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April 24, 2024
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NEWS HEADLINES


MBK Rental Living Wraps Up Work on New 389-Unit Res Community in Silicon Valley
4/24/24
Vida at Morgan Hill has begun leasing to residents

Greystar Completes 1 msf of Spec Industrial Space in Mesa, AZ
4/23/24
Project represents phase I of 2.1 msf Gateway Grand development

Downtown Burbank to Gain Almost 1,000 Housing Units and Hotels as the City’s CBD Continues to Evolve
4/22/24
New additions to include a 573-unit, mixed-use project from LaTerra Development

Sacramento Office Property Acquired by Chavez Management Group in a $44 Mil Deal
4/19/24
The firm buys the two-building, 419k sf Natomas Corporate Center

Decron Properties Picks Up Res Community in $69 Mil Transaction
4/18/24
Purchase of 266-unit Hangar at Thunderbird in Glendale works out to $260k/unit

Commercial Real Estate Financing Briefs
4/18/24
Recent transactions from Gantry, Northmarq Capital, Marcus & Millichap Capital Corporation and Avatar Financial Group

Partners Capital and CNR Retail to Convert Older Vegas-Area Office Complex into a Lifestyle Retail Center
4/17/24
$30 mil redevelopment project has been named The Cliff

Cypress West Partners and TPG Angelo Gordon Form Joint Venture to Acquire Up to $300 Mil in Medical Office Properties
4/17/24
CBRE arranges partnership, which will focus on markets in the Sunbelt region

Regional Center in the L.A Area Trades in $66 Mil Deal
4/16/24
TRC Retail pays $574/sf for 115k sf La Canada Flintridge Town Center

California Landmark Group Wraps Up Work on Res Project in L.A.’s Silver Lake Neighborhood
4/15/24
100-unit M1byCLG is the largest multifamily development in the area since 2015

BH Properties Buys Iconic Mixed-Use Property in Seattle
4/12/24
75k sf Olympic Block building was built in 1902 and is located in the city’s Pioneer Square neighborhood

AEW Capital Management Buys 376-Unit Multifamily Property in Ventura County
4/12/24
Ranch at Moorpark sold by Decron Properties in a $133 Mil Deal

Cityview Wraps Up Work on Apartment Project in L.A.’s Historic Filipinotown
4/11/24
Belle on Bev offers 243 units in an art deco-designed community

AZ Shopping Center Fetches $319/sf
4/11/24
Whitestone REIT pays over $22 mil for 69k sf Scottsdale Commons

Commercial Real Estate Financing Briefs
4/09/24
Recent transactions from Gantry and Marcus & Millichap Capital Corporation

Brookfield Properties has Started Work on 600k sf AZ Industrial Project
4/08/24
Two-building Camelback 303 Logistics Center in Goodyear is being built by Stevens-Leinweber Construction

New 359-Unit Houston Res Development has Opened to the Public
4/05/24
The Laura is part of the first phase at Midway’s East River mixed-use campus

Housing Authority of the City of Los Angeles Spends $43 Mil for 120-Unit Res Property in the City’s La Fayette Park Neighborhood
4/04/24
Deal will help the city maintain workforce housing units

Work Gets Underway on Student Housing Project at California State University, Long Beach
4/04/24
108k sf La Playa Residence Hall was designed by Perkins&Will

EQT Exeter Closes $197 Mil Inland Empire Industrial Buy
4/03/24
Firm purchases 819k sf Commerce Way Distribution Center in Fontana

West Los Angeles Office/Retail Campus Lands $65 Mil Refi
4/03/24
JLL arranges new loan on 583k sf Wateridge complex

Rexford Industrial Acquires Blackstone Industrial Assets in Combined $1 Billion Investment
4/02/24
Deals comprise 48 properties totaling 3 msf of space

Greystar Real Estate Partners and The Resmark Companies Secure $95 Mil in Construction Money for Santa Clarita Res Project
3/29/24
Kennedy Wilson provides senior loan for 259-unit multifamily development within Sand Canyon Plaza community

Inland Real Estate Acquisitions Affiliate Buys 484-Bed Student Housing Community in Tucson, AZ
3/28/24
Property sits across the street from the University of Arizona

Commonwealth Development Corporation and WNC & Associates to Build Affordable Housing Community in Oregon
3/27/24
Pacific Flats in Phoenix will offer 72 LIHTC apartments

Work Completed on New Springhill Suites by Marriott Hotel in Chula Vista
3/27/24
179-room project was built by R.D. Olson Construction

R&V Management and Trammell Crow Residential Secure $200 Mil for Construction of a 600-Unit Res Project in Downtown Long Beach
3/26/24
CBRE Capital Markets arranges construction and mezzanine loans for Alexan West End

