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August 9, 2020
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EverWest Real Estate Investors Closes on $29 Mil Sale/Leaseback of a WA Facility
164k sf building was sold by Alliance Packaging

Boston Properties Buys 50% of Development Joint Venture with Continental Development Corp
Venture owns 6.4-acre Beach Cities Media Campus site, entitled for 275k sf of creative office space

Dedeaux Properties and Stockbridge Capital Group Close on $28 Mil Santa Clarita Acquisition
Venture purchases a vacant 214k sf industrial facility

Equus Capital Partners Collects $46 Mil from Sales of Two Scottsdale Office Assets
Buildings total 233k sf of space and are adjacent to HonorHealth Scottsdale Shea Medical Center

BLT Enterprises Spends $64 Mil on Hollywood Campus Property
Television Center consists of 200k sf of creative office and production space

Investor Pays $219k/Unit for 98-Unit Multifamily Property inVegas
Next Wave Investors increases the value of Harlow Luxury Apartments by more than 25% in less than 16 months of ownership

Knightvest Capital Spends $62.5 Mil on AZ Res Buy
Acquisition is of 300-unit Signature Place in Tempe

PCCP LLC Acquires $99 Mil Senior Loan on a Redeveloped Historic Property in Houston
Deal secured by The Star, which had recently been converted from office to residential by Provident Realty Advisors

Long Beach Office Building Sells for $16 Mil
78k sf structure acquired as part of a 1031 exchange

Logan Capital Advisors Closes 192-Unit Phoenix Area Res Buy
Purchase is of Pacific Bay Club in Ahwatukee

Mass Equities Lands $63 Mil in Bridge Money on New CO Res Development
Non-recourse loan on 253-unit project in Longmont arranged by George Smith Partners and sourced through Kennedy Wilson

Portfolio of Three NV and CA Res Properties Refinanced with Three Fannie Mae Loans
NorthMarq arranges new money on 924 units in Las Vegas and Lakeside,CA

LPC West and Crow Holdings Capital Pick Up 112k sf Chula Vista Industrial facility
Over half the space is available for lease at the well-located building

Moonwater Capital Completes 262k sf Vegas Corp HQ Buy
Dekel Capital arranges $35 mil in debt and equity for purchase of NV Energy Pearson Building

Commerce Square Biz Park in Riverside Gets New Owner in $14 Mil Deal
129k sf complex sold by Colony Capital

Kennedy Wilson’s Latest NoCal Res Community is Now Welcoming Tenants
120-unit 38° North is located in Santa Rosa

EverWest Real Estate Investors Nabs 219k sf CO Spec Industrial Project
Purchase includes adjacent pad-ready site and additional acreage for future development

PCCP LLC and The Koll Company Buy 510k sf Industrial Portfolio
Acquisition consists of eight buildings in West Sacramento and Salt Lake City

Hankey Investment Company LP and Jamison Properties LP Celebrate Topping Out of L.A. Res Tower Development
$300 mil Kurve on Wilshire will contain 644 units over 23 floors

Nome Ventures Buys 171k sf Office Building in Cerritos
Purchase of Cerritos Center Court financed with $26.7 mil loan

Greystone Affordable Development Partners with Hamilton Valley Management to Redevelop Affordable Rental Housing in Texas
Venture will utilize the housing industry’s critical 4 Percent Low Income Housing Tax Credit

BH Properties Launches Program to Finance and Acquire Troubled Properties
Firm expects owners of smaller projects to need assistance as government moratoriums from COVID 19 expire later in the year

DTLA’s U.S. Bank Tower to Trade in $430 Mil Deal
72-story high-rise to be acquired by Silverstein Properties entity

Local Investors Trade San Gabriel Multifamily Property in $14.7 Mil Deal
62-unit Coral Reef goes for $237k/unit

Omninet Capital Wraps Up $32 Mil Res Buy in L.A.’s Koreatown
Firm picks up The Maya Apartments from Jamison Properties

Lowe and Related Fund Management Start Work on Office Building in DTLA’s Arts District
New development will provide 113k sf of space over nine floors

Pulte Homes Buys 11 Acres on the San Francisco Peninsula
Firm to develop 190-home residential neighborhood on site of former office complex

CBRE Global Investors Purchases Historic Office Building in San Francisco’s SoMa Neighborhood
Deal for 138k sf property at 123 Townshend St worth about $125 to $135 mil

CBRE Global Investors Buys 369k sf Class A Office Asset in San Jose
Purchase of 237@First worth around $174 mil

Three Leases Bring Harsch Properties’ Speedway Commerce Center IV Building in Vegas to Fully Leased
Deals with Ampart LLC, Draken International and Cascadia Vehicle Tents LLC total 90k sf

