LOS ANGELES — CIM Group, a Los Angeles-based real estate and infrastructure owner, operator, lender and developer, has announced that its open-end core real estate fund has been added to the National Council of Real Estate Investment Fiduciaries’ (NCREIF) Open-End Diversified Core Equity Index (NFI-ODCE). The fund’s inclusion started during fourth-quarter 2020. Launched on Dec. 31, 1977, the NFI-ODCE is a capitalization-weighted, gross of fee, time-weighted return index. As of Dec. 31, 2020, the index consisted of 26 funds, totaling $209 billion of net real estate assets. According to NCREIF, the term diversified core equity style typically reflects lower risk investment strategies utilizing low leverage and generally represented by equity ownership position in stable U.S. operating properties diversified across regions and property types.
HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …
DENVER — Summit Communities has purchased Boulder Crossroads Apartments, a multifamily property in Denver, for $55.5 million, or $172,360 per unit. The name of the seller was not released. Built in 1970 at 7500 Dakin St., Boulder Crossroads offers 322 apartments. The buyer plans to execute a strategic value-add renovation program at the property, which was lightly renovated prior to sale. Bill Morkes and Craig Stack of Colliers International represented the seller and procured the buyer.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit. Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size washers/dryers, walk-in closets and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a fitness center, resort-inspired swimming pool, entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.
CARLSBAD, CALIF. — New York-based Link Logistics has completed the disposition of an R&D and manufacturing property located at 2285 Rutherford Road in Carlsbad. An undisclosed buyer acquired the asset for $25.7 million. Built in 1990 as part of Carlsbad Research Center, the two-story, 128,745-square-foot building features four dock-high loading doors, four grade-level doors and 342 parking spaces. At the time of sale, the property was vacant. Situated on 6.5 acres, the facility is adjacent to McClellan-Palomar Airport, which serves North County San Diego. Roger Carlson, Bill Dolan and Blake Wilson of CBRE represented the seller, while the buyer was represented by an outside firm.
TEMECULA, CALIF. — Colliers International has brokered the sale of Meadows Village, a grocery- and drugstore-anchored shopping center in Temecula. The retail property changed hands for $26.3 million. The names of the seller and buyer were not released. Located at 31771-31962 Rancho California Road, the property features 80,553 square feet of retail space. Current tenants include Baron’s Market, CVS/pharmacy, EOS Fitness, Starbucks Coffee, The UPS Store, Wells Fargo and Subway. El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Peter Orth of Colliers handled the transaction.
FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a drive-thru restaurant property located within Folsom Gateway Shopping Center in Folsom. A private family partnership acquired the asset from an undisclosed seller for $2.5 million. Taco Bell occupies the freestanding building, which was constructed in 2007. Tyler Strauss and Jeff Conover of Faris Lee procured the buyer and represented the seller in the transaction.
While the Inland Empire economy was hit hard in 2020, we remain optimistic on the retail sector’s recovery over the coming 12 to 24 months. This market is a benefactor of COVID-19 in that more people than ever before are able to work remotely. This has triggered a migration from urban cores to more spacious and affordable housing in the newer residential communities of Riverside and San Bernardino counties. As the population is anticipated to expand here, retail will directly benefit as residents are more likely to have additional discretionary income to allocate to retail and restaurant venues. In particular, there are many high-growth submarkets to watch within the region. Some of our top areas include Eastvale, Jurupa Valley and Rialto, which have all experienced expansion despite the restrictions and challenges that COVID has created. They are seeing a significant amount of residential growth as they offer strong school districts, expansive parks, affordable housing, proximity to large employment bases and newer retail amenities. A young family demographic is moving to towns like these, and retail users have taken notice. This has resulted in large retail projects like Renaissance Marketplace in Rialto and the Station in Eastvale taking shape. Turning to …
HENDERSON, NEV. — White Oak Healthcare MOB REIT has purchased a medical office building located at 2779 W. Horizon Ridge in Henderson. Stable Development sold the asset for $18.8 million. The property features 38,129 square feet of medical office space within close proximity of Dignity Health’s hospital campus. Mark Schuessler and Mike Tabeek of Newmark represented the buyer and seller in the transaction.
PHOENIX — Birmingham, Ala.-based LIV Development and McShane Construction Co. are developing an apartment community on 10.8 acres in Phoenix. The three-story, multi-building community will feature 242 apartments in a mix of studio, one- and two-bedroom layouts. Units will offer vinyl plank and carpet flooring, granite countertops, full-height kitchen backsplash tile, stainless steel appliances and lots of natural light. Additionally, the property will feature 1.5 acres of shared amenity space, including a 4,000-square-foot clubhouse, swimming pool, dog park and courtyards offering outdoor seating, barbeque areas and cabanas. Humphreys & Partners Architects is the architect of record for the project, which is slated for completion in August 2022.