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Retail portion of The Landmark sells for $33.2 million                                 Featured in CREJ’s June 21-July 4, 2017, issue

 

 

The sale of the majority of The Landmark’s retail space (Comedy Works owns its space) included a vacant pad with signage rights and Interstate 25 frontage that can accommodate up to 10,000 sf.

By Jennifer Hayes June 19, 2017

 

It was a “landmark” of a sale in Greenwood Village.

Sperry Equities, a California based full-service commercial real estate investment and management company specializing in the repositioning of underperforming real estate, acquired 170,000 square feet of retail space at The Landmark for $33.2 million. “It’s an asset that’s unique in and of itself.

It’s an entertainment- and restaurant-driven property,” noted Matthew Henrichs of CBRE, who brokered the sale with CBRE’s Mike Winn, Tim Richey and Brad Lyons.

The Landmark also is unique because of its history.

EWP-GV, an affiliate of East West Partners, took over as receiver of The Landmark property in November 2013, including the two residential towers and retail component, which included The Landmark Theatre as well as a variety of restaurants and boutiques.

“We assumed the role of receiver at The Landmark when the existing construction loans were purchased by GV Holdings LLC. The retail component of The Landmark was acquired alongside the remaining unsold residences and it was always our intention to refresh, renew and revitalize the property, and make it into a compelling investment for a long-term investor,” said Amy Cara, partner at East West Partners overseeing The Landmark. “It was a tight field of prospective buyers, but we felt that Sperry Equities had a great perspective on this center as an example of the new view of retail that focuses on dining and entertainment uses.”

Continuum Partners led an aggressive leasing effort, followed by Sognare Partners, with whom East West Partners engaged to oversee commercial leasing that boosted The Landmark’s tenant roster. New businesses to the retail center at 7600 Landmark Way include Onus iV Hydration, Early Bird Restaurant, Espresso Americano, Scissors & Scotch, CycleBar, Upstairs Circus, The Palate Food + Wine Bar and Bad Daddy’s Burger Bar.

At the time of contract, the retail component was 71 percent leased; however, the seller’s leasing momentum through the contract process brought the property to approximately 80 percent at the time of sale, added Henrichs.

“East West Partners did a phenomenal job changing the overall appeal of The Landmark and a great job of building leasing momentum,” said Henrichs. More than 10 offers were received on the property, which was purchased as a value-add play.

The sale of the majority of The Landmark’s retail space (Comedy Works owns its space) included a vacant pad with signage rights and Interstate 25 frontage that can accommodate up to 10,000 sf.

East West Partners also sold the final two residences at The Landmark in April, bringing total sales volume for the 107 unsold units to $85 million with an average sales price of $811,450 – more than a 20 percent increase over average sales values when the loans were acquired.

Sperry Equities plans for additional investment in the property and will continue to build on the investments made under East West Partners. Several new leases are being negotiated.

With the acquisition, Sperry Equities owns seven properties in the Denver area.

‘Hobbit’ house in Montana was on the market for $595K

 

 

"The Shire' currently serves as a unique vacation spot complete with two bedrooms"

by Marian McPherson Staff Writer

 

You can live in The Shire, and you won’t have to battle orcs, dodge the bows and arrows of elves, keep a pesky creature from stealing your ring or avoid the eye of Sauron to get there.

The Shire of Montana,” a two-story, 1,000 square-foot guest retreat nestled in the Cougar Peak and Whitepine valleys of Trout Creek, Montana, is on the market for $595,000.

The second place winner of “The Best Themed Homes In The World” currently serves as a unique vacation spot complete with two bedrooms, a full bath, kitchen, pantry, dining and living rooms, an entertainment center and outdoor deck for parties like Middle Earth has never seen before.

The Deck

The owners say the home can serve as a private family vacation house, a place for yearly company retreats, a year-round residence for someone who’d like to live a more quiet life or it can continue its life as a hotel.

If you’re still not sure about officially taking Bilbo’s place as the owner of The Shire, he’s willing to let serious buyers rent the home for a couple nights to see if it’s the perfect place.

A gorgeous snapshot of the Cougar Peak and Whitepine valleys.

