Property Type

PMF Investments Sells BelleVista Place Mixed-Use Development Site in Bellevue for $152.2M

by Amy Works April 29, 2021

BELLEVUE, WASH. — PMF Investments has completed the disposition of BelleVista Place, a mixed-use, master-planned development site located at 100 112th Ave. NE in Bellevue. An undisclosed buyer acquired the 4.9-acre site for $152.2 million. Designed by CollinsWoerman, the project will feature residential, office and retail space, as well as subterranean parking. According to the City of Bellevue’s first-quarter 2020 Downtown Bellevue Major Projects List, the development team is seeking approval for a two-phase project with a 17-story office tower and five-story residential building in the initial phase and a 17-story office tower and 15-story office building in the second phase. In total, the proposed project would bring approximately 138 residential units, 987,140 square feet of office space and 1,051 parking spaces. With substantial work already completed on the design and city entitlements, the Class A project is slated to begin delivery in 2024. Kevin Shannon, Ken White, Tim O’Keefe, Nick Kucha and Rob Hannan of Newmark represented the seller in the transaction.

April 29, 2021

Acquisitions Multifamily Oregon Washington Western

Next Wave Expands Pacific Northwest Presence with $48.6M in Multifamily Acquisitions in Washington, Oregon

by Amy Works April 29, 2021

SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million. Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully equipped kitchens, large closets, private balconies and patios. Community amenities include a swimming pool with sundeck, laundry facilities, clubhouse, detached garages and carports. Next Wave plans to reposition Serrano North and South by renovating all units and improving the community amenities. River Lofts, at 18540 SW Boones Ferry Road in Tualatin, offers 74 apartments in a mix of one-, two- and three-bedroom layouts, averaging 976 square feet. The seller renovated eight units, and Next Wave plans to upgrade the remaining 66 units.

April 29, 2021

California Development Multifamily Student Housing Western

HighBridge Properties Starts Construction of 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works April 29, 2021

DAVIS, CALIF. — HighBridge Properties has started construction of The Ryder on Olive, a 706-bed development near the University of California, Davis. The 260,000-square-foot community is set for delivery in August 2021 and will offer a mix of fully furnished two-, three-, four- and five-bedroom units. Shared amenities will include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team includes partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and South Park Interiors. Asset Living will manage the community.

April 29, 2021

Acquisitions Arizona Multifamily Seniors Housing Western

Chicago Pacific Founders Buys 107-Unit Seniors Housing Property in Tucson

by Amy Works April 29, 2021

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson. The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations. The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley. The seller and price were not disclosed. The new owner plans to make investments into the campus but did not release details.

April 29, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Brokers $8.9M Sale of Walgreens-Occupied Property in Reseda, California

by Amy Works April 29, 2021

RESEDA, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 18430 Sherman Way in Los Angeles. A limited liability company sold the asset for $8.9 million. The buyer was an undisclosed limited liability company. Walgreens occupies the 14,900-square-foot property under a lease agreement until 2023. The buyer plans to redevelop the property – most likely to multifamily – upon lease expiration. The property allows for the development of up to 223 residential units. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.

April 29, 2021

Acquisitions Illinois Industrial Midwest

TIG Sells 2 MSF Michelin Distribution Center in Wilmington, Illinois

by Kristin Harlow April 29, 2021

WILMINGTON, ILL. — Transwestern Investment Group (TIG) has sold the Michelin Super Regional Distribution Center in Wilmington, about 60 miles southwest of downtown Chicago. The sales price was undisclosed. A build-to-suit for Michelin, the 2 million-square-foot property is situated within Elion Logistics Park 55. The 2,500-acre rail-served industrial park features access to 30 percent of the U.S. population with a one-day drive, according to TIG. Michelin continues to occupy a long-term lease at the property. Nick Murphy and Josh McArtor of Eastdil Secured represented TIG in the sale. Silver Creek was the buyer.

April 29, 2021

Illinois Leasing Activity Midwest Office

Calamos Investments Inks New Office Lease at Fulton East in Chicago

by Kristin Harlow April 29, 2021

CHICAGO — Calamos Investments, a global asset manager, has signed a multi-year lease for the top floors of Fulton East, a new office building located at 215 N. Peoria St. in Chicago’s Fulton Market. The new office will be in addition to the firm’s headquarters campus in Naperville. Parkside Realty Inc. developed Fulton East, which rises 12 stories and spans 90,000 square feet. The building was designed to address employee health, wellness and safety in light of COVID-19 and includes features such as a hands-free elevator system.

April 29, 2021

Acquisitions Iowa Midwest Retail

Marcus & Millichap Brokers $13.9M Sale of North Ridge Center in Davenport, Iowa

by Kristin Harlow April 29, 2021

DAVENPORT, IOWA — Marcus & Millichap has brokered the sale of North Ridge Center in Davenport for $13.9 million. The 119,381-square-foot shopping center is located at 4016 E. 53rd St. Tenants include Michael’s, Old Navy, Bed Bath & Beyond, Ulta, Five Below and TJ Maxx. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Rowlett also secured and represented the buyer, a limited liability company.

April 29, 2021

Kansas Leasing Activity Midwest Retail

Made in KC Leases 8,166 SF at Lenexa City Center in Kansas

by Kristin Harlow April 29, 2021

LENEXA, KAN. — Made in KC has leased 8,166 square feet at The District at Lenexa City Center in Kansas. Launched in 2015, Made in KC provides local Kansas City artists a platform to reach customers across the metro area. The store features work from more than 300 local artists, designers and makers, including apparel, artwork, home and goods, accessories and culinary products. The new store, located on the first floor of Penn I, will be similar to the retailer’s Kansas City location. Erin Johnston of Copaken Brooks represented the landlord on an internal basis. Chris McIntyre of Merrill Cos. represented Made in KC.

April 29, 2021

Acquisitions Michigan Midwest Office

Reichle Klein Group Arranges $2.8M Sale of Three Office Buildings in Dundee, Michigan

by Kristin Harlow April 29, 2021

DUNDEE, MICH. — Reichle Klein Group has arranged the $2.8 million sale of three office buildings in Dundee, about 60 miles southwest of Detroit. The properties total 20,500 square feet and are situated on 4.2 acres within the Helle Powell Professional Center, which is located on Helle Boulevard. Ryan Miller of Reichle Klein represented the seller, Toledo, Ohio-based State Street Venture Partners LLC. The buyer was undisclosed.

April 29, 2021

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