SAN DIEGO — ECP Commercial, a commercial real estate firm, has joined SVN International, merging offices with SVN/Vanguard’s San Diego professionals. ECP has provided sales, leasing, property management and maintenance services to commercial real estate owners throughout San Diego County for 34 years, since its establishment in 1984 as East County Properties. The existing SVN/Vanguard multifamily team will move from its downtown office into the ECP offices at 4455 Murphy Canyon Road in San Diego. The merged SVN Vanguard/San Diego team will provide the full spectrum of real estate services to the local market. The team currently consists of 14 broker advisors and a combined staff of 25. Managing directors Joe Bonin and Pat Millay, as well as Jorge Jimenez and Dennis Leslie of the current SVN/Vanguard office, will led the new team. SVN/Vanguard is a franchise of SVN International with offices in Orange and San Diego counties.
TEMPE, ARIZ. — TruAmerica Multifamily, in a joint venture with an institutional capital partner, has purchased a two-property apartment portfolio in Tempe for $67.3 million. This acquisition increases the company’s local portfolio to more than 2,400 units. The name of the seller was not released. The portfolio includes the 276-unit Highland Park and the 196-unit Park View, both located within a block of each other near the Interstate 10 and Baseline Road interchange. The low-density, garden-style properties were built in the early 1980s and feature one-, two- and three-bedroom apartments. On-site amenities for the communities include resort-style swimming pools, fitness centers, clubhouses and recreational areas. The acquisition was made with financing through Freddie Mac’s Select Sponsor Program, originated by CBRE Capital Markets team led by Brian Eisendrath. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the transaction.
PORTLAND, ORE. — Dermody Properties has purchased an industrial manufacturing and warehouse building, located at 19730 N.E. Sandy Blvd. in Portland’s Northeast Columbia Corridor submarket, for an undisclosed price. The 296,361-square-foot facility features 22-foot to 30-foot interior clear heights, 21 dock-high doors, three grade-level doors, ample car parking and space for trailer loading and maneuvering. Additionally, the property has 12.1 acres of adjacent developable land. Dermody Properties’ Northwest Region office, led by Phillip Wood, will manage the asset, which will be available for a new tenant as of first-quarter 2019. Buzz Ellis, Paige Morgan, Craig Reinhart and Kevin Kriesien of JLL brought the opportunity to Dermody, and JLL will handle leasing for the property.
SEATTLE — LMC has opened Axle, an eight-story apartment community fully integrated with smart-home technology located at 3230 16th Ave. West in Seattle’s Interbay neighborhood. Axle, which is pursuing LEED Gold certification, features 226 smart apartments. The community’s smart homes feature an Amazon Echo integrated into a Sonos Play:1, a Ruckus access-point device for superior Wi-Fi coverage and Lutron Pico Remote for dimming lights and controlling smart-home speakers. Additionally, residents will receive a Sonos Play:1 upon move-in. All units also feature Lutron roller shades, which can be controlled through a smartphone, a Pico remote or by voice activation through Alexa. The property consists of one- and two-bedroom apartments, with den and townhome layouts available, ranging in size from 539 to 1,454 square feet. Interiors feature quartz countertops, designer lighting, high-end stainless steel appliances, hardwood-style plank flooring, full-size washers and dryers, ceramic tile tub surrounds, lighted mirrors and under-cabinet lighting. Community amenities include a sky lounge with full kitchen, dining area with fireplace and large communal room with two oversized televisions; a co-working lounge; club-inspired 24-hour fitness center; rooftop deck with barbecues and lounge areas; a pet park and pet wash station; and a large bike and gear maintenance facility. LMC, …
Newmark Knight Frank Directs $39.2M Acquisition of Medical Office Property in Burlingame, California
BURLINGAME, CALIF. — Newmark Knight Frank (NKF) has arranged the purchase of a medical office property adjacent to Mills-Peninsula Medical Center in Burlingame. Lincoln Property Co. acquired the asset for $39.2 million. Located at 1720 El Camino Real, the property features 104,000 square feet of medical office space spread across three interconnected buildings. Situated on 3.7 acres, the property also includes a five-level parking structure. At the time of sale, the asset was 88 percent occupied by a number of medical users. Seth McKinnon of NKF represented the buyer in the off-market transaction. The name of the seller was not released.
