Western

IPA Arranges $39M Sale of 139-Unit Apartment Complex in Washington

by Nellie Day January 24, 2018

MILL CREEK, WASH. — Institutional Property Advisors has arranged the sale of the 139-unit Monterra in Mill Creek apartment complex just south of Everett for $39 million. The community is located at 13401 Dumas Road. Neither the buyer nor seller were disclosed. Monterra in Mill Creek was built in 2003. It contains one- to three-bedroom units with an average unit size of 974 square feet. The new ownership plans to increase revenue through expiration of below-market leases while participating in the rent growth currently experienced and projected to continue in Mill Creek. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and seller in this transaction.

January 24, 2018

Arizona Loans Multifamily Western

KeyBank Provides $31.2M in Financing for 354-Unit Apartment Community in Arizona

by Nellie Day January 24, 2018

NEW RIVER, ARIZ. — KeyBank Real Estate Capital has provided $31.2 million in Fannie Mae financing for the 354-unit Bela Rosa Apartment Homes in New River, northeast of Peoria. The Class A community is located at 3825 W. Anthem Way in the master-planned community of Anthem. Bela Rosa was built in 2007. It contains 37 townhome-style apartment buildings. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the financing with a 10-year term and 30-year amortization schedule. The first-mortgage loan was used to refinance existing debt.

January 24, 2018

California Office Western

Positive Investments Acquires Towne Centre Office Building in Arcadia for $25.6M

by Nellie Day January 24, 2018

ARCADIA, CALIF. — Positive Investments has acquired Towne Centre Office Building, an 83,250-square-foot office building in Arcadia, for $25.6 million. The eight-story building is located at 150 N. Santa Anita Ave. The asset is 97 percent leased. Bank of America anchors the property, which was built in 1972. Mark Evanoff and Andrew Berk of Avison Young represented the seller, a San Francisco-based family trust, in this transaction. The buyer represented itself.

January 24, 2018

California Office Western

MedImpact Begins Construction of Second San Diego Headquarters Building

by Nellie Day January 24, 2018

SAN DIEGO — MedImpact has announced plans to expand in San Diego. The pharmacy benefit manager has started construction of its second corporate headquarters campus building in the Scripps Ranch submarket. The 158,000-square-foot building will be located at 10159 Scripps Gateway Court. It is an extension of MedImpact’s existing corporate headquarters building. Watermark Building 2 will include a large outdoor courtyard for casual meetings, social gatherings and exercise. A pedestrian bridge will connect the two buildings in the outdoor courtyard. Completion is scheduled for December 2018. Sudberry Properties is the development and construction manager for MedImpact.

January 24, 2018

Multifamily Washington Western

Greystar Buys 170-Unit Zig Apartments in Seattle

by Nellie Day January 24, 2018

SEATTLE — Greystar Real Estate Partners has acquired the 170-unit Zig Apartments in Seattle for an undisclosed sum. The community is located at 550 Broadway in the First Hill neighborhood. Zig Apartments was completed last summer. It includes 5,018 square feet of retail space. Greystar currently owns 2,206 units in the Seattle Metro Area and manages 21,186 additional units in the region.

January 24, 2018

California Hospitality Loans Western

Mogul Capital Receives $60M Construction Loan for Marriott Courtyard, TownePlace Suites in California

by Nellie Day January 23, 2018

HAWTHORNE, CALIF. — Mogul Capital has received $60 million in construction financing to build the dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne. The five-story property will contain 354 guest rooms, a restaurant, swimming pool, and meeting space for corporate and community functions. The hotel will be located near aerospace-related businesses like SpaceX and Northrup Gruman, as well as Tesla’s design headquarters, Boeing, Aerospace Corp, Raytheon, LA Airforce Base and Mattel. Lusardi Construction Co. will build the project. Avana Capital provided the capital.

January 23, 2018

California Office Western

CBRE Global Investors Fund Buys Two Office Buildings in Los Angeles

by Nellie Day January 23, 2018

LOS ANGELES — The CBRE Strategic Partners U.S. Value 8 has purchased two office buildings in the Los Angeles submarket of Glendale for an undisclosed sum. The acquisition includes the 290,847-square-foot building at 801 N. Brand Blvd. and 136,016-square-foot building at 700 N. Central Ave. The transaction also includes a 50 percent ownership interest in an adjacent parking structure. Both buildings have been recently renovated and feature efficient floorplates. CBRE will implement a planned capital improvement program. The assets are currently 89.9 percent leased to a base of institutional-quality tenants.

January 23, 2018

Hospitality Washington Western

Hilton to Build 142-Room Hotel in Seattle

by Nellie Day January 23, 2018

SEATTLE — Hilton Hotels has announced plans to construct the Sound Hotel Seattle Belltown, a 142-room hotel in Seattle. The hotel is being developed as part of a 42-story mixed-use building. The new property will also house Arrivè apartments. The hotel will be situated on floors one through 10 with a first-floor lobby and restaurant. A bar/lounge, pre-function space and 770 square feet of meeting space, which will divide into two rooms, will all be available on the seventh floor. The Sound Hotel Seattle Belltown is part of the Tapestry Collection by Hilton. The Hotel Group will manage the asset.

January 23, 2018

Industrial Oregon Western

McLellan Estate Co. Acquires 196,499 SF Industrial Complex in Oregon for $27.5M

by Nellie Day January 23, 2018

CLACKAMAS, ORE. — McLellan Estate Co. has purchased Clackamas Business Center, a 196,499-square-foot industrial center southeast of Portland in Clackamas for $27.5 million. The center is located at 14863 SW 82nd Ave. Clackamas Business Center was built in 1978. It was 99 percent leased at the time of sale. There are a total of 50 units in the park. Notable tenants include Mattress World, Marion Construction, Portland Fruit LLC, Harmony Kids LLC and Portland Cider Co. Scott Finney and Nicholas Chessar of Norris & Stevens represented both the buyer and seller, limited partnerships controlled by Warren Family Properties, in this transaction.

January 23, 2018

California Industrial Western

Skechers Leases 366,698 SF Warehouse in Moreno Valley, California

by Nellie Day January 23, 2018

MORENO VALLEY, CALIF. — Skechers has leased a 366,698 square foot warehouse/distribution building in Moreno Valley. The facility is located at 22705 Newhope St. The athletic shoe manufacturer now leases a total of 1.8 million square feet in Moreno Valley, making it the largest single-company occupancy under one roof in Southern California, according to Westcore Properties, the building’s landlord. Dave Burback of Kidder Mathews and CBRE’s Gerry Harvey represented Westcore.

January 23, 2018

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