King Street Properties Underway with 60k sf Spec Life Sciences Project in Sorrento Mesa
3/26/24
Mesa Labworks is scheduled for completion in August 2024

Commercial Real Estate Financing Briefs
3/25/24
Recent transactions from CBRE, BWE, Gantry and JLL Capital Markets

Construction Started on Res Development in the City of Walnut
3/25/24
Terraces at Walnut will contain 290 residential units and 17k sf of retail space

Cohen Asset Management Spends Almost $22 Mil on New AZ industrial Facility
3/22/24
Firm pays $182k sf for Elwood Rising Project in Goodyear

Proposed Hollywood Creative Office Project Really Puts the Creative in Office
3/21/24
The Star will be a spiral-shaped tower with exterior gardens wrapping around the structure from top to bottom

Waterford Property Company, The Vistria Group and Northern Liberties Acquire 395-Unit Multifamily Community in Dallas
3/21/24
Domain at Midtown Park was purchased in a venture with the Dallas Housing Finance Corporation

CapRock Partners Picks Up 319k sf Industrial Property in Arizona
3/20/24
Firm buys four-building Chandler Airport Business Park

Cityview Finishes Work on 378-Unit Res Project in Oakland’s Master-Planned Brooklyn Basin Area
3/20/24
Portico combines city living with a waterfront setting

CBRE Investment Management and Hillwood Investment Properties Land $756 Mil in Financing for Fontana Industrial Development
3/19/24
Money to be used for construction of Phase I at Speedway Commerce Center

Washington Logistics Development Obtains $150 Mil in Mezzanine Financing
3/19/24
Loan follows $263 mil construction first on 2.48 msf Bridge Point Tacoma project

Westfield and Reinsurance Group of America Buys 431k sf Denver Industrial Property
3/18/24
Centerpark consists of three buildings that were fully leased at time of sale

Bradford Allen Hospitality Investments Buys AZ Hotel Asset in $23.7 Mil Deal
3/15/24
Chicago firm pays $237k/room for Aloft Glendale at Westgate

Malibu Mixed-Use Project is Refinanced with $135 Mil Take-Out Loan
3/13/24
JLL arranges first lien on 122k sf Cross Creek Ranch

Oberndorf Real Estate Management Affiliate and The Bascom Group Acquire 360-Unit CO Multifamily Community
3/13/24
Venture spends $74 mil on Hearthstone at City Center in Aurora

Oregon Multifamily Community Refinanced with New $80 Mil Freddie Mac Loan
3/12/24
JLL arranges financing on Chase Village in Eugene

IDEAL Capital Group Buys Phoenix Area Multifamily Community for $108 Mil
3/11/24
325-unit Sentio sold by Hines

Commercial Real Estate Financing Briefs
3/11/24
$142 mil of transactions from Marcus & Millichap Capital Corporation, Gantry and Northmarq

Huntington Beach Development Site Trades in $10.25 Mil Transaction
3/08/24
WJK Development to build luxury homes on the land

PCCP LLC and Alliance Residential Purchase Santa Clara Res Community in $125 Mil Deal
3/07/24
251-unit Prado goes for $498k/unit

Helio Group Acquires Culver City Res Community with $40 Mil Loan
3/06/24
JLL arranges financing for $68 mil purchase of Cobalt Apartments

Kennedy Wilson’s Real Estate Debt Platform Reaches $7 Bil in Originations
3/06/24
Platform totals $11 bil in capital commitments with $4 bil of remaining capacity

New Food-First Hotel Project Will Bring 108-Room Resort to Northern California
3/05/24
Appellation Healdsburg will consist of 12 buildings across eight acres

Multifamily Community Near Cal State Fresno Campus Sells for $30 Mil
3/05/24
The Victor goes for $129k/unit

Mixed-Use Project Nearing Completion in Lemon Grove
3/01/24
66-unit community in San Diego County is being developed by LLJ Ventures and Citymark Development

Orange County Multifamily Portfolio Lands $225 Mil in Financing
3/01/24
BWE arranges refi on five assets that frees up equity for purchase of sixth property

WHAT'S NEW
Phoenix Industrial Market Sees 10 msf of New Deliveries in the 1st Quarter 2024
4/18/24
Latest report from Avison Young shows the region leading the nation in new product development

Sacramento Office Market Continues to See Increasing Vacancy Rates
4/15/24
Kidder Mathews offers 1st Quarter update on the market

LA County Office Market Grapples with Record Vacancies
4/12/24
NAI Capital Commercial provides 1st Quarter 2024 update on the sector

Washington State Ranks as Top Ten Market in the U.S. for Data Center Leasing
4/10/24
Central Washington had an all-time vacancy low of just 0.2% at 2H 2023 while Seattle ended the year at 7.2%

Ventura County Industrial Rates Remain Steady as Vacancies Increase Slightly
4/09/24
1st Quarter 2024 review provided by Kidder Mathews

