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CaliforniaDevelopmentMixed-UseTop StoriesWestern

San Diego Padres Team Up with Tishman Speyer, Ascendant Capital to Develop $1.4B Mixed-Use Project Near Stadium

by Alex Tostado

SAN DIEGO — The San Diego Padres will partner with Tishman Speyer and Ascendant Capital Partners to develop East Village Quarter, a four-block area near the team’s home stadium of Petco Park. Plans call for the area between 12th and Imperial avenues and K and 14th streets to be transformed into a mixed-use development featuring nearly 1.4 million square feet of office space, 50,000 square feet of retail space, 236,000 square feet of open space and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. The space is currently a parking lot, referred to as Tailgate Park, with 1,000 spaces. A timeline for construction was not disclosed, although the San Diego Union-Tribune reports the Padres hope to break ground in 2023. San Diego Mayor Kevin Faulconer, with the help of a committee including JLL and Civic San Diego, awarded the development team with the bid, which, according to the Union-Tribune, beat out competitor Brookfield Properties. City-owned Petco Park opened in 2004, and the Padres have a lease in place through 2042. “What the Padres have done over the years to create an atmosphere of fun, excitement and energy at Petco Park is incredible, and now, with …

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Orange County Rent Occupancy
CaliforniaContent PartnerLumentMultifamilyRED Capital GroupWesternWestern Feature ArchiveWestern Market Reports

In Search of Relative Value in Orange County’s Apartment Sector

by Sarah Daniels

Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz. Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. Class A trophy properties trade to going-in yields in the 4.00 percent to 4.10 percent area, and Class B and C garden complexes are typically priced to yields in the mid-4s, all only 25 basis points or so behind Los Angeles and the San Francisco Bay Area comparisons. But judging from transaction velocity, one might draw a different conclusion. Only six Orange County multifamily properties of 50 units or more have changed hands since mid-year 2019, and not a single sale has closed since February. Even by the cautious norms of the moment, this stands out as a market in search of price discovery. Slow transaction velocity can be ascribed, in part, to the prevailing buy and …

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LogistiCenter-Highway92-Hayward-CA
CaliforniaDevelopmentIndustrialWestern

Dermody Properties Buys Former Bay Area Farm Site to Develop LogistiCenter at Highway 92

by Amy Works

HAYWARD, CALIF. — Dermody Properties has purchased the former Berkeley Farms milk processing site on 20.2 acres of land at 25500 Clawiter Road in Hayward. Dermody plans to demolish the existing facility, which Dean Foods Estate previously owned, and redevelop the property into LogistiCenter at Highway 92. Situated in the San Francisco Bay Area, LogistiCenter at Highway 92 will feature two Class A logistics buildings totaling 382,290 square feet. Each building will be able to accommodate between one and three tenants and offer 36-foot clear heights, a seven-inch concrete slab, 130-foot truck court and ESFR sprinklers. Demolition work is slated to begin in October with final delivery expected in second-quarter 2022. Jason Ovadia of JLL represented Dermody in the transaction. Terms of the acquisition were not released. Ovadia, Greg Matter and Mike Murray of JLL will serve as listing brokers for the completed project.

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Cadence-Tucson
AcquisitionsArizonaMultifamilyStudent HousingWestern

Joint Venture Acquires Cadence Tucson Student Housing Community Near University of Arizona

by Amy Works

TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning salon, sauna, gaming lounge and coffee bar. The seller in the transaction was undisclosed.

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Tropical-Speedway-Commerce-Center-North-Las-Vegas-NV
DevelopmentIndustrialNevadaWestern

Harsch Investment Properties Begins Construction of 150,000 SF Tropical Speedway Commerce Center Near Las Vegas

by Amy Works

NORTH LAS VEGAS, NEV. — Harsch Investment Properties has started construction of Tropical Speedway Commerce Center in North Las Vegas. This new development will bring the company’s total holdings in metro Las Vegas to 30 properties totaling more than 10.5 million square feet. Totaling 150,000 square feet, Tropical Speedway Commerce Center will feature 28-foot to 32-foot minimum warehouse clear heights, 36 dock-high doors and eight grade-level doors, 221 parking spaces, a 130-foot minimum truck court and ESFR sprinklers. Completion is slated for second-quarter 2021. The facility will accommodate users ranging from 14,875 square feet to 150,000 square feet. The project team includes R&O Construction as general contractor and VLMK Engineering + Design and VTN Consulting Engineers as the design team. JLL’s Jason Simon, Xavier Wasiak and Rob Lujan will oversee leasing at the property.

