SAN DIEGO — CalAtlantic Homes has purchased a 170-acre master-planned community site in the San Diego submarket of Del Sur for $24.5 million. The site is located at the intersection of Carmel Valley and Dove Canyon roads. David Santistevan and Gunder Creager of Colliers International represented both the buyer and seller, Mountain Glen Family LLC, in this transaction.
BERKELEY CALIF. — American Campus Communities and the University of California, Berkeley have broken ground on a 781-bed residence hall located on the south side of the university’s main campus in Berkeley. The development, expected to house first-year students, will feature eight stories of residential and amenity space, 7,000 square feet of ground-floor retail and an 11,000-square-foot community center. The community center will include an “academic success center,” fitness center and student and gaming lounges. The project will also be home to 5,000 square feet of integrated space owned by Stiles Hall, a nonprofit student service group associated with the university. The public-private partnership transaction was structured under the American Campus Equity (ACE) program, which gives universities the opportunity to expand and modernize their student housing portfolio without the use of university financial resources. The development will seek LEED Gold certification. The project will include outdoor courtyards for student gathering that incorporate sustainable landscaping to treat rainwater runoff, reducing water usage by 50 percent and heat island effect by 50 percent. An expected completion date has not been announced.
NEWARK, CALIF. — SAS Automotive Systems has pre-leased OMP Eureka Landing, a 142,188-square-foot advanced manufacturing property in Newark. The project will be located at 39888 Eureka Drive. It is situated two blocks west of Interstate-880 and less than five miles from Tesla’s Fremont plant. OMP Eureka Landing represents SAS’s first West Coast outpost where it will bring new manufacturing jobs to the Bay Area. Colliers International’s Mark Triska and Sanjiv Chadha represented SAS.
PORTLAND, ORE. — Alliance Residential Co. has purchased a 30,000-square-foot development site in Portland’s Pearl District for $5.8 million. The site is located at 1400 N.W. Raleigh St. It previously housed a 28,000-square-foot industrial building that has since been demolished. Alliance has already broken ground on a new 147-unit, six-story apartment building known as Broadstone Reveal. The project will also feature ground-floor retail. Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield’s Capital Markets team represented the seller, Diller Properties LLC.
TAOS, N.M. — Jayjala LLC has acquired a 49-room Super 8 Taos motel for $1.5 million. The property is located at 1347 Paseo Del Pueblo Sur in Taos. Leilani Tedeski and Bruce Barnhard of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
SEATTLE — A joint venture between Tristar Capital and RFR Holding has purchased Amazon Phase VII, a 12-story office building with ground-floor retail in the South Lake Union neighborhood of Seattle, for $244 million. The building is located at 400 Ninth Ave. N. Amazon Phase VII features 313,000 square feet of office space fully leased to Amazon, 5,700 square feet of ground-floor retail space fully leased to Sam’s Tavern and a four-level subterranean garage. The development also includes a public plaza and a landscaped rooftop terrace with sweeping views of the city. “Nebulous,” a public art installation by local artist Dan Corson, is suspended above the public plaza. The building was completed in 2015 and is LEED-Gold certified. NBBJ designed the project, which Turner Construction built. The Washington State Chapter of NAIOP honored the building’s seller, Vulcan Real Estate, with the 2015 Office Development of the Year award for its 1 million-square-foot expansion of Amazon’s South Lake Union headquarters. This expansion included Amazon Phase VI, Phase VII and VIII. Kevin Shannon, Ken White, Michael Moll and David Milestone of Newmark Grubb Knight Frank, along with CBRE’s Tom Pehl, Lou Senini and Owen Rice, negotiated the transaction. “Core, best-in-class office product in …
Rochester’s story is similar to those of other cities with once prominent downtowns. Starting in the 1970s, businesses and families largely fled to the suburbs as newer and nicer suburban offices were built. Larger companies, including many staple downtown dwellers such as large law and accounting firms, left the downtown in search of free parking, shorter commutes and a suburban lifestyle for their employees. Yet Rochester was a small city with big businesses. Bausch & Lomb was founded in Rochester in 1853. Eastman Kodak started business there in 1888 and beginning in 1906, Xerox Corporation was formed. Kodak is still based in Rochester, though it is a much smaller entity than it was before the digital era, and Xerox moved to Norwalk, Connecticut, years ago. However, the core technology culture never left Rochester. Over the past few years the University of Rochester — the area’s largest employer — received more than $1.9 billion in research money, most of it from the federal government. Organizations like High Tech Rochester, Greater Rochester Enterprise and the Rochester Downtown Innovation Zone have played important roles in the region’s comeback. In 2015, the Rochester region won a nationwide competition and was named the site for …
FARMERS BRANCH, TEXAS — HREC Investment Advisors has brokered the sale of the DoubleTree Dallas Farmers Branch hotel located at 11611 Luna Road in Farmers Branch, a suburb of Dallas. Glacier House Hotels acquired the 160-room property from Presidian Hotels for an undisclosed price. Mike Armstrong of HREC brokered the transaction.
EULESS, TEXAS — Greysteel has secured an undisclosed amount of permanent refinancing for Royal Terrace, a multifamily property located in Euless. The 10-year, non-recourse loan, provided under the Freddie Mac Small Balance Loan program, features a fixed interest rate of 4.24 percent and a 30-year amortization schedule. Anton Mattli, John Marshall Doss and Zach Ghormley of Greysteel negotiated the loan for the borrower, Countrywide Hospitality LLC. Built in 1964, Royal Terrace features 120 units, a swimming pool and an on-site laundry facility.
GARLAND, TEXAS — Lee & Associates has brokered the sale of an industrial building located at 2701 National Drive in Garland, roughly 18 miles northeast of Dallas. An undisclosed buyer acquired the 8,056-square-foot property for an undisclosed sum. Brett Lewis and Taylor Stell of Lee & Associates represented the undisclosed seller, while Dana Duckworth of Coldwell Banker represented the buyer in the deal.