Las Vegas’ shortage of affordable housing is worst in the country, study finds

 

 

Poor families seeking affordable housing are better off in any other metro area than Las Vegas.

By April Corbin (contact)

Saturday, March 4, 2017 | 2 a.m.

Carpenters work on an affordable housing complex being built by Nevada HAND on Boulder Highway, Monday, Jan. 23, 2017. Nevada HAND is a real estate development company that focuses on affordable housing projects.                      Steve Marcus

According to a study released this week by the National Low Income Housing Coalition, Las Vegas has the biggest shortage of affordable and available rental homes. Only 12 affordable rental units are available for every 100 households classified as “extremely low income.”

Nevada overall fares only slightly better, with 15 units available for every 100 households.

The national average is 35.

A household is considered extremely low income if its annual income is at or below 30 percent of the area median income. The area median income in Clark County is $59,000. That means a family of four would be considered extremely low income at $24,300 or less.

Nationally, 11.4 million households are classified as extremely low income. This group accounts for more than 10 percent of all households and 26 percent of all renter households. According to the study, 71 percent of these extremely low income renter households spend more than half of their income on rent and utilities, leaving them cost burdened and forced to sacrifice other needs like food and health care.

The study found that 83 percent of extremely low income households in Nevada and 86 percent of extremely low income households in Las Vegas are severely cost burdened. The next highest percentage was Florida, where 79 percent of extremely low income households are considered severely cost burdened.

Las Vegas topped the list of large metropolitan areas with the lowest availability of available rental homes for extremely low income households. Los Angeles ranked second, with 16 affordable units available per 100 households in need. Houston, Orlando and San Diego rounded out the top five.

At the other extreme, Boston has the greatest availability of these rental units. However, even that city has a shortage, with only 46 units available for every 100 households. Following Boston with the most availability was Pittsburgh; Providence, R.I.; Buffalo, N.Y., and Cleveland.

The study estimates the shortage of affordable rental homes is 3.9 million nationally. One known issue is that rental units that are affordable to extremely low income households are sometimes rented by those classified as “very low income,” “low income” or even “median income.”

Homeless households were not included in these findings. When those are added in, the national affordable housing shortage sits at 7.8 million units nationally.

The National Low Income Housing Coalition study concluded by calling for tax reforms and a restructuring of priorities to help those households with the greatest housing needs.

Planning Commission recommends against housing development near Red Rock

 

 

Entrance at the Blue Diamond Hill Gypsum Mine which Developer Jim Rhodes is renewing his decade-long bid to develop as a master planned community with 5,000+ units.

By Daniel Rothberg (contact)

After two hours of public comments Tuesday night, Clark County planners voted against a controversial proposal to develop a master-planned community on a hill overlooking Red Rock Canyon.

The Planning Commission’s unanimous vote serves as a recommendation to Clark County commissioners, who will vote in December on whether to allow the project to proceed.

Las Vegas developer Jim Rhodes has long sought the county’s permission to build a community over 2,010 acres on a hill near the town of Blue Diamond. The development would have 5,025 homes and eventually replace Rhodes’ active gypsum mine.

Mining on the site would continue for about 10 years, with the master-planned project being developed in phases. The land is also near a separate gypsum processing facility, which is not owned by Rhodes.

In recommending the county deny the development plan, the panel’s chairman, Dan Shaw, said he had concerns about continued gypsum-related activity interfering with residents. He also raised the concern that approving the project in an area zoned for low-density rural development could deviate from the county’s comprehensive master plan for growth.

All seven planning commissioners voted against the proposal. The Clark County Commission will consider the project on Dec. 7.

Dozens of activists, concerned a master-planned community so close to Red Rock would damage the ecosystem and lead to traffic problems, spoke against the plan.

“We are so grateful to the planning commissioners for hearing our concerns,” said Heather Fisher, president of the advocacy group Save Red Rock.

“Their vote to preserve the character of Red Rock Canyon and recommend denial of (a) sprawling development next to our national treasure was truly courageous,” she said. “We will now take the fight to the Clark County Commission.”

The Planning Commission’s recommendation is the most recent turn in a decade-long debate over the most appropriate long-term use for Rhodes’ land.

In 2003, the state Legislature and Clark County passed rules prohibiting increased density near Red Rock’s outlying areas.

