The Seattle close-in industrial market consists of those areas within the city limits north and south of Downtown. This is a very dense market composed of about 1,995 individual buildings that amount to 46,520,000 square feet. This is the place where the first Pacific NW industries were established. The submarkets of Ballard, Interbay, SODO, Georgetown and South Park are home to old and new manufacturing-based businesses, suppliers and distributors. They are also home to behemoths like Boeing, the Port of Seattle and a majority of the Alaskan fishing fleet. In addition to decades-old industries like aerospace, ship building, custom metals fabrication, contractor suppliers and wholesale food distribution, we have newer industries emerging as well. These include craft beer, wine and spirits makers, specialty food production, software engineering, computer hardware design, new automotive sale sites, coffee roasters, digital printing, recreational equipment design and manufacturing and now even marijuana production, to name a few. This market is an amazing microcosm of the evolution of American industry. The continual growth of newer and more diverse manufacturing and distribution companies is still percolating steadily despite the setbacks of the Great Recession. This stubborn growth, coupled with the slow conversion of older industrial buildings to …
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GLENDALE, ARIZ. — Zanjero Falls, a 147,405-square-foot office property in Glendale, has sold to a joint venture for $9.1 million. The space is located at 7410 N. Zanjero Blvd. The venture includes Select Healthcare Solutions LLC, Phoenix Cyberknife, and Radiation Oncology Center LLC. The acquisition also includes about 10 acres of developable land. The Class A office development has never been occupied. It is currently configured as eight fully improved lots for future development. Zanjero features a single-story and a three-story office building, both of which are in shell condition. It was built in 2008. The JV was represented by TJ Zaharis of COBE Real Estate. The seller, RCFC Zanjero Falls, was represented by Steve Lindley, Bob Buckley, Tracy Cartledge, Eric Wichterman and Mike Coover of Cassidy Turley’s Capital Markets Group.
TEMPE, ARIZ. – An 81,200-square-foot industrial property in Tempe has sold to a local private investment company for $7.5 million. The property is located at 9235 S. McKemy Street. The space is fully occupied by MTD Southwest. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group represented both the buyer and the seller, McKemy Holdings, in this transaction.
COLORADO SPRINGS, COLO. – The 168-unit Hill Park apartment complex in Colorado Springs has sold to Shefflin Investments LLC for $5.9 million. The community is located at 360 N. Murray Blvd. It was 95 percent occupied at the time of closing. Hill Park was originally built in 1972. The seller, Hill Park Associates, was represented by ARA Colorado’s Kevin McKenna, Ken Greene and Saul Levy.
ESCONDIDO, CALIF. – A 9,440-square-foot retail building in the San Diego submarket of Escondido has sold to The Tabata Family Trust for $2.6 million. The building is located at 935 W. Mission Ave. The property is a single-story strip center. The trust was represented by Steve Herrington and Gregg Herrington of Real Estaters of California. The seller, R.J. Mission Plaza LLC, was represented by Don Zech and Matt Orth of CDC Commercial.
LOVELAND, COLO. – The Lids concept, Locker Room by Lids, has opened at the Promenade Shops at Centerra in Loveland. The sports apparel, headwear, accessories and novelties retailer is located between Banana Republic and Jos. A. Bank. The center is managed by Poag Lifestyle Centers, LLC.
SEATTLE — Cornerstone Real Estate Advisers has acquired the 319-room Motiff Seattle hotel for a reported $130.7 million. The hotel is located at 1415 5th Ave., between Pike and Union streets in Downtown Seattle. It was formerly known as The Red Lion. The property went through a $20-million, multi-phase renovation in 2011 that added 22 guest rooms and increased meeting space by 50 percent. It was only recently rebranded as Motiff Seattle, making it the largest independent hotel in the Downtown area. The seller was a joint venture between Lowe Enterprises Investors (LEI), the Guardian Life Insurance Company of America and a subsidiary of Allstate Insurance Company. LEI affiliate Destination Hotels & Resorts will continue to manage the property. The joint venture targets well-located, full-service hotels that maintain three-star quality and above that can be repositioned to capitalize on the market’s recovery.
LAKEWOOD, COLO. — The Radco Companies has acquired the 512-unit Parc Belmar apartment community in Lakewood for $95.3 million. The community is located at 7301 W. Ohio Ave. in the southwestern suburb of Denver. It sits adjacent to the Downtown Belmar district, a 22-block retail and entertainment destination. This is the largest multifamily transaction in Colorado so far this year, according to Radco. It is also the real estate opportunistic investment firm’s first acquisition in Colorado. Radco plans to reposition the property. The efforts would include renovating the 27,000-square-foot clubhouse and leasing center, as well as upgrading the unit interiors with high-end finishes. The company also plans to rebrand the property as Ashford Belmar. Radco’s portfolio now includes more than 6,500 multifamily units in five cities across the Southeast and the Midwest. This latest acquisition was financed through a mixture of Freddie Mac debt, preferred equity from the Related Companies and Radco’s own privately funded equity.
SALT LAKE CITY – A joint venture between Grey Oak LLC and Wasatch Advantage has acquired six parcels totaling 1.5 acres in Downtown Salt Lake City. The purchase price was not disclosed. The JV will use the land to develop Encore, a 189-unit apartment community. The new Class A community will be located on the north side of 400 South between Denver Street and 500 East. The transaction was executed by Mark Jensen and Greg Ratliff of Newmark Grubb ACRES. The seller was not named.
MESA, ARIZ. — Buchanan Street Partners has acquired Stapley Corporate Center, a 180,000-square-foot office property in the Phoenix suburb of Mesa, for $32.5 million. The two-building, Class A center is located at 1840 and 1910 South Stapley Drive, near the border of Mesa and Gilbert. Stapley is 90 percent occupied. Tenants with long-term leases include Cigna Healthcare and Wells Fargo. Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller and original developer, the DESCO Group, in this transaction. Buchanan was self-represented. JLL’s Mark Gustin will handle the center’s leasing. Buchanan is targeting value-add investment properties within the Phoenix market. It currently owns 1.4 million square feet of properties in this market, including Mesa Corporate Center and the 260-unit Vue Park West in Peoria, which closed earlier this year.