Western

Advocacy Development Partners Breaks Ground on 32-Unit Memory Care Community in San Dimas, California

by Amy Works August 26, 2019

SAN DIMAS, CALIF. — Advocacy Development Partners has broken ground on The Terraces at Via Verde, a 32-unit memory care community in San Dimas, a city in the San Gabriel Valley of Los Angeles County. The project is scheduled to open in early fall 2020. Upon opening it will be the only standalone memory care community in the San Dimas area, according to the developers. The community will be split into two 15,000-square-foot neighborhoods with 16 suites each, all located on 1.2 acres near parks and shopping centers. Frontier Management will operate the community upon completion. Irwin Partners Architects designed the project, with PacifiCore Construction serving as general contractor and Conley Design handling interiors. Fremont Bank, which recently announced an expansion of its seniors housing lending platform, is providing the construction and bridge financing for the project.

August 26, 2019

Acquisitions Net Lease Oregon Restaurant Retail Western

Marcus & Millichap Brokers $1.2M Sale of Restaurant Building in Portland

by Amy Works August 26, 2019

PORTLAND, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 704 NW 21st Ave. in Portland. A limited liability company sold the asset to a private investor for $1.2 million in an off-market transaction. Bhuna, a fast-casual Indian restaurant, occupies the 1,878-square-foot property on a net-leased basis. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the seller. Michael Shall, also of Marcus & Millichap, represented the buyer in the deal. Neither party was disclosed.

August 26, 2019

Arizona Industrial Market Reports Western Western Market Reports

Phoenix Eyes Industrial Prospects, Industrial Prospects Eye Phoenix

by Taylor Williams August 24, 2019

Phoenix is known for its strength as a logistics and distribution market. This is particularly true in the Southwest Valley, which has become the poster child for all that makes Phoenix industrial space great: strong population growth, a deep and qualified workforce, an abundance of land and building opportunities, and a lower-cost, business-friendly regulatory environment. As of the second quarter, these benefits helped the Southwest Valley emerge as No. 1 in the nation for industrial prospects looking for space (based on interest from at least 83 tenants with a maximum requirement of more than 30 million square feet). These prospects include national and regional distribution centers, third-party distribution providers, major ecommerce users, and a robust food and beverage sector led by companies like Fairlife Dairy, UFI, Ferrara Candy and Red Bull. It also comes from the reshoring of manufacturing from organizations like Hutamaki, Ball Enclosure and Anderson Windows. Data centers continue to flock to Phoenix as well, purchasing about 2,000 acres over the past 24 months and positioning the Valley among the nation’s top five U.S. data center markets. Data center interests like Microsoft, Vantage Data and Google have selected Phoenix for its low natural disaster risk, ample affordable land …

August 24, 2019

Colorado Development Industrial Top Stories Western

Brennan Investment Breaks Ground on 954,111 SF Speculative Industrial Park Near Denver

by Alex Patton August 23, 2019

COMMERCE CITY, COLO. — Brennan Investment Group, a Chicago-based developer, has broken ground on Colorado Logistic Park, a speculative industrial development consisting of five buildings totaling 954,311 square feet. The property is located in Commerce City, a northeastern suburb of Denver. Brennan and New York Life Real Estate Investors, on behalf of an institutional client, formed a joint venture to acquire, construct and lease the project. Brennan has started Phase I of the construction, which consists of three Class A industrial buildings totaling approximately 558,000 square feet. The buildings will feature 36-foot clear heights. The development is situated on approximately 61 acres, close to the intersection of Interstate 76 and E-470. The location provides direct access to Interstate 80, a major Midwestern distribution line. “Colorado Logistics Park will feature Class A distribution buildings for tenants in the Denver area that require close connectivity to their supply chain and access to workforce labor,” says Brian Roach, managing principal at Brennan. “The park’s proximity to the Denver metro area will provide users with lower transportation costs and faster delivery times to customers.” Brennan purchased the property in November 2018. Roach noted at the time that the location was chosen for its close proximity to transportation routes as well as …

August 23, 2019

California Development Multifamily Western

Fore Property Opens Two New Multifamily Communities in Southern California

by Amy Works August 23, 2019

RANCHO CUCAMONGA AND CAMARILLO, CALIF. — Fore Property has completed the development and construction of two multifamily communities in Southern California: Arte in Rancho Cucamonga and Las Positas in Camarillo. Located on Foothill Boulevard, the mixed-use, transit-oriented Arte features 182 apartments on an infill site. Designed by California-based Architects Orange, the property features a contemporary design with a bold color palette and articulated architectural details. On-site amenities include the region’s first rooftop lounge, a swimming pool, spa, two-story fitness center, dog park, karaoke room, outdoor grilling areas and entertainment patio with an outdoor fireplace. Situated in Camarillo’s Spanish Hills neighborhood, Las Positas was designed by Architects Orange to pay homage to the region’s Spanish-design history. The 213-unit community features a mix of one- and two-bedroom apartments, a two-story clubhouse, billiard room, large fitness center, yoga and spin rooms, resort-style pool, community garden and dog park. Additionally, the commuter-friendly Las Positas is close to more than 1.2 million square feet of retail in Camarillo Premium Outlets. Both Arte and Las Positas are seeking LEED Silver certification.

