TUCSON, ARIZ. — Equus Capital Partners has divested of a 14-property industrial portfolio in Tucson to Catalyst Real Estate and New York-based Everview Partners for a combined $165.7 million, or $133 per square foot. Paul Hooker of Cushman & Wakefield | PICOR, in conjunction with Will Strong, Michael Matchett, Madeline Warren, Molly Miller and Jack Stamets of Cushman & Wakefield’s National Industrial Advisory Group, represented the buyer and seller in the deal. Known as the Tucson Shallow Bay Industrial Portfolio, the 1.2-million-square-foot portfolio includes:
KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $72 million sale of The Groves Apartments, a multifamily property in Kent, a southern suburb of Seattle. RISE Properties sold the community to FPA Multifamily LLC for $196,721 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented both parties in the deal. Built in 1980 on 20 acres, The Groves Apartments comprises 30 two- and three-story residential buildings, a newly renovated clubhouse, an outdoor heated pool, a children’s playground and two dog parks. The property features 366 one-, two- and three-bedroom apartments with an average size of 836 square feet. Each apartment includes a private patio or balcony, while the two- and three-bedroom units feature fireplaces.
CYPRESS, CALIF. — Yamaha Motor Corp. U.S.A. has sold its former U.S. headquarters at 6555 Katella Ave. in Cypress, located in Orange County. Terms of the transaction were not released. Patrick Barnes, Paul Clark, Nick Slonek and Jae Estep of Avison Young represented Yamaha in the deal. Situated on 25 acres, the infill, industrial-zoned campus includes three buildings — one industrial, one flex and one office — totaling approximately 278,964 square feet and occupying an entire city block with three points of access from Katella Avenue, Holder Street and Yamaha Way. The campus has served as Yamaha’s U.S. headquarters since 1979. As part of a planned corporate relocation to Kennesaw, Ga., Yamaha will lease back the entire property through Dec. 31, 2028.
LA MESA, CALIF. — Rainbow Investment Co. has broken ground for Cush Medical Plaza, a medical office project that will be situated adjacent to the Sharp Grossmont Hospital campus in La Mesa, located in San Diego County. The project team includes Ware Malcomb as architect, interior designer and civil engineer, Turner Construction Co. as general contractor and 12 Alpha as project manager. Nehal Wadhwa and Matt Melendres of Cushman & Wakefield’s Healthcare Advisory team will handle leasing efforts for the development. The two-story, 52,600-square-foot building will feature flexible, multi-tenant medical office uses on the first floor and the Sharp Family Residency Clinic, a combined family practice and physician residency training clinic, on the upper floor. The residency center will include a lounge, sleep rooms, showers, charting spaces, a training room and fully functional exam and consult rooms for active patient care.
NORTH LAS VEGAS, NEV. — Agora Realty has broken ground on the third and final phase of Hylo Park, a 73-acre mixed-use entertainment project in North Las Vegas. Upon completion, the $375 million, 25-acre final phase will include a 250,000-square-foot multi-sport indoor field house; an existing multi-sport arena, fully accredited college preparatory Game Changers Sports Academy; an outdoor public space, community field, shops, restaurants and a family entertainment center; and a 177-key Hilton Embassy Suites Completion is slated for late 2027. Additional phases of the project include Hylo Park South, a 90,750-square-foot grocery-anchored retail center that was completed in July as the second phase of the project, and a nearly 400-home residential neighborhood called The West End, which was developed by Lennar Corp. Project partners include Advent, a research-driven, technology-forward storytelling agency, and PMY Group, a full-service provider of technology, data and creative solutions.
CORVALLIS, ORE. — Affinius Capital has provided a $94.8 million construction loan for Zev Corvallis, a 13-story student housing property that will serve students at Oregon State University. The borrower is Fields Holdings. Scheduled for a fall 2028 completion, Zev Corvallis will feature 667 beds across 262 studio, one-, two-, three- and four-bedroom unit. Residences will be furnished with quartz countertops, stainless steel appliances, modern cabinetry, in-unit washers/dryers and smart-home technology. Communal amenities will include a pool, rooftop deck, indoor basketball court, sauna, theater, fitness center, yoga room, study and resident lounges, as well 4,500 square feet of retail space.
FOREST GROVE, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $14.7 million sale of The Boxer, a 99-unit apartment complex in Forest Grove, about 27 miles west of Portland. Hillsboro, Oregon-based Bender Equities sold the property to San Francisco-based Tam Ridge Partners. The Boxer is a nine-building property that was developed in the 1960s and renovated in 2019. Amenities include a playground, onsite laundry facilities, a lounge with a kitchen, fireplace, shuffleboard and dining areas. IPA’s Anthony Palladino, Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero represented the seller in the transaction. David Tabata of Marcus & Millichap assisted in closing the deal as the firm’s broker of record in Oregon.
TACOMA, WASH. — Regional brokerage firm Kidder Mathews has negotiated the sale of a single-tenant industrial building located at 2223 S. 80th St. in Tacoma, approximately 35 miles south of Seattle. Matt McLennan and Andy Miller of Kidder Mathews represented the seller in the transaction, and Doug Klein of Kidder Mathews represented the buyer. Both parties requested anonymity. Built in 1993 on 2.4 acres, the 58,255-square-foot building is known locally as the Smith-Western Building and was fully leased at the time of sale to the wholesale distributor of souvenirs and tourist merchandise of the same name. The company has occupied the property since 1999 and recently executed a new 72-month lease beginning in Jan. 1, 2026 and running through Dec. 31, 2031. The lease also includes one five-year renewal option. Located within the Tacoma/Lakewood industrial submarket, the property provides immediate access to I-5 and connectivity to the Port of Tacoma, Seattle-Tacoma International Airport and the broader Puget Sound region. Building features include 24-foot clear heights, nine dock-high doors, two grade-level doors, three exterior levelers, a wet sprinkler system and 1,600 amps of power.
SANTA CRUZ, CALIF. — Jonathan Rose Cos. has purchased La Posada Apartments, a 150-unit mixed-income multifamily property located at 609 Frederick St. in Santa Cruz, with plans to extend the existing Project Based Section 8 Housing Assistance Payment (HAP) contract that provides federal support for 122 of the units. The original developers sold the property for $85 million. The contract was set to expire in 2028, but the acquisition will extend the federal support for an additional 20 years. The buyer will also implement an additional regulatory agreement with the California Municipal Finance Authority, further restricting 40 percent of units at 80 percent of the area median income for 55 years. Originally built in 1980, La Posada Apartments features a pool, community garden, library, community room with kitchenette, fitness center and a dining room, as well as an onsite independent elementary school. Additionally, the property provides onsite meals and other services focused on resident care. The new ownership plans to renovate the property, including upgrades to building systems and unit interiors, improvements to the community spaces, the addition of a dedicated fitness space and energy efficiency enhancements. The firm will also introduce a resident services plan, executed with the continued …
SAN LUIS OBISPO, CALIF. — First Washington Realty has sold Marigold Center, a grocery-anchored shopping center in San Luis Obispo, about 200 miles north of Los Angeles, to Nuveen Real Estate for $58.2 million. Gleb Lvovich, Geoff Tranchina, Daniel Tyner and Eric Kathrein of JLL Capital Markets represented the seller in the deal. Located at 3900 Broad St., Marigold Center offers 174,428 square feet of retail space. Situated on 17.5 acres, the property was 91.6 percent leased at the time of sale. Tenants include Vons, CVS/pharmacy and Planet Fitness, as well as a mix of grocery, pharmacy, fitness, sporting goods, restaurant, medical and service-oriented tenants.
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