Western

Chipotle Reports $1.6B in Third-Quarter Revenue as Digital Sales Triple

by Amy Works October 22, 2020

NEWPORT BEACH, CALIF. — Year-over-year revenue for Chipotle Mexican Grill (NYSE: CMG) increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the total restaurant count to 2,710. The company rolled out its “Chipotlane” drive thru at 26 of the 44 new restaurants. The chain also saw its restaurant-level operating margin dip to 19.5 percent, a decrease from 20.8 percent in third-quarter 2019. As of Sept. 30, Chipotle has $1.1 billion in cash, investments and restricted cash, and no debt, along with a $600 million untapped credit facility with which to continue to navigate impacts of the COVID-19 pandemic.

October 22, 2020

Acquisitions Colorado Office Western

Quantum Commercial Group Brokers $2.5M Sale of Office Property in Colorado Springs

by Amy Works October 22, 2020

COLORADO SPRINGS, COLO. — Quantum Commercial Group has facilitated the sale of an office property located at 301 and 305 S. Union Blvd. in Colorado Springs. Hillside Community Preparatory School acquired the asset from the County of El Paso, Colorado, for $2.5 million. The property features 103,591 square feet of office space. Taylor Stamp, Dale Stamp and Andrew Oyler of Quantum Commercial Group represented the seller, while Mike Helwege of Core Commercial Brokerage Co. represented the buyer in the deal.

October 22, 2020

California Industrial Leasing Activity Western

UPS, Amazon to Lease Space at Visalia Industrial Park in Central California

by Amy Works October 22, 2020

VISALIA, CALIF. — The City of Visalia and the Visalia Economic Development Corp. have announced two new tenants at the Visalia Industrial Park currently under construction in Visalia. A 425,000-square-foot UPS hub is now complete and construction has begun on a 1.3 million-square-foot distribution center for Amazon. YS Industrial is also developing two 300,000-square-foot speculative facilities adjacent to Millipore Sigma and near VWR (Avantor). Additionally, current tenants — SORMA, California Dairies and Hydrite Chemical Co. — are expanding their footprints at the industrial park.

October 22, 2020

Industrial Nevada Webinar Western Western Feature Archive

Webinar: Las Vegas Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Nevada?

by Sarah Daniels October 21, 2020

The webinar Las Vegas Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Nevada? hosted by Shopping Center Business and Western Real Estate Business, covers how industrial experts are approaching investment sales, leasing and development within the Las Vegas industrial sector in the wake of COVID-19. With shutdowns, social distancing, and the explosion of e-commerce, industrial has become essential. Shopping patterns have changed, affecting manufacturing as well as warehousing and logistics. How has the coronavirus pandemic impacted industrial activity within the Las Vegas market? What do industrial leaders expect to see in the rest of 2020 and into 2021? See a list of some topics covered below: How has the pandemic impacted industrial activity? How are rents and sales prices trending within the market? Will industrial development slow in southern Nevada or remain steady? What types of tenants are looking for space? What features are they looking for? What are the hot submarkets? What trends in industrial development are you seeing in the Las Vegas market? Panelists: David E. Waters, Lathrop GPM LLP (moderator) Erin Johnston, Copaken Brooks Andy Crimmins, Crossroads Retail Group Tyler Enders, Made in KC Dan Lowe, Legacy Development David Block, Block & Company Webinar sponsors: …

October 21, 2020

Acquisitions Office Oregon Western

DRA Advisors, Prescott Partners Buy Nimbus Corporate Center Office Park Near Portland for $130M

by Amy Works October 21, 2020

BEAVERTON, ORE. — A partnership between a fund controlled by DRA Advisors and Prescott Partners has purchased Nimbus Corporate Center, a flex office park in Beaverton, a suburb of Portland. Shorenstein sold the asset for $130 million. Situated on 47.5 acres at 8910-9775 SW Gemini Drive and 9203-9790 NW Nimbus Avenue, the 16-building property offers a total of 691,036 square feet of flex office space. Completed between 1984 and 1991, Nimbus Corporate Center is leased to various tenants in the manufacturing, technology, professional services, insurance and government sectors. Buzz Ellis, Michel Seifer, Logan Greer, Adam Taylor and Kaden Eichmeier of JLL Capital Markets represented the seller in the deal.

