Property Type

Avenue 55 to Develop 212,516 SF Industrial Project in South Seattle

by Amy Works March 19, 2019

SEATTLE — Seattle-based Avenue 55 is developing Track 6, a multi-story industrial space located in the SoDo submarket of Seattle. Situated on 2.4 acres, Track 6 will include a four-story, 212,516-square-foot building with dock-high and grade-level loading into forklift freight elevators, 54,000-square-foot floor plates, a ground-floor with 24-foor clear heights and 108 surface parking stalls. Construction is slated to begin later this year with delivery scheduled for fourth-quarter 2020. The project team includes Nelson, formerly Craft Architects; Sierra Construction; and Barghausen Consulting Engineers. Thad Mallory of Newmark Knight Frank’s Bellevue, Wash., office and Evan Lugar of Kidder Mathews are handling preleasing for the property.

March 19, 2019

Arizona Loans Multifamily Western

Dougherty Mortgage Closes $23.1M Acquisition Loan for Bear Canyon Apartments in Tucson

by Amy Works March 19, 2019

TUCSON, ARIZ. — Dougherty Mortgage has closed a $23.1 million Fannie Mae loan for Bear Canyon, a market-rate apartment complex in Tucson. The borrower, Tucson M3-13 LLC, will use proceeds of the 10-year loan to purchase the 238-unit property. Additional details of the financing were not released.

March 19, 2019

Acquisitions Colorado Multifamily Western

Inland Private Capital Completes Sale of Two Multifamily Assets in Denver for $21.8M

by Amy Works March 19, 2019

DENVER — Inland Private Capital Corp. (IPC) has completed the sale of two multifamily properties in Denver, Ascent Uptown and Emerson Lofts, for $21.8 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs. Located at 1691 Franklin St., the three-story Ascent Uptown features 22 residential units. The property also has 4,988 square feet of retail space, currently leased to coffeeshop/bakery Olive & Finch and Patxi’s Pizza. The property was constructed in 2013. Also constructed in 2013, Emerson Lofts offers 42 multifamily units and 42 basement garage parking spaces. The property is located at 777 Emerson St. At the time of sale, Ascent Uptown was fully leased and Emerson Lofts was 97.6 percent leased.

March 19, 2019

Acquisitions Multifamily Washington Western

Cadence Real Estate Sells Sunset Villa Apartment Building in Seattle for $5.4M

by Amy Works March 19, 2019

SEATTLE — Cadence Real Estate has completed the disposition of Sunset Villa, an apartment building located at 3736 24th Ave. in Seattle’s Ballard neighborhood. Marysville Apartments LLC acquired the property for $5.4 million, or $320,588 per unit. Built in 1963, the four-story Sunset Villa features 12 one-bedroom and five two-bedroom units. The seller recently completed a significant renovation to both the common areas and individual units of the building. Renovations included vinyl-plank flooring, quartz counter tops, new cabinets, stainless steel appliances, light fixtures and bathroom vanities and tub surrounds. Tim McKay, Dan Chhan and Sam Wayne of Colliers International, in collaboration with Spencer Clark of Marcus & Millichap, brokered the transaction.

March 19, 2019

Acquisitions Multifamily Student Housing Texas

Joint Venture Acquires Two Student Housing Communities Totaling 1,016 Beds in Texas

by Taylor Williams March 19, 2019

AUSTIN AND LUBBOCK, TEXAS — A joint venture between TEXLA Housing Partners, Southeast Apartment Investors and a private real estate fund advised by Crow Holdings Capital has acquired two student housing communities in Texas. The joint venture acquired Thrive Lubbock, a 744-bed community located near Texas Tech University in Lubbock; and 21 Pearl, a 272-bed community located near the University of Texas at Austin. An affiliate of TEXLA will operate the communities, both of which will undergo multi-million dollar interior and exterior upgrades.

March 19, 2019

Healthcare Loans Texas

HFF Arranges Refinancing of 130,959 SF Hospital in Tulsa

by Taylor Williams March 19, 2019

TULSA, OKLA. — HFF has arranged the refinancing of a 130,959-square-foot healthcare property in Oklahoma that is fully leased to Tulsa Spine & Specialty Hospital. The property was built in 2002 on 11.5 acres. Zack Holderman, Jason Bond and Elliott Throne of HFF arranged the fixed-rate financing through a national bank on behalf of an undisclosed borrower. The loan was executed in conjunction with the refinancing of a 60,800-square-foot medical office building in Wauwatosa, Wis.

March 19, 2019

Development Office Texas

KDC to Develop 100,000 SF Office Campus in McKinney for Building Supplies Distributor

by Taylor Williams March 19, 2019

MCKINNEY, TEXAS — KDC will develop a 100,000-square-foot office campus in the northern Dallas metro of McKinney for SRS Distribution Inc., a wholesale provider of roofing and building products. The campus will be situated on 4.2 acres within Hub 121, a 22-acre mixed-use development. According to the incentive agreement signed with the McKinney Economic Development Corp., the move will aim to create more than 150 new jobs over the next 10 years.

March 19, 2019

Development Healthcare Texas

The Beck Group Tops Off 40,000 SF Medical Center in Bastrop, Texas

by Taylor Williams March 19, 2019

BASTROP, TEXAS — The Beck Group, an architecture and construction firm with offices around the country, has topped off Ascension Seton Bastrop Hospital, a 40,000-square-foot medical center in Bastrop, about 35 miles east of Austin. Situated on 32 acres adjacent to Highway 71, the property will offer a full emergency center with inpatient beds on the first floor and medical office space on the second floor. Completion is slated for June.

March 19, 2019

Industrial Leasing Activity Texas

Finial Group Negotiates 15,750 SF Industrial Lease in Houston

by Taylor Williams March 19, 2019

HOUSTON — The Finial Group has negotiated a 15,750-square-foot industrial lease at 15250 West Drive in Houston. Doc Perrier and Jason Gibbons of Finial Group represented the landlord in the lease negotiations. The tenant is food supplier Las Delicias Import LLC.

March 19, 2019

Midwest Retail Wisconsin

Shopko to Liquidate Assets, Close All Stores

by Kristin Harlow March 19, 2019

ASHWAUBENON, WIS. — Shopko, a Wisconsin-based retailer, has announced the commencement of its liquidation sale. The company will close all of its stores. In January, Shopko filed for bankruptcy protection, but was unable to secure a buyer. Gordon Brothers will oversee the liquidation process, which is expected to conclude 10 to 12 weeks from now. The vast majority of Shopko’s stores are located in the Midwest, but the company also operates a number of locations in the western portion of the country. Shopko is evaluating a strategy for its optical business. The first Shopko store opened in Green Bay in 1962.

March 19, 2019

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