Western

Alvarez & Marsal Capital Real Estate to Develop ELEVAR Creative Office Campus in Los Angeles

by Amy Works February 5, 2019

LOS ANGELES — Alvarez & Marsal Capital Real Estate recently acquired a 4.3-acre site at 18362-18424 Oxnard St. in Los Angeles’ Tarzana neighborhood for redevelopment into a creative office campus with studio capabilities. The site, which was formerly used as production space, will be redeveloped into ELEVAR, a state-of-the-art studio and creative office campus. Situated at the corner of Oxnard Street and Reseda Boulevard, the asset currently consists of four standalone flex and industrial buildings totaling 73,045 square feet. The new construction will add more than 20,000 square feet, bringing the total project size to 96,500 square feet. The redeveloped campus will feature usable outdoor space, including a greenbelt, WiFi-enabled patios and an artisanal café. Additionally, the campus will feature shaded outdoor areas, above-standard power and data capabilities, high ceilings and a fitness center for tenants. ELEVAR will offer ample surface-level parking and close proximity to the Metro Orange Line Reseda Station. Rob Hooks, Katie Bernhisel and Dillon Moscone of Cushman & Wakefield, along with Kevin Fenenbock and Jacob Mumper of Colliers, will serve as the leasing agents for the property.

February 5, 2019

California Company News Retail Western

Charlotte Russe Holdings Corp. Files for Chapter 11 Bankruptcy, Plans to Close 94 Stores in U.S.

by Jeff Shaw February 5, 2019

SAN DIEGO — Charlotte Russe Holdings Corp. has filed for Chapter 11 bankruptcy in Delaware. The San Diego-based retailer announced Monday that it plans to close 94 of its more than 500 locations in the United States, while continuing to pursue a going-concern sale of the business and assets. Charlotte Russe said it will provide details of the closings at a later date. Charlotte Russe offers fast-fashion clothing, shoes and accessories for young women in the contiguous 48 states, Hawaii and Puerto Rico. In the meantime, all locations, web services and the 10 Peek Kids locations, which Charlotte Russe Holdings acquired in 2016, will remain available to customers. An undisclosed debtor has committed a maximum of $50 million to Charlotte Russe Holdings. If approved by the court, the financing will support Charlotte Russe Holdings’ operations and administration during the Chapter 11 proceedings. According to court documents, the company could begin liquidating the business entirely if a buyer ultimately doesn’t emerge. Although the company didn’t identify the stores that will be closing, USA Today has complied a full list. Cooley LLP is serving as Charlotte Russe Holdings’ legal counsel, Berkeley Research Group is serving as its financial adviser and Guggenheim Securities LLC is …

February 5, 2019

Acquisitions California Office Western

Peregrine Realty Partners Buys Carlsbad Airport Plaza Office Property for $14M

by Amy Works February 5, 2019

CARLSBAD, CALIF. — Peregrine Realty Partners has acquired Carlsbad Airport Plaza, an office asset in Carlsbad. Swift Real Estate Partners sold the property for $14 million. Located at 5963 La Plaza Court, the three-story, 64,817-square-foot building features newly renovated common areas and restrooms, balconies for select units and new landscaping. At the time of sale, the property was 86 percent occupied by a diverse tenant roster, including technology, healthcare, finance and engineering firms. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Peregrine was self-represented in the transaction.

February 5, 2019

Development Multifamily Nevada Seniors Housing Western

Clearwater Living Starts Construction of Seniors Housing Community within Mixed-Use Development in Reno

by Amy Works February 5, 2019

RENO, NEV. — Clearwater Living, in partnership with Goldman Sachs, has started construction of Clearwater at Rancharrah, an assisted living and memory care community. The property will be located within the Rancharrah master-planned development in the heart of Reno. The surrounding Rancharrah community will offer a variety of retail, restaurants and recreation to residents. “We are excited about this location within the Rancharrah master-planned community as well as being adjacent to our partners at Revel Rancharrah, an independent living community,” says Tony Ferrero, Clearwater’s CEO. “Clearwater at Rancharrah completes the full continuum of care providing residents assistance with activities of daily living in a state-of-the-art assisted living community.” The two-story community will offer a total of 118 units.

February 5, 2019

Acquisitions California Industrial Western

Del Rey Avocado Co. Acquires 41,944 SF Industrial Property in San Diego County for $7.8M

by Amy Works February 5, 2019

VISTA, CALIF. — Del Rey Avocado Co. has purchased an industrial property located at 1390 Engineer St. in Vista. Vista Carlsbad LLC sold the asset for $7.8 million. Situated in the North County Industrial Park, the 41,944-square-foot property features 24-foot to 28-foot clear heights, nine grade doors, four dock doors and a high-quality truck loading/circulation area. Based in Fallbrook, Calif., the family-run business has packed California avocados from San Diego to San Luis Obispo since 1969. Roger Carlson, Adam Molnar and Greg Lewis of CBRE represented the seller, while Robert Gunness, also of CBRE, represented the buyer in the deal.