October 21, 2020

California Loans Multifamily Seniors Housing Western

CBRE Arranges $80M Refinancing for Crestavilla Seniors Housing Community in Laguna Niguel, California

by Amy Works October 21, 2020

LAGUNA NIGUEL, CALIF. — CBRE National Senior Housing has arranged an $80 million loan to refinance debt on Crestavilla, a recently built, “ultra-luxury” seniors housing community in Laguna Niguel, located in Orange County. The property features 201 units of independent living, assisted living and memory care on an 11.6-acre site. Atria Senior Living is the operator. Construction began in 2016 and was completed in 2018. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between Fremont Realty Capital and Steadfast Senior Living. MF1 Capital provided the three-year, floating-rate bridge loan with full-term interest-only payments.

October 21, 2020

California Civic Development Western

C.W. Driver Cos. Starts Construction of $55M Elementary School in San Diego’s Mission Valley

by Amy Works October 21, 2020

SAN DIEGO — C.W. Driver Cos. has started construction of a $55 million San Diego Unified School District (SDUSD) elementary school located at 7900 Civita Blvd. in San Diego’s Mission Valley. Serving students in kindergarten through fifth grade, the 77,250-square-foot school will be technology-oriented and accommodate up to 500 students and supporting staff members. Construction is slated for completion in summer 2022 in time for the 2022-2023 school year. Comprising four buildings, the school project will feature a two-story administration, flex-classroom, makerspace and library building; one-story multipurpose building with a foodservice facility; and two classroom buildings featuring a total of 24 spaces and variety of indoor/outdoor learning areas with roll-up doors for maximum flexibility. Additionally, the campus will feature a dedicated play area for students. Domus Studio is providing architectural services for the project.

October 21, 2020

Acquisitions California Multifamily Western

MBK Rental Living Sells Mitchell Place Apartment Community in Murrieta, California

by Amy Works October 21, 2020

MURRIETA, CALIF. — MBK Rental Living has completed the sale of Mitchell Place, a multifamily property located at 35995 Mitchell Road in Murrieta. MG Properties acquired the asset for an undisclosed price. Opened in June 2019, the gated community features 230 flats and townhomes in a mix of nine floor plans. The one-, two- and three-bedroom residences range from 787 square feet to 1,294 square feet. John Chu and Ed Rosen of Berkadia represented MBK Rental Living. Charles Christensen of Berkadia arranged Fannie Mae acquisition financing for the buyer.

October 21, 2020

Acquisitions California Industrial Office Western

Overton Moore Properties Acquires Concourse Tech Park in San Jose for $13.5M

by Amy Works October 21, 2020

SAN JOSE, CALIF. — Overton Moore Properties has purchased Concourse Tech Park, an office, research and development building in San Jose. A private family sold the asset for $13.5 million. Located at 1953-1965 Concourse Drive, the 110,148-square-foot property features two loading docks, eight at-grade roll-up doors, substantial power, ample parking and significant clear heights. At the time of sale, the building was 10 percent leased. Steven Golubchik, Seth McKinnon, Darren Hollak and Jack Phipps of Newmark represented the buyer and the seller in the transaction.

October 21, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $117.5M Sale of Onnix Multifamily Property in Tempe, Arizona

by Amy Works October 20, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of sale of Onnix, an apartment community located in Tempe. Bridge Investment Group sold the asset to Western Wealth Capital for $117.5 million, or $178,300 per unit. Constructed in 1984 on 30 acres, Onnix features 659 apartments at the intersection of Broadway Road and McClintock Drive. The property offers a mix of studio, one- and two-bedroom layouts and one four-bedroom/four-bath unit. Community amenities include four swimming pools with cabanas, hammocks and barbecue grills, as well as a clubhouse with sauna and yoga studio. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

October 20, 2020

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