Western

ABI Multifamily Brokers $37.5M Sale of Vicinity Apartments in North Central Phoenix

by Amy Works March 4, 2022

PHOENIX — ABI Multifamily has negotiated the sale of The Vicinity Apartments, a multifamily community located at 6131 N. 16th St. in Phoenix. The property traded for $37.5 million, or $300,000 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1975 on 4.3 acres, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. The community features a mix of 49 one-bedroom units, 26 two-bedroom townhome-style units and 50 two-bedroom/two-bath units. Units feature air conditioning/heating, hardwood-style flooring, walk-in closets, a patio or balcony, extra storage and a fully equipped kitchen with oven/range, refrigerator, garbage disposal, microwave and pantry. Community amenities include a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access and onsite covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group handled the transaction.

March 4, 2022

Development Multifamily Washington Western

TWG Plans $50M Grata at Totem Lake Multifamily Community in Kirkland, Washington

by Amy Works March 4, 2022

KIRKLAND, WASH. — TWG has acquired a parcel at 12410 NE Totem Lake Way for the development of Grata at Totem Lake, an apartment property in Kirkland. Groundbreaking and construction are slated to start in the coming months, with completion scheduled for early 2024. The $50 million, seven-story project will feature 125 units ranging from studios to four-bedroom apartments. The development will reserve 88 apartments for residents earning up to 50 percent of the county’s area median income (AMI) and 37 apartments for those earning up to 60 percent AMI. The pet-friendly community will feature maximized ventilation systems, onsite parking, bicycle facilities and shared laundry facilities. Additionally, the property is within close proximity to a playground and a shopping center with a movie theater, Whole Foods Market, Trader Joe’s, eateries, a gym and high-capacity transit. The development will also be energy efficient with solar arrays on the building’s roofs, electric vehicle battery charging stations, specialized envelope systems to preserve energy use and green-rated appliances in units. The development is supported by the Evergreen Impact Housing Fund – housed at Seattle Foundation – which received a $50 million investment from Microsoft last year.

March 4, 2022

Acquisitions Oregon Restaurant Retail Western

Pine Tree Acquires 269,710 SF Sunset Esplanade Shopping Center in Hillsboro, Oregon

by Amy Works March 4, 2022

HILLSBORO, ORE. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, has purchased Sunset Esplanade, a neighborhood retail center in Hillsboro, for $65.9 million. Target, Safeway, Ross Dress for Less, Petco and Starbucks Coffee are tenants at the 269,710-square-foot shopping center, which is located along SE Tualatin Valley Highway. Faris Lee Investments brokered the transaction. The name of the seller was not released.

March 4, 2022

California Loans Retail Western

Gantry Arranges $38M Loan for Rodeo Drive Retail Property in Beverly Hills

by Amy Works March 4, 2022

BEVERLY HILLS, CALIF. — Gantry has secured $38 million in financing for the fee-simple interest in a parcel located at the corner of Rodeo Drive and Brighton Way in the Golden Triangle neighborhood of Beverly Hills. The fee-simple parcel is subject to a long-term ground lease with improvements consisting of an 18,380-square-foot high-street retail structure, which is occupied by Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.

March 4, 2022

Acquisitions California Office Western

Dornin Investment Group Sells 65,380 SF Office Property in Riverside, California

by Amy Works March 4, 2022

RIVERSIDE, CALIF. — Dornin Investment Group (DIG) has completed the disposition of 2280 Market Street, its fifth and final multi-tenant office building of its five-building Riverside Office Portfolio in Riverside. A California-based company acquired the final asset for $13.1 million, or $200 per square foot. The three-story property features 65,380 square feet of office space. At the time of sale, the building was 68 percent occupied. DIG recently completed renovations to the lobby, common areas and landscaping while building two speculative office suites. Anthony Delorenzo, Sammy Cemo, Bryan Johnson and Doug Mack of CBRE represented DIG in the deal. Tom Pierik and David Mudge of Lee & Associates provided leasing services for the property. The total sales of the portfolio reached $59.4 million, or $266 per square foot. DIG originally purchased the five-property portfolio from an institutional ownership group in October 2018 for $44.3 million, or $198 per square foot.

