Western

Reno Office Leasing, Development Bounce Back

by Jeff Shaw March 14, 2022

By Patrick Riggs, Senior Advisor, Office, Dickson Commercial Group The leasing market in Reno/Sparks is back on track following a strong end to 2021. The fourth quarter of 2021 concluded with an impressive 145,558 square feet of positive net absorption. This was the third straight quarter of positive net growth. Panasonic Energy stole the headlines in the quarter four with its 95,000-square-foot lease of 645 E. Plumb Lane in Reno’s central submarket. However, demand in the smaller office spaces under 5,000 square feet continues to be the driving force in this rebound. Local and regional companies with more flexibility to maneuver the pandemic were rewarded in 2020 and 2021 by capitalizing on aggressive landlord concessions. We are starting to see these concessions being rolled back as demand continues and vacancy nears pre-pandemic levels. The 2021 Reno sales market bounced back from 2020 with increases across the board in overall volume, price per square foot and number of sales. Both volume and the number of sales nearly doubled year over year. Average sales pricing is coming in at $300 per square foot, while new build-to-suit construction is over $400 per square foot with no slowdown in sight. Owner-users and office investors have been …

March 14, 2022

Acquisitions California Office Western

LPC West, TriGate Capital Acquire 420,000 SF Square on Main Office Campus in Orange, California

by Amy Works March 11, 2022

ORANGE, CALIF. — LPC West, the West Coast arm of Lincoln Property Co., has partnered with TriGate Capital to purchase The Square on Main, a multi-building office campus located at the intersection of Main Street and La Veta Avenue in Orange. Totaling 420,000 square feet, the five-building asset was 96.5 percent occupied by 13 tenants, including the Orange County Transportation Authority and Western Dental, both tenants of more than 25 years. The 7.2-acre campus includes two 12-story buildings, one six-story building and two one-story buildings, as well as a large parking structure. Additionally, the site offers full transit accessibility, with access to the 22 and 57 freeways and numerous airports within 40 miles. LPC West plans to implement a variety of sustainability upgrades and overall operational enhancements throughout the property to help boost efficiency and limit its environmental footprint.

March 11, 2022

Acquisitions Industrial Nevada Western

JMAC Industries Divests of 80,677 SF Industrial Building in Las Vegas

by Amy Works March 11, 2022

LAS VEGAS — JMAC Industries LP has completed the disposition of an industrial property located in the southwest submarket of Las Vegas. MCA Realty acquired the asset for $16.9 million. Located at 7201 Post Road, the property features 80,677 square feet of industrial space. Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Doherty Industrial Group of Colliers International represented the seller in the deal.

March 11, 2022

Acquisitions Healthcare Idaho Office Utah Western

Livingston Street Capital Sells Two Medical Office Buildings in Idaho, Utah for $14.4M

by Amy Works March 11, 2022

HAYDEN, IDAHO, AND LAYTON, UTAH — An affiliate of Livingston Street Capital has completed the disposition of two medical office properties, totaling 31,500 square feet, in Idaho and Utah. AEI Net Lease Portfolio 19 DST acquired the assets for $14.4 million. The properties, which include a 15,000-square-foot building at 8300 N. Cornerstone Drive in Hayden and a 16,500-square-foot building at 781 Heritage Park Blvd. in Layton, are both fully leased to BioLife Plasma Services, which collects the plasma that is processed into plasma-based therapies.

March 11, 2022

California Development Industrial Self-Storage Western

StoragePRO Management Opens 131,000 SF Self-Storage Facility in Fairfield, California

by Amy Works March 11, 2022

FAIRFIELD, CALIF. — StoragePRO Management has opened a new multi-level self-storage facility situated on five acres at 475 Lopes Road in Fairfield. The 131,000-square-foot facility offers 930 indoor storage units and a two-story RV, boat and vehicle storage on the ground floor with secure, drive-up access. The property also features a property-wide 24-hour surveillance video system, electronic smart locks on each unit, entry and exit property access keypads, fenced and gated property perimeters, motion-censored interior and exterior LED lighting, fire sprinklers and onsite managers, as well as a leasing office and no-contact online rentals and bill pay. Elk Grove-based GC Construction and Development served as the project’s general contractor.

