Western

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

California Development Top Stories Western

Carmel Partners Plans 11-Acre Cumulus District Mixed-Use Development in Los Angeles

by Alex Tostado May 7, 2020

LOS ANGELES — Carmel Partners has unveiled its full plans for Cumulus District, an 11-acre mixed-use development in Los Angeles’ Baldwin Hills neighborhood. The centerpiece of the development will be a pair of multifamily buildings rising 31 stories and seven stories with a total of 1,210 units between them. The project is a redevelopment of a former Cumulus Media radio broadcast site. The property will also feature private underground parking for residents and 100,000 square feet of retail, with a 50,000-square-foot Whole Foods Market as the anchor. A one-acre park will connect the two main buildings. Amenities for residents include a 24-hour fitness center, skydeck, dog run, pet spa, co-working spaces, and multiple pools and spas. The 31-story building will offer 300 units ranging from studios to penthouses, while the seven-story building will offer 910 units. Cumulus District is located at 3333 S. La Cienega Blvd., adjacent to the Expo Line light rail, which connects the property to downtown Los Angeles and the beaches. In addition, major tech companies such as Apple and Sony Studios are located within three miles of the development. “The launch of the Cumulus District comes at an exciting time as Culver City and West Adams …

May 7, 2020

Industrial Market Reports Nevada Western Western Market Reports

Reno’s Industrial Market Remains In Demand

by Jeff Shaw May 6, 2020

Reno’s industrial real estate market has kept a jaw-dropping pace over the winter months. The fourth quarter of 2019 saw record-setting gross absorption numbers for any quarter at 3.34 million square feet with 10 transactions above 100,000 square feet. This amount of activity so late in 2019 typically suggests a slow start to the new year. However, activity seems to have picked up steam, as many users are considering new growth in Reno/Sparks. As a whole, 2019 was a fruitful year for industrial real estate. The market continues to draw attention for its West Coast distribution fundamentals and pro-business environment from tenants, developers and investors. Developers constructed 3.5 million square feet of industrial product, split almost equally between speculative and build-to-suit construction. About 17 million square feet of our 90-million-square-foot market changed hands at market-low cap rates to industrial investment groups. This included many groups that were new to the market, as well as several existing groups doubling down in Northern Nevada. Inventory remains the primary concern for tenants and developers as we come into 2020. With some minor caveats, new construction is getting absorbed as quickly as it is brought to the market. Given the strong start to 2020, …

May 6, 2020

Company News Restaurant Retail Western

Starbucks to Reopen More Than 85 Percent of Stores Nationwide by May 9

by Amy Works May 6, 2020

SEATTLE — This week, Seattle-based Starbucks started reopening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company plans to have more than 85 percent of stores opened by May 9 and expects to have more than 90 percent of stores open by early June. The company is using its experience in China, where more than 98 percent of its store are open and operating under revised protocols, as the foundation for its reopening in the United States amid the continued concerns of the global COVID-19 pandemic. “We have adapted these protocols for the U.S., and our goal is to exceed the standards outlined by the Centers for Disease Control and Prevention for a safe experience, including heightened emphasis on cleaning and sanitizing protocols in our stores,” says Kevin Johnson, CEO and president of Starbucks. The coffee company has expanded its service beyond drive-up to include mobile order for contactless pick-up, delivery and, in some locations, curbside parking and grab-and-go through the café. To that end, Starbucks is focusing on the safest and more convenient ways for customers to order through its Starbucks App, with expanded features including optimization for curbside …

May 6, 2020

Acquisitions California Healthcare Office Western

Pain Management Group Buys Richley Medical Plaza in San Diego for $6M

by Amy Works May 6, 2020

SAN DIEGO — An Orange County, Calif.-based pain management group has purchased Richley Medical Plaza, a medical office building in San Diego’s Midway District, for $6 million. Dan Henry and Lars Eisenhauer of CBRE represented the seller, a private investor, in the deal. Located at 3434 Midway Drive, the 25,600-square-foot building was originally built in 1991. The two-story property includes a 6,475-square-foot surgery center that features three operating rooms, a recovery area, waiting room, reception room and two restrooms. At the time of sale, the building was 85 percent vacant.

