Western

Howard Hughes Corp. to Add 2 MSF of New Development Across Four Master-Planned Communities

by Kristin Harlow February 3, 2021

HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …

February 3, 2021

Acquisitions Colorado Multifamily Western

Summit Communities Acquires Boulder Crossroads Multifamily Community in Denver for $55.5M

by Amy Works February 2, 2021

DENVER — Summit Communities has purchased Boulder Crossroads Apartments, a multifamily property in Denver, for $55.5 million, or $172,360 per unit. The name of the seller was not released. Built in 1970 at 7500 Dakin St., Boulder Crossroads offers 322 apartments. The buyer plans to execute a strategic value-add renovation program at the property, which was lightly renovated prior to sale. Bill Morkes and Craig Stack of Colliers International represented the seller and procured the buyer.

February 2, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $46.7M Sale of Grove Deer Valley Apartments in Phoenix to Private Buyer

by Amy Works February 2, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit. Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size washers/dryers, walk-in closets and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a fitness center, resort-inspired swimming pool, entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 2, 2021

Acquisitions California Industrial Western

Link Logistics Sells 128,745 SF Industrial Facility in Carlsbad, California

by Amy Works February 2, 2021

CARLSBAD, CALIF. — New York-based Link Logistics has completed the disposition of an R&D and manufacturing property located at 2285 Rutherford Road in Carlsbad. An undisclosed buyer acquired the asset for $25.7 million. Built in 1990 as part of Carlsbad Research Center, the two-story, 128,745-square-foot building features four dock-high loading doors, four grade-level doors and 342 parking spaces. At the time of sale, the property was vacant. Situated on 6.5 acres, the facility is adjacent to McClellan-Palomar Airport, which serves North County San Diego. Roger Carlson, Bill Dolan and Blake Wilson of CBRE represented the seller, while the buyer was represented by an outside firm.

February 2, 2021

Acquisitions California Retail Western

Colliers Arranges $26.3M Sale of Meadows Village Shopping Center in Temecula, California

by Amy Works February 2, 2021

TEMECULA, CALIF. — Colliers International has brokered the sale of Meadows Village, a grocery- and drugstore-anchored shopping center in Temecula. The retail property changed hands for $26.3 million. The names of the seller and buyer were not released. Located at 31771-31962 Rancho California Road, the property features 80,553 square feet of retail space. Current tenants include Baron’s Market, CVS/pharmacy, EOS Fitness, Starbucks Coffee, The UPS Store, Wells Fargo and Subway. El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Peter Orth of Colliers handled the transaction.

February 2, 2021

Acquisitions California Restaurant Retail Western

Faris Lee Brokers $2.5M Sale of Taco Bell-Occupied Restaurant in Folsom, California

by Amy Works February 2, 2021

FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a drive-thru restaurant property located within Folsom Gateway Shopping Center in Folsom. A private family partnership acquired the asset from an undisclosed seller for $2.5 million. Taco Bell occupies the freestanding building, which was constructed in 2007. Tyler Strauss and Jeff Conover of Faris Lee procured the buyer and represented the seller in the transaction.

February 2, 2021

California Market Reports Retail Western Western Market Reports

Inland Empire Retail Market Poised for Resiliency in 2021

by Jeff Shaw February 2, 2021

While the Inland Empire economy was hit hard in 2020, we remain optimistic on the retail sector’s recovery over the coming 12 to 24 months. This market is a benefactor of COVID-19 in that more people than ever before are able to work remotely. This has triggered a migration from urban cores to more spacious and affordable housing in the newer residential communities of Riverside and San Bernardino counties. As the population is anticipated to expand here, retail will directly benefit as residents are more likely to have additional discretionary income to allocate to retail and restaurant venues. In particular, there are many high-growth submarkets to watch within the region. Some of our top areas include Eastvale, Jurupa Valley and Rialto, which have all experienced expansion despite the restrictions and challenges that COVID has created. They are seeing a significant amount of residential growth as they offer strong school districts, expansive parks, affordable housing, proximity to large employment bases and newer retail amenities. A young family demographic is moving to towns like these, and retail users have taken notice. This has resulted in large retail projects like Renaissance Marketplace in Rialto and the Station in Eastvale taking shape. Turning to …

February 2, 2021

Acquisitions Healthcare Nevada Office Western

White Oak Healthcare Buys Medical Office Building in Henderson, Nevada for $18.8M

by Amy Works February 1, 2021

HENDERSON, NEV. — White Oak Healthcare MOB REIT has purchased a medical office building located at 2779 W. Horizon Ridge in Henderson. Stable Development sold the asset for $18.8 million. The property features 38,129 square feet of medical office space within close proximity of Dignity Health’s hospital campus. Mark Schuessler and Mike Tabeek of Newmark represented the buyer and seller in the transaction.

February 1, 2021

Arizona Development Multifamily Western

LIV Development, McShane Construction to Build 242-Unit Multifamily Project in Phoenix

by Amy Works February 1, 2021

PHOENIX — Birmingham, Ala.-based LIV Development and McShane Construction Co. are developing an apartment community on 10.8 acres in Phoenix. The three-story, multi-building community will feature 242 apartments in a mix of studio, one- and two-bedroom layouts. Units will offer vinyl plank and carpet flooring, granite countertops, full-height kitchen backsplash tile, stainless steel appliances and lots of natural light. Additionally, the property will feature 1.5 acres of shared amenity space, including a 4,000-square-foot clubhouse, swimming pool, dog park and courtyards offering outdoor seating, barbeque areas and cabanas. Humphreys & Partners Architects is the architect of record for the project, which is slated for completion in August 2022.

February 1, 2021

Acquisitions Arizona Industrial Western

Kanasardas Investment Acquires Single-Tenant Industrial Facility in Chandler, Arizona for $10M

by Amy Works February 1, 2021

CHANDLER, ARIZ. — Orange County, Calif.-based Kanasardas Investment has purchased a Class A industrial property located at 3167 W. Armstrong Place in Chandler. An undisclosed seller sold the property for $10 million. Will Strong, Phil Haenel, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Built in 2010, the 62,415-square-foot property is fully leased on a long-time basis to a regional credit tenant, one of the nation’s largest integrated designers, manufacturers and installers of products for the commercial building envelope.

February 1, 2021

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