Cook Endeavors Spends $23 Mil on Sacramento Area Office Portfolio
Transaction encompasses eight properties totaling 170k sf

BLT Enterprises in a Create-ive Mood with $40 Mil Carlsbad Acquisition
Firm buys new, 146k sf pharmaceutical manufacturing facility from RPG

Merit Partners Picks Up 83 Acres in Phoenix for Development
Firm to build a 900k sf, Class A Industrial Park on the site

Brasa Capital Management Closes First Credit Vehicle
Basa Credit to provide funding on CRE transactions up to $100 mil

Omninet Capital Closes $55 Mil Office Buy in the Conejo Valley
Firm picks up two multi-building properties in Westlake Village from Topa Equities

Dignity Health Buys 28 Acres at Folsom Ranch Corporate Center
Medical office building to be first phase of a larger medical campus at 240-acre development site in Sacramento area

Rexford Industrial Realty Closes on Five SoCal Buys Totaling $73 Mil
Recent deals combine for 434k sf of space

Manifest Point LLC Buys San Fernando Valley School Campus Property
15.78-acre Chatsworth site trades for $9 mil

Barrett Block Partners Spends $132 Mil for San Jose Office Tower
229k sf 160 W Santa Clara tower sold by Beacon Capital Partners

Pension Fund Advisor Buys Two-Property Defense Manufacturing Facility Portfolio
Assets in Fort Worth, TX and Roanoke, VA were sold by Elbit Systems of America

Two CA Multifamily Assets Land Freddie Mac Refi Loans Totaling $208 Mil
Deals are for a 615-unit property in Alameda and a 184-unit complex in Monterey Park

Kennedy Wilson Fund VI Spends $53.5 Mil on 257k sf of Properties in South San Jose
Acquisition consists of five R&D buildings and on one office building

Bridge Development Partners Starts Work on 534k sf Industrial Facility in Oakland
Project will be the largest single industrial development in the city

EXAN Group Spends $95 Mil on Two San Jose Office Buildings
Properties total 143k sf and are within KBS’ District 237

Blackstone Property Partners to Acquire 49% Stake in a 2.2 msf Portfolio Owned by Hudson Pacific
$1.65 bil deal is for three Hollywood studios and other Class A office assets

SWENSON Completes Santa Cruz Mixed-User
Nanda on Pacific consists of 79 res units over ground floor commercial

MIG Real Estate LLC Buys One-Acre Res Dev Site in Denver
Deal is the first for MIG’s new Qualified Opportunity Zone Business Fund

Westcore and The Opus Group to Develop 720k sf AZ Industrial Project
Three-building development to be on 51 acres in Avondale

Draftsmen & Craftsmen
Final Beam Rises at Building One of Lincoln Property Company & Harvard Investment’s 1.35 msf AZ Class A office project

Bay Area Res Portfolio Sold in $24.7 Mil Transaction
Deal is for three properties totaling 59 units in Santa Clara

William A. Millichap Passes Away at 76
Highly regarded industry leader was co-chairman of Marcus & Millichap

Two San Diego Mixed-Use Projects Trade in $45 Mil Transaction
The properties, Park & Polk and The Fort, were both designed and sold by architect Jonathan Segal

Leon Capital Group Readying to Start Work on 202-Unit Upscale Res Project in Scottsdale
Kierland Apartments to be built by McShane Construction Company

Hines-Led Venture Secures $182 Mil on OC Office Campus
Refi deal is on 452k sf Intersect project in Irvine

See Dodger Stadium with Lots of Cars and No People
Great aerial pic with DTLA in the background taken by Fred Emmert

IRA Capital Pays $73.5 Mil for OC Corporate Campus
Deal is for 160k sf Element in Aliso Viejo

EverWest Real Estate Investors Closes $37 Mil Corona Industrial Buy
Firm picks up 210k sf Magnolia Point in sale/leaseback deal

Carlsbad Industrial Asset Sold for $44 Mil
RPG collects $259/sf from 170k sf Vector property

Dewey Land Company and DivcoWest’s Spec Office Project in the Bay Area Lands $33.8 Mil in Financing
Money is for 45k sf development in Burlingame

Rockefeller Group and MBK Real Estate Start Work on 300k sf IE Spec Industrial Facility
Partnership secures $24.4 mil in financing for $40 mil project at Fontana Santa Ana Industrial Center

PG&E Inks Lease / Purchase Agreement for Oakland Building
Company to relocate its headquarters to 300 Lakeside high-rise

