Western

Blueprint Brokers Sale of 130-Unit Seniors Housing Development Site in Minden, Nevada

by Jeff Shaw April 28, 2023

MINDEN, NEV. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno. The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates. The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price were not disclosed.

April 28, 2023

Industrial Market Reports Nevada Western Western Market Reports

Industrial Market Stays Elevated in Northern Nevada

by Jeff Shaw April 28, 2023

— By Baker Krukow, Senior Advisor, Industrial, Dickson Commercial Group — The Reno-Sparks industrial market is expected to remain active in 2023. It has a hefty pipeline of proposed industrial projects, steady increases in rental rates and a direct vacancy rate below 2 percent. The lack of available product has remained a challenge for tenants looking to occupy space, while landlords have been able to benefit from competing offers. The result of these tight market conditions will continue to push industrial development throughout the year. There was roughly 5.4 million square feet of new industrial product delivered in 2022, with 76 percent of those projects being speculative developments. A vast majority of those spec projects were pre-leased prior to completion. Looking at 2023 new construction, developers are dealing with severe winter weather delays. As a result, several projects have had to push back their completion timelines. Amongst some of the anticipated industrial projects under construction are Dermody Properties’ LogistiCenter at I-80 West Phase II, which will contain two state-of-the-art distribution buildings totaling 429,000 square feet. In the Sparks submarket, Panattoni Development has broken ground on the Pyramid Pointe Commerce Center, a 195,000-square-foot, Class A flex/bulk building, which will demise to …

April 28, 2023

California Development Retail Western

Wood Investments to Convert Former Kmart into 80,000 SF Shopping Center in Big Bear Lake, California

by Jeff Shaw April 27, 2023

BIG BEAR LAKE, CALIF. — Wood Investments Cos. has purchased a former Kmart building in Big Bear Lake, with plans to develop an 80,000-square-foot shopping center. Upon completion, Big Bear Lake Shopping Center will be subdivided into three individual anchor suites. A 17,193-square-foot Grocery Outlet will anchor the property. Another retailer has signed a 23,228-square-foot lease at the property, and a third tenant is in negotiations to lease a 23,228-square-foot space. Construction is scheduled to begin in the fourth quarter of this year, with the opening scheduled for March 2024. Charley Simpson of Colliers International represented Wood in the purchase. Nick Wirick, Chris Beauchamp and Miranda Montgomery of Lee & Associates are handling leasing at the center.

April 27, 2023

Acquisitions California Retail Western

Hanley Arranges $6.4M Sale of Planet Fitness-Occupied Property in Ventura, California

by Jeff Shaw April 27, 2023

VENTURA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property in Ventura. Planet Fitness occupies the newly renovated, 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.

April 27, 2023

Acquisitions California Industrial Western

Frontier Enterprises Sells Industrial Facility in Adelanto, California for $5.5M

by Jeff Shaw April 27, 2023

ADELANTO, CALIF. — Frontier Enterprises has sold a single-tenant, net-leased industrial asset at 9841 Bartlett Ave. in the Inland Empire city of Adelanto for $5.5 million. The 29,925-square-foot unit is fully leased by General Dynamics Information Technology. The aerospace and defense corporation recently signed a triple-net, three-year base term and annual increase with options to extend. It will occupy the space once it’s completed. Several units are still available that can be delivered in configurations ranging from 30,000 to 120,000 square feet. A 240,000-square-foot expansion to the park has already been approved and the developer is entertaining built-to-suit options for select buyers and tenants. Jim Root and Matthew Hardke of Graystone represented Frontier Enterprises, which was the original developer. The buyer was not disclosed.

