On November 9, Western Real Estate Business magazine hosted “Las Vegas Multifamily Outlook — How is the Vegas Apartment Sector Responding to the Pandemic?”, featuring two panels of multifamily experts to discuss development and investment sales activity in Las Vegas. Speakers on the development panel include Greg Campbell of Laguna Point Properties, Dave Sloan of Next Wave Investors, Bob Schulman of Schulman Properties, Alex Woodin of Southern Land Co. and Travis Nelson of First American Title. Investment market panelists include Taylor Sims of Cushman & Wakefield, Bobby Khorshidi of Archway Capital, Robin Willett of NorthCap Multifamily, Adam Schmitt of CBRE, and Scott McClave of The Bascom Group. Archway Capital and First American Title sponsored the discussions, which were hosted by Western Real Estate Business and InterFace Conference Group.
COLORADO SPRINGS, COLO. — Flywheel Capital, a Denver-based commercial real estate investment company, has started development of Peak Technology Campus, a speculative office project in Colorado Springs. The 210,000-square-foot campus will offer secure-ready site for the aerospace and defense industrial. Situated within the 900-acre Peak Innovation Park business park, Peak Technology Campus will feature four single-story office buildings with full-floor and multi-tenant configurations, secure-ready sites with dedicated entries, building signage, loading docks, 4.5 parking spaces per 1,000 square feet and secured satellite area. Plans for the new development include a 50,000-square-foot Building 1, a 40,000-square-foot Building 2, a 60,000-square-foot Building 3 and a 60,000-square-foot Building 4. Construction for Building 1 is slated to start in first-quarter 2021, with delivery set for third-quarter 2021. Kenton Mau, Brian Wagner and Mark O’Donnell of Newark will market the property for lease. According to Newmark Research, Peak Technology Campus represents the largest speculative office development in Colorado Springs since 2001.
NEWPORT BEACH, CALIF. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of the company’s third-quarter earnings report, which showed Chipotle’s digital sales tripled year-over-year. Furthermore, online sales accounted for nearly half (48.8 percent) of total sales for the quarter, which ended Sept. 30.
LAS VEGAS — NWI Vida LLC has completed the disposition of Bella Vida Apartments, a multifamily property in Las Vegas. An undisclosed buyer acquired the community for $15 million, or $208,333 per unit. Located at 1111 S. Cimarron Road, the property features 72 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.
THORNTON, COLO. — Nexus Commercial Realty has brokered the sale of an apartment community located at 8770-8780 Galen Court in Thornton. An undisclosed buyer acquired the asset for $5.3 million. The 38-unit property features 12 one-bedroom units and 26 two-bedroom units. The majority of the units have been updated, and select units feature balconies. The property includes two on-site laundry rooms and 54 off-street parking spaces for tenants. The buyer plans to manage the property, upgrade the remaining units and increase rents to market value.
SPARKS, NEV. — A local ownership group has completed the disposition of Landing Self Storage & Industrial, a self-storage facility located along Interstate 80 in Sparks. A Northern California-based owner-operator acquired the asset for $5.5 million. Lockwood Landing comprises 49,100 net rentable square feet of self-storage space and 28,865 net rentable square feet of industrial space on 8.7 acres. The property features six steel-frame storage buildings and three steel-frame industrial buildings with asphalt drive aisles, plus a manager’s office and living quarters. At the time of sale, the storage buildings were approximately 84 percent occupied and the industrial buildings were 100 percent occupied. Bobby Loeffler and Tyler Skelly of The Loeffer Self-Storage Group represented the seller in the deal.
NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has started construction on CapRock Tropical Logistics, a two-building logistics complex in North Las Vegas. Located at 5802 and 5902 E. Tropical Parkway, CapRock Tropical Logistics is situated on an 83-acre site that CapRock assembled through the acquisition of 24 parcels from 13 owners in first-quarter 2020. Totaling 1 million square feet, the park will feature a 857,060-square-foot building and a 271,262-square-foot building — both slated for delivery in the third quarter of 2021. The largest building is a build-to-suit for an undisclosed e-commerce retailer that signed a long-term lease. The tenant will also utilize approximately 17 acres of excess land south of the building that CapRock reconfigured to meet the tenant’s specifications, including providing additional parking. The smaller facility will feature 32-foot minimum clear heights, a 100 percent concrete truck court with 185-foot depth, above-standard trailer and automobile parking with 194 parking spaces and up to 57 trailer parking spaces, 54 dock-high loading doors, two drive-in doors, an ESFR sprinkler system and 3,000 amps of 277/480V, three-phase power. Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock Partners in the acquisition of the land and have been …
EJF Capital, Holland Partner Group Purchase Two Multifamily Buildings in Washington State for $62.5M
VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space. Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces. The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas. KeyBank provided financing for the project.
TEMPE, ARIZ. — Los Angeles-based JRK Property Holdings has purchased 909 West, an apartment property located at 909 W. Grove Parkway in Tempe. MG Properties Group sold the asset for an undisclosed price. Built in 1999, 909 West features 408 units in a mix of one-, two- and three-bedroom floor plans in three- and four-story buildings. Community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park. Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.
KEIZER, ORE. — Stan Johnston Co. has brokered the sale of a retail property located at 5000 River Road North in Keizer. A Los Angeles-based institutional buyer sold the asset to a Long Beach, Calif.-based private investor for $5.7 million. Originally constructed in 2008 on 1.6 acres, the property features 13,775 square feet of retail space. Walgreens occupies the building on a net lease including a 15-year base term with rent increases every five years. Pat Weibel and BJ Feller of Stan Johnson Co. represented the seller in the transaction.