasing 85,000 square feet. Phase I of the retail development is slated for completion at the end of 2022 or first-quarter 2023. Michael Kendall, Daniel Miller and Cameron Flint of CBRE will handle retail leasing efforts for the development.

June 28, 2022

California Development Multifamily Western

Toll Brothers Breaks Ground on 422-Unit Lindley Apartment Tower in San Diego

by Amy Works June 28, 2022

SAN DIEGO — Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers (NYSE: TOL), has broken ground on The Lindley, a 37-story multifamily property located in San Diego’s Little Italy neighborhood. Totaling more than 800,000 square feet, the 37-story building will feature 422 apartments and more than 12,000 square feet of ground-floor retail space. The Lindley will offer studio, one- and two-bedroom floor plans, as well as penthouse and townhouse residences. Units will feature luxury vinyl tile flooring, European-style cabinetry, quartz countertops with tile backsplashes, stainless steel appliances, energy-efficient LED lighting and smart thermostats. The penthouse and townhouse residences, situated on floors 35 to 37, will feature higher ceilings, hardwood flooring, quartz backsplashes, upgraded appliances and automatic shades. Additionally, all residences will have private balconies, with four of the townhouses featuring additional private rooftop patios. The community will also feature an above- and below-grade structured parking garage with 561 parking spaces and capacity for 222 electric vehicle charging stations. The first-floor grand lobby and mezzanine host the onsite property management, concierge, and mail and secured packaged room. Community amenities will include high-end finishes, secured keyless entry, Wi-Fi and more than 22,000 square feet of interior and exterior amenity space. …

June 28, 2022

Acquisitions Arizona Industrial Western

Stockbridge Acquires 147,435 SF Warehouse Facility in Mesa, Arizona

by Amy Works June 28, 2022

MESA, ARIZ. — Stockbridge has purchased a single-tenant warehouse/distribution building situated on 28.6 acres at 3115 N. Higley Road in Mesa from Lexin Capital for an undisclosed price. Built in 2018, a Fortune 10 global e-commerce company fully occupies the 147,435-square-foot property. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Advisory Group represented the seller in the deal. Designed as a last-mile delivery station, the Class A tilt-up concrete building features 32-foot clear heights, ESRF sprinklers, skylights, R-38 insulation and heavy power. Additionally, the property has ample parking and a 135-foot, fully secured, 100 percent concrete truck court.

June 28, 2022

Acquisitions California Industrial Western

LDG Commercial Buys 61,500 SF Distribution Building in San Diego’s Otay Mesa District

by Amy Works June 28, 2022

SAN DIEGO — LDG Commercial Real Estate has purchased a warehouse and distribution building in San Diego’s Otay Mesa submarket. The San Diego-based company acquired the asset for $10.5 million in an off-market transaction. The name of the seller was not released. Located at 9840 Siempre Viva Road, Across Town Movers fully occupies the 61,500-square-foot building.

June 28, 2022

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