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LibertyBLVD-SaltLakeCIty-UT
LoansMultifamilyUtahWestern

RED Mortgage Capital Provides $39.3M Loan for Mixed-Income Multifamily Housing in Salt Lake City

by Amy Works

SALT LAKE CITY — RED Mortgage Capital has provided a $39.3 million in Federal Housing Administration (FHA) financing for Liberty BLVD, an apartment community located in Salt Lake City. The borrower is Cowboy Properties. Liberty BLVD features 266 mixed-income apartments with a walkable location on the east side of downtown Salt Lake City. Twenty percent of the units are restricted to households earning up to 50 percent of the area median income. The community features 3,900 square feet of commercial space and resident amenities, including a lounge, fitness center, swimming pool, sun deck and rooftop terrace. The FHA Section 223(a)(7) loan will refinance existing debt derived from the property’s FHA Section 207/221(d)(4) financing in 2016. The reduced interest rate from the refinance will result in additional cash flow for the borrower.

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Nova-North-Valley-Phoenix-AZ
ArizonaMarket ReportsMultifamilyWesternWestern Market Reports

Multifamily Trends Remain Positive in Phoenix

by Jeff Shaw

By Brian Tranetzki, Principal, Taylor Street Advisors Multifamily is staying strong despite COVID-19. That’s because this product type was coming off an extremely hot market at the end of 2019 and early 2020 before the pandemic hit. The Phoenix metro area remains one of the few markets nationally with positive rent growth due to the steady population increase. Now, just months away from 2021, the market is faced with many unknown factors, such as unemployment, election outcomes, continued COVID uncertainty and the risk of eliminating 1031 exchanges. In turn, buyer sentiment also remains intense with a flurry of activity on those very exchanges. Development is still robust in the valley, with significant increases in downtown Phoenix, downtown Tempe and Chandler/Gilbert. There are currently more than 15,000 units under construction in the region. The building sizes are getting larger, while individual units are getting smaller. Developers are focused on building Class A properties with an emphasis on higher-end amenities, pool areas and concierge services. The class type determines whether it’s a landlord or tenant market. Tenants have several options in the Class A rental space, particularly as new units are delivered, which makes this a tenant-friendly environment. Class A vacancy is …

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Company NewsOregonRetailWestern

Nike’s Online Sales Jump 82 Percent Resulting in $10.6B in Quarterly Revenue

by Amy Works

BEAVERTON, ORE. — Nike Inc. (NYSE: NKE), the Beaverton-based footwear giant, has reported it revenues were $10.6 billion for its 2021 fiscal first quarter, which ended Aug. 31. The revenue represents a decrease of 1 percent from the same period in 2019, with its direct sales at $3.7 billion, up 12 percent, and Nike Brand digital sales swelling by 82 percent. The digital sales growth resulted from e-commerce increases across North America, Greater China, Asia Pacific, Latin America, Europe, the Middle East and Africa. According to the company, its first-quarter revenue performance was impacted by strong Nike Brand digital growth, offset by lower revenue in its wholesale business and Nike-owned stores. Nearly all of the Nike-owned physical stores were open during the quarter. Despite the open stores, Nike experienced year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety-related measures. Nike’s selling and administrative expenses decreased 11 percent to $3 billion, with demand creation expense down 33 percent at $677 million primarily due to lower marketing spend as many live sporting events were postponed or cancelled. Additionally, operating overhead expense decreased 1 percent to $2.3 billion as lower travel and related expenses were slightly offset …

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The-Davenport-Apts-Sacramento-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Brokers $22.5M Acquisition of The Davenport Multifamily Property in Sacramento

by Amy Works

SACRAMENTO, CALIF. — CBRE has negotiated the sale of The Davenport, an apartment community located at 941 43rd Ave. in Sacramento. An affiliate of Abacus Capital Group sold the asset to an undisclosed buyer for $22.5 million. The seller invested in extensive capital renovations to the building exteriors and common area spaces while upgrading 10 percent of the unit interiors. Built in 1970, the 126-unit property features an upgraded swimming pool; remodeled clubhouse, leasing office and fitness center; barbecue area with two gas grills; dog park; laundry facilities; secured gate access; and covered parking. Marc Ross of CBRE’s Sacramento office brokered the sale.

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Park-Center-Apts-Centralia-WA
AcquisitionsMultifamilyWashingtonWestern

Summerfield Commercial Negotiates $12.9M Sale of Park Center Apartments in Centralia, Washington

by Amy Works

CENTRALIA, WASH. — Summerfield Commercial has arranged the sale of Park Center Apartments, a multifamily property located at 3007 Borst Ave. in Centralia. Park Center Apartments LLC and Park Center Apartments II LLC, the original developers of the property, sold the asset to Park Center Centralia LLC for $12.9 million, or $154,583 per unit. Originally built in 2000, the 84-unit Park Center Apartments features 28 one-bedroom units and 56 two-bedroom apartments. Units offer open floor plans, in-unit washers/dryers, walk-in closets in select units and a private patios/balconies with attached storage locker. Common amenities include a clubhouse, outdoor swimming pool, hot tub, fitness center and covered parking. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.

