SEATTLE — L&B Realty Advisors has completed the $8 million disposition of a retail building located at 601 Pine St. in downtown Seattle. Dino Christophilis and Daniel Tibeau of CBRE represented the seller in the deal. Situated on 0.35 acres of land, the 67,578-square-foot property is located a block away from Westlake Center and in the core of Seattle’s central business district. The undisclosed buyer plans to renovate the four-story property in preparation of new retailers, according to CBRE.
REDLANDS, CALIF. — CBRE has negotiated the sale of Orange Plaza, an office building located at 1615 Orange Tree Land in Redlands. A corporate seller sold the asset to an undisclosed buyer for $6.2 million. Sammy Cemo, Austin Reuland, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller in the transaction. Situated on 2.5 acres, the two-story building offers 36,360 square feet of office space and ample parking.
GLENDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a single-tenant retail property located at 6773 W. Bell Road in Glendale. WM Grace Cos. sold the asset to Teakwood Norman LLC for $3.2 million. Dollar Tree occupies the 12,064-square-foot property, which was built in 2002, under a net-lease structure. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the transaction.
MOUNTAIN VIEW, REDWOOD CITY AND SUNNYVALE, CALIF., AND SEATTLE — Interstate Equities Corp. (IEC), in partnership with PGIM, has acquired a portfolio of four multifamily properties totaling 574 units in Silicon Valley and Seattle. The sales price was $272 million. The seller was not disclosed. The properties, all of which were built between 1987 and 2015 and offer amenities such as fitness centers, pools, dog parks, business centers and outdoor grilling and dining stations, are collectively known as the mResidences Portfolio. They include: IEC plans to implement strategic value-add improvements and amenity enhancements designed to optimize operations and improve net operating income across the assets. The deal is structured with PGIM holding a majority of the equity interest, while IEC retains a minority. “This acquisition reflects a disciplined, risk-aware approach to capital deployment, with a focus on assets positioned to perform through the full hold period,” says Brendan Gibney, director of investments at IEC. “In Silicon Valley and South Lake Union, structural supply constraints, elevated replacement costs and durable employment fundamentals provide meaningful downside protection for occupancy, while strong rent momentum in the Bay Area supports continued rent growth across the cycle.” — Amy Works and Taylor Williams
SANTA MARIA, CALIF. — Priority Capital Advisory, led by Founder and President Zachary Streit, has closed on $174 million in construction financing on behalf of the ownership of Blosser Ranch, a 160-acre master-planned development in Santa Maria. The financing funds both horizontal and vertical construction for the first phase, a three-story, 302-unit, garden-style apartment community on 12 acres. Additionally, the funding recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases. The structured capital stack financing includes: The Class A multifamily property will feature studio, one-, two- and three-bedroom floor plans ranging in size from 490 to 1,188 square feet. Community amenities will include a pool and spa, clubhouse, fitness center, business center, outdoor barbecues, fire pits, a pet park and a playground. Completion of the first phase is slated for summer 2027. Upon full build-out, Blosser Ranch is planned to include approximately 1,500 single-family and multifamily residential units, retail space, a public park, a school and a water retention basin.
GREAT FALLS, MONT. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Talus Apartment Homes, a multifamily property in Great Falls. Brock Zylstra and Danny Shin of IPA, in association with Adam Christofferson as Marcus & Millichap’s broker of record in Montana, represented the seller and procured the buyer in the deal. Terms of the transaction were not released. Built in two phases in 2015 and 2018, Talus Apartment Homes features 288 studio, one- and two-bedroom layouts with open concept living areas. All units offer stainless steel appliances, modern cabinetry and washers and dryers. Community amenities include a resort-style swimming pool, 24-hour fitness center and a clubhouse with a theater and media room.
SAN FRANCISCO — REALM, in partnership with Cannae Partners, has purchased 340 Bryant Street, an office building in San Francisco’s South Beach submarket, for $10 million. At the time of sale, the 66,000-square-foot property was fully vacant. The seller was not disclosed. Originally constructed in 1932, the property was previously occupied by WeWork and renovated in 2015 with approximately $14.7 million of capital improvements. The four-story building features modern systems, exposed ceilings, creative finishes, a rooftop deck, showers, locker rooms and flexible zoning supporting office and research-and-development (R&D).
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.8 million sale of a newly constructed, single-tenant retail property located in the Inland Empire city of Perris. A Starbucks café and drive-thru occupies the 2,200-square-foot building on a 10-year triple-net corporate lease with 10 percent rental increases every five years. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Yellow Rose Ranch LLC, an affiliate of The Lynch Group. Betty Gulezyan of I.D.L. Home represented the buyer, a private investor based in Newport Beach, Calif. Hanley Investment Group has sold 18 single-tenant Starbucks properties totaling $55 million in the past 18 months.
LA MESA, CALIF. — Federal Realty Investment Trust is underway on the redevelopment of Grossmont Center, a 925,000-square-foot shopping center located in the San Diego suburb of La Mesa. The first phase of the multi-year renovation will include façade upgrades for storefronts; updated landscaping and greenery; enhanced common areas with new outdoor seating; and improvements to pedestrian foot traffic routes, lighting and overall visibility. Completion of Phase I is anticipated for October 2026. All existing businesses will remain open throughout construction. Federal Realty Investment Trust acquired Grossmont Center in 2021. Tenants at the 64-acre property consist of Barnes & Noble, Bath & Body Works, BJ’s Restaurant & Brewhouse, Chuck E. Cheese’s, Chuze Fitness, Cold Stone Creamery, CVS Pharmacy, Famous Footwear and Jamba Juice.
MURRIETA, CALIF. — JPI has closed on Parcel A at the intersection of Jefferson Avenue and Murrieta Hot Springs Road in Murrieta for the development of a multifamily property. Slated for delivery in second-quarter 2028, the four-story, garden-style community will feature 394 one-, two- and three-bedroom apartments, a fitness center with indoor workout space and stretching room, resident clubhouses and a covered logia with various lounge spaces, TVs and games. Additional amenities will include swimming pools, a lap pool, two hot tubs, multiple private cabanas, an outdoor kitchen with barbecues, outdoor fireplaces, community co-workspace, a pet spa, a large dog park, bicycle storage and repair space and electric vehicle parking.