May 6, 2020

California Development Loans Multifamily ORIX Western

Hunt Capital Arranges $3.5M in Financing for Acquisition, Rehab of Pacific Rim Apartments in Sacramento

by Amy Works May 6, 2020

SACRAMENTO — Hunt Capital Partners has closed $3.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Pacific Rim Apartments, an affordable housing property in Sacramento. The borrower, Alliance Property Group, plans to upgrade the garden-style complex, which was originally built in 2004. Slated for completion in July 2021, the renovated community will offer 31 three-bedroom units and an additional three-bedroom unit for management. The development team includes Day Builders, Musser: Architects and FPI Management. Planned site and exterior improvements include pavement, fencing and landscaping repair; installation of additional barbecue and playground areas; a new roofing overlay; and construction of a new management office/community room with a laundry facility. Individual units will be outfitted with new kitchen appliances, flooring, various automatic sensors and fresh paint. Once completed, Pacific Rim Apartments units will be leased to family households earning up to 50 percent and 60 percent of the area median income. Additionally, All Things Are Possible, a nonprofit organization, will provide a variety of residential services, including food distribution, parenting and mentor workshops, English-as-a-second-language classes, veteran services, toddler support, employment search and resume assistance. The total development cost for the Pacific Rim Apartments renovations is …

May 6, 2020

Acquisitions Healthcare Nevada Office Western

Colliers Brokers $2.6M Sale of Medical Office Property in Las Vegas

by Amy Works May 6, 2020

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a medical office space located within Smith Surgery Center at 8871 W. Sahara Ave. in Las Vegas. Mia Aesthetics LV Realty acquired the asset from Smith Building LLC for $2.6 million. The asset offers 7,569 square feet of medical office space. Stacy Shapiro and Alexia Crowley of Colliers represented the seller in the deal.

May 6, 2020

Acquisitions Retail Utah Western

Mountain West Negotiates Sale of 13,691 SF Canyon Plaza Shopping Center in Ogden, Utah

by Amy Works May 6, 2020

OGDEN, UTAH — Mountain West Commercial Real Estate has directed the sale of Canyon Plaza, a shopping center located at 2060 Harrison Blvd. in Ogden. Canyon Plaza Properties LLC acquired the asset from Christian W. Monson with Winkel Family LLC for an undisclosed price. Situated within three miles of Weber State University, Canyon Plaza features 13,691 square feet of leasable space on one acre of land. Brandon Goodman and Chris Monson of Mountain West represented the seller, while Goodman and Kyle Bloomfield, also of Mountain West, represented the buyer in the transaction.

May 6, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $26.8M Sale of The Lakes Multifamily Asset in Bay Area

by Amy Works May 5, 2020

CONCORD, CALIF. — Marcus & Millichap’s Levin Johnston team has negotiated the sale of The Lakes, a three-story apartment property located in Concord’s Ellis Lake neighborhood. A real estate investment company sold the community to a Bay Area family trust for $26.8 million. Constructed between 1967 and 1968 on 3.6 acres, The Lakes features 102 garden-style apartments spread across three buildings. The complex is a 10-minute walk from Diablo Valley College and the Concord Bay Area Rapid Transit station. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and procured the buyer in the transaction.

May 5, 2020

Acquisitions California Industrial Office Western

Oberlin Realty Acquires Flex Building in San Diego’s Sorrento Mesa for $5.3M

by Amy Works May 5, 2020

SAN DIEGO — Oberlin Realty LLC has purchased a freestanding flex, office and R&D property located at 10179 Huennekens St. in San Diego’s Sorrento Mesa. Pangea Properties sold the asset for $5.3 million. The buyer plans to occupy the entire two-story, 21,278-square-foot building and utilize the facility for its biotech business. Brant Aberg and Ryan Downing of Cushman & Wakefield San Diego represented the seller, while Chris Duncan of Voit Real Estate Services represented the buyer in the deal.

May 5, 2020

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