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17631-Cameron-Lane-Huntington-Beach-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

City of Huntington Beach, California Acquires Land Parcel for Affordable Housing Development

by Amy Works

HUNTINGTON BEACH, CALIF. — The City of Huntington Beach has purchased a 0.78-acre undeveloped land site located at 17631 Cameron Lane within a residential community in Huntington Beach. A private investor sold the asset for $3 million. The city plans to develop low-income housing on the site, which is currently being used as a temporary homeless shelter. Dan Blackwell and George Felix of CBRE represented the seller in the transaction.

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3730-N-Citadel-Dr-Colorado-Springs-CO
AcquisitionsColoradoDevelopmentIndustrialSelf-StorageWestern

Self-Storage Operator Purchases Former Toys R Us Building in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — In Self Storage Management has acquired the former Toys R Us building located at 3730 N. Citadel Drive in Colorado Springs. Dunton Commercial of Colorado sold the asset for an undisclosed price. The buyer plans to retrofit the existing freestanding building into mini-storage and make way for a new In Self Storage facility. The 3.1-acre property is bordered by Galley Road, North Citadel Drive, North Academy Boulevard and Delaware Drive. Patrick Kerscher of CBRE represented the seller in the deal.

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Premier-at-Eastmark-Mesa-AZ
ArizonaDevelopmentMultifamilyWestern

PCS Development, Route 2 Construction Open $50M Apartment Community in Mesa

by Amy Works

MESA, ARIZ. — Culver City, California-based PCS Development and Arizona-based Route 2 Construction have completed the development of The Premiere at Eastmark, a $50 million multifamily property in Mesa. The property is located within the master-planned community of Eastmark. Managed by P.B. Bell, The Premiere at Eastmark is located at 9410 E. Ray Road and is minutes from the Arizona State University Polytechnic Campus. The Premiere at Eastmark features 216 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 459 square feet to 1,251 square feet. The open-concept apartments feature granite countertops with subway tile backsplash; gourmet kitchen islands; black, energy-efficient appliances; wood-style plank flooring; walk-in closets with built-in shelving and storage; a patio or balcony; and covered parking. Additionally, each unit is equipped with up to 1 gigabit internet speeds. Community amenities include a pool and spa; resident lounge with a built-in kitchen and Starbucks Coffee bar; splash pad; package lockers; storage units; two dog parks; a 24-hour fitness center with Peloton bikes; an outdoor exercise lawn; electric vehicle charging stations; and a community coworking space.

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The-Clarkson-Denver-CO
CaliforniaDevelopmentMultifamilyWestern

MIG Real Estate Enters Los Angeles, Bay Area Markets with Two Multifamily Developments

by Amy Works

LOS ANGELES AND FREMONT, CALIF. — Newport Beach, Calif.-based MIG Real Estate has opened escrow on two ground-up multifamily projects located within Opportunity Zones in Los Angeles and Fremont. The projects mark the firm’s entry into the Los Angeles and Bay Area markets. MIG will develop a 140-unit residential property in the core of Hollywood and a 240-unit community in Fremont. MIG is actively seeking other suitable land investment opportunities to develop and revitalize Opportunity Zone properties in primary markets throughout the West, Mountain West and Sun Belt states. Earlier this year, the firm acquired its first site in metro Denver for the development of a 114-unit apartment community, with construction slated to start later this year. The Fremont and Los Angeles projects are a continuation of MIG’s investment strategy to reposition its portfolio by purchasing and developing new projects in key urban areas. To further that goal, MIG has allocated $100 million in equity to develop Opportunity Zone sites throughout the western United States.

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8001-W-Buckeye-Rd-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Westcore Sells West80 Industrial Property in Phoenix to KKR

by Amy Works

PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.

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