Western

Lone Cypress Realty Sells 38,154 SF Office Building in Aliso Viejo for $10.5M

by Amy Works January 31, 2022

ALISO VIEJO, CALIF. — Fort Worth, Texas-based Lone Cypress Realty has completed the disposition of VIEW at 101 Columbia, a Class B office property in Aliso Viejo. Holt Integrated Circuits purchased the asset for $10.5 million. The integrated circuits supplier for the aerospace industry plans to use the 38,154-square-foot building with the ground-floor for warehousing and the second floor for corporate offices. The property was renovated in 2020 with modern entry finishes and light fixtures, as well as updated two-tone exterior paint. Mike Adams and Morgan Adams of Stream Greater L.A. represented the seller in the transaction.

January 31, 2022

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $9.1M Sale of Pine Vista Apartments in Las Vegas

by Amy Works January 31, 2022

LAS VEGAS — Northcap Commercial has arranged the sale of Pine Vista Apartments, a multifamily community in Las Vegas. Pine Vista Apartments LLC sold the asset to an undisclosed buyer for $9.1 million, or $114,375 per unit. Located at 1536 N. 22nd St. and 1537 N. 23rd St., Pine Vista Apartments features 80 units. The property was built in 1963. Jason Dittenber, Jerad Roberts, Devin Lee and Robin Willet of Northcap Commercial represented the seller in the off-market, all-cash transaction.

January 31, 2022

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada: Where Industrial Real Estate Matters

by Jeff Shaw January 31, 2022

WREB recently sat down with Tom van Betten, vice president of Matter Real Estate Group. The San Diego-baseed real estate development company currently has 2.5 million square feet of industrial projets either in development or owned by Matter. One of those four projects is Matter Logistics @ North 15, a 930,000-square-foot warehouse/distribution project in North Las Vegas that spans two buildings. Below, Van Betten discusses the firm’s attraction to the Las Vegas Valley, where he sees the industry heading and how Matter is able to find developable land in tight markets. WREB: What about the North Las Vegas submarket is attractive to Matter? Van Betten: Right now, Matter is focused on scale and land availability. North Las Vegas is currently where the larger available land parcels are — or were. I say “were” because there is a real shortage of land that has the infrastructure to develop, such as power and water. On the scale size, the tenants moving to Las Vegas continue to grow in size. To accommodate that demand, we are focused on larger sights. WREB: How were you able to acquire more than 42 acres for the new Matter Logistics @ North 15? As you mention, transactions of that size are …

January 31, 2022

California Development Multifamily Office Top Stories

STC Venture Breaks Ground on Three Buildings in Cityline Sunnyvale Mixed-Use Project Near San Jose

by Julia Sanders January 28, 2022

SUNNYVALE, CALIF. — STC Venture has broken ground on Phase III of the Cityline Sunnyvale mixed-use project, which will add one residential building and two office towers in downtown Sunnyvale, 12.3 miles west of San Jose. The three new towers will include two seven-story buildings with approximately 590,000 square feet of rentable office, retail, flex and outdoor terrace space. The office portion of the project will be both LEED Gold and WiredScore Gold certified, which measures internet connectivity and digital infrastructure in commercial properties. The third building is The Martin, a 12-story apartment tower with 479 units, including 53 affordable rental units. The residential property will feature a hospitality-level amenity package and ground-floor retail and restaurant spaces. Additionally, the completed three towers will include a public park, which will be used as the town square and gathering space for the downtown area. “These 590,000 square feet of new office and retail space will bring more jobs to the central core of Sunnyvale and boost business for all of the community’s business owners,” says Deke Hunter, president of Hunter Properties. Phase I of Cityline Sunnyvale included 198 apartments located along Washington and McKinley avenues, as well as 85,000 square feet of …

January 28, 2022

Acquisitions Arizona Multifamily Western

Holualua Cos. Sells Sonoran Reserve Multifamily Community in Tucson for $61.6M

by Amy Works January 28, 2022

TUCSON, ARIZ. — Holualua Cos. has completed the disposition of Sonoran Reserve, a 272-unit apartment property located in Tucson. An undisclosed buyer acquired the asset for $61.6 million. The seller originally purchased the property as Gateway Apartments, a 552-bed/188-unit student housing asset, in 2018. Holualua Cos. renovated the 12-acre property and converted the community to conventional housing. The $10 million renovation included splitting 83 four-bedroom units into one- and two-bedroom units and renovating and upgrading the resort-style pool, clubhouse, leasing office and fitness center. The company also upgraded the landscaping, repaved the parking lot and painted the entire community. After the renovation was completed, the property was rebranded to Sonoran Reserve. Jeff Casper and Tyler Anderson of CBRE represented Holualua Cos. in the transaction.

