Western

Brass Cap Development Sells 70,000 SF Executive Airport Crossing Industrial Project Near Las Vegas

by Amy Works December 17, 2021

HENDERSON, NEV. — Brass Cap Development has completed the disposition of Executive Airport Crossing, a nearly complete industrial project in the West Henderson area near Raiders Way and Volunteer Boulevard. Terms of the transaction were not released. Totaling 70,000 square feet, the property features two buildings that are divisible from 14,446 square feet to 40,000 square feet. The buildings also offer dock- and grade-level loading areas. Executive Airport Crossing provides access to Interstate 15 and 215 Beltway. Las Vegas-based LM Construction designed and built the project.

December 17, 2021

Acquisitions Colorado Industrial Western

Realterm Logistics Acquires E-Commerce Distribution Facility in North Denver for $94.8M

by Amy Works December 16, 2021

BROOMFIELD, COLO. — Annapolis, Md.-based Realterm Logistics has purchased a warehouse and distribution building, located at 400 W. 160th Ave. in Broomfield. Colorado-based McWhinney sold the asset for $94.8 million. Built in fourth-quarter 2021, Amazon occupies the 200,864-square-foot facility. The property features 36-foot clear heights, heating throughout, ESFR sprinklers, ample power, energy-efficient lighting, multiple points of ingress and egress and a concrete truck court apron. Additionally, the property offers a flexible office layout, four entrances/exits, ample outdoor amenity space and extensive landscaping. Will Strong, Jeff Chiate, Kirk Kuller, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the seller. Alec Rhodes and Aaron Valdez of Cushman & Wakefield provided local market leasing advisory.

December 16, 2021

Acquisitions Nevada Retail Western

Brixton Capital Divests of Rainbow Plaza Shopping Center in Las Vegas for $63.7M

by Amy Works December 16, 2021

LAS VEGAS — Brixton Capital has completed the sale of Rainbow Plaza, a dual grocery-anchored shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. Located on the corner of Rainbow Avenue and Charleston Boulevard, Rainbow Plaza features 259,980 square feet of retail space. At the time of sale, the property was 94 percent occupied by credit, internet-resistant tenants, including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank. The weighted average tenture of Rainbow Plaza tenants exceeds 15 years with more than 37 percent of the existing tenants having been at the center for more than 25 years.

December 16, 2021

Development Multifamily Washington Western

Lowe Tops out 550-Unit Mason and Main Apartment Development in Seattle

by Amy Works December 16, 2021

SEATTLE — Lowe has topped out the second of two nine-story towers totaling 550 apartments at Mason and Main, a multifamily development within Yesler Terrace in Seattle. The first 335-unit tower topped out in June 2021 and is slated for completion in mid-2022, while the second 215-unit tower is scheduled for completion in the last quarter of 2022. Mason and Main’s 550 apartments range from studio to two-bedroom floor plans, with 26.5 percent designated as affordable housing. Residences will feature modern fixtures and finishes and some units will offer private patios and balconies. Both buildings will offer a variety of communal spaces and amenities, including rooftop decks and lounges, green roof areas, courtyards with barbecues and seating, a community vegetable garden, sky lounges for community events, a media center, gaming room and theater, workshop/hobby room and resident lounge. Additionally, the development will feature a fitness room, dog walk, dog grooming spaces, co-working spaces, 6,800 square feet of ground-floor retail space and 315 parking stalls. Mason and Main is located at 209 12th Ave. S and 1020 S. Main St. Ankrom Moisan Architects designed the property and Compass is serving as general contractor.

December 16, 2021

Acquisitions Industrial Oregon Western

Trammell Crow Sells 195,546 SF Industrial Building in Hillsboro, Oregon

by Amy Works December 16, 2021

HILLSBORO, ORE. — Trammell Crow Co. (TCC) has completed the sale of an industrial facility located at 3600 NE Huffman St. in Hillsboro. Principal Real Estate Investors acquired the 195,546-square-foot property for an undisclosed price. Hitachi High-Tech America (HTA) plans to occupy the asset, which is known as Hitachi Center of Excellence in Portland, and will utilize the building for semiconductor engineering. HTA plans to be fully operational at the new facility in 2023. The 18-acre site offers additional land that can accommodate an expansion of 100,000 square feet to 130,000 square feet. HTA is an affiliate company that operates within Hitachi Group Cos. to sell and service semiconductor manufacturing equipment, analytical instrumentation, scientific instruments and bio-related products, as well as industrial equipment, electronic devices, and electronic and industrial materials. Paige Morgan, Charles Safley, Tom Pehl, Lou Senini and Chais Lowell of CBRE represented TCC in the sale. Kristin Hammond and David Saad, also of CBRE, represented HTA in the lease negotiations. The project team included Mildren Design Group and Perlo Construction. David Etchart of CBRE Project Management led the tenant project management team, and Lauren Peng of CBRE Property Management acted as the property manager on behalf of the …

