Western

Industrial is the Belle of the Ball in LA

by Jeff Shaw October 6, 2021

By Robert Flores, Senior Vice President, CBRE Not too long ago, industrial real estate was generally viewed as an obscure and often unpopular subset of commercial real estate. Instead of owning a concrete box, many investors and developers were drawn to the flashier structures in Central Business Districts and hip submarkets. Fast forward a few short years, and industrial has firmly taken center stage for many who might have previously shunned the sector. The Greater Los Angeles area is one of the beneficiaries. The Greater Los Angeles region is the second-largest metro in the U.S. and is home to some of the nation’s most critical infrastructure. With the ports of Los Angeles and Long Beach accounting for more than 40 percent of the country’s inbound container traffic and Los Angeles International Airport serving as a major gateway for passengers and air cargo, the local industrial market is ground zero for industrial users. At the close of the second quarter, the Greater Los Angeles industrial market totaled more than 1 billion square feet of rentable space with a vacancy rate of just above 1.5 percent, according to our CBRE research. Based on current activity levels and leasing velocity in the market, …

October 6, 2021

Arizona Development Industrial Western

CRG Acquires 268 Acres for 4 MSF Industrial Development in Suburban Phoenix

by Amy Works October 5, 2021

MESA, ARIZ. — CRG has purchased a 268-acre site between E. Pecos and E. Germann roads in Mesa for the development of The Cubes at Mesa Gateway, an up-to 4 million-square-foot speculative and build-to-suit industrial project. The project will offer multiple building and size configurations ranging from 250,000 square feet to 1.2 million square feet, with build-to-suit opportunities and options to buy improved lots. Steve Larsen, Pat Harlan and Jason Moore of JLL will handle leasing for the project.

October 5, 2021

Acquisitions Life Sciences Office Washington Western

LPC West, Invesco Buy 211,000 SF Cascadian Office Building in Seattle’s Life Sciences Corridor

by Amy Works October 5, 2021

SEATTLE — LPC West and Invesco Real Estate have acquired Cascadian, a nine-story office building located in Seattle’s life sciences corridor. Located at the intersection of South Lake Union, Capitol Hill and the central business district, Cascadian features 211,000 rentable square feet and potential ground-floor retail. The buyers plan to convert the property into a life sciences space. The redeveloped property will also feature a 7,300-square-foot rooftop terrace, on-site parking and transit accessibility. Terms of the acquisition were not released.

October 5, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $11M Sale of Cornell Apartments in Phoenix

by Amy Works October 5, 2021

PHOENIX — ABI Multifamily has arranged the sale of Cornell Apartments, a multifamily property in Phoenix. An Arizona-based seller sold the property to buyers based in California and Texas for $11 million, or $216,059 per unit. Built in 1968, Cornell Apartments features 51 residences with 34 three-bedroom/two-bath units, 14 two-bedroom/two-bath units and two one-bedroom/one-bath units. All units offer metered electricity, in-suite washers and dryers, stainless steel appliances, stone countertop, new interior fixtures and ceiling fans and vinyl wood flooring in most units. Community amenities include a swimming pool, barbecue grill, central courtyards, outdoor gathering spaces and covered parking. John Klocek and Patrick Burch of ABI Multifamily represented the seller in the deal.

October 5, 2021

Acquisitions Arizona Industrial Office Western

Cushman & Wakefield Arranges Sale of Vacant 61,316 SF Flex Property in Phoenix

by Amy Works October 5, 2021

PHOENIX — Cushman & Wakefield has brokered the sale Riverpoint Building 2, a flex office and industrial property in Phoenix. Michael Hsiung of Phoenix Rising Investments acquired the property from BH Properties for $9 million. Located at 3100 E. Broadway Road, the 61,316-square-foot property was vacant at the time of sale. Built in 2002 on 5.3 acres, the single-story building is currently divided into three shell-condition suites of varying sizes and served by a newly constructed lobby. Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson of Cushman & Wakefield represented the seller in the transaction.

October 5, 2021

California Industrial Leasing Activity Office Western

Romeo Power Signs 215,000 SF Lease for Headquarters, Manufacturing Facility in Cypress, California

by Amy Works October 5, 2021

CYPRESS, CALIF. — Romeo Power, an energy technology company delivering electrification solutions for complex commercial vehicle applications, has leased a new headquarters and manufacturing facility in Cypress. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, allowing for faster innovation and time to market. The 215,000-square-foot facility includes 191,000 square feet of industrial space that will be designed to double critical laboratory and testing capacity. The expanded manufacturing capabilities will enhance throughput, quality and cost effectiveness, while the increased office space will also allow for continued organizational investment in scientific engineering and other support resources. Romeo Power will assume occupancy in the near future, with full occupancy expected to be completed over the next six to nine months.