February 5, 2019

Hawaii Industrial Market Reports Western Western Market Reports

Low Vacancy, High Demand Define Hawaii’s Industrial Market

by Taylor Williams February 5, 2019

When we last reported on the health of Oahu’s industrial market in December 2017, we offered rationale for a then 1.88 percent industrial vacancy rate. This was fueled by demand from contractors building large residential condo developments, the construction of a nearly $10 billion light rail system (voter approved at less than $5 billion), booming tourism and military sectors and large public infrastructure improvements. Oahu’s small 40.4-million-square-foot industrial market was under further compression as industrial product was being taken by the state to support rail construction, or lost due to high rise residential construction and the expansion of our main Honolulu harbor. A prohibitive industrial construction cost scale, which generally exceeds $125 per square foot for metal skin shell warehouse, had also slowed spec and build-to-suit construction. Fast forward to late 2018, and our statistics reflect an industrial vacancy rate bouncing off the bottom at just 2.02 percent. The monthly industrial base rent average is $1.20 per square foot and monthly operating expenses are $0.40 per square foot. This vacancy rate average reflects a small increase over the previous quarter as tenants scrape the bottom of the inventory barrel looking for suitable space. LoopNet cites six industrial availabilities of more …

February 5, 2019

Acquisitions California Multifamily Top Stories Western

Integral, Wanxiang Sell High-Rise Apartment Building in Denver for $110.5M

by Amy Works February 5, 2019

DENVER — A partnership between Atlanta-based The Integral Group and Chicago-based Wanxiang America Real Estate Group has sold EVIVA on Cherokee, a high-rise apartment building located at 1250 Cherokee St. in Denver’s Golden Triangle neighborhood. The partnership developed the 18-story property in 2017. The buyer and sales price were undisclosed, but multiple media outlets report that an affiliate of Chicago-based Equity Residential purchased the asset for $110.5 million. EVIVA on Cherokee features apartments averaging 820 square feet with industrial-inspired finishes, including exposed concrete, high-gloss custom cabinetry, quartz countertops, stainless steel appliances, sliding barn doors and floor-to-ceiling windows. Community amenities include a resort-style saltwater pool with private cabanas, outdoor grilling area, bocce ball court, fitness center, movie room with billiards, demonstration kitchen, private indoor/outdoor conference room, rotating art gallery throughout the common areas, dog wash and 24-hour concierge services. Jordan Robbins, Anna Stevens, Mack Nelson and Chris White of HFF represented the seller in the transaction. “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset,” says HFF’s Robbins. Founded in 2010, Wanxiang America Real Estate Group LLC has invested more than $1 billion of equity into nearly 100 commercial real estate investments of all product …

February 5, 2019

Features Midwest Northeast Office Southeast Texas Western

Cushman & Wakefield: Office Absorption Keeps Up With Construction, Lowering Vacancy Rate

by Kristin Harlow February 5, 2019

CHICAGO — Net absorption in office markets across the United States exceeded new construction in the fourth quarter of 2018, according to Cushman & Wakefield. This enabled the national office vacancy rate to drop to 13.2 percent. Nationwide absorption during the fourth quarter totaled 20 million square feet and marked the 33rd consecutive quarter of positive absorption since 2010. The total volume of space under construction increased slightly to 114.2 million square feet in the fourth quarter, up from 113.2 million in the third quarter. A total of 13.7 million square feet of new office projects delivered in the fourth quarter, bringing the total for 2018 deliveries to 52.7 million square feet, the second-highest amount of new space completed since 2010. Relative to inventory, the markets with the highest construction figures are San Mateo, Calif.; Austin, Texas; Nashville, Tenn.; Seattle; and Midtown Manhattan. On the west side Office markets in the Western United States performed the strongest in 2018 and accounted for 22.6 million square feet of net absorption, the highest volume since 2015. The lowest vacancy rates were seen in tech-driven markets like Seattle (6.2 percent vacancy) and San Francisco (6.4 percent). According to Cushman & Wakefield, the western …

February 5, 2019

Acquisitions California Office Western

Harvest Properties, True North Sell 20-Story Tribune Tower in Oakland

by Amy Works February 4, 2019

OAKLAND, CALIF. — A joint venture between Harvest Properties and True North Management Group has completed the disposition of Tribune Tower, an office property located at 409 13th St. in Oakland. Highbridge Equity Partners purchased the property for an undisclosed price. The historic 20-story building features 95,350 square feet of office space, an original 1920s-era clock and its namesake “Tribune” sign. Steve Golubchik, Tyler Meyerdirk, David Hosler and Jack Phipps of Newmark Knight Frank represented the sellers, while John Dolby and Dane Hooks of Cushman & Wakefield represented Harvest and True North on the leasing of the building.

February 4, 2019

Acquisitions Colorado Office Western

Centre Point Properties Acquires 10-Story Office Building in Metro Denver for $13.6M

by Amy Works February 4, 2019

GLENDALE, COLO. — Centre Point Properties LLC has purchased The Forum at Cherry Creek, a multi-tenant office building located at 425 S. Cherry St. in Glendale, a suburb of Denver. 425 LLC sold the property for $13.6 million, or $165 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group listed the property to sell on behalf of Denver-based Millice Group. The Forum at Cherry Creek is a 10-story, 83,268-square-foot office property. At the time of sale, the property was 88 percent leased to a tenant roster of office and medical office users, with approximately 40 percent of the existing tenants having some medical use.

February 4, 2019

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