Phoenix Office Rental Rates Rise, Despite Increasing Vacancy Rates
4/05/24
Kidder Mathews provides 1st Quarter 2024 market update

Multifamily Sector Leads the Commercial Real Estate Market in L.A. County
4/02/24
1st Quarter 2024 CRE Market Trends report from NAI Capital Commercial also offers an update on the industrial, office and retail sectors

Uncharacteristically Slow Start for Portland’s Industrial Market not Considered a Trend
4/01/24
Kidder Mathews provides a 1st quarter 2024 snapshot of the sector

See Who Spoke at RENTV's March 21 OC State of the Market Conference
3/27/24
Photos of all the speakers at RENTV's 2024 OC State of the Market Conference

Initial Speakers Announced for 2024 Inland Empire State of the Market Conference
3/26/24
RENTV is presenting its 2024 Inland Empire State of the Market Conference on Thursday, May 2, 2024 at the Embassy Suites by Hilton Ontario Airport Hotel.

Click Here to learn more.

New Mortgage Payments Expected to be Higher than Rent for Next Five Years, Making U.S. Homeownership a Challenge for Many
3/25/24
CBRE research shows that the average monthly mortgage payment for a newly purchased home exceeds rents by 38%

NoCal SIOR Hosts Member Networking Event at Ferry Building
3/11/24
Commercial Real Estate Panel Shares Insights into What’s Ahead for Final Quarters of 2024

NAIOP SoCal Orange County Real Estate Challenge Featuring Chapman University vs. University of California, Irvine to be Held April 17
3/08/24
This year’s competition will be to determine the highest and best use for a rare and unique, 89-acre, infill site in Laguna Niguel

New Labor Law, Rising T.I. Costs and More – JLL Pros Comment on Retail in Los Angeles
3/04/24
Expect to see continued growth of different-sized grocery stores

Investment Volume Could Pick Up in 2nd Half of Year if Central Banks Cut Rates in the Second Quarter
2/15/24
Quick Review of Key Findings from CBRE Global Investment Brief

Allen Matkins/UCLA Anderson Forecast California CRE Survey Finds Adaptive Reuse of Office Buildings is on the Rise
2/14/24
Office conversion projects are expected to move forward; retail’s rebound is here; industrial demand starts to balance out and multifamily begins to feel macroeconomic pressures

Single Tenant Investment Sales Volume Lowest Since 2012
2/12/24
Quarterly sales volume down 31.7% from previous quarter according to Market Snapshot Report from Northmarq

New Multifamily Deliveries Reach Record High as Rental Growth Slows in Q4 2023
2/09/24
CBRE reports that record new supply delivery pushes up vacancy rate

Building Sales in the Inland Empire's Industrial Market Experience a Shift
2/02/24
Report from NAI Capital Commercial suggests that sellers of industrial buildings are now facing a new reality

Century City Experiences a Surge in Vacant Office Space At Year-End 2023
1/29/24
NAI Capital Commercial provides end of year update on the market

 
ETC. ETC...
Grubb Properties Obtains $20 Mil for Three SoCal Retail to Res Conversions
4/23/24
Bolour Associates arranges money for projects expected to create 375 new housing units

Advanced Real Estate Creates an Investment Alternative to a 1031 Exchange
4/23/24
With X Fund, investors trade their smaller multifamily properties into a single portfolio for limited partnership shares

Noble House Hotels & Resorts Makes Equity Investment in Oregon Resort Properties
4/23/24
Sonnenblick-Eichner Company arranges joint venture arrangement for Pacific City Lodging Portfolio

Rimkus Consulting Group Inks Long-Term Lease for 50k sf of Houston Office Space
4/22/24
Deal is at four-building Woodbranch Plaza complex

Community Preservation Partners Acquires 42-Unit Affordable Housing Project in El Centro, CA
4/22/24
Firm to spend $81k/unit in renovations and to maintain the property’s affordable status

Phoenix Multifamily Property Comps at $194k/Unit
4/19/24
$14.75 mil deal is for Arcadia Gardens

LBA Logistics Buys Third and Final Building at 1.26 msf Salt Lake City Industrial Development
4/19/24
Deal is for new 179k sf structure at Mountain View Industrial Park

New York Life Real Estate Investors and Bridgeton Pay $282/sf for San Francisco Office Asset
4/18/24
78k sf building at 410 Townshend Street fetches $22 mil

BridgeCore Capital Introduces New Bridge Loan Program for Vacant 99 Cents Only Stores
4/17/24
Loans expected to range between $500k and $3 mil

Commencement Bank Inks Lease for New 18k sf HQ Space in Downtown Tacoma, WA
4/16/24
Firm takes full floor at building owned by John Xitco and Luke Xitco

