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CSUDH-ScienceInnovation-Carson-CA
CaliforniaCivicDevelopmentWestern

C.W. Driver Completes Construction of $71.5M CSU Dominguez Hills Science & Innovation Building in California

by Amy Works

CARSON, CALIF. — C.W. Driver Cos. has completed the construction of California State University, Dominguez Hills’ (CSUDH) Science & Innovation Building in Carson. The 87,000-square-foot facility features state-of-the-art laboratories, faculty offices and classrooms that will help prepare students for careers in science, technology, engineering and math. The $71.5 million building features sophisticated mechanical and plumbing systems, including special supply and return air ducting, more than 60 fume hoods, and extensive laboratory waste disposal systems. Additionally, electrical systems line every classroom, consisting of medium- and low-voltage utilities, data ports and audio-visual features. Toyota USA Foundation provided a $4 million grant to CSUDH that was used in part to fund the project. In recognition of the grant, the Toyota Center for Innovation in STEM Education was established in the building. The center features a fabrication lab, spaces for K-12 teaching demonstrations and training, SMART classrooms, collaborative workstations and an outdoor workspace. HGA Architects & Engineers served as architect for the project.

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Company NewsRetailWashingtonWestern

Costco Reports 12.5 Percent Increase in Quarterly Sales as Fiscal Year Sales Soar

by Amy Works

ISSAQUAH, WASH. — Costco Wholesale Corp. (NASDAQ: COST) has reported a 12.5 percent increase in quarterly net sales in its fiscal fourth quarter, which ended Aug. 30. Costco’s sales jumped to $52.9 billion from $46.4 billion last year. Costco also experienced a 91 percent jump in quarterly e-commerce sales, resulting in a 50 percent increase over the previous year. The company’s net income for the fourth quarter was $1.4 billion, compared with $1.1 billion last year, even though this year’s fourth quarter was negatively impacted by $281 million in costs related to COVID-19 — such as premium wages and sanitation protocols — and a $36 million pre-tax charge due to prepayment of a $1.5 billion in debt. Costco recorded $4 billion in net income for the fiscal year, up from $3.7 billion in the prior year. The company currently operates 795 stores across the globe, as well as e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

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303-Logistics-Glendale-AZ
ArizonaDevelopmentIndustrialWestern

Barclay Group, W.M. Grace Cos. Break Ground on 349,663 SF Spec Industrial Building in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Barclay Group and W.M. Grace Cos. have broken ground on 303 Logistics, a 349,663-square-foot speculative industrial building in Glendale. Fronting the Loop 303 freeway, the cross-dock facility will feature 36-foot clear heights, 75 dock-high and four grade-level doors, 52-foot by 50-foot column spacing, clerestory windows, R-30 insulation, and an ESFR sprinkler system. Additionally, the property will offer 89 trailer parking spaces and is expandable to 297 auto parking spaces on a fully graded and secure site. The project will be Foreign Trade Zone capable, offering up to 72 percent reduction in both real and personal property tax, duty deferral or elimination and reduced customs reporting entries. Completion is slated for second-quarter 2021. Butler Design Group is serving as architect and The Renaissance Cos. is serving as general contractor. Riley Gilbert, Anthony Lydon and Marc Hertzberg of JLL serve as the project’s leasing team.

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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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