Virtú Investments Buys 204-Unit OR Multifamily Asset
Deal is for Modera Davis in Portland’s Pearl District

Hines and MetLife Investment Management Start Work on Res Project in Concord
The Grant will offer 228 res units in the heart of the city’s downtown area

California Commercial Real Estate to Be Negatively Affected Through 2023 Due to Impact of Pandemic
Developers surveyed in Allen Matkins/UCLA Anderson Forecast pessimistic across all markets, with industrial and multi-family only moderately affected

Evolution of Online Retail Drives Retail-to-Industrial Conversion Projects Across the U.S.
CBRE report counts 15.5 msf of new industrial space converted from retail since 2017

Construction Employment Rose from May to June in 31 States; Slips in 18 States
Per Associated General Contractors of America, expect job losses to resume without federal funding

OC Industrial Market Remains Steady Despite Economic Headwinds
Second quarter market snapshot provided by CBRE

L.A. Produced More than Double the Amount of Tech Degrees than Tech Jobs Created in the Region
CBRE’s annual ‘Scoring Tech Talent Report’ says that Los Angeles will continue to be a hub for growth among tech tenants

Seattle Office Market Starting to See Signs of Economic Impact from COVID-19
Kidder Mathews’ Seattle Office 2nd Quarter 2020 Report provides current overview of the market

30-Year Fixed-Rate Mortgage Drops to 3.03%
Results from Freddie Mac’s Primary Mortgage Market Survey® are the lowest in survey history

Inland Empire’s East Valley Industrial Market Saw Strong Activity and Absorption in 2nd Quarter of 2020
Just-released report from Lee & Associates Riverside shows region still holding up in light of the “new normal”

Construction Spending Declines in May
The latest update from Wells Fargo Securities Economics Group

Annual Industrial Absorption Expected to Hit 333 msf by 2022
Estimate is from CBRE’s latest U.S. Industrial Marketflash Report

Latest Numbers Show Construction Activity Returning to Pre-Coronavirus Levels in Many Parts of the Country
New survey by the Associated General Contractors of America and data from construction technology company Procore shows firms adding workers

Nation’s Hotels Expected to See Full Demand Recovery by Late 2022
CBRE research predicts San Diego area hotels to show signs of recovery by 2021 with modest occupancy, ADR and RevPar increases

Electric Utility Rate Optimization Tool from Gridium Saves $47,000 in Expenses at Bay Area Office Park
Technology shown to utility costs at KBS’ The Towers Emeryville by $0.06 per square foot

Check Out RENTV's Inaugural Podcast!
In this informative and fast-paced podcast, RENTV CEO Steve Bloom takes listeners through the week's major CRE news stories, tech updates and notable events, in addition to commenting on important issues for the industry.

Whiplash: From Historic Job Losses to Historic Job Gains
CBRE's U.S. Economic Watch reviews the jobs report for June and breaks out the numbers for the various CRE industry segments

Review of Key Provisions in Proposed California Legislation (SB-939) Impacting Commercial Real Property Owners and Developers
Jonathan N. Zweig with Cox, Castle & Nicholson updates us on how this pending legislation will impact commercial developers and landlords

Most Employers in CBRE Study Favor Phased Return to Workplace
Many companies looking at touchless technology, employee health screenings and restricting visitors

Retail Sales Plunge 16.4% in April
Report from Wells Fargo Securities Economic Group reviews record decline last month

Trammell Crow Company Acquires 24 Acres in NoCal for Industrial Development
Firm to build 440k sf project on Morgan Hill land

Transwestern Real Estate Services Awarded Leasing Duties for Two Houston Office Buildings
Assignment is for Sidra Real Estate’s 2 Riverway and 4900 Woodway properties

Alta Housing Starts Work on Affordable Res Community in Mountain View
Development at 950 W. El Camino Real will offer 71 units, including 15 for adults with disabilities

Investors Trade Three Bay Area Multifamily Properties in Deals Totaling $34.3 Mil
Assets in Sunnyvale, Los Gatos and San Jose were part of a larger portfolio

Work Started on New $48 Mil Facility at Long Beach City College
Three-story, 96k sf project being built by C.W. Driver Companies

Westcore Buys 155k sf Warehouse/Cold Storage Facility in Oakland
Deal is financed with $15 mil acquisition loan

Charitable Foundation Spends $10.5 Mil on Flex Building in Phoenix
Just over half of the 102k sf property will be marketed for lease by the new ownership

Jay Group Takes 127k sf of Warehouse Space in Reno
Deal is at Prologis’ Reno Airport 1 property

Badiee Development’s Latest Flex/Industrial Building is 70% Leased
50k sf facility is in Carlsbad Oaks North Business Park

