VANCOUVER, WASH. — Norris & Stevens has arranged the acquisition of The Timbers, an office complex located at 9120 N.E. Vancouver Mall Loop in Vancouver. An undisclosed buyer purchased the property for $6.1 million in a 1031 exchange. Built in 1978 as a theatre complex, the 32,502-square-foot property was converted into a multi-tenant office complex in 2006. At the time of sale, the property was 98 percent occupied by 16 tenants, including DaVita-Total Renal Care, Mission International, Home Instead Senior Care and Columbia Commercial Properties. Thomas McDowell and Raymond Duchek of Norris & Stevens represented the buyer, while Steve Mack of MAJ Commercial Real Estate represented the undisclosed seller in the deal.
TORRANCE, CALIF. — NKF Capital Markets has arranged the sale of L3 Technologies Torrance Tech Campus, an office/R&D campus located at 3100 Lomita Blvd. in Torrance. A partnership between Platform Ventures and PMRG sold the property to FRM Associates for $124 million. Situated on 26.7 acres, the five-building campus features 574,010 square feet of space. The campus is 91 percent occupied by L3 Technologies and Torrance Memorial Medical Center. L3 Technologies, which leases 80 percent of the property, recently executed a 15-year lease extension and expanded operations at the facility. Kevin Shannon, Ken White, Scott Schumacher, Eric Lastition and Geoff Ludwig of NKF Capital Markets represented the seller in the deal. NKF Capital Markets’ David Milestone and Brett Green arranged financing for the buyer.
SEATTLE — LaSalle Investment Management has purchased 202 Westlake, an office building located in Seattle’s South Lake Union neighborhood, for an undisclosed price. Developed in 2013, the six-story, 131,000-square-foot property is a multi-tenant building that caters to technology and life science users. Amazon occupies the building’s entire office component. The balance of the property is leased to four ground-floor retail tenants, including Chipotle Mexican Grill, Umpqua Bank, Kigo Kitchen and Homegrown. On-site amenities include subterranean parking, bike storage, showers, lockers and quick-service food retailers.
SOUTH PASADENA, CALIF. — Genton Cockrum Partners has completed the disposition of Six25 Fair Oaks, a creative office building located at 625 Fair Oaks Ave. in South Pasadena. Greenbridge Investment Partners acquired the property for $31 million. Genton Cockrum Partners originally acquired the property in 2014 for $20 million and repositioned the three-story, 92,547-square-foot property into a creative office space. Chalvis Evans of CBRE handled the transaction.
PORTLAND, ORE. — ScanlanKemperBard Cos., in partnership with Tryba Architects and the principals of Lorentz Brunn Construction, has acquired a vintage industrial property located at 1805 SE MLK Blvd. in Portland’s Central Eastside district. The partnership purchased the property for $6.3 million, or $136 per square foot, and it plans to invest $8.9 million in renovations for a total project cost of $15.2 million. Originally the home of Morehouse Glass, the two-story, 46,000-square-foot property is 1960s vintage concrete construction with 20-foot ceilings, original glulam beams and concrete floors. The project will be rebranded The Glass Lab.
MEDFORD, ORE. — Savills Studley has brokered the sale of WinCo Plaza, a regional shopping center located in Medford. Larkspur, Calif.-based Argonaut Investments purchased the 147,943-square-foot property from a private family office for an undisclosed price. Located at Barnett Road and Interstate 5 Freeway, the property is anchored by WinCo Foods, which occupies 94,500 square feet. Additional tenants include Dollar Tree, McDonald’s, Payless ShoeSource and Valley Immediate Care. Maurice Nieman of Savills Studley handled the transaction.
SANTA ANA, CALIF. — CBRE has arranged the sale of Bristol Center, a community shopping center located at 3601-3825 S. Bristol St. in Santa Ana. Dallas-based Sarofim Realty Advisors sold the retail center to Orange County, Calif.-based JH Real Estate Partners for $46.6 million. Preston Fetrow, Kirk Brummer, Megan Wood, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West represented the seller and buyer in the deal. Built in 1974, Bristol Center features 165,508 square feet of retail space and is situated on 14.2 acres directly across from South Coast Plaza. At the time of sale the property was 97 percent leased to a variety of tenants, including CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle and Firestone Auto Care.
ANAHEIM AND PLACENTIA, CALIF. — Panattoni Development Co., along with Principal Real Estate Investors, has broken ground on Orange County Commerce Center, a four-building industrial campus located in Anaheim and Placentia. Totaling 232,000 square feet, the center will feature four buildings ranging in size from 47,813 square feet to 69,882 square feet. Each building will feature two stores of executive office space, 30-foot minimum warehouse clearance, ESFR sprinkler systems, dock-high and grade-level loading, and fully secured concrete truck courts. Construction began in late April and completion is slated for early first quarter 2019. The development is located at 711 and 721 S. Van Buren St. in Placentia, and 1365 and 1367 S. Van Buren St. in Anaheim. Panattoni acquired the 10-acre land parcel in 2017, according to DAUM Commercial’s Chris Migliori, who directed the sale.
SANTA FE, N.M. — Titan Development Real Estate Fund I has broken ground on Broadstone Rodeo, a multifamily project in Santa Fe. Developed along with Alliance Residential, Broadstone Rodeo is the sixth project for the partnership. Slated to open in 2019, the property will feature 188 apartments in a mix of one-, two- and three-bedroom layouts, gated entrances, a lounge, entertainment room, patios, covered parking, resort-style pool and fitness center. This investment will be the fund’s first in the multifamily sector, and the first significant Class A multifamily property to be built in Santa Fe in 20 years, according to the developer.
GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.