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500-W-Cataline-Dr-Yuma-AZ
AcquisitionsArizonaRetailWestern

NKF Arranges Sale of 35,157 SF, Two-Tenant Retail Center in Yuma, Arizona

by Amy Works

YUMA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of a neighborhood shopping center in Yuma. Hawkins-Smith & Jason sold the asset to Moreno-Third Street for $3.4 million. Located at 500 W. Cataline Drive, the retail center features 35,157 square feet of retail space. Dollar Tree and dd’s Discounts, a subsidiary of Ross Stores, occupy the two-tenant property. Steve Julius, Jesse Goldsmith and Chase Dorsett of NKF represented the seller and buyer in the deal.

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AcquisitionsCaliforniaRetailWestern

Dow Credit Union Buys Retail Building in Antioch, California for $1.8M

by Amy Works

ANTIOCH, CALIF. — Avison Young has brokered the purchase of a retail property located at 3457 Deer Valley Road in Antioch. Dow Credit Union acquired the property for $1.8 million. The buyer plans to use the 5,660-square-foot property as its new headquarters and a store location. In addition to the space Dow is utilizing, the property includes a 1,348-square-foot space occupied by Great Clips, providing additional cash flow for the ownership. Hayden Eaves and Kristen Sullivan of Avison Young represented the buyer in the deal. The property was won via a trust deed sale auction.

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CaliforniaDevelopmentMixed-UseTop StoriesWestern

San Diego Padres Team Up with Tishman Speyer, Ascendant Capital to Develop $1.4B Mixed-Use Project Near Stadium

by Alex Tostado

SAN DIEGO — The San Diego Padres will partner with Tishman Speyer and Ascendant Capital Partners to develop East Village Quarter, a four-block area near the team’s home stadium of Petco Park. Plans call for the area between 12th and Imperial avenues and K and 14th streets to be transformed into a mixed-use development featuring nearly 1.4 million square feet of office space, 50,000 square feet of retail space, 236,000 square feet of open space and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. The space is currently a parking lot, referred to as Tailgate Park, with 1,000 spaces. A timeline for construction was not disclosed, although the San Diego Union-Tribune reports the Padres hope to break ground in 2023. San Diego Mayor Kevin Faulconer, with the help of a committee including JLL and Civic San Diego, awarded the development team with the bid, which, according to the Union-Tribune, beat out competitor Brookfield Properties. City-owned Petco Park opened in 2004, and the Padres have a lease in place through 2042. “What the Padres have done over the years to create an atmosphere of fun, excitement and energy at Petco Park is incredible, and now, with …

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Orange County Rent Occupancy
CaliforniaContent PartnerLumentMultifamilyRED Capital GroupWesternWestern Feature ArchiveWestern Market Reports

In Search of Relative Value in Orange County’s Apartment Sector

by Sarah Daniels

Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz. Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. Class A trophy properties trade to going-in yields in the 4.00 percent to 4.10 percent area, and Class B and C garden complexes are typically priced to yields in the mid-4s, all only 25 basis points or so behind Los Angeles and the San Francisco Bay Area comparisons. But judging from transaction velocity, one might draw a different conclusion. Only six Orange County multifamily properties of 50 units or more have changed hands since mid-year 2019, and not a single sale has closed since February. Even by the cautious norms of the moment, this stands out as a market in search of price discovery. Slow transaction velocity can be ascribed, in part, to the prevailing buy and …

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LogistiCenter-Highway92-Hayward-CA
CaliforniaDevelopmentIndustrialWestern

Dermody Properties Buys Former Bay Area Farm Site to Develop LogistiCenter at Highway 92

by Amy Works

HAYWARD, CALIF. — Dermody Properties has purchased the former Berkeley Farms milk processing site on 20.2 acres of land at 25500 Clawiter Road in Hayward. Dermody plans to demolish the existing facility, which Dean Foods Estate previously owned, and redevelop the property into LogistiCenter at Highway 92. Situated in the San Francisco Bay Area, LogistiCenter at Highway 92 will feature two Class A logistics buildings totaling 382,290 square feet. Each building will be able to accommodate between one and three tenants and offer 36-foot clear heights, a seven-inch concrete slab, 130-foot truck court and ESFR sprinklers. Demolition work is slated to begin in October with final delivery expected in second-quarter 2022. Jason Ovadia of JLL represented Dermody in the transaction. Terms of the acquisition were not released. Ovadia, Greg Matter and Mike Murray of JLL will serve as listing brokers for the completed project.

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