PORTLAND, ORE. — Portland Housing Bureau has acquired The Ellington, a 263-unit apartment community in Portland, for $47 million. The community is located at 1610 N.E. 66th Ave. The property is adjacent to the Rose City Golf Course. The sellers were Guardian Real Estate Services and partner Broadreach Capital Partners. HFF’s Ira Virden and director Carrie Kahn executed the sale.
SACRAMENTO, CALIF. — A joint venture between Lowe Enterprises Investors (LEI) and The Family Office (TFO) has acquired Gateway Center, a four-building office portfolio in the South Natomas area of Sacramento, for an undisclosed sum. Gateway Center is located along Interstate 5 near the Interstate 80 interchange. The JV plans to update the properties, including lobby renovations, landscape and lighting improvements, and upgrades to conference rooms, common areas and outdoor gathering spaces. Peter Morgan led the LEI acquisition team. Los Angeles law firm Eisner Jaffe represented the joint venture. This is the first acquisition by the LEI/TFO joint venture, which plans to acquire several additional West Coast office properties in 2017.
SEATTLE — An affiliate of Champion has acquired the 73-unit Union Bay Apartments in the South Lake Union neighborhood of Seattle for $24 million. The community is located at 526 Yale Ave. N. It was built in 1994. Union Bay is situated near Amazon, Dropbox, Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research and Zymogenetics.
GLENDALE, CALIF. — PSI Services has leased 23,589 square feet of office space in Glendale. The Class A space is located at 611 N. Brand Blvd. PSI committed to an 11-year lease. The company is relocating its corporate headquarters from 17,308 square feet at 2950 N. Hollywood Way in Burbank. Jacob Bobek of Avison Young represented PSI in the deal. Jones Lang LaSalle represented the landlord, LNR Partners.
SURPRISE AND GLENDALE, ARIZ. — Canada-based Triumph Real Estate Investment Fund has acquired two shopping centers in metro Phoenix for $7 million. Acquisitions include the $4 million purchase of Triumph Bell West Ranch, a 20,225-square foot-shopping center located in Surprise; and the $3 million purchase of Triumph Glendale Crossing, a 10,595-square-foot retail center located in Glendale. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide represented the buyer in the acquisition of Triumph Bell West Ranch from PWREO Bell & 303 LLC, and Triumph Glendale Crossing from Lawrence and Geyser. Danielle Davis of Levrose Commercial Real Estate/TCN Worldwide will handle leasing, and MODE Commercial Property Management has been selected to manage the properties.
EASTVALE, CALIF. — Amazon has leased a 1 million-square-foot logistics center in Eastvale. Located within a 205-acre, mixed-use development, the new space will offer a variety of space options, including distribution, business park, retail and medical. It will be situated directly off the Cantu-Galleano Ranch Road Exit on the I-15. Amazon is scheduled to occupy the new facility in 2018. Goodman Group will build Goodman Commerce Center Eastvale.
SEATTLE — PSRS has provided $54 million in acquisition financing for a 324,287-square-foot office campus in Seattle. The borrower was not disclosed. The loan features a three-year term and a 25-year amortization schedule. The loan was placed with a life insurance company. It was structured by PSRS’s Antonio Hachem.
SAN DIEGO — Renovate America has leased 160,000 square feet of office space at the Rancho Vista Corporate Center in the San Diego submarket of Rancho Bernardo. The center is located at 16409 W. Bernardo Drive. The seven-year lease was one of the largest signed in San Diego in 2016, according to CBRE. CBRE represented both the landlord, Swift Real Estate Partners, and Renovate America in the transaction.
LAS VEGAS — The Freeman Storage Container Facility in Las Vegas is set to undergo a $3.5 million expansion. The additional 10,000 square feet will include a marshaling yard on the adjacent land. The project is located on seven acres and is scheduled for completion in June. Construction of the existing facility was completed by Alston Construction in October 2015. The developer was Panattoni Development Co. and the owner is Ponderosa Yard LLC.
JURUPA VALLEY, CALIF. — Star Holdings LLC has acquired a 32,898-square-foot manufacturing/distribution facility in Jurupa Valley for $4.1 million. The facility is located at 4758 Troy Court. The building was completed in January as part of the Galena Business Park. It sits on 68,389 square feet of land.