March 4, 2022

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada’s Economic Recovery Continues Toward Pre-COVID Levels

by Jeff Shaw March 4, 2022

By John Stater, Research Manager, Colliers Southern Nevada gained 15,400 industrial jobs between August 2020 and August 2021, according to the Nevada Department of Employment, Training and Rehabilitation. The logistics and wholesale sectors added jobs on a year-over-year basis, while the natural resources and construction sectors lost jobs. Unemployment in the Las Vegas-Paradise MSA was 8.3 percent in August 2021. Over the past 12 months, total employment in Southern Nevada increased by 55,600 jobs, a 6.1 percent increase. Southern Nevada lost 241,900 jobs between February and April 2020 and had regained 71 percent of those lost jobs by August 2021. Southern Nevada is in its third major wave of post-Great Recession industrial development, with 6.6 million square feet of product now under construction. The fourth quarter of 2021 could see 2.3 million square feet of product added to inventory. Projects scheduled for completion in the fourth quarter of 2021 are currently 58 percent pre-leased. Projects completed this quarter were 98.8 percent pre-leased when completed. Net absorption this quarter was a record 4.45 million square feet. This brought net absorption up to 9.79 million square feet year-to-date, higher than the previous record for annual net absorption recorded in 2017. Warehouse/distribution net absorption …

March 4, 2022

California Development Multifamily Western

Dinerstein Cos. Divests of 262-Unit Millennium Gardena Multifamily Development Site in Hawthorne, California

by Amy Works March 3, 2022

HAWTHORNE, CALIF. — The Dinerstein Cos. has completed the disposition of Millennium Gardena, a fully entitled multifamily development site at 12850 Crenshaw Blvd. in the South Bay neighborhood of Hawthorne. A joint venture between Cityview and Stockbridge acquired the property for an undisclosed price. The sustainability-focused multifamily building planned for the site will be called South Bay X and feature 262 studio, one- and two-bedroom units ranging from 510 square feet to 1,197 square feet. Construction is slated to begin in fourth-quarter 2022 with a targeted delivery of early 2025. Sustainable features planned for the property include LEED Silver certification, high-performing lighting, enhanced indoor air quality and a renewable-energy-powered solar thermal water heating system. Building amenities will include a state-of-the-art fitness center, resort-style pool, spa, lanai, outdoor strength area, barbecues and open-air courtyards. Chris Benton, Anthony Muhlstein, Kevin Shannon and Ken White of Newmark represented the seller in the transaction.

March 3, 2022

Acquisitions Colorado Restaurant Retail Western

Monfort Cos. Sells Retail Property in Denver’s LoDo Neighborhood for $24M

by Amy Works March 3, 2022

DENVER — Monfort Cos. has completed the sale of 1946 Market Street, a retail building located in Denver’s LoDo neighborhood. Jim Blumenthal, a local real estate investor, acquired the asset for $24 million. Monfort Cos. and Riot Hospitality Group will continue to lease and operate Dierks Bentley’s Whiskey Row, which recently opened in the 22,000-square-foot property following a renovation of the original building, including a 6,000-square-foot addition. Whiskey Row opened in New Year’s Eve.

March 3, 2022

California Loans Office Retail Western

PSRS Arranges $30M in Financing for Office/Retail Property in Encinitas, California

by Amy Works March 3, 2022

ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.

March 3, 2022

Acquisitions California Multifamily Western

Matthews Brokers $10.1M Sale of Tuscania Apartment Homes in Ventura, California

by Amy Works March 3, 2022

VENTURA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Tuscania Apartment Homes, a multifamily property at 248 S. Hemlock St. in Ventura. A California-based investor sold the asset to a California-based buyer for $10.1 million. Built in 1965, Tuscania Apartment features 35 one- and two-bedroom units with select units offering ocean views. Daniel Withers, David Harrington and John Boyett of Matthews represented the seller and sourced the buyer in the deal.

March 3, 2022

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