The “New Mexico Retail Outlook — What Will New Mexico Retail Activity Look Like in 2021?” webinar, hosted by Shopping Center Business and Western Real Estate Business, covers the creative approaches taken retailers responding to COVID-19. Learn what retailers, restaurants and developers need to thrive and what our panelists anticipate for New Mexico retail in the near future. Development, trends, the shift to omnichannel business and much more make up this fascinating, one-hour panel. Topics discussed: How have New Mexico area retailers, restaurants and developers adapted to the COVID-19 environment? What do they need to succeed? What are the predictions for New Mexico retail occupancy rates in the coming year? How will retail rents and property values be impacted? What will be the impact on new development in the near term? What is the expectation for investment sales activity in 2021? How should retailers and retail property owners position themselves for recovery? What opportunities do New Mexico retail tenants, developers and investors see in a post-pandemic market? Panelists: Jeff Campbell, Carlsbad Department of Development (moderator) Bob Feinberg, Colliers International Tom Jones, Colliers International Anthony Johnson, Pegasus Group Ariana James West, Base 5 Retail Steve Maestas, Maestas Development Group Webinar sponsors: Carlsbad Department of Development: The …
On Dec. 15, Texas Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in Texas?” Listen to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are Texas experts addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Biden administration’s likely approach to affordable housing & opportunity zones Cap rates & interest rates Pandemic effects on affordable & workforce housing Revisions to underwriting practices Fannie and Freddie’s influence? Panel Two: Developer Insight Expanding markets Affordable Housing Tax Credit Coalition and bond cap constraints Collections Reserve requirements Barriers to workforce & affordable housing Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. M&T Realty Capital Corp.: M&T Realty Capital Corporation® is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial properties, including affordable and market-rate multifamily, seniors housing, healthcare facilities, and office, industrial and retail properties. Newmark: Newmark’s integrated platform delivers seamlessly …
TOLLESON, ARIZ. — The Phoenix Business Unit of Trammell Crow Co., along with capital partner Clarion Partners, has started construction of Cowden Logistics Center in Tolleson. Situated on 16 acres at 420 S. 104th Ave., the industrial project will bring 285,131 square feet of logistics space to Phoenix’s Southwest Valley submarket. The facility will feature 36-foot clear heights, 237 car parking stalls, 41 trailer parking stalls, five points of ingress and egress, R-38 insulation and an ESFR sprinkler system. The project team includes Butler Design Group as architect and Wespac Construction as general contractor. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are handling leasing for the project.
SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million. Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings. The acquisition expands Kennedy Wilson’s presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.
LOS ANGELES — A public-private partnership between American Campus Communities and the University of Southern California (USC) has completed a second phase of a student housing development. The residence hall is located at 1630 San Pablo St. near the university’s Curry Hall and the LAC+USC Medical Center. Shared amenities at the property include outdoor and indoor study areas, retail space and a rooftop courtyard. “We were able to commit 35 percent of the overall area to open space,” says Benjamin Kasdan, principal at KTGY Architecture + Planning, which designed the community. “This is desirable not only during the COVID period, but beyond. The project includes many trends and features we expect to see in the future based on input from students and housing developers.”
SAN FRANCISCO — Thor Equities Group has completed the sale of 634 Second Street, a mixed-use commercial building located in San Francisco’s SOMA neighborhood. Terms of the transaction were not released. The 46,752-square-foot property features three stories, a rooftop deck and 100 feet of frontage along Second Street. At the time of sale, the property tenants included Okta, a cloud security company; Cloudflare, a hosting provider; and Sajj Mediterranean, a restaurant. Kyle Kovac, Mike Taquino and Mandy Lee of CBRE represented Thor Equities in the transaction. Ben Vago and Avram Posner of Wachtel Missry LLP served as legal counsel for Thor Equities.
STANFIELD, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located at 60 Albany Way in Stanfield. A limited liability company sold the asset to a Wisconsin-based investor for $1.3 million. Family Dollar occupies the 8,320-square-foot property on a net-lease basis. The tenant has eight years remaining on a corporate-guaranteed lease. Zack House, Mark Ruble, Chris Land and Jamie Medress of Marcus & Millichap represented the seller in the deal.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Maxwell on 66th, a multifamily property located at 6611 E. Mayo Blvd. in Phoenix’s North Scottsdale corridor. The property traded hands for $122.5 million, or $351,003 per unit. The names of the buyer and seller were not released. Built in 2020 on 15 acres, Maxwell on 66th features 349 apartments, averaging 940 square feet per unit, spread across 11 buildings. Units offer at least nine-foot ceilings, ultra-modern gourmet kitchens and hand-scraped oak hardwood floors. Select units feature integrated decks and bookshelves, built-in wine racks, oversize soaking tubs and mountain views. Community amenities include a central courtyard, swimming pool, tanning pool, yoga lawn, putting green and electric car charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
LOS ANGELES — CBRE Capital Markets’ Debt & Structured Finance team has arranged $69 million for the recapitalization of a four-property industrial portfolio totaling 991,634 square feet across the southwestern United States. Shaun Moothart, Bruce Francis, Jennifer Ansari, Dana Summers, Bob Ybarra and Doug Birrell of CBRE secured the 20-year, 2.13 percent loan on behalf of the borrower, Moulton Co., a family-owned and operated private equity asset management firm based in Southern California. The portfolio consists of four core industrial assets: Harbor Gateway, located at 20100 S. Western Ave. in Torrance, Calif. Longley Commerce Center at 6550 Longley Lane in Reno, Nev. The Landing at PMG, located at 7613-7753 E. Ray Road in Mesa, Ariz. Northgate Distribution Center at 4800 E. Tropical Parkway in Las Vegas At the time of sale, all four facilities were fully leased.
RIVERTON, UTAH — Developer CenterCal Properties has selected Okland Construction to build the second phase of Mountain View Village Phase II, an 85-acre lifestyle development in Riverton. The second phase will include five pocket parks with unique amenities; show fountains; a covered market hall-style pavilion with a collection of eateries and common indoor and outdoor seating; a 14-screen Cinemark movie theater complex; and retail, restaurant and commercial spaces. The first phase includes a Harmons Grocery Store and Fuel Shop and more than 35 retailers, businesses and dining options. Okland Construction will begin work immediately on the second phase. Upon built-out, Mountain View Village will be a community gathering place, commercial hub and residential community.