LAS VEGAS — BK National Solutions LLC has completed the disposition of Gramercy Commons Retail Center, a multi-tenant retail building in Las Vegas. Manjinder Saini acquired the asset for $6.3 million. Located at 5752 S. Fort Apache Road, the property features 25,892 square feet of retail space. Roy Fritz, Cathy Jones, Paul Miachika, Taylor Vasquez and Dylan Heroy of Sun Commercial Real Estate represented the buyer, while Logic Commercial Real Estate represented the seller in the transaction.
San Diego continues to exhibit very strong fundamentals with a healthy and diversified economy, as well as a continued shortage of housing supply. The unemployment rate of 3.3 percent is below both the California and national unemployment rate. Tourism, biotech, healthcare, education, military/defense, drone manufacturing, business services, software and other high-tech industries have made San Diego a magnet for venture capital and other business investment, creating the jobs of the future. Amazon, Apple and several other high-profile technology companies have also announced expansions in San Diego. The region attracted $744 million in venture capital this past year alone. Local housing policies, which have been unfriendly to new development, have made it very expensive to build, thereby perpetuating the shortage of housing. This dynamic has continued to bode well for multifamily investment in the region. CBRE’s Apartment Market Report for the end of the second quarter illustrates the following year-on-year changes from 2018: • The vacancy rate moved 9 basis points to 3.6 percent • Rental rates increased by 2.9 percent • New construction deliveries dropped by 14 percent • Sales volume included 95 transactions with a total dollar volume of $476 million (compared to 32 sales transactions last year that …
SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.
COLORADO SPRINGS, COLO. — Newmark Knight Frank – Colorado has arranged the sale of Park Ridge, a multifamily property located in Colorado Springs. Park Ridge Apartment CS LLC sold the asset to Park Ridge SRP LLC for $23 million. Located at 2602 W. Serendipity Circle, the property features 204 apartments. Kevin McKenna and Saul Levy of Newmark Knight Frank – Colorado Multifamily handled the transaction.
PORTLAND, ORE. — Fore Property has completed the disposition of Rivage, a multifamily property located at 2220 NW Front Ave. in Portland. Magnolia Capital acquired the asset for an undisclosed sum. Rivage features 260 units in a mix of studio, one- and two-bedroom layouts, with a rooftop deck overlooking the Willamette River. At the time of sale, the podium-style property was stabilized. Fore Property, with funds from Carlyle Realty Partners VII and financing from PNC Bank, developed the property in 2017.
COEUR D’ALENE, IDAHO — San Francisco-based Newmark Realty Capital (NRC) has arranged $22 million in development and construction financing for One Lakeside Center, a 15-story residential tower on the north shore of Lake Coeur d’Alene in Northern Idaho. Demetri Koston of NRC’s Spokane, Wash., office arranged the financing for the undisclosed borrower through a New York-based national bank lender. Situated one block from the water’s edge in Coeur d’Alene, One Lakeside Center will feature 69 residential units, a parking garage and a ground-floor commercial suite. Additional details of the project were not released.
HIGHLANDS RANCH, COLO. — Erickson Living has unveiled plans for a two-building residential expansion at Wind Crest, a continuing care retirement community (CCRC) in Highlands Ranch, about 15 miles south of Denver. The property already opened an expansion in 2019, an independent living building named Prospect Crossing. The two new buildings, named Summit Square and Quincy Point, will add more than 200 independent living units. They are both scheduled to open in 2020. The expansion will also include 18,000 square feet of amenity space, including outdoor space, multiple new restaurants, a second fitness center and other shared spaces.
San Francisco has been a boom-and-bust market since the Gold Rush. The current intense scrutiny of the yield curve, combined with the stock market’s recent erratic behavior, has sent warnings of the next looming recession. Just how will this affect the office market? Fortunately for the Bay Area, not much. Today, several key factors insulate San Francisco from a severe downturn, unlike past cycles. Among them are Proposition M and a concentration of venture capital, highly skilled talent and some of the world’s largest companies. Since 1986, Proposition M has limited the amount of office development the city will authorize in any given year. The program aims to guard against typical boom-and-bust cycles. The San Francisco office market only includes 85 million square feet, as opposed to Manhattan or Houston, for example, which comprise 400 million and 240 million square feet, respectively. Manhattan currently has 12.4 million square feet of office space under construction, while San Francisco has 3 million square feet in the pipeline. The entitlement limit under Prop M has been reached, meaning no additional new projects can be approved until October when another 950,000 square feet will be allocated for the next year. At first glance, these …
DENVER — Bradbury Properties and Confluent Development have broken ground on three additional buildings at HighField Business Park, an industrial park located at the intersection of E-470 and Peoria Street southeast of Centennial Airport in metro Denver. Upon completion, the three projects will bring the 100-acre near to full build-out, spanning approximately 10 years and totaling 1.25 million square feet of industrial space. Only 12 acres on the park’s north end will remain undeveloped. The new buildings include a 202,000-square-foot, single-story facility, slated for completion in second-quarter 2020; and 160,000-square-foot and 130,000-square-foot speculative buildings, slated for completion in first-quarter 2020. Brinkman Construction and Ware Malcomb are serving as general contractor and architect, respectively, for the FedEx property. Murray & Stafford and Intergroup Architects comprise the project team for the spec buildings. The spec facilities will feature front-park, rear-load design with shared truck courts. HighField Business Park currently features 750,000 square feet of fully leased industrial space. Upon completion of this phase of development, the park will consist of six buildings totaling 800,000 square feet of space. Current tenants at the park include Charter Communications, Gateway Classic Cars, EdgeConneX, Linn Star Transfer and Liteye Systems. Jim Bolt of CBRE leads the …
ORANGE, CALIF. — Los Angeles-based Stanton Road Capital (SRC) has acquired TriCentre, a Class A office tower located in Orange, for an undisclosed price. The name of the seller was not released. Completed in 1986, the 10-story TriCentre features 211,916 square feet of office space. The property is situated within the “Platinum Triangle” at the convergence of Interstate 5, California State Route 57 and California State Route 55. At the time of sale, the building was 78 percent leased to a variety of high-profile tenants, including Farmers Insurance, Children’s Home Society of California, MegaMex Foods and Lockheed Martin. The buyer has plans to invest significant post-acquisition capital to improve the tenant experience, including a fully overhauled lobby and courtyard, as well as building upgrades. SRC has retained Cushman & Wakefield to handle leasing and property management of TriCentre.