Western

Elan Multifamily Investments Buys Skyline Canyon Apartments in Reno for $37.5M

by Amy Works July 29, 2019

RENO, NEV. — Campbell, Calif.-based Elan Multifamily Investments has acquired Skyline Canyon Apartments, a multifamily property located on four acres off the McCarran Loop in Reno. Oakmont Properties sold the asset for $37.5 million, or $184,069 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the deal. Built in 1973, the property features 204 apartments, with downtown Reno and the Reno Riverwalk District approximately four miles away.

July 29, 2019

Development Loans Multifamily Oregon Western

Pacific Oak Capital Funds $33M Development of Wood Village Apartments in Metro Portland

by Amy Works July 29, 2019

WOOD VILLAGE, ORE. — Pacific Oak Capital is funding the $33 million development of Wood Village Apartments, a multifamily and retail property located in an Opportunity Zone in Wood Village, a suburb of Portland. The property will feature 172 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 361 square feet to 1,325 square feet, spread across seven three- and four-story buildings. The asset will also include a more than 10,000-square-foot, two-building neighborhood retail center, a community clubhouse and pool. Construction is slated to begin later this year, with completion scheduled for summer 2021.

July 29, 2019

Acquisitions Multifamily Nevada Western

Tower 16 Capital, Henley Investments Acquires Five89 Apartments in Las Vegas for $32.5M

by Amy Works July 29, 2019

LAS VEGAS — A joint venture between Tower 16 Capital and Henley Investments has purchased Five89 Apartments, a multifamily property located at 4801 E. Sahara Ave. in Las Vegas. A private seller sold the asset for $32.5 million in an off-market transaction. The buyers plan to renovate the 312-unit apartment complex. The property consists of mostly two- and three-bedroom apartments with covered parking and private balconies or patios. Community amenities include two swimming pools, a fitness center, playground and leasing office. Tower 16 will oversee the $4 million renovation and upgrade program that will include new outdoor amenities, an upgraded leasing office and interior renovations. Pinnacle will serve as property manager for the asset.

July 29, 2019

Acquisitions Arizona Retail Western

LevRose Commercial Real Estate Arranges $2.6M Sale of Retail Center in Arizona

by Amy Works July 29, 2019

SURPRISE, ARIZ. — Scottsdale, Ariz.-based LevRose Commercial Real Estate has arranged the sale of a multi-tenant retail center in Surprise. Houston-based KM Skyway Commons LLC acquired the property from Denver-based Surprise Retail LLC c/o Northstar Commercial Partners for $2.6 million. Located at 12100 N. Dysart Road, the property features approximately 17,560 square feet of retail space for multiple tenants. Current tenants include Burn Boot Camp and Federico’s Mexican Food. Mark Cassell and Trenton McCullough of LevRose Commercial Real Estate represented the seller in the deal.

July 29, 2019

California Development Retail Top Stories Western

Los Angeles Clippers Unveil Plans for $1.1B Basketball Arena in Inglewood

by Taylor Williams July 29, 2019

INGLEWOOD, CALIF. — The NBA’s Los Angeles Clippers have unveiled plans for a $1.1 billion arena and team headquarters in Inglewood, located just southwest of downtown Los Angeles. The Inglewood Basketball & Entertainment Center will be located along Prairie Avenue and West Century Boulevard and offer seating for approximately 18,500 fans. In addition, the building will house the Clippers’ team offices, training facility and a sports medicine clinic, essentially making Inglewood the team’s full-time home. The project will also feature retail, restaurants and educational facilities, as well as public basketball courts and an event plaza. A developer and general contractor have not yet been named, but the project will be entirely privately financed. The proposed site does not house any homes or churches and includes many buildings that have been vacant for decades, according to the developers. It is unclear how many new jobs that the project will create, but the Clippers have pledged to make 35 percent of those jobs local hires. A construction timeline is still being negotiated, but the team’s lease at the Staples Center, which it shares with the Lakers, expires in 2024. In addition, Curbed Los Angeles reports that a lawsuit filed by Madison Square Garden …

