COLORADO SPRINGS, COLO. — A joint venture between Griffis/Blessing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Colorado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing office and business center, fitness center, coffee bar, swimming pool, spa, picnic area, courtyard and covered parking.
PORTLAND, ORE. — A joint venture between Security Properties Development Co. and Beijing Jade Investment Group has purchased the PepsiCo Distribution Center in Portland for an undisclosed sum. The center is located between NE 25th and NE 27th avenues, and NE Holladay Street and NE Sandy Boulevard. The JV plans to redevelop the five-acre urban property under the City of Portland’s “Large Site Master Plan” designation, offering market-rate and affordable housing, office, retail and other real estate types over the next several years.
SACRAMENTO, CALIF. — Insight Realty Co. has purchased Park Plaza, a 73,000-square-foot office building in downtown Sacramento, for an undisclosed amount. The Class A building is located at 1303 J St. The firm partnered with local developer and investor Patrick Molloy, along with his firm Gavden Investments, to acquire the asset.
SALEM, ORE. — A joint venture between PCCP and Capstone Partners has announced plans to develop Mill Creek Logistics Center, a 1 million-square-foot distribution facility in Salem. The facility is situated in the Mill Creek Corporate Center, a 548-acre master-planned industrial park. The JV acquired the land in late August from the State of Oregon – Department of Administrative Services. Development has commenced on the 62-acre parcel with completion anticipated in July 2018. Notable neighboring tenants include Home Depot and FedEx.
PHOENIX — Aquafil USA has leased a 116,890-square-foot industrial building in Phoenix. The facility is located at 3555 W. Washington St. It was built in 1991. The company is expanding into the market to increase its nylon fiber operations. Keith Clark and Dave Dixon of Commercial Properties Inc./CORFAC International represented the tenant, while JLL represented the landlord, Colony Northstar, in this transaction.
MURRAY, UTAH — A Seattle-based investor has acquired the 400-unit Lionsgate apartments in Murray or $67.2 million. The community is located at 136 W. Fireclay Ave., eight miles south of Salt Lake City and 40 miles north of Provo. Lionsgate features one- to three-bedroom floorplans that range from 942 square feet to 1,165 square feet. Danny Shin of Marcus & Millichap represented both the buyer and seller, a local owner, in this transaction.
NEWPORT BEACH, CALIF. — A joint venture between The Picerne Group and Shopoff Realty Investments has broken ground on Phase I of Uptown Newport, a 25-acre mixed-use development located in Newport Beach. The first phase of development will include 462 residential units, 218 for-sale condominiums, 6,500 square feet of restaurants and a one-acre public park. Leasing will begin for the residential units in 2019. At completion, the project will feature 1,244 residential units, up to 11,500 square feet of retail and restaurants and two one-acre parks.
RANCHO BERNARDO, CALIF. — CBRE has brokered the sale of Rancho Carmel Village Center, a retail center located at 12125-12165 Alta Carmel Court in Rancho Bernardo. New World Limited Partnership acquired the 27,132-square-foot property from AP-Rancho Carmel LLC for $10.5 million. Situated on 3.3 acres, the property consists of three one-story buildings with a total of 14 tenants. At the time of sale, the center was fully occupied. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the buyer, while Kobzi, Kirk Brummer and Phil Voorhees, also of CBRE, represented the seller in the deal.
SAN DIEGO — The Port of San Diego has issued a request for proposals (RFP) to select a third-party management and operation company on an interim basis for Seaport Village after the current lease expires on Sept. 30, 2018. The port wants to ensure the shopping and dining complex remains a waterfront destination for residents and visitors until the Port’s planned redevelopment of the Central Embarcadero. The presentation to the Board of Port Commissioners is scheduled for Dec. 5. The board selected the 1HWY1 team and their “Seaport San Diego” concept in late 2016 for the redevelopment of the Central Embarcadero, which includes Seaport Village and surrounding areas. The design, planning and permitting will likely take several years due to the size of the redevelopment and uniqueness of some of the proposed programmatic components.
SEATTLE — Amazon has announced plans to open Amazon HQ2, a second company headquarters in North America. The online retailer plans to invest more than $5 billion in construction. The Amazon HQ2 Request for Proposal is now open. The company is looking for a metropolitan area with more than one million people that boasts a stable and business-friendly environment. It is considering both urban and suburban locations with the potential to attract and retain strong technical talent. The new facility will be comparable to Amazon’s current Seattle headquarters, which contains 8.1 million square feet of space within 33 buildings. The new project will not be a satellite office. Amazon estimates its investments in Seattle from 2010 through 2016 resulted in an additional $38 billion to the city’s economy. Every dollar invested by Amazon in Seattle generated an additional $1.40 for the city’s economy overall, according to the company.