Western

Kennedy Wilson Sells West Coast Multifamily Portfolio for $422M

by John Nelson May 29, 2018

BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …

May 29, 2018

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Brokers $102.2M Acquisition of Seven-Property Multifamily Portfolio in Colorado Springs

by Amy Works May 25, 2018

COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the acquisition of a multifamily portfolio in Colorado Springs. Denver-based Slipstream Properties purchased the seven-building portfolio from a Colorado Springs-based apartment owner for a total consideration of $102.2 million. Adam Riddle and Jason Koch of Nexus Commercial Realty represented the buyer and seller in the deal. The properties are: Pine Creek Village Apartments, a 312-unit property that sold for $29.2 million. Shannon Glen Apartments, a 192-unit property that sold for $17.8 million. Cedar Creek Club Apartments, a 175-unit community that sold for $14.2 million. El Vecino Apartments, a 174-apartment community that sold for $12.2 million. 162-unit South Pointe Apartments, which sold for $13.3 million. 84-unit Timbers Apartments that sold for $7.3 million. New Horizons Apartments, a 79-unit property that sold for $8 million.

May 25, 2018

Acquisitions Colorado Multifamily Western

Bascom Group Acquires 275-Unit Multifamily Community in Denver for $92.5M

by Amy Works May 25, 2018

DENVER — The Bascom Group has purchased Modera at Observatory Park Apartments, a newly constructed infill apartment community located in Denver, from an undisclosed seller. The price was $92.5 million, or $336,364 per unit. Built in 2017, the property features 275 Class A apartment units. Mill Creek Residential will manage the property. Charles Halladay, Jamie Kline and Brock Yaffe of HFF arranged $66.7 million in acquisition financing through TH Real Estate for the purchase. Tim Shunta of National Realty Advisors brokered the acquisition. Since 2005, Bascom and its affiliates have acquired 30 multifamily properties in the Colorado market, totaling 11,057 units.

May 25, 2018

Acquisitions Multifamily Washington Western

IPA Negotiates $53M Sale of Apartment Building in North Seattle

by Amy Works May 25, 2018

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Origin Apartments, a seven-story multifamily property located at 12311 32nd Ave. NE in Seattle’s Lake City neighborhood. JB Matteson acquired the property for $53 million, or $346,405 per unit. Kim Grant of IPA represented the buyer in the deal. The seller was not disclosed. Constructed in 2017, the property features 153 units in a mix of studio, one- and two-bedroom apartments averaging 750 square feet. Community amenities include a rooftop deck, an outdoor dog park and gated underground parking.

May 25, 2018

Acquisitions California Retail Western

CBRE Arranges $6.5M Sale of Retail Center in San Diego

by Amy Works May 25, 2018

SAN DIEGO — CBRE has arranged the sale of Torrey Del Mar Plaza, a strip retail center located at 13857-13859 Carmel Valley Road in San Diego. Carmel Valley Plaza LLC sold the property to a local private investor for $6.5 million. Situated in the Torrey Highlands submarket, the 10,008-square-foot property was 100 percent occupied at the time of sale. Eight service-type tenants occupy the property, including a dentist, yoga studio, dry cleaner and animal hospital. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Jason Richards represented the buyer in the transaction.

May 25, 2018

Hawaii Leasing Activity Restaurant Retail Western

CoastWood Capital Signs Four New Tenants to 150,000-Square-Foot Outlets of Maui

by Amy Works May 25, 2018

LAHAINA, HAWAII — CoastWood Capital Group LLC has signed four new tenants to The Outlets of Maui, a 150,000-square-foot, open-air shopping center in Lahaina. Waikiki Brewing Co. will open at the center, joining restaurant tenants such as Ruth’s Chris Steak House and PI Artisan Pizza. The 3,940-square-foot brewpub will open this fall. Other tenants that will join the Outlets of Maui include: Kate Spade, which will open a 3,250-square-foot store this fall; Le Creuset, scheduled to open a 1,600-square-foot location in June; and Maui Sunglass/Maui Jim, which will relocate to a new, 950-square-foot location within the center. In addition to the new retailers, Warren & Annabelle’s an entertainment venue for magic and comedy, will undergo a complete renovation to its existing 5,700-square-foot space. Existing tenants at the Outlets of Maui include Coach, Michael Kors, Gap Factory Store, Banana Republic Factory Store and Tommy Hilfiger.

May 25, 2018

California Development Mixed-Use Multifamily Restaurant Retail Western

City of Alameda, Alameda Point Partners Break Ground on $1B Mixed-Use Development on Former Naval Air Station

by Amy Works May 24, 2018

ALAMEDA, CALIF. — The City of Alameda and Alameda Point Partners have broken ground on the first phase of the $1 billion mixed-use, transit-oriented waterfront development at the gateway to Alameda Point, called Site A. The 68-acre Site A development is located on the former Naval Air Station Alameda, which closed more than 20 years ago. Alameda Point Partners is a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments. Slated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households; eight acres of parks and open space; and 100,000 square feet of retail, dining and marker space, as well as community event and gathering space. Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and bulkhead improvements on Seaplane Lagoon for a new ferry terminal. Eden Housing will develop 130 affordable housing units during Phase …

May 24, 2018

Acquisitions Arizona Retail Western

West Valley Properties Sells 89,804 SF Shopping Center in Arizona for $26M

by Amy Works May 24, 2018

CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties has completed the disposition of The Boardwalk at Anderson Springs, a shopping center located at the southeast corner of Dobson and Ray roads in Chandler. Los Angeles-based Westwood Financial purchased the property for $26 million. The original Sprouts Farmers Market anchors the 89,804-square-foot property. Sprouts originally opened in 2005 and is currently undergoing a $1 million renovation. At the time of sale, the property was 97 percent occupied by a variety of tenants, including Pita Jungle, State Farm, Pet Planet and Desert Financial Credit Union. Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller.

May 24, 2018

Acquisitions California Retail Western

Colliers Negotiates Sales of Two Retail Properties in Sonoma and Los Angeles Counties

by Amy Works May 24, 2018

SOUTH PASADENA AND CLOVERDALE, CALIF. — Colliers International has arranged two sales of retail properties located in Sonoma and Los Angeles counties totaling $12 million. In the first deal, Guillermo Olaiz and John Archibald of Colliers represented a family trust in the $5.3 million sale of a corner lot located at 815 Freemont Ave. in South Pasadena. The property is short-term leased to Carrow’s Restaurant. The buyer was a San Gabriel Valley-based builder. In the second transaction, the family trust purchased a single-tenant, net-leased retail property located in Cloverdale for $6.7 million. Grocery Outlet, a regional discount grocer, occupies the 15,756-square-foot property. Olaiz and Archibald of Colliers represented the family trust in this 1031 exchange transaction.

May 24, 2018

Acquisitions Nevada Office Western

Commercial Executives Real Estate Arranges $1.8M Sale of Office Space in Las Vegas

by Amy Works May 24, 2018

LAS VEGAS — Commercial Executives Real Estate Services has brokered the sale of a professional office space located at 1120 Shadow Lane in Las Vegas. Shadow Lane Property sold the building to Moorea Holdings LLC for $1.8 million. The property features 9,800 square feet of office space. Soozi Jones Walker and Bobbi Miracle of Commercial Executives Real Estate Services represented the seller in the deal.

May 24, 2018

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