Thursday, May 15, 2025
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879-Ward-Dr-Goleta-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Majestic Asset Management Buys 124,754 SF Flex Asset Near Santa Barbara for $16.5M

by Amy Works

GOLETA, CALIF. — Majestic Asset Management has acquired a flex industrial/office park, located at 839-879 Ward Drive in Goleta, for $16.5 million. The buyer plans to improve and reposition the 124,754-square-foot asset to improve the warehouse, R&D and office space. Consisting of three buildings situated on 5.6 acres, the property was vacated in 2016 by Channel Industries, which had occupied the site since its original construction in the 1960s. Recent leases by Gavial Holdings, Sonatech and Reaction35 have backfilled a portion of the property, with approximately half of the rentable space remaining vacant. Francois DeJohn, Steve Hayes and Liam Murphy of Hayes Commercial represented the undisclosed seller and buyer in the deal.

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IHOP-Palm-Springs-CA
AcquisitionsCaliforniaRestaurantRetailWestern

Faris Lee Brokers $3.9M Sale of IHOP-Occupied Property in Palm Springs, California

by Amy Works

PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller in the deal.

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CaliforniaDevelopmentRetailTop StoriesWestern

Macerich, Simon to Build 566,000 SF Outlet Mall in Los Angeles County

by John Nelson

CARSON, CALIF. — Macerich (NYSE: MAC) and Simon Property Group (NYSE: SPG) have formed a 50/50 joint venture to develop Los Angeles Premium Outlets, a new outlet mall in Carson, about 13 miles south of downtown Los Angeles. The first phase will span 400,000 square feet, and the second phase will include 166,000 square feet. “Our city is thrilled that this exciting project is moving forward,” said Carson Mayor Albert Robles in a prepared statement. “We see this high-quality outlet project as one that will add value to our community for many years to come, attracting locals and tourists from all over the world.” The outlet mall will feature 2,500 linear feet of frontage along the Interstate 405 Freeway. Roughly 515,000 cars pass the site each day along I-405 and the Interstate 110 Freeway. The site has roughly 2.5 million residents within a 10-mile radius and is situated about 11 miles south of Los Angeles International Airport (LAX). As currently planned, the project’s shops and restaurants will be elevated above street level and sit atop a ground-level parking deck. Site work is expected to begin immediately. Macerich and Simon plan to open the Los Angeles County property in fall 2021. …

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Las-Vegas-Raiders-Stadium
Market ReportsNevadaRetailWesternWestern Market Reports

Vegas’ Retail Market Supports Economy Beyond Gaming, Hospitality

by Taylor Williams

There is a lot of buzz in the Las Vegas market a full 10 years after the Great Recession. Much of this buzz surrounds sports with the new Golden Knights hockey team; the Las Vegas Lights professional United Soccer League team; Las Vegas Aces WNBA team; and the NFL Raiders team. The new Raiders stadium is under construction now and is widely considered the most talked-about major development happening in Vegas. In a city that offers unmatched access to world-class gaming, shopping, tradeshows and conventions, the NFL coming to town creates yet another reason for people to visit Las Vegas. As you can imagine, many retailers and investors are trying to position themselves to take advantage of this entry. The overall vacancy rate for retail in the Las Vegas metro area was 8.7 percent. Rents for new developments range from $2.50 per square foot, triple-net to $4 per square foot, triple-net. Existing neighborhood centers, power centers and strip centers average $1.75 per square foot to $2.25 per square foot. Anchor and mid-box leases average $0.75 per square foot to $1.25 per square foot for both gross and triple-net-structured leases. Ground lease and build-to-suit are averaging $120,000 to $225,000 in annual …

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Courtyard-at-Mt-Tabor-Portland-OR
AcquisitionsMultifamilyOregonSeniors HousingWestern

Non-Traded REIT Acquires 286-Unit Seniors Housing Community in Portland for $92M

by Amy Works

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million. The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Management. Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new ownership. SSSHT now owns a portfolio of four seniors housing communities and two student housing communities acquired for an aggregate price of approximately $275 million.

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15401-N-29th-Ave-Phoenix-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Orion Investment Real Estate Brokers $14.4M Sale of Medical Office Facility in Phoenix

by Amy Works

PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal.

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Mesa-Valley-Estates-Mesquite-NV
DevelopmentMultifamilyNevadaSeniors HousingWestern

Mission Senior Living Breaks Ground on $8M Assisted Living Community in Nevada

by Amy Works

MESQUITE, NEV. — Mission Senior Living has broken ground on Mesa Valley Estates Assisted Living and Memory Care, a 78-unit community in Mesquite, near the Utah and Arizona borders. Development costs were estimated at $8 million. MSL Construction will build the property, which Pinnacle Architects will design. The site is across the street from Mesa View Regional Hospital. Mesa Valley Estates will feature 54 assisted living units and 24 memory care units in a single-story, 61,386-square-foot building. The project is scheduled for completion in fall 2019. Based in Carson City, Mission Senior Living operates six communities in Arizona, Nevada and Oregon.

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CaliforniaLoansMultifamilyWestern

Buchanan Street Partners Provides $4.1M Acquisition Loan for Apartment Complex in Los Angeles

by Amy Works

LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short-term bridge financing for the acquisition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighborhood of Los Angeles. The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale and financing. Renovations will include all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property.

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AcquisitionsMultifamilyUtahWestern

Arrowroot Real Estate Buys 64-Unit Multifamily Property in Salt Lake City

by Amy Works

SALT LAKE CITY — Santa Monica, Calif.-based Arrowroot Real Estate has purchased Edgewood Park Apartments, a multifamily property located in the Cottonwood Heights submarket of Salt Lake City, for an undisclosed price. Built in 1994, the value-add property features 64 apartments. The asset is the fourth investment made by Arrowroot Real Estate Fund I thus far in 2018. James Wadsworth and Greg Barratt of Berkadia facilitated the transaction. The name of the seller was not released.

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Mission-Rock-San-Francisco-CA
CaliforniaDevelopmentMixed-UseMultifamilyOfficeRetailWestern

San Francisco Giants Selects Partner for 28-Acre Waterfront Mixed-Use Development

by Amy Works

SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.

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