Western Real Estate Business

OCT 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1037966

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C A L I F O R N I A 18 • October 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T NORTHCAP COMMERCIAL BROKERS $11.5 MILLION SALE OF MIXED-USE ASSETS LAS VEGAS³1RUWKFDS&RPPHUFLDO 0XOWLIDPLO\KDVQHJRWLDWHGWKHVDOHRI 'HVHUW 0DQRU D PL[HGXVH DVVHW OR- FDWHGRQDQHQWLUHFLW\EORFNDW6 0DLQ6WLQ/DV9HJDV$QXQGLVFORVHG EX\HUDFTXLUHGWKHSURSHUW\IRU PLOOLRQ 7KH VDOH FRQVLVWHG RI PXOWLIDPLO\ XQLWV VTXDUH IHHW RI UHWDLO VSDFH DQG DFUHV RI ODQG 'HYLQ /HH RI 1RUWKFDS 0XOWLIDPLO\ UHSUHVHQWHGWKHVHOOHU%URDGZD\ //&LQWKHGHDO GREYSTAR ACQUIRES 376-UNIT FLAGSTONE APARTMENT HOMES TEMPE, ARIZ. ³ *UH\VWDU KDV SXU- FKDVHG )ODJVWRQH $SDUWPHQW +RPHV D PXOWLIDPLO\ DVVHW ORFDWHG DW : &DUWHU'ULYHLQ7HPSH5HG+LOO5HDOW\ ,QYHVWRUVDQGLWVMRLQWYHQWXUHSDUWQHU VROGWKHDVVHWIRUDQXQGLVFORVHGSULFH 6LWXDWHGRQQHDUO\DFUHVWKHSURS- HUW\IHDWXUHVXQLWVLQDPL[RIVWX- GLR RQH DQG WZREHGURRP OD\RXWV 7KH VTXDUHIRRW DVVHW ZDV EXLOWLQ&OL'DYLGRI0DUFXV 0LOOLFKDSDQG6WHYH*HELQJRI,QVWLWX- WLRQDO3URSHUW\$GYLVRUVDGLYLVLRQRI 0DUFXV 0LOOLFKDS UHSUHVHQWHG WKH VHOOHUDQGSURFXUHGWKHEX\HU CBRE GLOBAL INVESTORS BUYS INDUSTRIAL CENTER FOR $48.5 MILLION PHOENIX ³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³ 7RQWL 3URSHUWLHV KDV VROG :LOVKLUH 3LQHV D PXOWLIDP- LO\ SURSHUW\ ORFDWHG DW ( %DVH- OLQH 5RDG LQ 7HPSOH 6KHLQHU *URXS DFTXLUHG WKH DVVHW IRU PLOOLRQ %XLOW LQ WKH SURSHUW\ IHDWXUHV DSDUWPHQW XQLWV 6WHYH *HELQJ RI ,QVWLWXWLRQDO3URSHUW\$GYLVRUV,3$ DGLYLVLRQRI0DUFXV 0LOOLFKDSDQG &OL 'DYLG RI 0DUFXV 0LOOLFKDS UHSUHVHQWHG WKH VHOOHU DQG SURFXUHG WKHEX\HULQWKHGHDO EVERGREEN DEVCO BREAKS GROUND ON 258-UNIT APARTMENT COMMUNITY PHOENIX ³ (YHUJUHHQ 'HYFR KDV EURNHQ JURXQG RQ 3DUF DW 6RXWK 0RXQWDLQ D OX[XU\ DSDUWPHQW FRP- PXQLW\ ORFDWHG DW ( 6RXWKHUQ $YH LQ 3KRHQL[ 6LWXDWHG RQ DFUHV WKH GHYHORSPHQW ZLOO IHDWXUH JDUGHQVW\OHDSDUWPHQWXQLWVZLWK ZRRGLQVSLUHG SODQN ÁRRULQJ TXDUW] FRXQWHUWRSV DQG VWDLQOHVVVWHHO DSSOL- DQFHV 2QVLWH DPHQLWLHV ZLOO LQFOXGH DUHVRUWVW\OHSRRODQGVSD7KHSURS- HUW\·V OHDVLQJ RFH LV VODWHG WR RSHQ LQ-XO\7KHSURMHFWWHDPLQFOXGHV 7RGG $VVRFLDWHV DV DUFKLWHFW 07 %XLOGHUV DV FRQWUDFWRU .ODQG &LYLO (QJLQHHUV DV FLYLO HQJLQHHU DQG &RO- ODERUDWLYH 9 'HVLJQ 6WXGLR DV ODQG- VFDSHDUFKLWHFW SAPIR REAL ESTATE BREAKS GROUND ON $45 MILLION SNOW HEIGHTS RETAIL PROJECT ALBUQUERQUE, N.M. ³ 6DSLU 5HDO (VWDWH 'HYHORSPHQW