August 23, 2019

Acquisitions Hospitality Utah Western

Columbus Pacific Acquires Ski-in/Ski-out Hyatt Centric Park City in Utah

by Amy Works August 23, 2019

PARK CITY, UTAH — Los Angeles-based Columbus Pacific has purchased Hyatt Centric Park City, a lifestyle hotel located on North Escala Court in Park City, for an undisclosed price. The name of the seller was not released. Situated at the base of Park City Mountain, the ski-in/ski-out property offers 120 deluxe guest rooms plus 85 one-, two-, three- and four-bedroom condominium residences. Accommodations range in size from 680-square-foot studios with kitchenettes to 2,820-square-foot, four-bedroom residences with full kitchens. Resort amenities include a full-service bar; three-meal restaurant; grab-and-go café; 10,000 square feet of indoor and outdoor event space; a fitness center; an outdoor pool with spa; ski valet; kids’ game room area; valet parking service and direct lift; and access to Park City Mountain.

August 23, 2019

Acquisitions California Retail Western

JLL Brokers $31.5M Sale of 148,805 SF Corona Hills Marketplace in Corona, California

by Amy Works August 23, 2019

CORONA, CALIF. — JLL has arranged the sale of Corona Hills Marketplace, a grocery-anchored community shopping center located in the Corona Hills neighborhood of Corona. A public REIT sold the property to a private investor for $31.5 million. Situated on 12.3 acres at 529-591 N. McKinley St., Corona Hills Marketplace features 148,805 square feet of retail space in California’s Riverside County. At the time of sale, the property was 98 percent leased to a mix of daily-needs and service-oriented tenants. Anchor tenants include Vons, PetSmart and Howard’s Appliances. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction.

August 23, 2019

Acquisitions California Retail Western

Beta Negotiates Sale of 37,346 SF Retail Building in Southern California

by Amy Works August 23, 2019

NEWBURY PARK, CALIF. — Beta, a California-based commercial real estate agency, has negotiated the sale of a retail building located at 3057 Grande Vista Drive in Newbury Park. AHS Property Inc. acquired the asset from Academy Road LLC. Although the price was not disclosed, the building was listed for $15 million. LA Fitness occupies the 37,346-square-foot building, which is located within the 575,644-square-foot Village at Newbury Park shopping center, which was developed this year. Additional tenants at the shopping center include Target, The Home Depot, Staples, Lowe’s Home Improvement Warehouse and PetSmart. Richard Rizika and Yvonne Shum of Beta represented the seller, while Mark Thiel of Marcus & Millichap represented the buyer in the deal.

August 23, 2019

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $2.4M Acquisition of 11,971 SF Industrial Asset in Vista, California

by Amy Works August 23, 2019

VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the purchase of a net-leased investment property located at 1046-1050 La Mirada Court in Vista. Sterndahl Group 3 LLC acquired the asset from The San Diego 17 Trust for $2.4 million, or $205 per square foot. At the time of sale, the 11,971-square-foot building was leased to H2O Innovation USA on a long-term basis. The tenant specializes in water filtration, wastewater treatment and water reuse. Isaac Little, Marko Dragovic, TJ Donnelly and Matt Weaver of Lee & Associates – North San Diego County represented the buyer, while Rocket Glass represented the seller in the transaction.

August 23, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Apartment Market Remains Red-Hot, Fueling Influx of New Capital

by Taylor Williams August 23, 2019

It isn’t just temperatures that are scorching in the Phoenix metro this summer. The multifamily rental market is hot as well; and vigorous demand is coming from both renters and investors. Investors are snapping up apartment properties and paying hefty prices. Buyers spent $3.72 billion on 94 Phoenix-area apartment complexes in the first half of 2019, a 41.8 percent jump from the first half of 2018. Sales in the $50 million range experienced the greatest rate of acceleration. The Driving Factors Behind Strong Demand Phoenix is the fastest-growing city in the U.S., according to recently released data from the U.S. Census Bureau. The region saw an increase of 25,288 new residents between 2017 and 2018, topping all other U.S. cities. One reason for that growth is that Phoenix remains more affordable than many other large U.S. metros. People are flocking to the Valley from high-cost, high-tech cities like Los Angeles and San Diego. Phoenix also boasts a thriving job market that includes a fast-growing, high-paying tech sector. Other booming industries include bioscience/healthcare and financial services. In fact, the Phoenix metro led the U.S. for new jobs created from May 2018 to May 2019 with 66,500 non-farm jobs, representing 3.2 percent …

August 23, 2019

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