December 16, 2021

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $10.9M Sale of Grocery Outlet-Anchored Retail Center in San Gabriel, California

by Amy Works December 16, 2021

SAN GABRIEL, CALIF. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in the deal.

December 16, 2021

Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

2021 Multifamily Housing Market Outlook Shaped by Growth Trends, Housing Prices

by Sarah Daniels December 16, 2021

COVID Disrupts Markets Again The country began breathing a sigh of relief in the second quarter of 2021 as U.S. GDP returned to pre-pandemic levels. With a substantial part of the U.S. population vaccinated, the unemployment rate plummeted, schools began preparing for in-person instruction and restaurants were back in business, again surpassing grocery sales in volume. But just as things seemed to be returning to “normal,” the delta variant of COVID began to spread. New COVID cases turned into rising COVID deaths by August,[1] disrupting supply and demand chains. Consumer confidence, which had been rising since hitting a low in April 2020, dipped to a new low point in August; consumer spending stalled[2], and fewer people traveled by plane[3] or returned to the office[4] that month. While economic growth remains positive, the delta variant, now accounting for almost all new COVID cases[5], again introduced market uncertainty, resulting in a 4 percent drop in stock market pricing in September. However, as COVID cases began declining in mid-September, stock prices began to rise, erasing the September drop in October, and resulting in a 22.6 percent gain for the year. Overall, economists maintain strong economic growth expectations of 6.1 percent GDP growth for …

December 16, 2021

Acquisitions Colorado Multifamily Western

Evergreen DevCo Sells Outlook Clear Creek Apartments in Wheat Ridge, Colorado for $142M

by Amy Works December 15, 2021

WHEAT RIDGE, COLO. — Evergreen DevCo has completed the disposition of Outlook Clear Creek Apartments, a multifamily community at 4040 Clear Creek Drive in Wheat Ridge. Seagate Colorado Partners acquired the asset for $142 million. Built in 2021, Outlook Clear Creek features 310 apartments in a mix of one- and two-bedroom layouts spread across an array of two- and four-story buildings. Units feature picket backsplashes in the kitchen, deep farm undermount sinks, spacious closets and walk-in showers. The community is situated on 12.5 acres within the 110-acre Clear Creek Crossing mixed-use development. The live-work-play community is anchored by the SCL Health Lutheran Medical Campus, which is slated for completion in 2024. Dave Martin and Brian Mooney of NorthMarq’s Denver-based investment sales team represented the seller in the transaction.

December 15, 2021

Acquisitions California Multifamily Western

McMillin Divests of Apartment Complex in San Diego’s Little Italy for $64.4M

by Amy Works December 15, 2021

SAN DIEGO — McMillin has completed the disposition of Eighteen Ten State Street, a Class A multifamily property located at 1810 State St. in San Diego’s Little Italy neighborhood. An undisclosed buyer acquired the asset for $64.4 million, or $650,500 per unit. The eight-story property offers 99 units with wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceilings, walk-in closets, in-unit laundry, quartz countertops, stainless steel appliances and average floor plan sizes of 721 square feet. Community amenities include a village patio, sky spa, hotel-inspired lobby and horizon lounge. Darcy Miramontes, Kip Malo, Tim Wright and Bharat Madan of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.

December 15, 2021

Acquisitions Colorado Loans Multifamily Western

JLL Arranges $60M in Acquisition Financing for Apartment Property Near Denver

by Amy Works December 15, 2021

FEDERAL HEIGHTS, COLO. — JLL Capital Markets has secured $60 million in financing for the acquisition of Lodge on 84th, a garden-style multifamily community in Federal Heights, approximately 13 miles north of Denver. The borrower is Carroll. Tony Nargi, Matt Steffen and Kevin Barron of JLL Capital arranged the four-year, floating-rate bridge loan with a one-year extension option through a large insurance company. Located at 1327 W. 84th Ave., Lodge on 84th features 300 apartments.

December 15, 2021

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