Property Type

Jackson Square Properties Sells Waters Edge Multifamily Property in Kent, Washington for $80M

by Amy Works October 6, 2023

KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit. Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.

October 6, 2023

Acquisitions California Retail Western

Newmark Brokers Sale of 110,511 SF Pacific Pearl Shopping Center in Pleasanton, California

by Amy Works October 6, 2023

PLEASANTON, CALIF. — Newmark has arranged the sale of Pacific Pearl, an ethnic grocery-anchored retail center in Pleasanton. Terms of the transaction were not released. Nicholas Bicardo, Bill Bauman, Kyle Miller and Cheyne Bloch of Newmark facilitated the transaction. Developed in 2018, Pacific Pearl features 110,511 square feet of retail space. 99 Ranch Market, a Chinese and Pan-Asian supermarket, anchors the asset. Other tenants include 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken. Tourmaline Capital acquired the property and retained Vestar as manager.

October 6, 2023

Loans Retail Washington Western

Gantry Arranges $30M Loan for Auto Dealership in Kirkland, Washington

by Amy Works October 6, 2023

KIRKLAND, WASH. — Gantry has secured a $30 million permanent loan to refinance the Lee Johnson Family’s automotive dealership property in Kirkland. Located at 11845 NE 85th St., the asset features a 100,000-square-foot commercial facility and showroom. Demetri Koston and Mike Taylor of Gantry arranged the nine-year, low-leverage loan that features a fixed rate and 30-year amortization for the borrower, a private partnership.

October 6, 2023

Acquisitions California Multifamily Western

TMG Negotiates Sale of 100-Unit Rosemont Terrace Apartments in Sacramento

by Amy Works October 6, 2023

SACRAMENTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Rosemont Terrace, a garden-style apartment property in Sacramento. A Southern California-based private investment group sold the community to an undisclosed buyer for $17.9 million. Located at 3690 S. Port Drive, Rosemont Terrace features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 15 two-story residential buildings. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area and carport parking. The property was built in 1970. Otto Ozen of TMG represented the seller in the deal.

October 6, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

CBRE Arranges $182 Million Sale of Multifamily Complex in Cambridge, Massachusetts

by Jeff Shaw October 6, 2023

CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a reception area; clubroom with a projector screen and shuffleboard court; co-working lounge; private meeting spaces; and fitness center. According to the property website, Hanover North Cambridge offers studio, one-, two- and three-bedroom floor plans. Rental rates range from $2,976 per month for a studio to $6,284 per month for a three-bedroom apartment. The property is LEED Gold-certified. The community is located adjacent to the MBTA Alewife Station, giving residents train access to the greater Cambridge and Boston areas. Cambridge is home to more than 32 million square feet of office space, as well as Harvard University and the Massachusetts Institute of Technology (MIT). A CBRE Capital Markets team consisting of Simon …

October 6, 2023

Market Reports Retail Washington Western Western Market Reports

Suburbs Serve as Main Retail Growth Driver in Seattle

by Jeff Shaw October 6, 2023

— Jennifer Seversen, Vice President, CBRE — Suburban retail is emerging as the main driver of retail growth in Seattle. In the height of the pandemic, many consumers stayed close to home, rediscovered their neighborhoods and began shopping primarily in their communities. These habits have continued and, as a result, retailers on once-heavily trafficked commute paths have experienced declining sales revenue. Retailers are taking notes, particularly those in city office districts that rely heavily on daytime foot traffic. The white-hot activity in suburban retail has led to vacancy rates under 2 percent, healthy rent growth and record-breaking absorption within new developments. Rents in suburban markets like Totem Lake, Bothell and Woodinville are outpacing downtown Seattle by 50 percent, something that would not have been conceivable three years ago. Well-located mixed-use retail projects and neighborhood centers have led the way in pushing rent growth, while grocery-anchored developments have been attractive assets to investors. Restaurants have proven to be a major driver of retail activity, with Seattle having a 7 percent increase in diners year over year through the second quarter, the fifth highest increase in the U.S., according to OpenTable. An example of the rise in suburban retail demand is Harvest, …

October 6, 2023

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $65M Affordable Housing Project in San Antonio

by Taylor Williams October 5, 2023

SAN ANTONIO — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable housing project in San Antonio. Income restrictions for the community were not disclosed. Palladium Crestway will be a three-story building with 271 units on a 10-acre site. Residences will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, sports court, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. Preleasing will begin next summer, and full completion is slated for next winter. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust. PNC Bank provided a $27 million equity investment. Kim Parker of Dynamic Commercial Real Estate represented Palladium USA in the purchase of the land. Cross Architects designed the Palladium Crestway, and Brownstone Construction is serving as the project’s general contractor.

October 5, 2023

Development Multifamily Texas

Legacy Partners, Pondmoon Capital Open 296-Unit Merit Apartments in Lewisville, Texas

by Taylor Williams October 5, 2023

LEWISVILLE, TEXAS — San Francisco-based Legacy Partners and Pondmoon Capital Holdings USA have opened Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development features one-, two- and three-bedroom units that range in size from 630 to 1,500 square feet and are furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies/patios. Amenities include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Project partners included JHP Architecture and Provident General Contractors.

October 5, 2023

Acquisitions Office Texas

JLL Negotiates Sale of 226,586 SF Office Building in Houston’s Energy Corridor

by Taylor Williams October 5, 2023

HOUSTON — JLL has negotiated the sale of Memorial Pointe, a 226,586-square-foot office building in Houston’s Energy Corridor area. The 11-story building sits on 2.5 acres and has received multiple capital improvements since 2017, including a renovated lobby, and was 25 percent leased at the time of sale. Rick Goings, Tom Hall and Chad Coluccio of JLL represented the undisclosed seller in the transaction. The buyer was Interra Capital, a Houston-based private equity and financial advisory firm.

October 5, 2023

Leasing Activity Retail Texas

House of Gainz to Open 41,000 SF Gym in Northeast Austin

by Taylor Williams October 5, 2023

AUSTIN, TEXAS — Fitness operator House of Gainz will open a 41,000-square-foot gym at 235 Canyon Ridge Drive in northeast Austin. The facility, which will be the company’s second in the Austin area, will offer boxing, HIIT and boot camp classes, a range of fitness equipment and weights, posing room, cold plunge, sauna and a wellness center. The opening is scheduled for November. Kristiana Beck of Realty Austin represented House of Gainz in the lease negotiations. Bryan McMurrey of Transwestern represented the landlord.

October 5, 2023

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