After Rhodes successfully challenged the rules in court, the county approved a master-planned community in 2011. That approval, however, lapsed while Rhodes’ development team was in talks with the Bureau of Land Management, forcing management to reapply for county approval earlier this year.

New Mexico State plans to invest more than $190m in real estate

 

 

The New Mexico State Investment Council is planning to issue commitments of at least $190m (€179.3m) in real estate in 2017.

By Jon Peterson

The sovereign wealth fund has the potential to invest more capital, with flexibility depending on opportunities that the investor finds attractive in the market.

New Mexico State works on its real estate portfolio along with assistance from its real estate consultant, the Townsend Group.

New Mexico is planning to invest through funds, as it lacks the size to consider separate-account relationships.

The investment strategy for 2017 calls for all capital to be invested in strategic or non-core real estate.

Vince Smith, deputy investment officer at New Mexico, said: “When we first started our real estate investment expansion a few years ago, we filled out our core exposure first.

“Now we are looking at investing the capital into value-add real estate, which should produce some attractive investment opportunities.”

The one investment already approved this year was a $75m commitment into Asana Partners Fund I.

While actually approved in 2017, New Mexico funded the capital for this investment from its 2016 allocation.

Three or four commitments could be planned for 2017 in the range of $75m-100m.

New Mexico will be considering US or international investments, either on single property types or funds that buy into diversified asset types. 

 

Regional leaders endorse state transportation funding plan                                    By: Tom Hughes

 

We have two choices to preserve our quality of life: We can take action now, or let the challenges deepen as the fixes get more expensive. This is bigger than any one city, county or metro area. This affects us all, which is why we must all work together.

Leaders from throughout the metropolitan region endorsed the transportion funding plan being considered by the 2017 Oregon Legislature in an opinion piece published in the Tuesday issue of the Portland Tribune.

The statement was signed by Metro Chair Tom Hughes, Portland Mayor Ted Wheeler, Washington County Chair Andy Duyck, Clackamas County Chair Jim Bernard, TriMet General Manager Neil McFarlane, Port of Portland Executive Director Curtis Robinhold, and virtually everyone mayor in the tri-county region.

The endorsements are significant because the plan requires regional residents and businesses to bear a higher share of the 10 year, $8 billion plan's costs to receive a larger share of its benefits. Specific congestion-reduction projects in the plan for the region include rebulding the I-5/I-84 interchange in the Rose Quarter, widening I-205 from the Abernathy Bridge at West Linn to Stafford Road, and adding a third lane to two-lane portions of Highway 217.

The plan also includes money from transit, bike and pedestrian improvements. It would raise money in a variety of ways, including increases in gas taxes and registration fees, surcharges for bicycles and electric cars, a small tax on new and used vehicle purchases and a commitment to use tolls when appropriate for new construction.

The Portland Tribune editorial board also endorsed the transportation funding plan in Tuesday's issue, although it also called for greater oversight of the Oregon Department of Transportation.

Here is the statement signed by the regional officials

Every road, transit line and bridge we use today exists because Oregonians made a choice to take action and invest in transportation.

Getting around easily has long been a part of what makes Oregon a great place to live — a source of pride and prosperity. We've long enjoyed the reliability of getting to work on time, getting home to our families quickly and safely, and getting out of town for the weekend.

Lately, it feels different. Getting around is increasingly frustrating.

As mayors, county chairs and regional leaders, we see it throughout our region's communities.

Our constituents feel it when they wait in traffic for an hour — just to move a few miles. They feel it when they have to apologize for being late to work ... again. They feel it when they worry about loved ones making it home. They even feel it when local businesses wait longer for products to arrive in stores, and families pay more for those products.

We have two choices to preserve our quality of life: We can take action now, or let the challenges deepen as the fixes get more expensive.

This is bigger than any one city, county or metro area. This affects us all, which is why we must all work together.

We want to let it be known: We are united and ready to move forward.

We support our lawmakers working on a statewide transportation package that makes strategic investments that keep people safe and serve our communities. By taking this action together, we succeed together.

Let's act now to fight the congestion, help our families live better, help our employers stay competitive, and get us all where we want to be.

ELAND INVESTMENT