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Gallery-Tower-Las-Vegas-NV
DevelopmentHospitalityNevadaWestern

CIM Group Adds 495 New Hotel Rooms to Downtown Grand Hotel & Casino in Las Vegas

by Amy Works

LAS VEGAS — Los Angeles-based CIM Group has completed Gallery Tower, an eight-story expansion at Downtown Grand Hotel & Casino in Las Vegas. The 495-room Gallery Tower is the first new ground-up hotel constructed in more than 10 years in downtown Las Vegas, according to CIM. Set to debut on Sept. 22, Downtown Grand Hotel & Casino will now offer guests a total of 1,124 rooms in an assortment of configurations, including three new 1,500-square-foot penthouse suites. The hotel and casino property spans two full city blocks between Casino Center Boulevard and North Fourth Street, and East Ogden and East Stewart avenues. The 250,000-square-foot Gallery Tower features Downtown Grand’s industrial chic aesthetic and derives its name from the property’s art collection, featuring works by local and national artists. Gallery Tower guests have direct access to Downtown Grand’s rooftop pool deck and the hotel’s ground-floor casino, dining and entertainment venues. CIM Group redeveloped and repositioned Downtown Grand Hotel & Casino to offer a boutique hotel experience when the property opened in 2013.

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Pacifica-Medical-Plaza-Irvine-CA
AcquisitionsCaliforniaHealthcareOfficeWestern

Meridian, Harrison Street Acquire 110,400 SF Building for Medical Office Conversion in Irvine, California

by Amy Works

IRVINE, CALIF. — A joint venture between Meridian and Harrison Street has purchased a Class A office building located at 114 Pacifica Court in Irvine. The joint venture plans to invest additional capital in building improvements to convert the property into medical office space. Situated on 4.8 acres, the property features 110,400 square feet. At the time of sale, the property was 60 percent occupied. Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once conversion is complete. Anthony DeLorenzo and Todd Tydlaska of CBRE represented the seller, an institutional owner, while the joint venture represented itself in the deal. John Wadsworth and Aaron Phillips of Colliers International will handle leasing for the property following the medical office conversion.

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Purl-Civita-San-Diego-CA
CaliforniaDevelopmentMultifamilyWestern

Sudberry Properties Opens 434-Unit Purl at Civita Apartment Complex in San Diego

by Amy Works

SAN DIEGO — San Diego-based Sudberry Properties has completed the development of Purl at Civita, the third apartment property within the sustainable, transit-oriented Civita community in San Diego’s Mission Valley submarket. Located at 7901 Civita Blvd., the property features two mid-rise, podium-style buildings offering a total of 434 apartments and 18,000 square feet of ground-floor retail space. The 434-unit property features two saltwater pools with hot tubs; a day-spa area with adjoining sauna; a Sky Terrace roof deck with outdoor media center and barbecues; game room with golf simulator; club room with demonstration kitchen; karaoke stage; and a “makers studio” for do-it-yourself projects. Additionally, Purl offers co-working offices, conference rooms, secure parcel lockers, electric car charging stations and a smoke-free environment. Apartments at Purl range from 530-square-foot junior, one-bedroom units to 1,347-square-foot three-bedroom layouts. Interior amenities include in-home washers/dryers, gourmet kitchens with farmhouse-style sinks, quartz countertops, stainless steel appliances, hardwood-style flooring in the main areas, carpeting in all bedrooms and LED lighting. Monthly lease rates range from approximately $2,155 to $3,620 per month. Purl is the third apartment community in Civita developed by Sudberry Propertires. All three — Circa 37, West Park and Purl — are situated in a campus …

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Cubes-Troutdale-OR
AcquisitionsIndustrialOregonWestern

CRG Sells The Cubes at Troutdale Industrial Facility Near Portland to KKR

by Amy Works

TROUTDALE, ORE. — CRG has completed the sale of The Cubes at Troutdale, a 350,000-square-foot speculative industrial facility located at 2503 NW Sundial Road in Troutdale, a suburb on the east side of Portland. KKR acquired the asset for an undisclosed price. Situated within Troutdale Reynolds Industrial Park, the facility includes a 76,000-square-foot cooler space. At the time of sale, the property was fully leased to C&S Wholesale Grocers, the largest wholesale grocery supplier in the United States. CRG led the development of the facility and formed a joint venture partnership with U.S. Logistics Fund 1 to invest in the project. Vertical construction started in February 2019. The developers claim the property will create 300 new jobs for C&S.

