MESA, ARIZ. — Western Wealth Capital (WWC), along with its investment partners, has acquired Villetta Apartment Homes in Mesa for an undisclosed price. Originally constructed in 1983, Villetta features 352 apartments less than four miles from the Arizona State University campus. Villetta is WWC’s 96th acquisition since its founding in 2014. The company owns properties in Dallas, Houston, Phoenix, Atlanta, San Antonio and Las Vegas.
Shifting behaviors and expectations for consumers, manufacturers and distributors have made industrial space central to the commercial real estate landscape. “This is an asset class that for 25 years of my 39 years in the commercial real estate business was a boring, middle-of-the-road class. But this steady investment has just exploded,” says Jay Olshonsky, president and CEO of NAI Global. Much of the most recent change has been driven by the particulars of the COVID-19 pandemic. Delivery became a way of life for those socially distancing, creating an instant need for more distribution and warehousing centers. Olshonsky explains that the behavioral changes starting in March of 2020 accelerated trends (online shopping, delivery/pickup services and working from home) that might otherwise have taken five or more years to come to fruition. Olshonsky explains that there are still hurdles for this ascendant product type to overcome, but the changes we’ve seen over the last year will remain. Industrial Not a Bubble “Industrial is here to stay,” says Olshonsky. “COVID accelerated trends that already existed, but those trends were already in motion. We’re seeing some changes that are fundamental.” The need for delivery and warehouses is fed by new expectations: “Ecommerce is the …
PORTLAND, ORE. — An affiliate of The Wolff Co. has purchased Northpointe, an apartment property located at 1314 N. Skidmore St. in Portland. A partnership between Fore Property Co. and Principal Real Estate Investors sold the asset for an undisclosed price. Completed in 2019, Northpointe features 106,568 square feet of residential space and 3,748 square feet of commercial space. The 158-unit property offers a mix of studio, one- and two-bedroom floor plans with quartz countertops, in-home washers/dryers, stainless steel appliances, solar shades, luxury vinyl plank flooring, private balconies or patios, and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
PHOENIX — Merit Partners has selected Stevens-Leinweber Construction (SLC) to build PLC Two, the second building at Phoenix Logistics Center within Phoenix’s Interstate 10 Corridor. The building will feature 481,600 square feet of speculative industrial space with 40-foot clear heights, eight-inch reinforced floors, 70-foot speed bays, a 190-foot truck court, 436 auto parking stalls and 157 trailer parking stalls. Additionally, it will feature 160 dock-high and six grade-level doors. Construction of PLC Two is underway with shell completion expected by end of the third quarter. PLC Two will be adjacent to PLC One, a fully leased, 268,872-square-foot industrial building. Ware Malcomb is serving as project architect for PLC Two. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are handling leasing for the building.
NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) is increasing its restaurant wages, resulting in an $15 average hourly wage by the end of June, according to the Newport Beach-based company. Additionally, the Chipotle employees can advance to a “restaurateur” status, the highest general manager position, in approximately three-and-a-half years, with average compensation of $100,000. Wage increases for new and existing hourly and salaried restaurant employees will be rolled out over the next few weeks and will result in hourly crew member starting wages ranging from $11 to $18 per hour. The company has also launched a $200 employee referral bonus for crew members and a $750 referral bonus for apprentices and general managers. With approximately 200 restaurants slated to open this year coupled with continued growth and demand, Chipotle plans to hire 20,000 new team members across the United States. The company will host a virtual career fair on Discord on May 13.
SAN FRANCISCO — M. Art Gensler Jr., founder of San Francisco-based global design firm Gensler, passed away on Monday. At the age of 85, Gensler died at his Mill Creek, Calif., home following an 18-month battle with lung disease, according to the San Francisco Chronicle. In 1965, along with his wife Drucilla Cortell Gensler and James Follett, Gensler co-founded the design firm M. Arthur Gensler Jr. & Associates in San Francisco. Since its founding, the firm has grown from a three-person operation to more than 5,000 employees across 50 locations globally. “Art didn’t want to be a ‘starchitect,’” says Andy Cohen, Gensler co-CEO. “In fact, what he built was a constellation of stars by hiring smart people and getting out of their way. It’s why Gensler is a pioneer in our industry, and Art’s legacy will remain embedded in our firm’s unique culture.”
APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 20152 US Highway 18 in Apple Valley, approximately 90 miles northeast of Los Angeles. An Orange County-based private investor sold the property to a Riverside County-based investor for $1.3 million. Little Caesars Pizza occupies a portion of the recently renovated, 4,995-square-foot building. Roxy Klein of Progressive Real Estate Partners represented the seller in the deal.
PARADISE VALLEY, ARIZ. — Fort Worth, Texas-based Olympus Property has completed the sale of Cactus Forty-2, a multifamily property located in Paradise Valley, a northeast suburb of Phoenix. Los Angeles-based Ezralow Co. acquired the community for $56 million. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Located at 4242 E. Cactus Road, Cactus Forty-2 offers 200 apartments in a mix of studio, one- and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanities, large soaking tubs, in-unit washers/dryers and private patios or balconies on some units. On-site amenities include a pool and spa, outdoor kitchen, fireplace and gathering place, fitness center, clubhouse, pet park, covered parking and gated access.
RIVERSIDE, CALIF. — Merlone Geier Partners has purchased Magnolia Tyler Center, a value-add shopping center located at 3650-3790 Tyler St. in Riverside. A private family, which owned the property for more than 50 years, sold the asset for $39.4 million. At the time of sale, the 182,653-square-foot property was 83 percent leased. Tenants include Aldi, Bob’s Discount Furniture, Big Lots, Bed Bath & Beyond, Starbucks Coffee, Olive Garden and America’s Tire. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.
ANCHORAGE, ALASKA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community opened in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.