KIRKLAND, WASH. — PMF Investments has purchased the Homeport Building and Marina in Kirkland for $28 million. The office property is located at 135 Lake St. The Homeport Building is one of only a few office marina investments existing on Lake Washington, according to Kidder Mathews, which brokered the sale. The firm’s Jason Rosauer, Andy Miller and Rob Anderson represented the seller, Westwater Development.
EUGENE, ORE. — Cascade Manor, a continuing care retirement community (CCRC) in Eugene, is currently in progress on a $10 million expansion that will create 30 new luxury independent living apartments and community amenities. The expansion, named 29th Place at Cascade Manor, will add 82,200 square feet to the community. Each new independent living apartment ranges from 1,330 to 2,700 square feet. In addition to new, larger housing options, the community is adding a new dining venue and a courtyard with exterior seating to give residents more choices for dining. Cascade Manor is also renovating existing common spaces including the dining room, main lobby, library and exterior finishes on the entire campus. Cascade Manor expects residents to begin moving into the expansion by the end of the year. Moisan Architects designed the expansion.
WESTLAKE VILLAGE, CALIF. — County Commerce Bank has acquired a freestanding bank building located at 2663 Townsgate Road in Westlake Village. The 4,183-square-foot property sold for $3 million, or $621 per square foot. County Commerce Bank plans to open a new branch at the location once the existing lease to Rabobank ends in October. Michael Schiff of NAI Capital represented the seller, Westlake Gateway Properties, in the transaction.
BELLINGHAM, WASH. — Memory care developer Silverado will lay the foundation for Silverado Bellingham, a 80-bed memory care community in Bellingham, on the West Coast near the Canadian border, on Sept. 11. The 41,000-square-foot, single-story community is situated on four acres of land and is slated to open in late 2016. Silverado expects development costs to total over $10 million. Architect James Brown with Wattenbarger Architects, local civil engineer Craig Parkinson with Cascade Engineering, and Dawson Construction Inc. all will participate in the construction.
VALLEJO, CALIF. — Faris Lee Investments has arranged the $4.8 million sale of a 16,500-square-foot single-tenant, triple-net lease CVS/pharmacy located in Vallejo. The transaction has a capitalization rate of 4.3 percent, the lowest recorded for a single-tenant CVS/pharmacy-occupied property. Christopher DePierro and Jeff Conover of Faris Lee represented the seller, Rivers Rock Vallejo LLC, and LemRx Realty Advisors represented the buyer, Calpine Corp., in the transaction. The property is currently under construction, and will open in October.
COVINGTON, WASH. — Seniors housing operator Seniority Inc. and investor Zenith Capital have revealed joint plans for a new 98-unit assisted living and memory care community on three acres in Covington, approximately 25 miles southeast of Seattle. Covington Assisted Living and Memory Care Community include 64 units for assisted living and 34 for memory care. Development cost is estimated at $23.5 million. Construction will start in the second quarter of 2016, with the facility slated to open in summer 2017. This will be the first assisted living and memory care facility in Covington, according to the developers. When completed, Seniority — a subsidiary of American Baptist Homes of the West — will operate the facility. Seattle-based Zenith Capital will oversee the project’s development and financing. The U.S. government’s EB-5 immigrant investor visa program will provide a portion of the project’s overall financing, along with additional equity partners investing into the project.
ASHLAND, ORE. — Contemporary Healthcare Capital LLC (CHC) and Community & Southern Bank (CSB) have jointly provided a $10.5 million loan for the acquisition of a seniors housing community in Ashland, near the California border. The unnamed community is a 95-unit assisted living and memory care facility. Proceeds of the loan will be used to fund the acquisition along with $575,000 in renovations. This is the first joint loan from CHC and CSB since the two companies announced the strategic partnership in May.
DALLAS, ORE. — Cain Brothers has arranged $27.6 million bond financing for Dallas Retirement Village, a continuing care retirement community (CCRC) in Dallas, about 15 miles west of Salem. Operated by Life Care Services, Dallas Retirement Village currently features 45 independent living homes, 73 independent living apartments, 65 assisted living units, 20 memory care units and 121 skilled nursing beds. The proceeds from the bonds will be used to construct 40 new lodge-style independent living apartments and a 21,000-square-foot clubhouse, as well as refund $2.5 million of existing debt. Planning for the campus expansion began in 2007, but was placed on hold during the recession.
TUCSON, ARIZ. — Keenan & Co. has arranged the sale of The Stone Avenue Standard, a 64-unit, 224-bed student housing complex at the University of Arizona, for $6.75 million. The $6.75 million purchase price equates to $105,470 per unit. Tom Keenan, president of Keenan & Co., represented the seller and procured the buyer, Quad Real Estate Partners, of New York. Dallas-based THP PM Group will manage the property. The Stone Avenue Standard features unfurnished three- and four-bedroom apartments, a resort-style pool, exercise room, study room, a lounge, secured and covered parking, and a shuttle to and from campus. It also features 12 two-story, two-bedroom, two-and-a-half bath townhome units with an attached garage.
The Southern Nevada industrial market has continuously seen improvement through the second quarter of 2015 with a positive absorption of 878,151 square feet. The overall vacancy rate followed suit and decreased to 8 percent – down 2.1 points from the 12 previous months, which ended at 10.1 percent. The asking lease rates also increased to an average of $6.38 – up almost 10 percent in the fourth quarter of 2014 when it stood at $6.16. A new addition to the healthy market is the growth in new projects that are either planned or under construction. There is an estimated 2.4 million square feet currently under construction, with deliveries anticipated from the third quarter of 2015 through the second quarter of 2016. Big box distribution demand continues to climb, and most developers now believe “if you build it, they will come.” One of the largest deliveries planned for the third quarter of this year is Prologis’ 3700 Bay Lake Trail. Bay Lake was originally planned as a 464,203-square-foot, speculative project. The entire development was leased by Cushman & Wakefield to the Global Equipment Company (GEC), a subsidiary of Systemax, prior to the official groundbreaking, however. This deal was an expansion for …
