Western

Northern Nevada Retail Market Sees New Tenants, Significant Development

by Jeff Shaw May 5, 2023

— By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial — The Northern Nevada retail market has been performing well. New tenants are entering the marketplace and the area experienced positive absorption. Rental rates have increased for the year, but there has been a decrease in commercial sales due to higher interest rates. The retail vacancy rate is currently at 4.7 percent, while asking rental rates are at $1.70 per square foot on a monthly basis. Many submarkets have shown improvement, including South Virginia, Meadowood, South Reno and the North Valleys. Tenants that have recently entered or are expanding in Northern Nevada include Colombia Sportswear, Voodoo Brewing Company, Jamba Juice, the Human Bean, Starbucks, Cracker Barrel, Mountain Mike Pizza, Pet Station, Take 5 Oil Change, AutoZone and Five Below. Tenants with closures include Bed Bath & Beyond, Sizzler Steakhouse, Food Source Grocery Store, Campo, California Pizza Kitchen, Long John Silver’s, Rounds Bakery and Claim Jumper. Unemployment in Nevada fell to 3.4 percent in December 2022. This low unemployment rate has led some prospective new businesses to either delay or cancel expansion plans in this region. From a development perspective, Reno has many new projects in the …

May 5, 2023

Acquisitions California Multifamily Western

JLL Brokers $53.6M Sale of Six Multifamily Communities in Los Angeles County

by Jeff Shaw May 4, 2023

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. The identity of the three buyers was not disclosed. All three buyers assumed existing debt on the assets. Peter Yorck and Nick Lavin led the JLL Capital Markets investment sales and advisory team representing the seller, while Jeff Sause and Max Mraz led the JLL Capital Markets debt advisory team. The properties are 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside.

May 4, 2023

Arizona Development Mixed-Use Multifamily Western

Opus Group Opens 335-Unit Melody on Main Apartments in Mesa, Arizona

by Jeff Shaw May 4, 2023

MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa. The mixed-use project includes 335 apartment units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, 24-hour fitness center, yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open. Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was a co-developer on the project. MT Builders is the general contractor, and P.B. Bell is providing property management services. Melody on Main is one of 12 communities that Griffin Capital Qualified Opportunity Zone Fund II is developing, which will comprise 4,096 units with an estimated total project cost of approximately $1.3 billion.

May 4, 2023

Acquisitions California Office Western

Naked Wardrobe Acquires 90,371 SF Office Property Calabasas, California for New Headquarters

by Jeff Shaw May 4, 2023

CALABASAS, CALIF. — Naked Wardrobe has purchased a 90,371-square-foot office property in Calabasas for its new headquarters. The building is located at 26541 Agoura Road. The affordable luxury clothing brand will expand from its previous location in nearby Northridge. CBRE’s Mark Perry, Michael Slater, Tom Dwyer, Caroline Bigelow and Carlene O’Neil, along with Scott Murphy, asset manager for Ella Valley Investments, represented the sellers, Edgemark Littleton and the Murray S. Pepper Trust. ZMax Realty represented the buyer.

May 4, 2023

Acquisitions California Retail Western

Hanley Negotiates $1.9M Sale of Dutch Bros. Coffee-Leased Property in Beaumont, California

by Jeff Shaw May 4, 2023

BEAUMONT, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed, single-tenant building located in Beaumont. A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.

May 4, 2023

Acquisitions Company News Utah Western

Colliers Merges with IPG in Utah

by Jeff Shaw May 4, 2023

SALT LAKE CITY — Colliers has merged with boutique firm Industrial Property Group (IPG). The latter is led by industry veterans Michael Jeppesen and Jeremy Jensen. The new partnership underscores Colliers’ charge to invest in markets like Utah through growing its brokerage footprint with expansion in the broader Utah region and across the Southwestern United States. Jeppesen, a 30-year industry veteran, specializes in institutional portfolio sales, leasing and asset management. He founded IPG in 2005. Jensen, a 25-year industry veteran, has served as president of the Utah chapters of the Commercial Investment Real Estate Institute (CCIM) and the Society of Industrial and Office Realtors (SIOR).

May 4, 2023

Arizona Data Centers Development Industrial Top Stories Western

Prime Reveals Plans for $2B Data Center Campus in Metro Phoenix

by Katie Sloan May 4, 2023

AVONDALE, ARIZ. — Prime, a global developer and operator of data centers, has announced plans for a $2 billion data center campus in Avondale, roughly 20 miles outside Phoenix. The development will include five data center buildings spanning 1.3 million square feet, generating a total of 210 megawatts of critical power upon completion. The speculative project will target occupancy by hyperscale service providers, large internet brands and global technology companies. The data centers will span 260,400 square feet across three stories, and have access to a wholesale dark fiber connectivity network. Each building will include 12 data halls and 120,000 square feet of white space — which is the space where IT equipment is placed within a data center — alongside separate infrastructure galleries. The campus will offer access to 100 percent renewable energy and a closed-loop cooling system, which is expected to save millions of gallons of water across the facilities. The first data center building is expected for completion in the third quarter of 2025. “Phoenix presents an incredible growth opportunity for Prime as a top-five, North American data center market with increasing demand from cloud and enterprise data center buyers,” says Chris Sumter, executive vice president of …

May 4, 2023

Development Loans Multifamily Washington Western

Grandview North Receives $57M in Construction Financing for Harrington Place Apartments in Ferndale, Washington

by Jeff Shaw May 3, 2023

FERNDALE, WASH. — Grandview North has received $57 million in construction financing for Harrington Place, a 350-unit, multi-phase apartment community in Ferndale, located near the Pacific Coast and the Canadian border. Construction is already underway on the property, located at 6276 Portal Way. Bayview Asset Management provided capital through Bayview PACE, which provided $12 million in Commercial Property-Assessed Clean Energy (C-PACE) funding. An affiliate, Oceanview Life and Annuity Co., also brought in $45 million of construction financing. Mortgage broker Seattle-based CapNorth helped arrange the transaction.

May 3, 2023

Development Industrial Nevada Western

Alton Industries Buys 19-Acre Plot in Henderson, Nevada for New Headquarters

by Jeff Shaw May 3, 2023

HENDERSON, NEV. — Alton Industries has purchased a 19-acre parcel of land in Henderson for $13.6 million. The global manufacturer plans to build a 200,000-square-foot facility to use as its West Coast headquarters on the land. The site was a land assemblage totaling three parcels on Whitney Mesa Drive near Sunset Boulevard and Mountain Vista Street. Chris Lexis, Joe Leavitt and Scott Donaghe of Avison Young represented the sellers, Roseman University of Health Sciences and the City of Henderson.

May 3, 2023

Acquisitions Arizona Office Western

Gantry Arranges $5M Acquisition Loan for Phoenix Office Property

by Jeff Shaw May 3, 2023

PHOENIX — Gantry has secured a $5 million loan for the value-add acquisition of a 56,000-square-foot office property in Phoenix. The borrower is an experienced private real estate investor. The two-story building offers 278 park spaces and is located at 2225 W. Peoria Ave. within the Black Canyon Commerce Park. Vacant space at the property is formatted for medical office, as well as general professional uses. One of Gantry’s correspondent life company lenders provided the fixed-rate, short-term bridge loan.

May 3, 2023

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