NEW YORK CITY — Ariel Property Advisors has brokered the sale of 440 West 36th Street, a vacant multifamily property in Manhattan, for $6.9 million. The site spans 14,862 buildable square feet and currently houses an 8,562-square-foot building. Matthew Gillis, Michael Tortorici and Howard Raber represented the seller in the transaction. Angela Huang of Chase Global Realty LLC procured the buyer.
SAN ANTONIO — WoodSpring Suites, a franchised brand of Choice Hotels International Inc. (NYSE: CHH), has opened a 123-room hotel at 7335 Northwest Loop 410 in San Antonio. The property is located near the University of Texas at San Antonio, Sea World and Ingram Park Mall. The hotel will feature three different types of suites, all equipped with refrigerators, dishwashers and stoves. Amenities will include a fitness center and a guest laundry room.
MOUNT VERNON, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Vernon House, a 50-unit assisted living community in Mount Vernon, approximately 100 miles east of Dallas. The 41,000-square-foot property sits on 2.5 acres and was constructed in 1994. A local doctor acquired the community from an independent owner-operator for $2.8 million, or $56,000 per unit. The community was approximately 58 percent occupied at the time of sale. Matthew Alley of SLIB arranged the transaction.
NEW YORK CITY — NorthMarq has arranged a $4 million cash-out refinance of a 8,799-square-foot multifamily property in Brooklyn. The property, 66 Nassau Avenue, is five stories with ground floor retail. The loan was structured with a 10-year term, a 4 percent fixed interest rate and a 25-year amortization schedule. The property was originally acquired in 2000 and was later demolished and redeveloped in 2018.
PALO ALTO, CALIF. — Longfellow Real Estate Partners has purchased Palo Alto Technology Center (PATC), a life science and technology campus in Palo Alto. KBS sold the 10-building asset for $205 million. Located at 1800-1850 Embarcadero Road and 2445-2465 Faber Place, PATC offers a total of 259,586 square feet of life science and technology space. At the time of sale, the campus was 99 percent leased to a variety of tenants, including Stanford, Bill.com, Aurora Innovation and Eversight. Greg Cioth, Paul Nelson, Nate Jones and Kurt Chong of Eastdil Secured represented the seller, while Longfellow was self-represented in the transaction.
SAN JOSE, CALIF. — Federal Realty Investment Trust has started construction on One Santana West, the newest edition to Santana Row in San Jose. The project includes a 360,000-square-foot office building and 1,750 parking spaces spread across a five-story parking garage and two floors of below-grade parking areas. One Santana West is the first phase of the up to 1 million-square-foot Santana West development that will adjoin Santana Row, a mixed-use neighborhood. Located at corner of Winchester Boulevard and Olin Avenue, the eight-story One Santana West will feature floorplates up to 54,000 square feet, 13-foot clear heights, direct access to parking, a plaza and terraces on the second, seventh and eighth floors. Completion is slated for first-quarter 2021. The adjacent 360,000-square-foot Two Santana West is scheduled for delivery in the first quarter of 2022. San Francisco-based Studios Architecture is serving as architect and Devcon Construction is serving as general contractor. Newmark Knight Frank is the leasing agent for the project.
RIVERSIDE, CALIF. — Davlyn Investments has closed escrow on the $60 million off-market purchase of Metro Gateway, a multifamily property located in Riverside. MBK Rental Living sold the property for $60 million. Constructed in 2017, the Class A asset features 187 apartments and a modern amenity package. Sean Deasy and Ryan Fitzpatrick of JLL represented the seller. Ryan Blair of City National Bank arranged acquisition financing for the buyer. This is Davlyn’s 11th acquisition in Southern California’s Inland Empire.
BELLEVUE, WASH. — Newmark Knight Frank has arranged the sale of Corporate Campus East III, an office complex in Bellevue. TA Realty sold the property to a joint venture between Steelwave and Ares Management for $55.2 million. Situated on 11.7 acres at 3001, 3005, 3009 and 3015 112th Ave NE, the four-building campus features 154,765 square feet of office space. Built in the mid-1980s, the asset underwent a major renovation in 2015. At the time of sale, the property was 90 percent occupied. On-site amenities include a cafeteria, plaza, canopies, outdoor benches and seating areas, and ample parking. Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll and Bill Delacy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.
TUCSON, ARIZ. — Commercial Retail Advisors has brokered the sale of Orange Grove Village Shopping Center, a retail strip center located at the northwest corner of Oracle and Orange Grove roads in Tucson. After 55 years of ownership, California-based 4-D Properties sold the asset to S1K LLC for an undisclosed price. The new owner plans to renovate the property and retained Stickley Design Group to head project design. Chapman Management Group was hired as the property manager, and Commercial Retail Advisors will continue in its capacity as the project leasing agent. Craig Finfrock of Commercial Retail Advisors represented both parties in the transaction.
LAS VEGAS — Bleutech Park Properties Inc. has unveiled plans for a $7.5 billion mixed-use project known as Bleutech Park Las Vegas. The developer plans to break ground this December, and construction is expected to take six years. Bleutech has confirmed that financing is in place. Bleutech Park will be home to workforce housing, luxury residential, office, retail, hotel and entertainment space. The project will incorporate environmental and technological features such as water purification, on-site waste treatment and localized air cleaning. Described as an “insular mini-city,” plans call for use of autonomous vehicles, artificial intelligence, augmented reality, robotics and other advanced technologies. Smart buildings will be equipped with energy-generating materials using wind, water, solar and other sustainable forms of power. Flooring systems within Bleutech Park will capture and reuse the energy of human movement throughout the park, including common areas and parking structures. Resources for heating, cooling, lighting and electricity will be harvested on-site. Project partners include general contractor Martin-Harris Construction and technology company Cisco. Aerial construction, digitization and robotics will be utilized during the construction of the project, which is expected to create 25,000 jobs. “Bleutech believes in the rise of digitization and robotics in construction as this will …
