DENVER — Pinnacle Real Estate Advisors has arranged the sale of Observatory Park, an apartment building located at 2035 S. Josephine St. in Denver. Old Faithful Properties sold the property to Michael Blackman for $6.8 million, or $316 per square foot. The 21,674-square-foot building features 40 apartment units. Kevin Calame of Pinnacle represented the seller in the transaction.
LACEY, WASH. — Security Properties, along with a university endowment, has acquired Marq on Martin, a multifamily property located at 8545 Litt Drive SE in Lacey, a suburb of Olympia. An undisclosed seller sold the property for $54.5 million. Constructed in 2017, the property consists of 248 apartment units across 10 residential buildings. Situated on 12 acres, the property features a mix of one- and two-bedroom floor plans with an average unit size of 831 square feet. With this acquisition Security Properties now owns 18 assets totaling more than 4,000 units in the Puget Sound marketplace. Security Properties Residential, an affiliate of Security Properties, will manage the property.
TUKWILA, WASH. — Alliance Residential Co., one of the largest multifamily developers and managers in the country, has broken ground on Marvelle at Southcenter, an active adult community in the Seattle suburb of Tukwila. The 166-unit community marks the launch of Alliance’s active adult brand, Marvelle. The developer noted that baby boomer demand has been strong at its standard multifamily communities, leading it to start building age-restricted properties. Besides the age restrictions, the Marvelle community will also offer 13,000 square feet of indoor amenity space, more than double the common space at its standard apartment complexes. It is also a transit-oriented development and located near the Southcenter area’s many restaurants, retail shops and medical facilities. Urbal Architecture designed the seven-story, 235,828-square-foot property. Apartments range from 500 square feet to more than 1,200 square feet. The community is scheduled to open in fall 2019.
TEMPE, ARIZ. — El Segundo, Calif.-based Dunbar Real Estate Investment Management purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Ave. and 5005-5025 S. Ash Ave. in Tempe. San Juan Capistrano, Calif.-based Birtcher Anderson Realty sold the property for $14.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Built in 1983, Mill Avenue Business Park features 134,886 square feet of office, industrial and retail space. The property recently underwent a $1.3 million renovation. At the time of sale, the asset was 87.7 percent occupied.
LONE TREE, COLO. — Newmark Knight Frank has arranged the sale of Meadows Shopping Center, located at 8870 E. Maximus Drive in Lone Tree, approximately 20 miles south of Denver. Meadows Partners LLC sold the property to Meadows Shopping Center LLC for $5.1 million. The shopping center features 19,755 square feet of retail space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the deal.
REDLANDS, CALIF. — Marcus & Millichap has arranged the sale of Park West Plaza, a retail property located at 415 and 461 Tennessee St. in Redlands. An undisclosed partnership sold the property for $6.2 million. Built in 1978 and situated on 3.8 acres, the retail asset features four buildings offering a total of 52,388 square feet. Chuck Shillington of Marcus & Millichap’s Ontario office represented the seller in the deal. The name of the buyer was not released.
SAN FRANCISCO — Vanbarton Group LLC has acquired 101 Mission Street in San Francisco. The 206,455-square-foot, 21-story office tower is located in the heart of the South Financial Transbay District. The Class A property is currently 86 percent leased to tenants such as Wells Fargo, Forbes and Pearson. Although the price was not disclosed, Vanbarton received a $116.5 million acquisition loan for the transaction. The building, which is LEED Gold-certified by the U.S. Green Building Council, features views of the San Francisco Bay, column-free office space and 10,500-square-foot floor plates. Services and amenities include on-site property management, 24-hour security, a conference room and building shower. HKS Architects Inc. designed the property. JLL is the leasing agent. Gerry Rohm, Michael Leggett, David Dokko, Ben Bullock and Thomas Foley of HFF represented the undisclosed seller. Peter Smyslowski of HFF arranged acquisition financing. Vanbarton Group is a privately owned real estate investment and advisory firm with corporate offices in New York City and San Francisco. — Kristin Hiller
PHOENIX — Cushman & Wakefield has arranged the $50.5 million sale of Aura Apartments, a multifamily property located at 1920 E. Indian School Road in Phoenix. Banner Audere LLC, an entity formed by Northbrook, Ill.-based Banner Real Estate Group, acquired the property from Dallas-based TRG Indian School LP, an entity of Trinsic Residential Group. The newly constructed community features 220 apartments in a mix of one-, two- and three-bedroom floor plans. On-site amenities include a clubhouse with an entertainment lounge/coffee bar, resort-style swimming pool with spa, private poolside cabanas, outdoor fireside seating, and an outdoor kitchen with televisions and barbecue grills. Additionally, the property features a multi-level fitness center, cardio theater, spin bikes, pool table, electric car charging station, covered parking and detached garages, and controlled access. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
BURLINGAME, CALIF. — EverWest Real Estate Investors, in partnership with Partners Group, has purchased Burlingame Bay Office Park, located at 555 and 577 Airport Blvd. in Burlingame. The acquisition price was not released. Situated on 13 acres, office park comprises a 120,681-square-foot building and 139,413-square-foot building, offering a total of 261,959 square feet. Ryan Madison provided in-house represented for EverWest in the deal. The name of the seller was not disclosed.
JURUPA VALLEY, CALIF. — Newport Beach, Calif.-based CapRock Partners has broken ground on Serrano Business Park in Jurupa Valley within the Inland Empire corridor. Situated on 18 acres, the three-building industrial development will feature units ranging from 31,220 square feet to 179,030 square feet and deliver 327,000 square feet of modern industrial space to the market. Each building will offer two percent prism skylights and can provide up to 4,000-amp, 277/480-volt electrical power. Additionally, the properties will meet sustainability standards consistent with California Green Building Standards Code. To complement tenant needs, the project will incorporate 4,500 square feet of executive office space positioned between the three buildings. The facilities will also include a minimum door clearance of 32 feet and ample secured parking and truck courts. Serrano Business Park is scheduled for delivery in 2019.