March 11, 2022

California Loans Missouri Restaurant Retail Western

BridgeCore Funds $3.6M Loan for 7-Eleven Location in California, Taco Bell in Missouri

by Amy Works March 11, 2022

SANTA ANA, CALIF., AND WARSAW, MO. — BridgeCore has funded a $3.6 million bridge loan to finance the purchase of a to-be-built retail building that 7-Eleven will occupy in Santa Ana. The loan was cross-collateralized with a Taco Bell-occupied asset in Warsaw. The name of the borrower was not released. The loan features a 12-month term with six months of yield maintenance, which will allow the seller of the 7-Eleven property to complete its construction of the build-to-suit on behalf of the borrower and meet its delivery obligations to 7-Eleven.

March 11, 2022

Alaska Development Multifamily Top Stories Western

The X Co. Completes 20-Story Multifamily High-Rise in Downtown Phoenix

by Taylor Williams March 11, 2022

PHOENIX — Chicago-based developer The X Co. has completed X Phoenix, a 20-story multifamily high-rise project located at 200 W. Monroe St. in the state capital’s downtown area. The 731,321-square-foot building houses 330 residential units and represents Phase I of a larger development. Phase II of X Phoenix will feature a 26-story multifamily tower that will be developed on an adjacent parcel. Construction of Phase II is scheduled to begin this spring. Phase I of X Phoenix included a parking garage with 612 stalls, plus an indoor mezzanine storage space with 159 bike parking spots and a wash station. The eighth floor of the building houses two pools with a poolside bar and restaurant that is scheduled to open in April. In addition, the ninth floor of the building features a 9,000-square-foot fitness center with locker rooms and a yoga studio. Lastly, the building contains 50,000 square feet of commercial space that will be built out to support restaurant and coworking uses. Chicago-based Fitzgerald & Associates designed X Phoenix, with Workshop/APD handling interior design. Clayco, a design-build firm with five offices across the county, provided construction management services. Kimley-Horn and Peterson Associates provided engineering services. The X Co. has built …

March 11, 2022

Acquisitions Multifamily Nevada Western

Griffin Capital Sells South Beach Apartments in Las Vegas for $97.5M

by Amy Works March 10, 2022

LAS VEGAS — Griffin Capital has completed the disposition of South Beach Apartments, a 220-unit multifamily community in the Las Vegas submarket of Summerlin/Spring Valley. Logan Capital Advisors acquired the asset for $97.5 million, or $443,180 per unit. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the deal. Located at 8920 W. Russel Road, South Beach Apartments features a mix of one- and two-bedroom floor plans, with loft and den options, ranging from 680 square feet to 1,380 square feet. Onsite amenities include saltwater pools, a beach volleyball court, soccer field, half basketball court, yoga studio, Pilates studio, indoor and outdoor fitness centers, a dog wash and a 16-foot TV by the pool. The community was built in 2017.

March 10, 2022

Acquisitions Arizona Multifamily Western

SB Real Estate Purchases Cantamar Apartments in Glendale for $58.1M

by Amy Works March 10, 2022

GLENDALE, ARIZ. — SB Real Estate Partners has purchased Cantamar Apartments, a garden-style multifamily community located at 16630 N. 43rd Ave. Glendale, for $58.1 million. The buyer will rebrand the 180-unit asset as Portola On Bell. Built in 1988, the community offers one-, two- and three-bedroom floor plans averaging 1,086 square feet, with washers/dryers, nine-foot ceilings and balconies. Community amenities include a swimming pool, fitness center and resident clubhouse with a business center. SB Real Estate is planning a $4 million capital improvement program to enhance the property’s curb appeal, common area amenities and unit interiors.

March 10, 2022

Acquisitions Arizona Hospitality Western

Avison Young Negotiates $54.5M Sale of Hyatt Place/Hyatt House Hotel in North Scottsdale

by Amy Works March 10, 2022

SCOTTSDALE, ARIZ. — Avison Young has brokered the sale of Hyatt Place/Hyatt House, a dual-flagged select-service and extended-stay hotel in Scottsdale. A joint venture between Gardner Batt and private investors sold the asset to a joint venture between KKR and Riller Capital for $54.5 million. Located at 18513 N. Scottsdale Road, the property features 229 guest rooms, an onsite restaurant, bar area, breakfast area, business center, meeting space, fitness center, heated outdoor pool and hotel-wide Wi-Fi. The nine-story property opened in March 2021. Jay Maddox, Keith Thompson, Andrew Broad and David Genovese of Avison Young represented the seller in the transaction.

March 10, 2022

Newer Posts

Older Posts