LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Colfax & Kipling Center, a 6,518-square-foot retail center located in Lakewood for an undisclosed price. The property is fully leased to Starbucks Coffee, Kolache Factory and Cricket Mobile. Rob Edwards and Tom Ethington of Pinnacle brokered both sides of the off-market transaction.
SEATTLE — Data storage systems provider Qumulo has expanded to 75,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave., between the South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.
DENVER — Massage Heights, a leader of therapeutic massage and facial services, opened nearly two dozen locations in 2015. Ramping up franchise expansion, Massage Heights plans to open 40 locations this year and have 300 open by the end of 2018. As part of its growth strategy, the brand plans to develop franchised locations in cities like Denver, San Diego and Las Vegas in 2016. Additionally, Massage Heights is seeking area developers to grow the brand in Sacramento, Calif., Los Angeles and Salt Lake City.
LAS VEGAS — Hines has purchased the 308-unit Domain Luxury Apartment Homes in Las Vegas for $58.2 million. The community is located at 831 Coronado Center Drive. The garden-style property is situated at the entrance to the Anthem community. It was built in 2014. Doug Schuster, Curt Allsop and Vittal Ram of ARA Newmark represented the seller, Nevada West Development, in this transaction.
SEATTLE — Columbia Pacific Advisors has provided $50 million in first-mortgage financing for the 425-acre Weyerhaeuser corporate campus in the Seattle submarket of Federal Way. The campus is located at 33663 Weyerhaeuser Way S. The loan will allow the borrower, Industrial Realty Group (IRG), to purchase the campus. IRG plans to redevelop and lease or sell parts of the high-profile property to industrial and office users. Columbia Pacific Advisors manages more than $1.1 billion across a variety of alternative investment strategies, including real estate lending, private real estate equity, growth capital, private equity and distressed debt.
SEATTLE — Vulcan Real Estate has acquired two retail properties comprising six acres on the north and south sides of South Jackson Street in Seattle for $30.9 million. Vulcan intends to develop a mixed-use project comprised of 570 multifamily units, subterranean parking and ground floor retail in two five- and seven-story buildings on the 3.6-acre south parcel of land currently known as Promenade 23. Runberg Architecture Group is designing the project. Groundbreaking is set for mid- to late-2017, with construction expected to last 24 months. Vulcan has no current development plan for the north parcel, which is home to approximately 36,000 square feet of existing retail occupied by Walgreens and Starbucks Coffee.
LAS VEGAS — NorthMarq Capital has secured the $26 million refinance of Desert Marketplace, a 251,785-square-foot mixed-use property located on West Warm Springs Road in Las Vegas. Scott Monroe of NorthMarq secured the financing, which is structured with a 3-year, interest-only term with two one-year extensions. The center is composed of six buildings occupied by tenants including Walgreens, TJ Maxx, Glazier’s Food Marketplace, Petco and Big 5.
SCOTTSDALE, ARIZ. — The Praedium Group has purchased the 264-unit Broadstone Lincoln apartment complex in Scottsdale for an undisclosed sum. The Class A community is located at 7100 E. Lincoln Drive. Broadstone Lincoln features a two-story fitness center and a resort-style pool with outdoor cabanas. It has also achieved LEED-Platinum certification. “Broadstone Lincoln is among the newest and highest-quality assets in Scottsdale,” says Asim Hamid, Praedium’s managing director. “Due to its proximity to advanced educational facilities and dynamic growth from technology and healthcare companies, Scottsdale continues to have exceptional employment drivers.” Notable employers in the area include Yelp, Groupon, McKesson, Zenefits, Scottsdale Healthcare, Weebly and CA Technologies. Broadstone Lincoln is situated less than three miles from downtown Scottsdale, near Scottsdale Fashion Square and SMoCA, the Scottsdale Museum of Contemporary Art. It is adjacent to the recently approved $2 billion Ritz-Carlton Paradise Valley project, which is scheduled for completion in 2018. The new Five Star Development project will feature a 200-room Ritz-Carlton hotel, 94 townhome-style villas and 45 single-family homes with access to Ritz-Carlton hotel services and amenities. The Praedium Group is a New York-based, privately held real estate investment firm that focuses on under-performing and undervalued assets throughout the United States. The firm executed the transaction …
CAMPBELL, CALIF. — An unnamed buyer has purchased the 40-unit Sol@Campbell apartment building in the Silicon Valley submarket of Campbell for $14 million. The community is located at 300 Dunster Drive and 350 Dunster Drive. It was built in 1957 and renovated in 2015. Mitchell Zurich of Marcus & Millichap’s Palo Alto office represented the seller, a locally based investment group, in this transaction.
LOS ANGELES — Macland Investments has acquired a 10,300-square-foot office building in the Warner Center/Woodland Hills submarket of Los Angeles for $4.7 million. The building is located at 5947-5951 Variel Ave. The gas station operator will use the space for administrative offices. The seller, a private investor, acquired the property in 2012 as a two-tenant property. It renovated the space for single-tenant use with high-end, modern finishes. Scott Romick of Lee & Associates-LA North/Ventura represented the seller.
