Property Type

Joint Venture Acquires 344-Unit Waterford at the Lakes Apartments in Metro Seattle for $83.2M

by Amy Works June 6, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Tokyu Land US Corp. has acquired Waterford at the Lakes Apartments, a multifamily property located in Kent. An undisclosed seller sold the community for $83.2 million. CBRE brokered the transaction. Situated on 16.8 acres at 23605 62nd Ave. South, Waterford at the Lakes Apartments features 344 units, an on-site daycare, racquetball court, two pools, a sport court and residential lounge. Seattle-based Thrive Communities will manage the property. The apartment community is located within the Lakes at Kent, a neighborhood of 19 rental and for-sale communities with man-made lakes and landscaping.

June 6, 2019

Acquisitions California Industrial Office Western

Stos Partners Sells Two Industrial, Office Assets in Southern California for $33.5M

by Amy Works June 6, 2019

CHULA VISTA AND SAN DIMAS, CALIF. — San Diego-based Stos Partners has completed the sales of two properties, totaling 221,448 square feet, for $33.5 million. In the first deal, Stos Partners sold two industrial buildings, located at 1670 and 1690 Brandywine in Chula Vista, to a large institution for $24.4 million. The 170,805-square-foot asset is divided into six industrial units ranging in size from 25,000 square feet to 55,000 square feet and is leased to a mix of national credit, regional credit and local companies. Bryce Aberg, Jeff Cole, Jeff Chiate and Brant Aberg of Cushman & Wakefield, along with Michael Mossmer of Voit Real Estate Services, represented the seller in the disposition. In the second transaction, Stos Partners sold a two-story, 50,634-square-foot office building, located at 650 W. Cienega in San Dimas. A trade union acquired the property for approximately $9.1 million. The buyer plans to use the facility as an owner-user. Taylor Ing at Newmark Knight Frank represented the seller, while Brandon Burns of Cushman & Wakefield represented the buyer in the deal.

June 6, 2019

Acquisitions California Retail Western

SRS Arranges $12.9M Sale of Avery Center Shops in Mission Viejo, California

by Amy Works June 6, 2019

MISSION VIEJO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of the retail component with Avery Center in Mission Viejo. Orange County-based Pacific Castle sold the property to an Orange County-based family for $12.9 million. The 16,568-square-foot retail portion includes two fully occupied retail buildings located at 28601-28621 Marguerite Parkway. Built in 1977 and renovated in 2016, the asset’s triple-net leased tenants include Jimmy John’s Gourmet Sandwiches, Epic Wings, Broken Yolk Café and Big Grill Mongolian BBQ, as well as four local retailers. Patrick Luther and Matthew Mousavi of SRS’ Investment Properties Group represented the seller in the deal. Terrison Quinn, also of SRS, advised the seller on repositioning the renovated center and leasing activities for the property.

June 6, 2019

Acquisitions California Retail Western

Capstone Advisors Buys 28,037 SF El Camino Square in Encinitas for $12.2M

by Amy Works June 6, 2019

ENCINITAS, CALIF. — Capstone Advisors has acquired El Camino Square, a retail property located in Encinitas. US Financial LP sold the asset for $12.2 million. Located at 191 N. El Camino Road, the two-level property features 28,037 square feet of retail space. Current tenants include T-Mobile, Salon Bella Bella, Golden State Bagels and Chiltonic. Vic Gausepohl and Kirk Allison of Colliers International San Diego Region represented the buyer, while the seller was self-represented in the deal. Gausepohl and Allison have also been retained to handle leasing for the property.

June 6, 2019

Development Idaho Multifamily Seniors Housing Washington Western

Wolff Opens New Revel Seniors Housing Communities in Washington, Idaho

by Amy Works June 6, 2019

SPOKANE VALLEY, WASH., AND EAGLE, IDAHO — The Wolff Company, an Arizona-based private equity firm and multifamily developer, has completed construction or Revel Spokane in Spokane Valley and Revel Eagle in Eagle. Both communities offer independent living apartments and are part of Wolff’s $300 million to $400 million annual seniors housing development plans. Located alongside the Spokane River, Revel Spokane features 132 units in one- and two-bedroom layouts. The community welcomed its first residents in March 2019. Located alongside the Boise River, Revel Eagle features 146 units in studio, one- and two-bedroom layouts. The community welcomed its first residents in April 2019.

