PHILADELPHIA — Metro Boston-based Apple Cinemas will open a 17-screen theater near downtown Philadelphia. The company will backfill a former theater space of Regal Cinemas at Riverview Plaza III, which is owned by Philadelphia-based Tower Investments. Soloff Realty & Development Inc. represented the landlord in the lease negotiations. The opening is scheduled for fall 2025.
SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired two multifamily properties in Seattle and Portland for a total of $110 million. Kennedy Wilson has an 11 percent ownership interest in the real estate fund, which purchased the two properties with a total equity investment of $40 million, including closing costs and financed the acquisitions with long-term fixed-rate debt totaling $70 million. Built in 2018, the 226-unit Axle in Seattle offers one- and two-bedroom floor plans, eight townhomes and a full collection of amenities, including a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room. Built in 2020 in Portland, Denizen features 212 studio, one- and two-bedroom apartments and ground-floor retail space.
BUCKEYE, ARIZ. — BGO, on behalf of an institutional investor, has purchased Paloma Vista Logistics Center — Building 1, a Class A warehouse and distribution building on nearly 50 acres in Buckeye. A joint venture between US Capital Development and funds managed by Ares Management sold the asset for an undisclosed price. Located at 18900 W. McDowell Road, the 1 million-square-foot Paloma Vista Logistics Center — Building 1 offers a clear height of 40 feet, multiple points of ingress/egress and 190-foot maneuverability. Completed in March 2024, the building is part of a master-planned industrial park with a recently completed 423,000-square-foot building adjacent to the property and a 1.2 million-square-foot planned Phase II. Upon completion, the park will total 2.7 million square feet of industrial space. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s Industrial Advisory Group represented both parties in the transaction. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield provided leasing advisory and were retained by the buyer to continue leasing services for the project.
DENVER — Trailbreak Partners and Quannah Partners have acquired Kabin Apartments, a multifamily building located within Zeppelin Development’s TAXI project in Denver’s River North Art District (RiNo). The partnership purchased the community from Zeppelin Development for an undisclosed price. Located at 2095 31st St., Kabin Apartments offers 194 residences. The 28-acre mixed-use TAXI Campus features 10 buildings, more than 110 businesses, including BOA Technology’s global headquarters, and more than 350 full-time residents. Campus-wide amenities include a shipping container pool, sand volleyball court, community gardens, bike storage, dog parks, retail spaces, 24/7 security and a 7,000-square-foot fitness center. Dorit Fischer and Hayden Hirschfeld of NAI Shames Makovsky represented Zeppelin Development in the deal.
RIVERSIDE, CALIF. — CIP Real Estate has completed the sale of Summit Business Center, a business park in Riverside, to Dunbar Real Estate Investment Management for $19.2 million. Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez and Christian Giles of Cushman & Wakefield represented the seller in the transaction. Located at 2002-2038 Iowa Ave., the five-building, single-story complex offers 138,697 square feet of multi-tenant space. The asset offers approximately 85 percent office space and 11 ground-level roll-up doors. Situated on 9.3 acres, the asset was originally built in 1989 but has undergone numerous renovations, with the most recent being in 2018.
VANCOUVER, WASH. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles outside Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories. PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison Street, Huntington Bank, City National Bank, Comerica Bank and First National Bank. Opened earlier this month, The Springs at Waterfront features 182 independent living residences, 48 assisted living residences and 20 memory care units. Amenities at the property include a spa and wellness center; an indoor pool; multiple dining venues, including Fancho’s Public House; a terrace; putting green; gardens and private wine lockers. According to PMB, the community will create more than 100 permanent jobs.
GRAND RAPIDS, MICH. — PREIT has received an $80 million loan for the refinancing of Woodland Mall in Grand Rapids. JLL arranged the loan through a national CMBS lender. The five-year loan features a fixed interest rate of 7.35 percent. PREIT says the refinancing will save the company approximately $5 million in interest expense over the life of the loan. The redevelopment of Woodland Mall included new tenants such as Von Maur, The Cheesecake Factory, Sephora and Urban Outfitters.
WOODRIDGE, ILL. — Standard Real Estate Investments LP and Trammell Crow Co. (TCC) have sold Woodridge Industrial Center in the Chicago suburb of Woodridge for an undisclosed price. Standard made an equity investment through its $150 million investment vehicle last year, and construction was completed in July of this year. The transaction marks the first sale in the investment vehicle. Located at 8110 Lemont Road, Woodridge Industrial Center totals 217,000 square feet on 17 acres. The development is situated two miles north of the I-55/I-355 interchange and features 22 dock doors with 130-foot truck courts and 270 parking spaces. The project team included Harris Architects, general contractor FCL and civil engineer SpaceCo.
COLUMBUS, OHIO — Ten tenants have opened new locations at Easton Town Center in Columbus. CHANEL Fragrance and Beauty Boutique, David Yurman, Louis Vuitton, Hollister, Mugsy, Bluemercury, Tecovas, Rowan, BoxLunch and Mikey’s Late Night Slice are now open. Coming soon to the shopping destination are gorjana, Faherty, Bar Italia, Diamond Cellar and Altar’d State. Easton Town Center is home to more than 250 shops, restaurants and entertainment venues. Steiner + Associates handles leasing and management for the property.
MUKWONAGO, WIS. — McShane Construction Co. will build Azura Mukwonago, a three-building senior living community with 72 units in Mukwonago, about 30 miles southwest of Milwaukee. Azura Living is developing the assisted living and memory care property. In addition to dining rooms, kitchens, community rooms and sunrooms, residents will have access to a fitness area, spa and salon. Outside, residents will be able to enjoy a community garden, walking paths, putting greens, bocce ball courts and courtyard amenities. Completion is slated for December 2025. EUA is the architect.