July 29, 2019

Industrial Market Reports Oregon Western Western Market Reports

Talent, Manufacturing Bolster Portland’s Industrial Market

by Taylor Williams July 27, 2019

Strong economic growth on the West Coast from the booming tech industry has benefited Portland’s economy. As a result, considerable employment and population growth, particularly from the Millennial generation, has elevated the industrial market significantly in recent years. According to CBRE, demographic growth and the national shift to online consumption have contributed to a steadily decreasing industrial vacancy rate since 2010, which reached 3.3 percent in early 2019. Demand for industrial space began to pick up speed about five years ago and has since boosted asking rents 45 percent. Build-to-suit construction projects were a growing trend in 2018, delivering more than 2.9 million square feet for existing tenants, the largest developments being the Troutdale Reynolds and Rivergate. To date, 2019 construction has been exclusively speculative with half a million square feet delivered thus far and 41 percent preleased. An additional 1.4 million square feet is under construction and expected to deliver by year-end 2020, none of which is pre-committed. At the same time, demand for industrial space of 100,000 square feet or greater accounts for 20 percent of users in the market. The speculative construction projects delivering during the next 18 months should provide some supply options for users of …

July 27, 2019

Acquisitions California Multifamily Western

CBRE Brokers Sale of 304-Unit Multifamily Community in California’s Inland Empire

by Amy Works July 26, 2019

MORENO VALLEY, CALIF. — CBRE has arranged the sale of a multifamily property located at 15700 Lasselle St. in Moreno Valley. Irvine, Calif.-based 4GVentures sold the 304-unit asset to a New York-based real estate investment firm for an undisclosed price. Dean Zander, Stew Weston and John Montakab of CBRE represented the seller, while Brian Eisendrath and Annie Rice of CBRE facilitated an acquisition loan on behalf of the borrower in the transaction. The property features a mix of one-, two- and three-bedroom apartments, a pool, jacuzzi, built-in fire pits, barbecues, guard gates and a fitness center. Additionally, the property is centrally located and in close proximity to Kaiser Medical Center and Riverside University Hospital.

July 26, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners, PCCP Acquire 472,000 SF Office/R&D Campus in Silicon Valley

by Amy Works July 26, 2019

MILPITAS, CALIF. — Embarcadero Capital Partners and PCCP have purchased Park Point, a recently renamed office/R&D campus located at 115-155 N. McCarty Blvd. in Milpitas. Los Angeles-based Hudson Pacific Properties sold the asset for an undisclosed price. Situated on 30 acres, the campus features three buildings totaling approximately 472,000 square feet. The buyers retained HOK, a global design, architecture, engineering and planning firm, to revitalize the property into a contemporary, creative workplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign of Newmark Knight Frank’s Silicon Valley offices represented the seller in the transaction.

July 26, 2019

Mira-Loma-Industrial-Center-Jurupa-Valley-CA

Acquisitions California Industrial Western

Davis Partners Sells Mira Loma Industrial Center South in Southern California for $30M

by Amy Works July 26, 2019

JURUPA VALLEY, CALIF. — Davis Partners has completed the sale of Mira Loma Industrial Center South, an industrial park located in the Riverside County city of Jurupa Valley. An undisclosed buyer acquired the 172,898-square-foot asset for nearly $30 million. Part of a master-planned, 269,195-square-foot development by Davis Partners, Mira Loma Industrial Center South consists of five freestanding buildings on De Forest Circle and Nobel Court: Building 7 (31,093 square feet), Building 8 (30,684 square feet), Building 9 (39,722 square feet), Building 10 (33,773 square feet) and Building 11 (37,626 square feet). The property was completed in June and is the only new construction completion in the Jurupa Valley/Eastvale area this year, according to Cushman & Wakefield Research. Milo Lipon, Tal Siglar, Ryan Velasquez and Andrew Starnes of Cushman & Wakefield’s Ontario, Calif., office represented the seller in the deal.

July 26, 2019

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $14.7M Sale of Avenue 15 Apartment Complex in Phoenix

by Amy Works July 26, 2019

PHOENIX — Marcus & Millichap has facilitated the sale of Avenue 15, an apartment community located at 1609 W. Glendale Ave. in North Central Phoenix. A private investor sold the property to an undisclosed buyer for $14.7 million. Built in 1972, the 148-unit property underwent a reassembly campaign in 2017 and a condominium conversion approximately 12 years ago. Avenue 15 features 28 two-bedroom/one-bath apartments, 66 two-bedroom/two-bath units and 54 three-bedroom/two-bath apartments. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented the seller, while Karl Abert of Kidder Mathews represented the buyer in the transaction.

July 26, 2019

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