BUCKEYE, ARIZ. — Scannell Properties has purchased a 70-acre development site, located near the corner of Miller and Durrango roads in Buckeye, for nearly $6.6 million. The buyer plans to develop an 850,000-square-foot, build-to-suit distribution facility at the property for specialty discount retailer Five Below. The tenant plans to initially bring approximately 150 new jobs to the area and expects to grow to nearly 300 employees over the next five years. Greg Vogel and Wes Campbell of Land Advisors Organization’s Metro Phoenix office represented the undisclosed seller in the deal.
SUNNYVALE, LOS GATOS AND SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sales of three apartment properties located in the Bay Area for a total consideration of $34.2 million. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap represented the seller and procured the buyer for the sales. Details on the buyer and seller were not disclosed. The transactions include: The $15.3 million sale of 1234 Sunnyvale Saratoga Road in Sunnyvale. Originally constructed in 1963, the property features 34 units in a mix of studio, one-, two- and three-bedroom layouts. The $11.5 million sale of a 24-unit multifamily property located at 100 Oak Rim Way in Los Gatos. Constructed in 1961, the building features four one-bedroom/one-bath units and 20 two-bath/one-and-a-half bath units. The $7.5 million sale of 2905 Old Almaden Road, a 25-unit property in San Jose. Built in 1961, the 20,196-square-foot building features 20 one-bedroom/one-bath units, four two-bedroom/two-bath apartments and a three-bedroom/two-bath unit. The three communities each feature a community courtyard, picnic area, private carports, security cameras and an on-site laundry facility.
By Matthew M. May, President, May Realty Advisors A bird’s-eye look at the Los Angeles metro prior to the coronavirus outbreak reveals that the area was already beginning to soften as it worked its way through more than 1.26 million square feet of new retail space that was delivered to neighborhood and community shopping centers over the past five years. According to REIS, about 35 percent of that, or 443,000 square feet, came online in 2018. Vacancy rates increased every year for the past five years, while averaging about 7.3 percent for the metro area in 2019. Despite the increasing vacancy, we also had quarter-over-quarter and year-over-year growth in asking rents, primarily led by increases in the higher-end neighborhoods. At the street level, quarterly asking rents for neighborhood and community centers averaged about $33.03 for 2019, while increasing about $0.5 per square foot from 2018 to 2019. However, pre-leasing has been weakening over the past few quarters. Discussions in development circles were indicating fewer mixed-use projects in the planning stages with more builders favoring dedicated multifamily builds. Nevertheless, new retail inventory was in the pipeline for this year, with optimism surrounding the evolving retail landscape. All of this was, of …
LONG BEACH, CALIF. — C.W. Driver Cos., as general contractor, has broken ground on a multi-disciplinary facility located at Long Beach City College’s Liberal Arts Campus in Long Beach. The $48.2 million property is the first design-build project at the school funded by the state of California and will house a variety of academic programs, including language arts, career technology education, computer studies, office studies, student success center and support programs. The project includes the demolition of two existing classroom buildings, as well as all associated utilities, hardscape, irrigation and landscaping. Originally two 1960s concrete frame buildings, the new three-story, 96,000-square-foot facility will be constructed as a single steel-frame structure complete with classroom, study and administrative spaces. Key areas will include a lecture hall, reading and writing focus areas and breakout rooms. Additionally, the project will be built around existing community courtyards where students can connect, study and socialize. Designed HPI Architecture to obtain LEED Gold certification, the project is slated for completion in November 2021.
DENVER — PepsiCo Beverages North America has signed a 283,500-square-foot lease at Pecos Logistics Park, an infill logistics business park currently under construction in Denver. Denver-based Westfield Co. is developing the project, which will feature a total of 1.2 million square feet of Class A industrial space situated on 66 acres at the northwest corner of 56th Avenue and Pecos Street at full build-out. Totaling 391,600 square feet, the first phase includes three front-park, rear-load speculative buildings ranging from 121,800 square feet to 139,200 square feet and the PepsiCo 283,500-square-foot build-to-suit property. The buildings will offer dock-high and drive-in loading, 28-foot to 32-foot clear heights, ESFRK-17 sprinklers, LED lighting and trailer parking. Phase I is scheduled for delivery in third-quarter 2021, with an 1,880-square-foot speculative suite in Building 1 and a 1,550-square-foot speculative suite in Building 2. Additionally, the first phase will feature a shared amenity space called “The Junction” that will include conference and training rooms, a kitchen, flexible use/fitness space and showers, bike storage and outdoor patio space. The second phase will include three front-park, rear-load buildings totaling 471,000 square feet. Tyler Carner, Jeremy Ballenger and Kyle McClure of CBRE’s Denver office represented Westfield, while Jim Bolt and …
TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc. Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team arranged the financing. The two-story, 51,065-square-foot property features an open floor plan with a mix of private suites and conference rooms. Since 2018, an online retail company has occupied the building.
GARDENA, CALIF. — CenterPoint Properties has purchased a distribution facility located at 230 W. Rosecrans Ave. in Gardena. Todd Kirshner of Punch Studio sold the asset for an undisclosed price. Situated on 3.22 acres in the South Bay region of Los Angeles County, the last-mile, 60,115-square-foot property features higher-than-market-average trailer parking, eight dock-high positions and immediate access to California’s freeway system, as well as excess yard space and port proximity.
LONGMONT, COLO. — Nexus Commercial Realty has arranged the sale of a two-building multifamily portfolio located in Longmont. An undisclosed buyer acquired the portfolio for $2.4 million. Located at 710 Emery St. and 1637 Kimbark St., the properties offer a total of 20 units in a mix of four two-bedroom units and 16 one-bedroom units. The buyer plans to install a new roof on the Kimbark property, as well as renovate and improve all units in both buildings. Brandon Kaufman and Nik MacCarter of Nexus represented the undisclosed seller, while Sean Holaman, also of Nexus, represented the buyer in the deal.
NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of Men’s Wearhouse and Jos. A. Bank, filed in a district court in Texas. Le Tote acquired Lord & Taylor about a year ago for $100 million from Hudson’s Bay Co. At that time, Lord & Taylor operated about 40 department stores around the country. Approximately half of those stores will now close. In mid-March, Hudson’s Bay Co., the Canadian firm that also owns Saks Fifth Avenue, also sold a 660,000-square-foot office building in Manhattan that had served as Lord & Taylor’s office hub. Amazon bought the property for $1.15 billion to serve as its New York City headquarters. Just two weeks ago, Tailored Brands unveiled a corporate restructuring plan that …
HENDERSON, NEV. — TRU Development, in partnership with capital partner and real estate operating company MultiGreen Properties, has acquired a 19-acre land parcel at the southeast corner of Galleria Drive and Boulder Highway in Henderson. Terms of the acquisition were not released. The partnership plans to develop theAPEX @galleria, a 336-unit apartment community with 3.8 acres of retail development available for sale, ground lease or build to suit. Apartments will be available for lease in March 2021. The Henderson development is the first of many planned theAPEX-branded communities throughout Nevada. In the next 12 months, TRU is slated to break ground on a total of 670 units under theAPEX brand in southern Nevada, 358 units under the KAKTUSlife brand and more than 600 units under theAPEX brand in northern Nevada.