Max Benjamin Partners Acquires StackSource
4/15/24
Move will provide the company access to automatically updated capital markets information

The Bascom Group Picks Up 72-Unit Senior Housing Property in Nevada
4/15/24
Firm pays just over $3 mil for Homestead at Boulder City

L.A.-Based Buyer Spends $24.5 Mil on Two Industrial Buildings in Vista
4/12/24
Assets are fully leased to Solatube International

Forefront Commercial Real Estate Buys 627k sf Industrial Portfolio in Dallas
4/12/24
Acquisition was 100% leased at time of sale

Endeavor Real Estate Group-Managed Fund Buys 120k sf TX Office Asset
4/11/24
Purchase is of Plaza on the Lake in Austin

Yohar Renaud and Kyle Herting Join CBRE
4/10/24
They both will specialize in retail leasing as vice presidents

Andrew Jennison and Daniel Pickart Join Newmark
4/08/24
Duo will be based out fo the firm’s Century City office

Sperry Commercial Global Affiliates Changes Its Name to SPERRY
4/05/24
The firm feels the new name will better reflect its aggressive efforts to expand within the U.S. and globally

Texas Hotel Asset Refinanced with New First for $19.5 Mil
4/04/24
Sonnenblick-Eichner Company arranges money on Valencia Hotel Group’s texican Court in Irving

HPI Holdings Buys Houston Light Industrial Asset
4/04/24
Purchase was of 223k sf Clay Crossing Business Center

Ares Management Buys 258k sf OC Distribution Facility
4/04/24
Westminster building was 72% leased at time of sale and offers the buyer a variety of strategies

New Petaluma Res Project Slated to Open Summer 2024
4/03/24
134-unit The Haven at Deer Creek is a development of MBK Rental Living

Discover Financial Services Inks Expansion/Extension Lease for 47k sf in Phoenix
4/02/24
Firm ups its existing space by an additional 15k sf at The Grove at Black Canyon

Affiliate of L.A.-based SDS Capital Group Invests $17.5 Mil in TX Facility Expansion Project
4/02/24
Expansion of Rich Products’ Brownsville, TX manufacturing facility expected to create 132 full-time jobs

CENTRL Office to Takeover Former WeWork Space in Seattle
4/01/24
Arrangement is for 53k sf within Capitol Hill’s Kelly-Springfield Building

Online Luggage Seller Leases 40k sf of Industrial Space in Tempe
3/29/24
Five-year deal averages out to just over $1/sf/mo

City of Orange Honors AO Architects for 50 Years of Award-Winning Design Work and Community Service
3/28/24
Firm’s work in the U.S. has spanned from Los Angeles to Boston, and internationally from Toronto to Jakarta

Urban Catalyst Lands $10.5 Mil in Financing for San Jose Mixed-Use Development
3/27/24
Gantry arranges money to recapitalize the land site and for pre-construction costs

New Denver Logistics Development is 33% Preleased at Completion
3/26/24
Project is Westfield Company’s 473k sf Pivot Denver

Phoenix Lab Property Purchased for $6.3 Mil by Exchange Investor
3/20/24
25k sf facility is fully leased by Nextmune

Newly Constructed Warehouse within Tejon Ranch Commerce Center Sells for $37 Mil
3/20/24
Lebec facility was developed and sold by a partnership of Dedeaux Properties and Basis Investment Group

Bixby Land Company Establishes Industrial Fund
3/19/24
Fund launches with the recapitalization of five existing properties in CA, AZ and GA

Two New Single-Tenant Retail Properties in Merced Fetch Over $8 Mil
3/19/24
Separate deals are for newly constructed 7-Eleven/gas store asset and a Starbucks store

LaSalle Investment Management Buys Multifamily Community in Portland Suburb
3/15/24
Firm buys 183-unit Creekview Crossing in Sherwood

Arizona Retail Sale Works Out to $66/sf
3/15/24
Purchase is of 189k sf Sun Village Fair in Chandler

Matt Carlson and Patrick Gildea Named Regional Leaders at CBRE Capital Markets
3/14/24
Carlson will provide strategic oversight for the West region, while Gildea will lead the East region

Tourmaline Capital Pays $16.7 Mil for OC Retail Center
3/14/24
Anaheim Hills Shopping Village goes for $247/sf

Drawbridge Realty Finishes Work on 80k sf Office/R&D Facility in San Diego’s Rancho Bernardo Submarket
3/13/24
Two floors of the three-story spec building have now been leased

The Bascom Group Buys 96-Unit Res Property in New Mexico
3/11/24
Third purchase so far this year is for San Miguel Court Apartments in Santa Fe

Canadian Firm Spends $24 Mil on 115k sf Industrial Facility Near Phoenix Sky Harbor International Airport
3/08/24
Property was sold by American Refrigerator Supplies in a sale/leaseback deal

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