ALBUQUERQUE, N.M. — Northmarq has arranged the sale of two apartment communities in Albuquerque for an undisclosed price. ABQ Encore LLC and Uptown Horizon Apartments LLC sold the assets to CS ABQ Encore and CA ABQ Uptown, ownership entities of New York-based Crescent Sky Real Estate Partners, with loan assumptions and no new debt. The properties are the first acquisitions in Albuquerque by Crescent Sky Real Estate Partners. Located at 810 Eubank Blvd. NE, ABQ Encore features 129 residences split between 331-square-foot studio units and 551-square-foot one-bedroom units. The property was built in 1971 and converted from a hotel to a multifamily community in 2017. Community amenities include a laundry facility, 24-hour fitness center and pet park. Built in 1961, Uptown Horizon features 79 apartments, including 55 studio units and 24 one-bedroom units. The property’s roof was replaced in 2018, and 25 of the units underwent light upgrades with new kitchen appliance packages. Onsite amenities include a swimming pool, laundry facilities, outdoor grills and picnic areas. Uptown Horizon is located at 7601 Lomas Blvd. NE. Cynthia Meister, Trevor Koskovich and Jesse Hudson of Northmarq represented the sellers in the deal.
SAN DIEGO — CBRE has arranged the sale of a single-story office building in downtown San Diego. The San Diego County Bar Association acquired the asset from 330 A Street LLC for $6.8 million. Jeff Oesterblad and Marc Frederick of CBRE’s San Diego office represented the seller, while Tom Nicholas and Jack Blumenfeld of Colliers represented the buyer in the transaction.
DENVER — Marcus & Millichap has arranged the sale of an industrial property located at 1531 West Bayaud Avenue in Denver. Terms of the transaction were not released. Thimy Moraitis of Marcus & Millichap’s TAG Industrial Group represented the seller, a private investor, in the deal. Situated on 0.46 acres, the 11,688-square-foot asset is divided into three individual suites, consisting of nine percent office space. At the sale of sale, the property was fully leased.
COSTA MESA, CALIF. — Costa Mesa-based Boardwalk Investments Group, led by Gary Jabara and Debi Kroger, has received $245 million in financing for a portfolio of properties in California. John Chun, John Marshall, Jordan Leake and Spencer Seibring of JLL Retail Capital Markets Debt Advisory secured the permanent financing from four lenders. The portfolio includes: The Estate, a 22-acre hospitality and destination retail complex in downtown Yountville. The property features the 193-room Hotel Villagio, Vintage House and the five-bedroom Villa at The Estate. Aliso Creek Shopping Center, a 49,149-square-foot, 92-percent occupied retail center in Laguna Beach. Flower Hill Promenade, a 168,249-square-foot, 95.6-percent leased retail center in Del Mar. The Landing, a 44,289-square-foot, fully leased shopping center on the Balboa Peninsula in Newport Beach. 1810 State Street, a 99-unit mid-rise apartment complex in downtown San Diego’s Little Italy neighborhood. Restoration Hardware Yountville, a single-tenant wine vault and restaurant space in downtown Yountville.
THOUSAND OAKS, CALIF. — An affiliate of Maxxam Enterprises has received $84.7 million in refinancing for Janss Marketplace, a grocery-anchored regional retail center in Thousand Oaks. Matt Stewart, Alethia Halamandaris and Chris Jaffe of JLL Capital Markets Debt Advisory secured the financing through TerraCotta Credit Fund for the borrower. Located at 165-401 N. Moorpark Road, Janss Marketplace features 456,390 square feet of retail space. The property was built in phases from 1959 to 1999 and renovated in 2007 and 2020. Current tenants include Aldi, ULTA Beauty, Petco, Old Navy, Five Below and Golds Gym. At the time of financing, the property was 90 percent occupied.
SCOTTSDALE, ARIZ. — Newmark has arranged the sale of The Block at Pima Center, a multi-tenant retail property in Scottsdale. Block East LLC and Block West LLC sold the asset to New Block 22 LLC for $23.5 million. Located at the northwest corner of Via De Ventura and Arizona State Route 101, The Block at Pima Center features 37,958 square feet of retail space that was fully leased at the time of sale. Current tenants include Starbucks Coffee, Dickey’s Barbecue Pit, Mayweather Boxing + Fitness and Spinato’s. The property features several full-service restaurants with patios, fast-casual dining options, health and fitness tenants, and personal care services. Jesse Goldsmith, Steve Julius and Chase Dorsett of Newmark represented the seller in the transaction.
TUALATIN, ORE. — Kidder Mathews has arranged the sale of Fox Meadows Apartments, a garden-style multifamily property in Tualatin. Trion Properties sold the asset to a California-based national multifamily investor for $19.3 million. Tyler Linn, Jordan Carter and Clay Newton of Kidder Mathews represented the seller in the deal. Located at 19545 and 19605 SW Boones Ferry Road, Fox Meadows features 95 apartments in a mix of one-, two- and three-bedroom units.
DENVER — Houston-based Lovett Industrial closed on 14.9 acres of land for the development of Broadway Logistics Center, a Class A, front-park, rear-load building in Denver. Totaling 201,329 square feet, Broadway Logistics Center will feature 32-foot clear heights, six-inch reinforced concrete slab, 204 auto parking stalls, 57 dock-high doors, 130 truck courts and 50 trailer parking spots. Construction started in November 2022 with completion slated for October 2023. Drew McManus, Ryan Searle and Bryan Fry of Cushman & Wakefield will handle marketing and leasing efforts for the property. Texas Capital Bank provided construction financing. Brinkmann Constructors is serving as general contractor, Powers Brown Architecture is the lead architect and Kimley-Horn is serving as civil engineer.
It’s been quite the run for Seattle. Like many secondary markets out West, the Emerald City was a pandemic darling, racking up loads of new residents and workers over the past few years. Seattle-area employers added more than 102,600 workers in 2021 alone, according to Marcus & Millichap’s second-quarter market report, which predicts the area will add another 85,000 workers by year’s end. The report also forecasts Seattle’s population will increase by more than 220,000 residents over the next five years. All this activity has led to a bull run for multifamily owners, investors and developers. Net absorption in Seattle’s central business district surpassed the 5,000-unit mark for the first time on record last year, while rents have risen by 14 percent year over year. Demand was so fierce that all 20 of the metro’s submarkets recorded vacancy compression over the past four quarters, resulting in an average 2.8 percent vacancy rate, according to Marcus & Millichap. This is the lowest rate in two decades. Nearly 9,000 units — representing 1.9 percent of the supply — were added over the 12-month period that ended in March, with another 25,000 units still under construction at the end of the second quarter. …
By Nick Knecht, Senior Advisor, Industrial, Dickson Commercial Group The vibrancy and growth of the Reno-Sparks industrial market has solidified the region’s position as a premier distribution hub of the Western U.S. — even as we head into what is expected to be a nationwide economic slowdown in the near term. The third quarter continued the trend of positive net absorption of 469,970 square feet. This occurred even with four new construction deliveries totaling 1.7 million square feet, 98 percent of which was spoken for upon completion. This momentum is expected to continue to some degree, as our team is actively negotiating RFPs on each of our speculative big box listings, with space requirement inquiries coming in at a steady pace. Alongside this positive activity, our market has been affected by the economic turmoil that has started to take shape over the past two quarters, with similar trends discussed nationwide. A changing debt market has produced several price adjustments mid-transaction for buyers to stay within their underwriting thresholds. The number of developers aggressively acquiring land at a feverish pace has decreased as they face a higher cost of capital and tamp down rent growth assumptions to more reasonable levels. There …