October 5, 2021

Development Leasing Activity Mixed-Use Nevada Office Top Stories Western

DraftKings to Anchor $400M UnCommons Mixed-Use Project in Las Vegas

by John Nelson October 5, 2021

LAS VEGAS — DraftKings Inc., a fantasy and digital sports betting company based in Boston, plans to open its second largest office hub within UnCommons, a $400 million mixed-use development underway in southwest Las Vegas. DraftKings will occupy 90,000 square feet and ultimately house more than 1,000 employees at the new offices. Matter Real Estate Group, a San Diego-based developer, broke ground on the 40-acre project last summer and plans to deliver the first phase of the campus in early 2022. “Our goal is to create another world-class workplace environment that will foster DraftKings’ innovation, further bolster our local presence and deepen community involvement,” says Matt Kalish, co-founder and president of the North America division of DraftKings (NASDAQ: DKNG). “With these lofty aspirations, we were thrilled to discover that UnCommons mirrors these high standards.” Designed by IA Interior Architects, DraftKings’ new space will mirror its Boston headquarters with 130 sports trading desks surrounded by multimedia walls. The property will also include collaborative work spaces, a cafeteria, putting green, custom casino training pit, private and public outdoor spaces, mothers’ rooms, prayer suites and salons for haircuts and manicures/pedicures. UnCommons will comprise more than 500,000 square feet of modern office space; more …

October 5, 2021

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Industrial Market is Firing on All Cylinders

by Jeff Shaw October 5, 2021

By Rob Martensen, Executive Vice President, Colliers As a racing driver, it is important that my vehicles fire on all cylinders to run their best. In the Phoenix metro area, the engine cylinders of the industrial market are the different industries, as well as the geographic locations around the Valley where these industries conduct business. First, let’s look at advanced manufacturing. Intel, which already has a large presence in the Southeast Valley, just announced a $20 billion expansion of its Price Road facility. This will create hundreds of construction jobs and demand for these contractors to find space, not to mention all the equipment suppliers, etc., that will require space for the long-term. With the huge demand for semiconductors and the supply of land and labor, Taiwan Semiconductor Manufacturing Company (TSMC) has chosen Phoenix to build its next fabrication plant. TSMC will spend $12 billion to build the new factory, which is already under construction in North Phoenix. This will create a huge demand for industrial space in the Deer Valley submarket to support TSMC. Other manufacturing companies like Apel Extrusions, MLILY and Ball Container have either recently completed projects or are under construction on new manufacturing facilities. Food and beverage …

October 5, 2021

Acquisitions Colorado Multifamily Western

MG Properties Enters Denver Market with $108.2M Acquisition of Neon Local Apartments

by Amy Works October 4, 2021

DENVER — San Diego-based MG Properties Group has acquired Neon Local Apartments, a multifamily property located in Denver’s South Broadway neighborhood. North America Sekisui House and Holland Partner Group sold the asset for $108.2 million. Built in 2020, Neon Local Apartments features 238 apartment and proximity to mass transit and commuter freeways. Jordan Robbins and Pamela Koster of JLL represented the sellers. JLL Capital Markets’ Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice arranged acquisition financing through an affiliate of Apollo Global Management.

October 4, 2021

Acquisitions Arizona Development Industrial Western

SWC Development Buys 27.9-Acre Land Parcel for Eight-Building Industrial Project in Surprise, Arizona

by Amy Works October 4, 2021

SURPRISE, ARIZ. — South Dakota-based SWC Development Partners has purchased a 27.9-acre land site in Surprise for $7.1 million. The buyer plans to develop a multi-phased industrial project with warehouse/distribution, manufacturing and flex facilities on the site. Kevin Helland of Avison Young represented the buyer in the acquisition. Helland and Mark Seale, also of Avison Young, will represent the ownership on the leasing and sale of the project. SWC Development Partners plans to build eight buildings, ranging from 25,000 square feet to 139,278 square feet. Located at 11860 N. Dysart Road, the first building is already fully permitted and will be a 59,352-square-foot warehouse/distribution facility. Construction is slated to begin in October with completion scheduled for fourth-quarter 2022. The second building will total 139,278 square feet and construction is scheduled to begin in second-quarter 2022 with completion estimated for first-quarter 2023. The construction schedule for the remaining six buildings is to be determined based on market demand. The sold parcel marks the final phase of Skyway Commons, an industrial park that currently has four completed industrial buildings totaling 173,878 square feet that another developer built.

October 4, 2021

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