April 27, 2023

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates Sale of Apartment Portfolio in Spokane, Washington for $2.5M

by Jeff Shaw April 27, 2023

SPOKANE, WASH. — Marcus & Millichap has arranged the sale of a 17-unit apartment portfolio in Spokane. An unnamed buyer acquired the assets for $2.5 million. The three-property portfolio is located at 212-218 W 7th Aven. and 45 E 8th Ave. Each of the apartment buildings are two-story, garden-style assets. Most of the units have been renovated with new floors, countertops, appliances and fixtures. The buyer intends to hold the property long term. Georgie Christensen-Riley and Joshua C. Reynolds of Marcus & Millichap’s Portland office marketed the property on behalf of the undisclosed seller. Joel Deis assisted in securing the buyer.

April 27, 2023

Acquisitions Multifamily Washington Western

Kidder Matthews Brokers Sale of Pioneer Pathway House Apartments in Spokane, Washington

by Jeff Shaw April 27, 2023

SPOKANE, WASH. — A local investor has acquired the 39-unit Pioneer Pathway House Apartments in Spokane for $1 million. The community is located at 224 S. Howard St. It is designated as a low-income, affordable housing complex. The majority of units are SRO (single-room occupancy), dorm-style, private living spaces with shared bathrooms. Max Frame of the Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the seller. They were the only brokers involved in the transaction.

April 27, 2023

Acquisitions Content Partner Features Midwest Northeast Office Southeast Texas Walker & Dunlop Western

Willy Walker, CEO of Walker & Dunlop, Outlines Capital Flow Issues, Market Pressures with Economist Dr. Peter Linneman

by Sarah Daniels April 27, 2023

On the April 12 episode of “The Most Insightful Hour in CRE” webcast, Willy Walker, CEO of Walker & Dunlop, spoke to renowned economist Dr. Peter Linneman, founding principal of Linneman Associates, about pressing issues facing the economy, pandemic repercussions, market predictions and much more. The discussion began by diving into the economy and real estate market in its current state of flux, with many challenges facing both investors and developers. Walker outlines the unease created by the recent Silicon Valley Bank and Signature Bank crises. “One of the data points announced by the Fed is that since the crisis, bank lending in the United States has gone down by $110 billion over the two weeks since the Silicon Valley Bank collapse. Banks borrowed $160 billion in the two-week window prior. There’s a big drive toward liquidity; and yet there’s no new liquidity going out into the market.” “There’s 4.4 trillion dollars of commercial real estate (CRE) loans outstanding across all lending sources — CMBS, life insurance companies, banks, etc.,” continues Walker. “About half of that is non-multifamily properties. Banks hold about 40 percent of total outstanding loans on commercial properties.” If banks were to pull back from holding 40 percent …

April 27, 2023

Acquisitions Arizona Hospitality Western

Fortress Investment Group Sells JW Marriott Tucson Starr Pass Resort & Spa in Arizona for $110M

by Jeff Shaw April 26, 2023

TUCSON, ARIZ. — Fortress Investment Group has sold the 575-room JW Marriott Tucson Starr Pass Resort & Spa in Tucson for $110 million. The hotel is located at 3800 W. Starr Pass Blvd. The buyer was Southwest Value Partners. The JW Marriott Tucson Starr Pass Resort & Spa features three nine-hole golf courses; outdoor multi-level pools with lazy river and waterslide; private cabanas; hot tub; spa; and fitness center. The property also has 83,732 square feet of meeting and event space, including outdoor space, to host up to 3,300 guests. Christian Charre, Jennifer Bergamo, Paul Weimer and Jennifer Jin with CBRE Hotels represented the seller in the transaction.

April 26, 2023

California Development Multifamily Western

AO Completes Construction of 165-Unit The Mark Apartments in Riverside, California

by Jeff Shaw April 26, 2023

RIVERSIDE, CALIF. — AO has completed construction of The Mark, a seven-story apartment building the Inland Empire city of Riverside. The community is situated across from the Fox Theater and is steps from the historic Mission Inn Hotel. The project included 20,000 square feet of retail space hosting street-level boutiques and restaurants below 165 apartments ranging from studio to three-bedroom units. AO served as the project’s designer. The project included restoration and preservation of three historic buildings on the site, including the city’s first fire station.

April 26, 2023

Newer Posts

Older Posts