KDV EURNHQ JURXQG RQ WKH ÀUVW SKDVH RI 6QRZ +HLJKWV 3URPHQDGH D UHWDLO DQG HQ- WHUWDLQPHQW SURMHFW LQ $OEXTXHUTXH 7KH PLOOLRQ SKDVH ZLOO LQFOXGH D VN\OLQH OLYH HQWHUWDLQPHQW VWDJH WKDW ZLOO IHDWXUH OLYH '-·V FRQFHUWV FRP- LFV IDPLO\ PRYLHV PDJLF DQG SXS- SHWVKRZV,QDGGLWLRQ6QRZ+HLJKWV 3URPHQDGH ZLOO IHDWXUH D FKLOGUHQ·V SOD\DUHDGRJSDUNUHVWDXUDQWVSXEV HQWHUWDLQPHQW YHQXHV DQG UHWDLOHUV 6LJQHG WHQDQWV DW WKH GHYHORSPHQW LQFOXGH $OWLWXGH 7UDPSROLQH 3DUN $ODPR 7KHDWHUV )DWEXUJHU 2XWEDFN 6WHDNKRXVH-XLFH,W8S-RH·V3L]]HULD 8&KRRVH7DFRV'LYDOLVK'HVVHUWVDQG $OEXTXHUTXH )LWQHVV &HQWHU DPRQJ RWKHUV 7KH VHFRQG SKDVH RI WKH SURM- HFW ZLOO LQFOXGH D PLOOLRQ RFH EXLOGLQJ ZLWK D URRIWRS GLQLQJ H[SH- ULHQFH6DSLU5HDO(VWDWH'HYHORSPHQW H[SHFWVWRGHOLYHUWKHÀUVWSKDVHRIWKH SURMHFWLQ-DQXDU\ MISSION SENIOR LIVING BREAKS GROUND ON $8 MILLION ASSISTED LIVING COMMUNITY MESQUITE, NEV. ³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³ .HQQHG\ :LOVRQ KDV SXUFKDVHG 6RXWKULGJH D XQLW DSDUWPHQW FRPPXQLW\ ORFDWHG DW 6N\ 9DOOH\ 'ULYH LQ 5HQR IRU PLOOLRQ7KHEX\HULQYHVWHGDS- SUR[LPDWHO\ PLOOLRQ RI HTXLW\ LQFOXGLQJFORVLQJFRVWVDQGVHFXUHGD VHYHQ\HDUORDQRIPLOOLRQDWWKH À[HG UDWH RI SHUFHQW 7KH QDPH RI WKH VHOOHU ZDV QRW UHOHDVHG %XLOW LQ SKDVHV EHWZHHQ DQG WKH VTXDUHIRRW SURSHUW\ LQ- FOXGHV D PL[ RI PDUNHWUDWH XQLWV DQG /RZ,QFRPH +RXVLQJ 7D[ &UHGLW XQLWV LQ D PL[ RI VWXGLR RQH WZRDQGWKUHHEHGURRPOD\RXWVDYHU- DJLQJ VTXDUH IHHW 6LWXDWHG RQ DFUHVWKHFRPPXQLW\IHDWXUHVDVZLP- PLQJ SRRO EDUEHFXH SLFQLF DUHDV SOD\JURXQG FOXEKRXVH DQG ÀWQHVV IDFLOLW\7KHDFTXLVLWLRQH[SDQGV.HQ- QHG\:LOVRQ·VSRUWIROLRWRXQLWV RZQHGDQGXQGHUFRQVWUXFWLRQLQWKH 5HQRPDUNHW DORNIN INVESTMENT GROUP SELLS 131,000 SF OFFICE ASSET LAS VEGAS ³ 'RUQLQ ,QYHVWPHQW *URXS ',* KDV FRPSOHWHG WKH VDOH RI 7RZQ 6TXDUH 1RUWK DQ RFH DV- VHW ORFDWHG ZLWKLQ WKH 7RZQ 6TXDUH PL[HGXVHGHYHORSPHQWRQ/DV9HJDV %RXOHYDUG 6RXWK DQG 6XQVHW 5RDG LQ /DV 9HJDV 0RRQZDWHU &DSLWDO D OR- FDO UHDO HVWDWH RZQHU DQG RSHUDWRU DFTXLUHG WKH SURSHUW\ IRU DQ XQGLV- FORVHG SULFH 7KH WZREXLOGLQJ DVVHW IHDWXUHVVTXDUHIHHWRI&ODVV$ RFHVSDFH7KHSURSHUW\ZDVYDFDQW DW ERWK WKH WLPH RI ',*·V DFTXLVLWLRQ LQ-DQXDU\DQGWKHFXUUHQWVDOH Located in Phoenix, Parc at South Mountain will feature 258 luxury apartments and a resort-style pool and spa. Part of a two-building of•ce asset, Town Square North in Las Vegas, features 131,000 square feet of Class A of•ce space.

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