LOS ANGELES — MWest Holdings has acquired The View, a high-rise apartment community located at 3460 W. Seventh St. in the Koreatown district of Los Angeles. CIM Group sold the property for an undisclosed price. Originally constructed in 1965 and redeveloped in 2013, the 13-story building features 168 apartment units in a mix of one- and two-bedroom layouts with Caserstone countertops, soft-close cabinetry, Frigidiare stainless steel appliances, double basin stainless steel sinks, recessed lighting and washers/dryers in select units. On-site amenities include a Yoga Works studio on the ground floor, a fitness center, pool and sundeck, barbecue area, outdoor lounge and community room. MWest plans to implement a minor interior upgrade program and revitalize the existing common areas and community amenities.
SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 111 Sutter Street, a 293,000-square-foot office tower in San Francisco’s North Financial District, for $227 million. The transaction, expected to close in the first quarter of 2019, equates to $775 per square foot. Paramount is considering bringing in a joint venture partner at the property. The seller was not disclosed. The building is currently 79.6 percent leased to technology, media, business services and nonprofit tenants. JLL serves as the property’s leasing agent. The 22-story building originally opened in 1927 and was known as the Hunter-Dulin Building. Electrical and plumbing upgrades as well as new elevator systems were added in 2001. The property, which served as NBC’s West Coast headquarters from 1927 to 1942, is on the National Register of Historic Places. The LEED Silver-certified property includes a 24-hour fitness center on the ground floor. New York City-based Paramount is a real estate investment trust that owns and operates Class A office properties in select central business district submarkets of New York City, Washington, D.C. and San Francisco. PGRE’s stock price closed at $12.79 per share on Thursday, Dec. 20, down from $15.58 per share one year ago. — …
DENVER — Newmark Knight Frank has arranged the sale of Infinity LoHi, a mid-rise multifamily community located in the Lower Highlands (LoHi) neighborhood of Denver. Greenwich, Conn.-based The Richman Group sold the property to an undisclosed advisor for $112 million, or $409,340 per unit. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Completed in 2018, Infinity LoHi features 273 units with spacious floor plans equipped with high-quality finishes, stainless steel appliances, washers/dryers, nine-foot ceilings, closets and select units have private balconies. On-site amenities include a fitness center, 24-hour clubhouse and resort-style pool.
AURORA, COLO. — Northstar Commercial Partners has completed the sale of 860 Potomac St., a commercial building in Aurora. An undisclosed buyer acquired the property for $34.7 million. Situated on 5.2 acres, the property features 113,568 square feet of commercial space. Children’s Hospital of Colorado currently leasing the property on a long-term basis, with lease commencement on June 1, 2019. Construction and build-out of the tenant’s space is occurring now. Due to its proximity to the Fitzsimons Medical Campus, the property is ideal for ancillary medical offices. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany of CBRE U.S. Healthcare Capital Markets partnered with James Brady and Campbell Davis of CBRE Denver Investment Properties to advise the seller in the deal. Northstar originally purchased the property vacant in March 2017.
SAN DIEGO — HFF has arranged $70.5 million in financing for a two-property life science portfolio in San Diego’s Sorrento Mesa neighborhood. Bioscience Properties and Singerman Real Estate, the borrowers, plan to use loan proceeds to convert the buildings into Class A laboratory assets. The portfolio comprises The Peak at Wateridge, a 180,000-square-foot, two-story office/R&D building situated on 11.1 acres at 10770 Wateridge Drive, and 6325 Lusk, a 50,005-square-foot life science building situated on 5.5 acres. Overall, the portfolio is 65 percent leased to two tenants: Abzena PLC and TriLink Biotechnologies. Tim Wright, Zack Holderman, Olga Walsh and Daniel Pinkus of HFF arranged the five-year, floating-rate bank loan.