Market Highlight: Sublease Space Stagnates, but 2021 Shows Promise for Las Vegas Office Market

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February 11, 2021  •  Issue 1,080

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Millburn & Co. Acquires Heritage at Deer Valley Apartments in Phoenix for $178.5M

Located in Phoenix, Heritage at Deer Valley features 832 apartments, three swimming pools, two outdoor playgrounds, a fitness center, dance studio and dog park.

PHOENIX — Salt Lake City-based Millburn & Co. has purchased Heritage at Deer Valley, a multifamily community located at 3010 W. Yorkshire Drive in Phoenix. West Palm Beach, Calif.-based Priderock Capital Partners sold the asset for $178.5 million.

Built in two phases in 1996 and 2000, Heritage at Deer Valley features 832 apartments in a mix of one-, two- and three-bedroom units. Community amenities includes three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness center, dance studio, resident clubhouse, two outdoor playgrounds, a dog park, putting green and several barbecue and picnic areas.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

NewcrestImage, Canterbury Hotel Group Open 125-Key Hyatt House Portland/Beaverton

Situated in downtown Beaverton, Ore., Hyatt House Portland/Beaverton features 125 guest rooms, including 13 apartment-style suites.

BEAVERTON, ORE. — A joint venture between Dallas-based NewcrestImage and Portland-based Centerbury Hotel Group has opened Hyatt House Portland/Beaverton. The hotel is located at 12820 SW Crescent St. in Beaverton, approximately seven miles west of downtown Portland.

Situated in the downtown area, the property features 125 guest rooms, including 13 apartment-style suites with fully equipped kitchens and separate living spaces. Additional hotel amenities include two indoor lounges, an outdoor patio and barbecue area, 635-square-foot meeting room, 24-hour gym and mini-market.

The Hyatt House in Beaverton marks the first joint venture for the companies. NewcrestImage currently owns and operates 30 hotels nationwide, and Canterbury Hotel Group has a portfolio of 10 hotels in the Pacific Northwest.

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Market Highlight: Las Vegas

Sublease Space Stagnates, but 2021 Shows Promise for Las Vegas Office Market

This rendering shows 1700 Pavilion, a 10-story office building to be constructed at Summerlin in Las Vegas. Completion is slated for late 2022.

By Dan Palmeri, Senior Director, Tenant Advisory Group, Cushman & Wakefield

As with most of the country, Las Vegas’ office market has been significantly impacted since COVID-19 restrictions started back in March. While many businesses have been allowed to operate at limited capacities, we’ve also seen many larger office users elect to work from home over the past nine months. 

This increase in work from home scenarios has naturally created a large increase in sublease availabilities in the market. Prior to March 17, 2020, we were tracking 24 subleases consisting of 555,000 square feet, with two of those spaces being 257,000 square feet and 61,000 square feet, or roughly 57 percent of the overall inventory. Since March, we’ve seen the number of availabilities increase to 70 with a total of more than 1.2 million square feet of space.

This represents an increase of 118 percent. We’re tracking an additional 313,000 square feet of pending subleases that have yet to hit the market. This will bring the total to 78 options, with six of the availabilities being 50,000 square feet or larger. <Read more>

Digital Edition

Have you read the January 2021 issue?

Outlook for 2021: A Bifurcated CRE Industry with Optimism for Some, Trepidation for Others
Though just about all of our annual survey respondents agree this year has be to better than last, the levels of pain and pleasure experienced seem to vary

Is Phoenix the West's Most Pandemic-Resistant City?
Fewer restrictions and a flight to secondary suburbs has caused Phoenix to emerge as a bright spot during COVID-19.

Market Highlight: Phoenix

  • Phoenix Industrial Market Remains Busier Than Ever
  • The Office Market Braces for More COVID Fallout
  • High Demand for Rentals Drives Phoenix Multifamily Market to New Heights
  • Retail Remains Active in Phoenix
Read the Digital Edition
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In Case You Missed It

Avison Young Capital Markets Negotiates $57M Sale-Leaseback of Wellness Campus Near Vail, Colorado

PCCP Provides $30.2M Acquisition Loan for Hotel Indigo in Downtown Denver

Industrial Outdoor Ventures Enters Salt Lake City Market, Buys Vacant Warehouse


Gelt Buys Regatta Apartments Near Denver from Sares Regis Multifamily for $100.5M

Regatta Apartments in Northglenn, Colo., features 352 apartments, a swimming pool, sports court, media center, fitness center and dog park.

NORTHGLENN, COLO. — Los Angeles-based Gelt has purchased Regatta Apartments, a multifamily community located at 10500 Irma Drive in Northglenn. Sares Regis Multifamily Funds sold the asset for $100.5 million.

Built in 2001 on 23 acres, the garden-style property features 22 two-story residential buildings, offering a total of 352 apartments in a mix of one-, two- and three-bedroom units, and one clubhouse building. All units were recently renovated to feature vinyl plank flooring, stainless steel appliances, quartz countertops, white shaker cabinets, nine-foot ceilings, patios or balconies and extra storage.

Community amenities include a resort-style swimming pool, hot tub, sports court, media center, theater, fitness center, business center, splash park, dog wash, dog exercise park and barbecue area with fire pit.

With this transaction, Gelt now owns more than 2,600 units across seven apartment communities in the Denver metro area.

Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller and buyer in the deal.

Nadel Architecture Completes 155,000 SF Expansion at Showcase Mall in Las Vegas

The new expansion of Showcase Mall in Las Vegas features a 50,000-square-foot Burlington and a 20,000-square-foot Target.

LAS VEGAS — Nadel Architecture + Planning, as architect and designer, has completed the 155,000-square-foot Phase IV expansion of Showcase Mall, a 481,400-square-foot retail and entertainment destination owned by Gindi Capital.

Located at 3767 S. Las Vegas Blvd., the 155,000-square-foot phase includes the addition of a 50,000-square-foot Burlington and a 20,000-square-foot Target. Gindi Capital plans to add a rooftop bar and restaurant 75 feet above street level, offering views of the Las Vegas Strip.

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More Regional News

Parkview Financial Provides $27.5M Construction Loan for Kestrel Park Apartments in Vancouver, Washington

Lument Provides $28M Fannie Mae Refinancing for Seniors Housing Property in Solana Beach, California

SRS Real Estate Partners Arranges $9M Sale of Multi-Tenant Retail Center in Palmdale, California


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