BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of a 31,067-square-foot office building in the Milwaukee suburb of Brookfield for $3.2 million. Nu-Art Dental Lab occupies the net-leased property, which is located at 160 Bishops Way within the Bishop’s Woods Office Park. Nu-Art has occupied the building since 2013. The Rowlett Group of Marcus & Millichap’s Milwaukee office represented the seller, a private investor. The Rowlett Group and Tom Gommels of Marcus & Millichap’s Minneapolis office represented the buyer, an out-of-state limited liability company. The tenant had more than seven years remaining on its lease term at the time of sale.
SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million. Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny Triangle submarket. The project will sit directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Project architects LMN and Callison RKTL are designing Washington 1000 to achieve LEED Gold and Fitwel certifications. The design will appeal to post-pandemic office needs with enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. The design will also allow for flexibility with 36,500-square-foot, column-free floorplates, as well as maximum natural light with high ceilings and floor-to-ceiling windows. The project will feature more than 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby. The property will also have an end-of-trip facility that …
SAN FRANCISCO — SHVO and architects Foster + Partners have unveiled plans for Three Transamerica at 545 Sansome St. in San Francisco, including the expansion and upgrade of the building to a contemporary, high-design office building. Built in the 1930s, the historic Art Deco structure was originally designed for the California Ink Co. The building’s new design emphasizes sustainability while revitalizing the historic structure. The building’s interior will be completely modernized and brought up to date with current building codes while preserving the integrity of the historic structure. Its two Art Deco façades will be restored, and the building floor plates extended toward Washington Street and Redwood Park creating double-height office spaces. Additionally, new office space will be created above the existing building, set back from the historic Sansome Street façade, creating an additional 50,000 square feet of office space. Estimated development costs were not disclosed. The 10-story building is part of Transamerica Pyramid Center, which also includes an iconic, 48-story, pyramid-shaped anchor building built in 1972. SHVO bought the two buildings and the small, urban park between them in October.
LOS ANGELES, BEVERLY HILLS AND LONG BEACH, CALIF. — Bellwether Enterprise Real Estate Capital (BWE) has arranged $108 million in refinancing for nine multifamily properties totaling 400 units in California. Jason Krupoff of BWE’s Irvine office originated the loan for the borrower, Redwood Urban. The properties were refinanced with a Fannie Mae credit facility. The properties include: 1820 Whitney Ave., 1837 Whitley Ave., 1912 Whitley Ave., 1823 Grace Ave., 6600 Yucca St. and 6651 Franklin Ave., totaling 267 units in Los Angeles’ Hollywood neighborhood 9152 Alden Way and 8600 Burton Way, totaling 29 units in Beverly Hills 104 units at 210 Third Lofts at 210 Third Ave. and 225 Long Beach Blvd. in Long Beach The Hollywood properties are within walking distance to a variety of amenities and opportunities. The Beverly Hill properties offer in-unit laundry, marble countertops and garage parking. The Long Beach community features private balconies, in-unit laundry, updated appliances, gas stoves and 15,000 square feet of ground-floor retail space.
MOUNT VERNON, WASH. — Bridge33 Capital has completed the disposition of Skagit Valley Square, a retail power center located at 102-310 E. College Way in Mount Vernon. Transnational Management acquired the asset for $18.4 million. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was backfilled with a new tenant roster: Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree. More than 140,000 square feet was leased up in an 18-month period.
PHOENIX — Newmark has arranged the sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. Aetna West sold the property to Gale Commerce Center for $16.4 million. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested approximately $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in transaction.
YUCCA VALLEY AND LUCERNE VALLEY, CALIF. — Masagana Properties has completed the sale of a two-property retail portfolio near San Bernardino. An undisclosed buyer acquired the portfolio for $6.5 million. The 9,100-square-foot Dollar General, located at 1059 Old Woman Springs Road in Yucca Valley, sold for $3 million. The second 9,100-square-foot Dollar General, located at 32510 CA-18 in Lucerne Valley, sold for $3.4 million. Jaime Salazar and Daniel Hurd of Marcus & Millichap’s Tampa office represented the seller and buyer in the deal. Garrett Fierstein of Marcus & Millichap secured a 10-year, fixed-rate loan with a 30-year amortization for the buyer.
KANSAS CITY, MO. — Ready Capital has closed a $39.6 million loan for the acquisition, renovation and stabilization of a 258-unit multifamily portfolio in Kansas City’s central business district. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, exteriors and common areas at each of the four properties. The nonrecourse, floating-rate loan features a three-year term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.
AUBURN HILLS, MICH. — Berkadia has arranged the sale of Bloomfield Square in Auburn Hills for $38.4 million. The 259-unit, garden-style apartment community is located at 3161 Bloomfield Lane. Amenities include a pool, fitness center and pet park. Kevin Dillon, Jason Krug, Corey Krug, Rick Brace and Charley Henneghan of Berkadia Detroit represented the seller, Michigan-based Bloomfield Square Acquisition Partners LLC. New York-based Halt Management was the buyer. The sales price represented a premium of more than 50 percent over the seller’s 2019 acquisition price, according to Berkadia.
WICHITA, KAN. — Newmark has brokered the sale of Cypress Surgery Center in Wichita for $15.3 million. The 33,620-square-foot outpatient surgery building is located within the Cypress Medical Park. The property is fully leased to a joint venture between Surgery Partners and a group of 137 local physicians under a long-term lease. The surgery center houses six operating rooms, three pain rooms and two endoscopy suites. Ben Appel and Bert Sanders of Newmark represented both the seller, DeSanto Realty Group, and the buyer, Montecito Medical Real Estate.