SEATTLE – The 366-unit Lake Washington Apartments in Seattle will undergo a $50-million redevelopment. The 66-year-old complex is located at 9062 Seward Park Ave. South. It is one of Washington’s largest non-government agency operated affordable housing properties. The redevelopment will include improvements to the units’ interiors and exteriors, as well as the installation of energy-efficient appliances. The complex will also receive new community spaces and 13 new units. Construction will begin next month. It is scheduled for completion in the later part of next year. The developer is Bayside Communities and its non-profit partner, SouthEast Effective Development (SEED). Development and financing partners include Citibank, the City of Seattle and the State of Washington. The tax credit equity is provided by R4 Capital. The redevelopment will be undertaken without any new direct taxpayer funding.
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CLAREMONT, CALIF. – An institutional investor has purchased Park View, a 42-acre land site in Claremont, for $48 million. The site was entitled for 400 residential units and 100,000 square feet of commercial building areabefore an affiliate of Allied Retail Partners LLC purchased the land for $12 million in June 2011. The land is currently in raw condition. The sellers were LBG Real Estate Companies and Allied.
WAIKIKI, HAWAII — H & M, Hennes & Mauritz AB (H&M) has opened its first store in Hawaii. The 31,000-square-foot flagship store is located at Waikiki Business Plaza. The new store celebrates the islands’ roots, with unique artwork from local surf photographers Mike Coots, Sarah Lee and Zak Noyle. H&M operates 311 stores in the U.S., and about 3,100 stores nationwide.
LONE TREE, COLO. — Kaiser Permanente has opened a new multi-specialty center in Lone Tree. The 275,000-square-foot facility is located at 10240 Park Meadows Drive. The 20-acre integrated campussits adjacent to Denver’s commuter rail system off Interstate 25. The center broke ground in 2012 and was developed in phases. It began accepting patients last month. Some of the specialties and services the new facility offers include infusion services, laboratory, oncology, obstetrics, gynecology, ambulatory and general surgery, allergy care, gastroenterology, orthopedics, clinical palliative care, physical/occupational therapy, optometry and hearing services. It also has a café and a pharmacy. The new facility was built by Adolfson & Peterson Construction and designed by Davis Partnership Architects and Bennett Wagner & Grody Architects PC. Healthcare consulting firm Hammes Company also worked on this project. Kaiser maintains additional facilities in Denver and Lafayette.
SEATTLE — Craig M. Robinson has been named president of Colliers’ U.S. business. Robinson will report to Dylan Taylor, Colliers’ CEO of Americas. In this newly created position, Robinson will manage all aspects of Colliers’ day-to-day U.S. business, including operations, strategic initiatives and business development. Robinson was previously president of corporate services at a national real estate services firm. He has also structured and managed more than $350 million in equity real estate investments for AIG Global Real Estate. Robinson holds a Master of Business Administration from Harvard Business School and a Bachelor of Science at the Massachusetts Institute of Technology.
PASADENA, CALIF. — Pasadena Clinical Physicians Neuroscience Centerhas received a $17.2-million refinance. The 49,652-square-foot medical office building is located at 630 South Raymond Ave. The loan carries a 10-year term and a 30-year amortization schedule. Financing was arranged by Ory Schwartzof NorthMarq Capital’s Los Angeles officethrough the firm’s relationship with an investment management firm.
SAN FRANCISCO — Strategic Storage Trust has acquired an 86 percent interest in a 1,120-unit self-storage facility in Downtown San Francisco. The trust now owns a 98 percent majority interest. The purchase price was not disclosed. The 76,200-square-foot facility is located at 190 Otis Street. The seller was a group of various investors in a Delaware statutory trust. The building was previously re-branded under the SmartStop Self Storage trade name.
SAN DIEGO – The 46-unit Kenora Terrace in the San Diego submarket of Spring Valley has sold to Doug Wetton Properties for $5.6 million. The community is located at 3541 Kenora Drive near State Routes 94 and 125 and Interstate 8. It was built in 1979. The seller, Pacifica Companies, was represented by HFF’s Hunter Combs. HFF also secured a three-year, interest-only acquisition loan for the buyer through a balance sheet lender.
DENVER – A 15-unit apartment building in Denver has sold to Loving Properties Inc. for $2.5 million. The community is located at 2421 South Gaylord Street. It was built in 1958. The buyer plans to complete a renovation at the property. The company was represented by Candace Loving. The seller, JDR Properties LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.
SAN DIMAS, CALIF. – A 21,016-square-foot retail center in San Dimas has sold to Homi Holdings, LLC, for $4.8 million. The center is located at 702 W. Arrow Highway. It is situated adjacent to the I-57 Freeway, directly across from a Lowes-anchored shopping center. The center was built in 1988 and renovated in 2012. It is fully leased to tenants like Sears Appliance Center, Sherwin Williams and T-Mobile.Brad Umansky and Frank Vora of Progressive Real Estate Partners represented both the buyer and seller, R & N Partners, LLC, in this transaction.