Captiva Partners / Avalon Investment Company Venture Buys 189k sf Creative Campus in L.A.
Office and industrial asset is near many major entertainment industry companies

Residential Development Site in Westchester Sells for $105/sf
85k sf parcel zoned LAR2-1 goes for $9 mil

Communication Test Design Inc Signs Lease for 185k sf of Industrial Space in Texas
Deal brings Duke Realty’s 635k sf facility to full occupancy

Safe Harbor Exchange Acquires 41k sf AZ Industrial/Flex Property
Single-tenant property trades for $8.4 mil

Advanced Real Estate Services Spends $26 Mil on 120-Unit Res Asset in Riverside
Firm also refis loans on five other assets and forms a new investment fund

NewMark Merrill Companies’ Allen Ginsborg has Passed Away
Co-founder of firm’s Mountain States Division was 59

MAG Capital Partners LLC Buys Central Valley Manufacturing Facility
Acquisition of 28k sf Initiative Foods property in Sanger is part of a sale-leaseback deal

Portfolio of 16 Chase Bank Properties in California Listed for $63.8 Mil
CBRE team marketing the assets for MetLife Investment Management

Texas’ Tallest Tower Gets New 250k sf Tenant
Deal is at Hines and Cerberus Capital Management’s 75-story high-rise at 600 Travis Street

Evergreen Devco Inc Buys 164k sf AZ Retail Center
Chandler Pavilions was 72% leased at time of sale

Kennedy Wilson and Fairfax Financial Holdings Acquire $63 Mil Loan on CO Res Community
Deal is first to close as part of a recently launched $2 bil platform to buy first mortgage loans secured by high-quality real estate

Condor Cold Storage and AEW Capital Management Buy AZ Cold Storage Facility
Acquisition of 285k sf Phoenix asset financed with $22 mil loan

Second Quarter 2020 Comps on Eight Multifamily Sales in San Francisco
Recent deals brokered by Colliers International total $48 mil

4S Bay Partners LLC Pays $35 Mil for 3.27 Acres of Developable Land in Los Angeles
The site is in a designated Opportunity Zone with a Transit Oriented Development (TOC) Tier III designation

136-Unit Multifamily Asset in Bakersfield Sells for over $11 Mil
Private investors trade five-acre Village at Lakeside property

Jewell Capital LLC Finds a Jewel in $22.5 Mil Bay Area Retail Purchase
Miami firm buys 64k sf Del Norte Marketplace in El Cerrito from RBL Real Estate

The Krausz Companies Spends $13.45 Mil on Single-Tenant Building in San Bernardino
50k sf property occupied by the County of San Bernardino

LPC West and an Affiliate of Cerberus Capital Management Buy 30 Acres in Oceanside
Partnership to build a modern industrial campus on the land

New AC Hotel by Marriott in Beverly Hills has been Completed
Developed by Reliable Properties and Seaview Investors, the 11-story project was built by R.D. Olson Construction

BioMed Realty Lands $165 Mil in Financing on Emeryville Life Science Building
NKF arranges money on 303k sf facility

Jason Gallelli, Partner and President at Gallelli Real Estate, Passes Away
Gallelli was a fixture in the Sacramento area CRE community

PRP Recapitalizes FedEx Office Headquarters in Texas
Firm acquired 264k sf Plano asset in 2017 for $80 mil

Private Investor Exchanges into Caliber Collision Headquarters in Texas
80k sf office complex covers 5.8 acres in Lewisville

MAG Capital Partners LLC Buys 139k sf TX Industrial Portfolio
Sale/leaseback deal is for eight-building Fore Aero campus in Haltom City

Joint Venture Buys Scottsdale Development Site
Nearly two-acre purchase goes for $6.65 mil

Overton Moore to Install 275 Charger Stations at Spec Bay Area Development
Installation to coincide with construction of Phase II work at Pacific Commons South in Fremont

Rexford Industrial Realty Completes Two SoCal Buys for $14.7 Mil
Firm acquires properties in Yorba Linda and San Diego

AZ Industrial Warehouse Traded Between Similar Owner/User Businesses
DS Electronics pays $2.3 mil for 18k sf facility in Gilbert

Alexandria Real Estate Equities Picks Up San Diego Flex/R&D Building for $17 Mil
Two-story, 62k sf property is in the Sorrento Mesa area

Douglas Allred Company Secures $73 Mil to Start Work on Spec AZ Office Project
Two-building, 300k sf development part of firm’s Park Place campus in Chandler

Nadel Architecture + Planning Introduces Direct-to-Retailer Design studio
Move spurred by expected changes and greater innovation likely in the current environment

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