June 6, 2019

Development Northeast Office Pennsylvania Top Stories

Discovery Labs to Develop $500M Coworking Campus in Metro Philadelphia

by Alex Tostado June 6, 2019

KING OF PRUSSIA, PA. — The Discovery Labs has unveiled plans for a $500 million healthcare, life sciences and technology coworking campus at the 1 million-square-foot GlaxoSmithKline (GSK) Upper West Merion campus and the 640,000-square-foot Innovation at Renaissance Campus. The two campuses, which are located across the street from each other in the Philadelphia suburb of King of Prussia, will be known as The Discovery Labs. The collaborative lab, office and lifestyle space, will span 1.6 million square feet. The Discovery Labs called the campus the “world’s largest coworking community” in a press release. “The Discovery Labs is 20 times larger than the average coworking space, and provides the mission critical infrastructure needed to operate healthcare, life sciences and technology-enabled companies,” says Audrey Greenberg, chief financial officer of The Discovery Labs. “The size of each Discovery Labs enables enterprise level companies to work side by side with startup and emerging companies and enjoy the benefits of the coworking phenomenon.” IQ Connect, Discovery Labs’ 100,000-square-foot incubator project developed in partnership with The Pennsylvania Biotechnology Center, will sit at the center of the campus. The purpose of IQ Connect is to “bring together researchers, entrepreneurs and product development startups, along with human …

June 6, 2019

Illinois Market Reports Midwest Midwest Market Reports Office

How to Repurpose Suburban Chicago’s Vacant Corporate Campuses

by Kristin Harlow June 6, 2019

More than 50 years ago, I was witness to the birth of a new building type in Chicago’s suburbs — the great sprawling corporate campus. From Motorola and McDonald’s to Ameritech and Sears, some of the most influential brands in the world started taking root in Chicago’s bucolic suburbs as they looked to consolidate business divisions under one large roof and to provide a stimulating work environment away from the hustle and bustle of the inner city. Today, many of these corporate meccas sit vacant due to the rise in telecommuting and a shift in workforce demographics. The simple version of the narrative is that instead of people chasing the jobs, firms are now chasing the talent. And for the moment, many employees prefer to live and work in the city. While some suburbs are strongly associated with the companies who previously occupied those campuses, there is another story to tell in terms of the opportunities change can bring to these properties and their surrounding communities. As the architect who designed two of these campuses, the AT&T (né Ameritech) corporate campus in Hoffman Estates in 1989 and McDonald’s global headquarters in Oak Brook starting in 1978, I have repeatedly been …

June 6, 2019

Florida Loans Mixed-Use Southeast

HFF Arranges $100M Construction Loan for Mixed-Use Development in Metro Miami

by Alex Tostado June 5, 2019

CORAL GABLES, FLA. — HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first phase to incorporate Fred B. Harnett Ponce Circle Park, which will add to the project’s outdoor space. At full buildout, the development will comprise a 242-room hotel and 222,541 square feet of rentable office, retail and living space. Manny de Zárraga, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of the borrower.

June 5, 2019

Development Maryland Multifamily Southeast

Washington Property Delivers 20-Story Multifamily Community in Metro D.C.

by Alex Tostado June 5, 2019

SILVER SPRING, MD. — Washington Property Co. (WPC) has delivered Solaire 8250 Georgia Avenue, a 20-story, 338-unit multifamily community in Silver Spring. The building offers studio, one- and two-bedroom floor plans, as well as 5,000 square feet of amenity space, including a rooftop swimming pool and pool deck; café with free Wi-Fi; private courtyard with grilling areas; fitness center; and an expansive residents’ club room with catering kitchen, library, flat-screen TV, indoor-outdoor fireplace and a game room. The property is situated two blocks from the Silver Spring Metro station and six miles north of downtown Washington, D.C. The building totals 470,000 square feet and includes three stories of below-grade parking. Collective of Baltimore served as the architect for the project, and Lendlease was the general contractor.

June 5, 2019

Development Georgia Hospitality Southeast

Motto by Hilton to Anchor $80M Mixed-Use Project Within Opportunity Zone in Atlanta’s Old Fourth Ward

by Alex Tostado June 5, 2019

ATLANTA — Sixty West Funds and Lucror Resources have picked Motto by Hilton to anchor their $80 million mixed-use project in Atlanta’s Old Fourth Ward. The project, named Waldo’s Old 4th Ward, is situated on 1.5 acres at the intersection of Edgewood and Boulevard within an Opportunity Zone. Construction on the hotel is expected to begin in August. TVSDESIGN is serving as the architect, and Hirsch Bender & Associates is serving as the interior designer. Waldo’s Old 4th Ward will also offer more than 100,000 square feet of office space. The project is funded through the Sixty West O4W Opportunity Fund and will be one of the first developments to break ground within an Opportunity Zone in the city.

June 5, 2019

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