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6059-Cornerstone-Court-W-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

Buchanan Street Partners Divests of Office Building in San Diego for $20.6M

by Amy Works

SAN DIEGO — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of an office building located at 6059 Cornerstone Court West in San Diego. A private buyer acquired the asset for $20.6 million, or $398 per square foot. Verimatrix, a San Diego-based company that specializes in content security for digital television services, occupies the 51,690-square-foot building, which is located within Cornerstone Heights Corporate Center. Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller, whiel Joe Winkelmann of Colliers International represented the buyer in the transaction.

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AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Arranges $20M Sale of Cypress Springs Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northcap Commercial has negotiated the sale of Cypress Springs Apartments in Las Vegas. AWI Cypress Springs LP sold the asset to an undisclosed buyer for $20 million, or $138,889 per unit. Located at 3651 N. Rancho Drive, the property features 144 apartment units. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the transaction.

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Inland Empire Rent Occupancy
CaliforniaContent PartnerLumentMultifamilyRED Capital GroupWesternWestern Feature Archive

The Inland Empire: A Rare 2020 Apartment Sector Success Story

by Sarah Daniels

Someone once remarked that eighty percent of success in life is just showing up. Human experience verifies that being in the right place at the right time often is the intangible ingredient that leads to triumph. The strong performance this year of the Inland Empire multifamily market is a variation on this theme. During the pandemic, many renters sought refuge from the high density and high costs associated with big city life, and the work-from-home phenomenon made this objective feasible. For many Angelinos, Empire living was the best solution — close enough to Los Angeles to maintain contact with family and friends or to go into the office when necessary but substantially less densely settled and more affordable than most L.A. neighborhoods. By way of quantification, the average Riverside and San Bernardino County monthly rent in July was about $1,578 — and that is 28 percent less than the L.A. County average. The percentage savings for Class A space were about 1 percent greater, and parking, an omnipresent issue for Southern Californians, is typically free. The cost economies found in the Empire are more than trivial. Moreover, renters are more likely than in the past to find the unit and …

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6thMain-Salt-Lake-City-UT
DevelopmentMixed-UseMultifamilyRetailUtahWestern

Lowe Property Group Breaks Ground on $40M Mixed-Use Development in Downtown Salt Lake City

by Amy Works

SALT LAKE CITY — Developer Lowe Property Group, architect MVE + Partners and general contractor Zwick Construction have broken ground on 6th & Main, a mixed-use development in downtown Salt Lake City. The eight-story structure will feature 10,100 square feet of commercial space and 141,149 square feet of residential apartments. Totaling 283,936 square feet, 6th & Main will offer 170 market-rate apartments in a mix of modern studio, one- and two-bedroom layouts, a street-level lounge, co-working space, parking garage, two-level fitness center, swimming pool, spa, rooftop clubroom and viewing terrace. The property is slated to open for leasing in fall 2022.

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Kenect-Phoenix-AZ
ArizonaDevelopmentMultifamilyWestern

Akara Partners to Open 320-Unit Kenect Phoenix Apartment Community this Fall

by Amy Works

PHOENIX — Chicago-based Akara Partners is bringing Kenect, its hospitality-oriented apartment platform and social membership club, to downtown Phoenix. Located at 355 N. Central Ave., Kenect Phoenix has begun pre-leasing units at its leasing office at 130 N. Central Ave. Kenect will offer 320 furnished and unfurnished units, including junior studios, one-bedroom, one-bedroom flex and three-bedroom/three-bath floor plans. The community will also offer 24-hour amenities, including concierge services, studio fitness classes, social programming, virtual events, 8,000 square feet of ground-floor retail space, 7,000 square feet of co-working space and a rooftop pool. Kenect Phoenix will also offer residents Kenect Exclusive Experiences (KEE) with exclusive access to Kenect-branded events and fitness classes. Residents receive priority reservations for events, such as private concerts in the KEE Studios, demos with local mixologists and chefs, in-house artist classes and pet-friendly happy hours, as well as pop-up coworking and networking events. The property is located near Central Station on the area’s light rail, Arizona State University’s downtown campus, Phoenix Children’s Hospital and Arizona State University Law School and Medical School.

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Vertex
AcquisitionsArizonaMultifamilySeniors HousingWestern

University Partners Acquires Vertex Student Housing Community Near Arizona State University

by Amy Works

TEMPE, ARIZ. — University Partners has acquired Vertex, a 600-bed student housing community located near Arizona State University in Tempe. The property was built in 2015 and offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include 7,700 square feet of retail space, a resort-style swimming pool, two-story fitness center with a rock-climbing wall, clubhouse, private study rooms and a cycle room. University Partners plans to upgrade and refresh community common areas and will oversee management of the property. The seller and terms of the transaction were undisclosed.

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