Property Type

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works July 1, 2021

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

July 1, 2021

Development Multifamily Washington Western

Pastakia & Associates Acquires South Lake Union Multifamily Development Site in Seattle for $10.2M

by Amy Works July 1, 2021

SEATTLE — Pastakia & Associates has purchased a development site located at 1405 Dexter Ave. North in Seattle’s South Lake Union area for $10.2 million. The buyer has finalized entitlements and permitting for an eight-story apartment project on the site. The community will feature 160 units and a 62-stall parking structure. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the undisclosed seller in the transaction.

July 1, 2021

Loans Office Texas

Emerald Creek Provides $10.3M Acquisition Loan for Metro Dallas Office Building

by Taylor Williams July 1, 2021

FARMERS BRANCH, TEXAS — Manhattan-based lender Emerald Creek Capital has provided a $10.3 million bridge loan for the acquisition of a 170,915-square-foot office building in the northern Dallas suburb of Farmers Branch. The property sits on eight acres and contains 18 leasable units that are occupied by tenants in the finance, engineering and physical therapy industries. Matt Fantuzzi of Emerald Creek Capital originated the loan on behalf of the undisclosed borrower.

July 1, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $23.7M Sale of Crystal Court Apartments in Las Vegas

by Amy Works July 1, 2021

LAS VEGAS — Avison Young has arranged the sale of Crystal Court, a multifamily property located in Las Vegas. Crystal Court Apartments Inc. sold the asset to an undisclosed buyer for $23.7 million, or $203,233 per unit. Located at 900 E. Desert Inn Road, Crystal Court features 116 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the deal.

July 1, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges Sale of 14,820 SF Walgreens-Occupied Building in Maricopa, Arizona

by Amy Works July 1, 2021

MARICOPA, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located on 1.7 acres at the intersection of North John Wayne Parkway and West Smith Enke Road in Maricopa. An out-of-state buyer acquired the asset from the estate of a Northern California family for $5.7 million. Walgreens occupies the 14,820-square-foot retail building on a net-leased basis. Sanford Burstyn of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

July 1, 2021

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $2.4M Sale of Redevelopment Opportunity Space in Portland

by Amy Works July 1, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a retail space located at 2251 NE Glisan in Portland. Colton-based First Church of Christ, Scientist, Portland acquired the property from Taoist Tai Chi Society of The United States of America Inc. for $2.4 million. Originally built as a warehouse in 1946, the 4,000-square-foot property has undergone extensive renovations and features a full commercial kitchen and hood, refinished wooden beams, ADA-compliant bathrooms and ample private parking. The property was most recently used as a Taoist shrine and center for the teaching and practice of Taoist Tai Chi. The First Church of Christ, Scientist intends to use the property as a bookstore and learning center. Matt Lyman and Jack Schaub of Portland-based Norris & Stevens represented the seller, while Jim Lewis of Cushman & Wakefield represented the buyer in the transaction.

July 1, 2021

Acquisitions Illinois Midwest Multifamily

Connor Group Sells Glenmuir of Naperville Apartment Property for $103M

by Kristin Harlow July 1, 2021

NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.

July 1, 2021

Loans Multifamily Texas

Progress Capital Arranges $8M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams July 1, 2021

DALLAS — New Jersey-based mortgage banking firm Progress Capital has arranged an $8 million acquisition loan for Crossings at Lake Highlands, a 98-unit apartment complex in the Lake Highlands area of Dallas. The property offers amenities such as a pool, outdoor kitchen, coffee bar and a dog park. Abe Mann of Progress Capital placed the nonrecourse loan, which was structured with a three-year term plus two one-year extension options and a 78 percent loan-to-cost ratio, through a national debt fund. The borrower, RFM Property Group, plans to implement a capital improvement program.

July 1, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily

POAH Acquires Island Terrace Apartments in Chicago for $29.5M

by Kristin Harlow July 1, 2021

CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.

July 1, 2021

Development Midwest Office Ohio

Grandin Properties Renovates Strietmann Center Office Property in Cincinnati

by Kristin Harlow July 1, 2021

CINCINNATI — Grandin Properties has renovated The Strietmann Center in Cincinnati’s Over the Rhine district. Located at 231 W. 12th St., the building includes 77,434 square feet of Class A office space and 13,848 square feet of retail and restaurant space. Originally built in 1899, the property is now LEED Gold certified and includes the first solar panels installed in Cincinnati’s urban core. Tenants can now enjoy a rooftop terrace, bike storage, showers and access to a newly renovated YMCA adjacent to the property. Michelle Klingenbert of JLL is leading leasing efforts for the office portion.

July 1, 2021

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