January 28, 2022

Development Office Washington Western

Patrinely Group, Dune Real Estate Partners Buy Development Site for Office Tower in Downtown Bellevue, Washington

by Amy Works January 28, 2022

BELLEVUE, WASH. — Patrinley Group, in partnership with affiliates of Dune Real Estate Partners, has acquired a fully entitled development site for a 484,000-square-foot office tower in downtown Bellevue. The joint venture purchased the 0.9-acre site with an advanced building design from an affiliate of FANA Group of Cos. Terms of the transaction were not released. Located at the southeast corner of NE Fourth and 106th Avenue NE, the 21-story FOUR106 office building will feature 480,000 square feet of office space and 6,500 square feet of street-level retail space. Additionally, the tower will offer a fully equipped fitness center with shower and locker facilities, tech capabilities, hands-free elevators and hands-free restrooms. The property has also been designed to meet LEED Gold standards. Construction is slated to commence this spring, with delivery scheduled for fourth-quarter 2024. FOUR106’s project team includes CollinsWoerman, Gensler, Mortenson Construction and DCI. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group will handle leasing for the completed project. Kevin Shannon, Ken White and Tim O’Keefe of Newmark represented the seller in sale of the site. Bill Fishel, Tom Wilson and Rachael Lewis of JLL arranged financing for the project.

January 28, 2022

Colorado Development Multifamily Seniors Housing Western

Experience Senior Living Plans 200-Unit Project in Lone Tree, Colorado

by Amy Works January 28, 2022

LONE TREE, COLO. — Experience Senior Living Development (ESLD), a NexCore-owned company, has unveiled plans for The Reserve at Lone Tree, a 200-unit seniors housing community in Lone Tree, approximately 15 miles south of Denver. Construction is scheduled to begin on the nine-story property in the fourth quarter of this year for completion in 2024. The community will feature 125 independent living units, 60 assisted living units and 24 memory care units. The site is located within RidgeGate, a 3,500-acre mixed-use community. Independent living units will be up to 1,650 square feet on the top floor, with assisted living units ranging from 430 to 1,100 square feet.

January 28, 2022

California Company News Leasing Activity Retail Western

First Commercial Property Management to Operate Two Shopping Centers in Arizona, California

by Amy Works January 28, 2022

PHOENIX AND MENIFEE, CALIF. — Upland-based 1st Commercial Property Management has been selected to operate two retail centers in Arizona and California. The company will provide management services for Arcadia Crossing Shopping Center, which features more than 450,000 square feet of retail space. Fry’s Food and Drug, Ross Dress for Less, Target, Petco, Burlington and Conn’s Home Plus are tenants at the property. A private foreign owner has selected 1st Commercial to provide property management services for Countryside Marketplace in Menifee. Built in 2008 on 32 acres, the 721,000-square-foot property is fully leased. Current tenants include Super Target, Lowe’s Home Improvement Warehouse, Kohl’s, Best Buy, T.J. Maxx, HomeGoods, Michaels, Burlington, Staples, Petco and Boot Barn.

January 28, 2022

Acquisitions Arizona Retail Western

ORION Investment Real Estate Brokers $2.7M Sale of Retail Building in Tucson

by Amy Works January 28, 2022

TUCSON, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail building located at the northeast corner of Swan and Grant roads in Tucson. Vans Tucson Golf Properties sold the asset to PALZ Properties for $2.7 million, or $228 per square foot. The asset features 12,049 square feet of multi-tenant retail space. Nick Miner of ORION represented the seller, while Robert Nolan of Oxford Realty Advisors represented the buyer in the deal.

January 28, 2022

Acquisitions California Industrial Western

Alere Property Group Acquires Freeway Business Center Industrial Property in Riverside, California for $199.2M

by Amy Works January 27, 2022

RIVERSIDE, CALIF. — Alere Property Group has purchased Freeway Business Center, a Class A industrial warehouse facility at 2677 E. Alessandra Blvd. in Riverside. A joint venture between Crow Holdings Industrial and a global real estate investment advisor sold the asset for $199.2 million. Built in 2021 on 39 acres, the property features 709,081 square feet of industrial space with 36-foot clear heights, ample excess trailer parking, heavy power, ESFR and drive-around access. Additionally, the facility features 109 dock-high doors and a large secure concrete truck court. At the time of sale, the property was fully leased on a long-term basis to a national third-party logistics provider. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented both parties in the transaction. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield provided local market advisory for the deal.

January 27, 2022

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