Western

New Mexico is Primed for Industrial Growth

by Jeff Shaw June 16, 2021

By Tim With, Senior Vice President, Colliers The amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the brink of new construction for some time, with the need for new Class A space far outweighing the current availability. The nationwide industrial supply posted record deliveries in 2020 that totaled more than 300 million square feet. This represents about a 2 percent year-over-year increase in total inventory. In comparison, Albuquerque’s inventory grew by less than 1 percent over the past five years, while vacancy rates decreased by almost 550 basis points. Most new construction has been build-to-suit activity. Tenants, meanwhile, are challenged with a lack of choice as a considerable amount of the existing vacant space is functionally obsolete. The average overall asking lease rates for existing warehouse/distribution space was $6.58 per square foot, triple net, at the end of …

June 16, 2021

Acquisitions Arizona Multifamily Western

GoodLife Housing Partners Sells Two Multifamily Properties in Tempe for $30.5M

by Amy Works June 16, 2021

TEMPE, ARIZ. — Los Angeles-based GoodLife Housing Partners has completed the disposition of two apartment communities located in Tempe. Capital Allocation Partners acquired the properties for $30.5 million, or $178,363 per unit. Both built in 1968, the properties are the 134-unit Sakara Tempe and the 36-unit Sakara Villas at Tempe. Units at the properties consist of a mix of one-, two- and three-bedroom layouts, with select units having new laminate kitchen countertops, wood-style vinyl flooring and two-tone paint with accent walls. Additionally, some units are furnished for the convenience of student tenants, as the properties are within walking distance of Arizona State University. Community amenities at Sakara Tempe include a resort-style swimming pool with cascading water features and poolside cabanas, a fitness facility, bocce ball court and an outdoor TV lounge. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 16, 2021

Rite Aid occupies the 508,000-square-foot warehouse at 1755 E. Beamer St. in Woodland, Calif., (pictured) and the 926,860-square-foot warehouse at 2801 West Ave. H in Lancaster, Calif.

Acquisitions California Industrial Western

Westcore Buys Two Distribution Warehouses in California from Kimco Realty for $108M

by Amy Works June 15, 2021

LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.

June 15, 2021

Acquisitions Multifamily Washington Western

IPA Brokers Acquisition of 148-Unit Autumn Grove Apartments in Vancouver, Washington

by Amy Works June 15, 2021

VANCOUVER, WASH. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the purchase of Autumn Grove, a multifamily property located in Vancouver. Las Vegas-based The Calida Group acquired the property for an undisclosed price. The name of the seller was not released. Adjacent to the Vancouver Mall, the property features 148 apartments and was recently completed. At the time of sale, the community was 86 percent leased. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the buyer in the deal.

June 15, 2021

California Loans Multifamily Western

JLL Capital Markets Arranges $24.5M Loan for Cielo Apartments in Downtown San Diego

by Amy Works June 15, 2021

SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood. The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash. Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations. Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.

June 15, 2021

Acquisitions Arizona Office Western

Silver Creek Development Acquires 130,642 SF Office Building in Chandler, Arizona

by Amy Works June 15, 2021

CHANDLER, ARIZ. — Silver Creek Development has purchased Ascend at Chandler Airport Center, a Class A office property located on 11 acres at 1811 E. Northrop Blvd. in Chandler. An undisclosed seller sold the asset for $34.2 million. Build in 2016 and renovated in 2018, the two-story building features 130,642 square feet of office space. At the time of sale, the property was fully leased on a long-term basis as the corporate headquarters of Zovio, a technology services company. Chris Toci and Chad Littell of Cushman & Wakefield represented both parties in the transaction. Greg Mayer, also of Cushman & Wakefield, provided leasing advisory services.

June 15, 2021

Arizona Development Multifamily Western

High Street Residential Completes Construction of 160-Unit Gramercy Scottsdale Multifamily Project

by Amy Works June 15, 2021

SCOTTSDALE, ARIZ. — High Street Residential, the residential subsidiary of Trammell Crow Co., along with Principal Real Estate Investors, has completed the development of Gramercy Scottsdale, an apartment community in downtown Scottsdale. Situated on two acres, the five-story, Class A property features 160 apartments in a mix of studio, one- and two-bedroom units and three-bedroom penthouses, ranging in size from 600 square feet to 1,650 square feet. Units offer high-end finishes, gas stoves, stainless steel appliances, quartz countertops and wine fridges. Community amenities include a chef’s kitchen and private dining room, an indoor/outdoor sky lounge, a fitness center, guest suite, pool, spa and outdoor lounge areas with a fireplace, grilling stations, a water feature and top-floor covered terrace. Wespac Construction served as general contractor and ESG Architects is the architect of record.

June 15, 2021

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

Michaels Organization Breaks Ground on $93.3M Affordable Seniors Housing Project in Downtown Honolulu

by Amy Works June 14, 2021

HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu. Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units. Construction of the $93.3 million project will be funded using a combination of $48 million in Hula Mae Multi-Family Tax-exempt Bonds (HMMF), $21.3 million in Rental Housing Revolving Funds (RHRF), a $10 million traditional construction loan, and equity from the sale of low-income housing tax credits. First Hawaiian Bank is the lead construction lender with participation from American Savings Bank. Hawaii Housing Finance and Development Corp. administers the HMMF and RHRF. Halewai`olu Senior Residences will be available to seniors ages 62 and older, with rents starting at $547 per month. All of the units will be restricted to those earning between 30 percent and 80 percent of area median income.

June 14, 2021

Acquisitions Industrial New Mexico Self-Storage Western

LeClaire-Schlosser Group Brokers Sale of Dona Ana Storage Facility in Las Cruces, New Mexico

by Amy Works June 14, 2021

LAS CRUCES, N.M. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dona Ana Storage, a self-storage property in Las Cruces. Haggar Group acquired the asset. Terms of the transaction were not released. The buyer has rebranded the facility as StorWise Self Storage. The property features 273 non-climate-controlled units with tilt-up concrete exterior walls, metal Kynar-coated roofs, concrete drive aisles, LED lighting, security cameras, an on-site management apartment, leasing office and keypad controlled gate. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office, along with Matthew Reeves of the firm’s Albuquerque office, represented the seller in the deal.

June 14, 2021

California Development Industrial Western

Alere Property Starts Construction of 211,000 SF Industrial Warehouse in Western Inland Empire

by Amy Works June 14, 2021

ONTARIO, CALIF. — Alere Property Group is developing a speculative industrial facility located on 9.3 acres at 1656 S. Cucamonga Ave. in Ontario. With construction underway, the 211,000-square-foot property will feature 40-foot clear heights; a 5,000-square-foot, two-story office space; 23 dock-high doors; two ground-level doors; and a 185-foot truck court with extra trailer parking. Completion is slated for third-quarter 2021. Additionally, Alere Property acquired two industrial properties: 1062 McGaw Avenue in Irvine and 14422 Astronautics Drive in Huntington Beach. Terms of the transactions were not released. The company will redevelop the 5.2-acre site in Irvine, which Ricoh USA occupies, into a 120,000-square-foot industrial facility with 36-foot clear heights, 13 dock-high doors and two ground-level doors. Completion is slated for 2023. The 47,000-square-foot Huntington Beach property, which Terrible Herbst Motorsports occupies, features 26-foot clear heights, a secured fenced yard and three ground-level doors.

June 14, 2021

Newer Posts

Older Posts