Western

CHINO, CALIF. — Lewis Retail Centers has unveiled plans to build Town Center at The Preserve in Chino, a city in Southern California. The retail and office development, which will span 169,590 square feet, is slated to open in summer 2023. Town Center at The Preserve will be situated within a master-planned community named The Preserve at Chino and adjacent to multifamily units. The pedestrian-friendly development will feature Main Street-oriented retail space, as well as open spaces for gatherings and events. The office space will be positioned on the second level, above the street-level retail space. KTGY is the project architect. Stater Bros., a privately held supermarket chain based in San Bernardino, Calif., will serve as the grocery anchor tenant. The store will span 46,109 square feet and will feature full-service meat, seafood, deli and bakery departments. The store marks the third location for Stater Bros. in Chino. Additionally, Kenwood’s Kitchen and Tap, a family-owned and operated restaurant and bar serving American comfort food, will open at Town Center at The Preserve in fall 2023. The restaurant marks the second location for Kenwood’s. Other food-and-beverage tenants committed to the development include 7 Miles Tea Lab and Chipotle Mexican Grill. Ken …

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Denver Lee & Associates Second Quarter Economic Rundown

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …

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Omnia-8th-Tempe-AZ

TEMPE, ARIZ. — A joint venture between Avanti Residential and KKR Real Estate has completed the disposition of a two-property multifamily portfolio in Tempe. Denver-based Jason McCool acquired the assets for $111.7 million. The 369-unit portfolio includes Omnia on 8th, a 188-unit property, and Omnia McClintock, a 181-unit property. The communities were constructed between 1971 and 1984 and feature a mix of studio, one- and two-bedroom units. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction.

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PHOENIX — Northmarq has brokered the sale of The Residences of Central Phoenix, a 265-unit, garden-style community located at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Properties sold the property to Newport Beach, Calif.-based InTrust Property Partners for $63.1 million. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Joe Giordani of Northmarq’s Newport Beach debt/equity team arranged financing for the acquisition with a $50.8 million bridge loan. Built in 1973, The Residences of Central Phoenix includes 27 two-story buildings with one-, two- and three-bedroom units ranging in size from 650 square feet to 1,150 square feet. Situated on 13 acres, the 242,825-square-foot community features a clubhouse, pool, hot tub, on-site laundry facilities, basketball court and children’s playground. At the time of sale, the property was 98 percent leased. Renue Properties recently invested $1.7 million into deferred maintenance and property enhancements at the property, including HVAC units, new roofs, windows, electrical panels and exterior paint.

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VT-202-Phoenix-AZ

PHOENIX — VanTrust Real Estate has broken ground on VT 202, a speculative two-building industrial project in Phoenix. The infill development will offer 181,000 square feet of Class A industrial space on 12 acres along 59th Avenue. Totaling 104,687 square feet, Building A will feature 32-foot clear heights, 30 dock-high doors and two grade-level doors. The 76,319-square-foot Building B will have comparable amenities and features. Completion of VT 202 is slated for February 2023. The project team includes Butler Design Group and Wespac Construction. Colliers International Arizona is handling leasing for the development.

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Avendia-Folsom-CA

FOLSOM, CALIF. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom, a seniors housing property in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center featuring national retailers such as Nordstrom, Sephora, Barnes & Noble, movie theaters and a Whole Foods Market. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer represented the borrower in the transaction.

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LOS ANGELES — Champion Real Estate Co. has acquired two former fraternity houses located at 624 W 28th St. and 2715 Portland St. near the University of Southern California (USC) campus in Los Angeles for $16.7 million. Two subsidiaries of Champion — Victory on 28th LLC and Victory House Portland LLC — will rebrand and renovate the properties into student housing communities. The two properties will offer fully furnished units and shared amenities including oversized lounges, rooftop decks and private study spaces. Michael Fukushima and Stephen Watson of Total Realty Group represented the buyer and undisclosed sellers in the transactions. A timeline for the redevelopments were not announced.

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SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior at 6920 Watt Ave. in North Highlands and Hurley Creek Senior at 4275 El Centro Road in Sacramento. Constructed between 2008 and 2017, the properties were built utilizing low-income housing tax credits through the California Tax Credit Allocation Committee and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption. Each community features a leasing center, central clubhouse, business center, fitness center, pool, laundry facilities, carports and garages. Avanath plans to implement sustainable and social-service measures at the properties, including energy-saving updates and resident impact programming. With this acquisition, Avanath now holds 12 total properties and manages 1,854 total units in the …

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BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Tyner Ranch Apartments, a multifamily property in Bakersfield. Hardt Investments sold the property to a Modesto-based private investment group for nearly $31 million. Built in 2006-2007, Tyner Ranch features 168 apartments in two- and three-bedroom floor plans ranging in size from 788 square feet to 1,193 square feet. The apartments offer fully equipped kitchens, attached garages and private backyards with patios. Community amenities include picnic areas with grilling stations. Mark Bonas of TMG represented the seller in the deal.

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Bend-at-Oak-Forest-Houston

GLENDALE, ARIZ. — Gantry has secured $13 million of permanent financing for the acquisition of a 11.57-acre parcel at Arrowhead Marketplace in Glendale. Tim Storey of Gantry’s Phoenix office secured the 10-year, fixed-rate loan featuring a 25-year amortization for the borrower, Arizona Partners, through a correspondent life company lender. Office Depot, Dollar Tree, Boot Barn, Party City and Salt Creek Home Furnishings are tenants at the 128,500-square-foot retail center.

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