Western

Population, Absorption, New Construction Offer Opportunities in the Denver Multifamily Market

by Jeff Shaw November 4, 2022

By Chris Mitton, Advisor, Pinnacle Real Estate Advisors Denver has been seeing major growth of new residents from 2020 through the second quarter of 2022. Denver is gaining many residents from coastal cities due to our lower cost of living, and gains of such tech giants as Conga, RingCentral, Xactly, Slack, and Angi. Since 2020, Denver has added 8,100 jobs in business services and 2,900 jobs in the financial activities sector. Over the last five years population growth in Denver has increased 8 percent compared to the 3.8 percent national average. The multifamily market has benefited from this population growth. Denver has absorbed 6,400 units over the past 12 months, placing it in the top 15 metro areas in the country. Colorado has seen record high prices in single family homes as well, which is pricing out many first-time homebuyers. This is forcing many renters to stay in multifamily apartments. However, if you haven’t been living under a rock, you know that the Federal Reserve has been increasing interest rates at a record pace. The single-family market has seen an increase from 1,200 homes for sale during the start of the year to 7,300 homes in August. With this increase in supply …

November 4, 2022

Acquisitions Arizona Multifamily Student Housing Western

Vesper Holdings Buys Sol y Luna Student Housing Community Near the University of Arizona for $203M

by Amy Works November 3, 2022

TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage. Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.

November 3, 2022

Acquisitions Colorado Office Western

Albany Road Acquires 146,099 SF Epic One Office Building in Colorado Springs, Colorado

by Amy Works November 3, 2022

COLORADO SPRINGS, COLO. — An affiliate of Boston-based Albany Road Real Estate Partners has purchased Epic One, a Class A office building in Colorado Springs. Terms of the transaction were not released. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the undisclosed seller in the deal. Located at 10807 New Allegiance Drive, Epic One features 146,099 square feet of office space. Constructed in 2009, the multi-tenant office building features LEED Silver design; flexible, efficient floor plates; high-end finishes throughout; an on-site fitness facility; and a 5/1,000 parking ratio.

November 3, 2022

Development Industrial Nevada Western

VanTrust Breaks Ground on Phase I of 4.5 MSF Vantage North Industrial Development in North Las Vegas

by Amy Works November 3, 2022

NORTH LAS VEGAS — VanTrust Real Estate has broken ground on the first two buildings at Vantage North, an industrial project offering upward of 4.5 million square feet of logistics and distribution facilities at full build out. Situated on 350 acres, the asset is in North Las Vegas offering visibility along Interstate 5. Infrastructure and site work commenced in January at Vantage North. VanTrust has already preleased one of the buildings to Saddle Creek Logistics, which will occupy 580,000 square feet in fourth-quarter 2023. The first two buildings will total more than 1 million square feet and are scheduled for completion in November 2023. Kevin Higgins and Jake Higgins of CBRE are marketing the development for lease.

November 3, 2022

Acquisitions Arizona Build-to-Rent Development Single-Family Rental Western

Empire Group Plans 287-Unit Build-to-Rent Community in Pinal County, Arizona

by Amy Works November 3, 2022

PINAL COUNTY, ARIZ. — Scottsdale-based Empire Group has acquired a 27-acre land parcel in Pinal County from Galeb Cos. and Borgata Ventures for $13.8 million. The company plans to develop Village at Borgata, a build-to-rent community on the site, which is situated at the southwest corner of Hunt Highway and Thompson Road near the foothills of the San Tan mountains. The gated community will feature 287 one-, two- and three-bedroom homes for rent, ranging in size from 680 square feet to 1,300 square feet. The single-story homes will offer modern designs and finishes and include private landscaped backyards with doggie door access, smart technology packages and security. Community amenities will include a resort-style pool and hot tub, walking paths, a community clubhouse with kitchen, a fitness center, barbecue area and fire pits areas. Empire Group plans to break ground on the project in spring 2023, with leasing slated to start by fall 2024. Village at Bortaga is part of the larger master-planned Borgata at San Tan, a 100-acre development with mixed-use commercial space, apartments, condominiums and single-family residences. Brett Rinehart of Land Advisors Organization represented Empire Group in the land acquisition.

November 3, 2022

Acquisitions Arizona Industrial Western

Pennybacker Capital Management Purchases 72,142 SF Industrial Property in Tempe, Arizona

by Amy Works November 3, 2022

TEMPE, ARIZ. — Austin, Texas-based Pennybacker Capital Management has acquired Tempe Industrial Center, a freestanding industrial facility located at 6720 S. Clementine Road in Tempe. An undisclosed seller sold the asset for $11.5 million. At the time of sale, the 71,142-square-foot building was fully leased and serves as headquarters to a high-end bike manufacturing company. Phil Haenel, Mike Haenel, Will Strong and Andy Markham of Cushman & Wakefield represented the seller and buyer in the deal.

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Acquisitions Colorado Retail Western

Pine Tree Acquires Harvest Junction Shopping Center in Longmont, Colorado for $73.8M

by Amy Works November 2, 2022

LONGMONT, COLO. — An affiliate of Northbrook, Ill.-based Pine Tree, in partnership with New York-based Wafra Inc., has purchased Harvest Junction, a shopping center in Longmont, for $73.8 million. Completed in 2006, Harvest Junction features 364,000 square feet of retail space. Current tenants include Best Buy, Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Michaels, Petco and Designer Shoe Warehouse. Barry Brown, Bryan Ley and Jason Schmidt of JLL’s Retail Capital Markets Investment Sales and Advisory team brokered the transaction.

November 2, 2022

Kearny-Mesa-Logistics-Center-San-Diego-CA

Acquisitions California Industrial Western

Lincoln Property, Crow Holdings Sell 299,381 SF Kearny Mesa Logistics Center in San Diego

by Amy Works November 2, 2022

SAN DIEGO — Lincoln Property Co. and a real estate fund advised by Crow Holdings Capital have completed the disposition of Kearny Mesa Logistics Center, a newly constructed Class A distribution facility in San Diego’s Kearny Mesa submarket. Terms of the transaction were not disclosed. Located at 5650 Kearny Mesa Road, the 299,381-square-foot facility features 36-foot clear heights, cross-dock configuration, abundant dock-high loading capabilities, 120-foot concrete truck courts and the option to accommodate an extensive pool of logistics-oriented users. Kevin Shannon, Andrew Briner, Bret Hardy, Jim Linn, Brunson Howard and Ken White of Newmark represented the sellers in the deal. The name of the buyer was not released.

November 2, 2022

California Loans Restaurant Retail Western

Gantry Arranges $23M Refinancing for Vacaville Commons Shopping Center in California

by Amy Works November 2, 2022

VACAVILLE, CALIF. — Gantry has arranged a $23 million permanent loan to refinance debt on Vacaville Commons, a power retail center in Vacaville. Tenants at the 400,000-square-foot property include Safeway, Ross Dress for Less, Big 5, Chase Bank, Chick-fil-A and Chili’s. Tom Dao and Erinn Cooke of Gantry’s San Francisco office arranged the financing on behalf of a private real estate investment partnership. The 10-year, fixed-rate loan, features an interest-only period transitioning to 30-year amortization. A correspondent life company lender provided the capital.

November 2, 2022

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