SEATTLE, LOS ANGELES — Pacific Urban Residential has received $43.7 million in first-mortgage debt for the acquisition of two apartment communities in Seattle and Los Angeles. The communities include the 200-unit Totem Lake Apartments in the Seattle suburb of Kirkland and the 120-unit Waterstone at Cheviot Hills in West Los Angeles. The loans are separately collateralized. Both loans feature a three-year term. Totem Lake received $22.4 million in debt financing, while Waterstone at Cheviot Hills received $21.3 million. Both loans were arranged by Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital Corporation. Financing was originated by Brandon Bachner of Mesa West Capital.
Western
RENTON, WASH. – A 70,100-square-foot, Class A office building in the Seattle submarket of Renton has sold to Griffin Capital Net Lease REIT for $12 million. The building is fully leased to Boeing Capital Corporation. The property is adjacent to other Boeing facilities, including the Longacres Campus, Boeing Airfield and its 737 Assembly Plant. The building has served as Boeing’s global headquarters since 1997.
SUNNYVALE, CALIF. – A 107,000-square-foot, Class A office building has broken ground at the Sunnyvale Business Park. This will be the 10th building at the park, which is located at Mathilda and Evelyn avenues in Sunnyvale. The spec building is striving for LEED-Gold certification. It is being developed by Principal Real Estate Investors. Legacy Partners, the park’s property manager, is also providing development services. Dave Sandlin, Susan Gregory, and Kevin Moul with Colliers serve as the listing agents. The building is being designed by Ware Malcomb and built by Lusardi Construction.
AUSTIN, TEXAS — Schlotzsky's has signed an agreement to open 170 new locations, its largest franchise initiative in more than 40 years. The company will open its stores throughout California, including Los Angeles, Riverside, Ventura and San Bernardino counties. Each location offers its signature deli sandwiches and salads, as well as Carvel ice cream and Cinnabon. The Austin-based company has more than 350 locations worldwide and plans to have around 700 locations by 2016.
SEATTLE, LOS ANGELES — Pacific Urban Residential has received $43.7 million in first-mortgage debt for the acquisition of two apartment communities in Seattle and Los Angeles. The communities include the 200-unit Totem Lake Apartments in the Seattle suburb of Kirkland and the 120-unit Waterstone at Cheviot Hills in West Los Angeles. The loans are separately collateralized. Both loans feature a three-year term. Totem Lake received $22.4 million in debt financing, while Waterstone at Cheviot Hills received $21.3 million. Both loans were arranged by Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital Corporation. Financing was originated by Brandon Bachner of Mesa West Capital.
RENTON, WASH. – A 70,100-square-foot, Class A office building in the Seattle submarket of Renton has sold to Griffin Capital Net Lease REIT for $12 million. The building is fully leased to Boeing Capital Corporation. The property is adjacent to other Boeing facilities, including the Longacres Campus, Boeing Airfield and its 737 Assembly Plant. The building has served as Boeing’s global headquarters since 1997.
SUNNYVALE, CALIF. – A 107,000-square-foot, Class A office building has broken ground at the Sunnyvale Business Park. This will be the 10th building at the park, which is located at Mathilda and Evelyn avenues in Sunnyvale. The spec building is striving for LEED-Gold certification. It is being developed by Principal Real Estate Investors. Legacy Partners, the park’s property manager, is also providing development services. Dave Sandlin, Susan Gregory, and Kevin Moul with Colliers serve as the listing agents. The building is being designed by Ware Malcomb and built by Lusardi Construction.
AUSTIN, TEXAS — Schlotzsky's has signed an agreement to open 170 new locations, its largest franchise initiative in more than 40 years. The company will open its stores throughout California, including Los Angeles, Riverside, Ventura and San Bernardino counties. Each location offers its signature deli sandwiches and salads, as well as Carvel ice cream and Cinnabon. The Austin-based company has more than 350 locations worldwide and plans to have around 700 locations by 2016.
SAN FRANCISCO – The 443-unit Fox Plaza Apartments in San Francisco has sold to Essex Property Trust for an undisclosed sum. The vintage concrete tower is located at 1390 Market Street. The building also contains 13 floors of office space, a 399-car underground garage and an attached two-story retail building that houses Starbucks and other retailers.The residential units are situated on floors 14 through 29. Archstone acquired the entire tower in 2005 for $147.5 million. It sold the 232,000-square-foot office/retail component to Broadreach Capital for $42.7 million in 2007. Broadreach still owns that component. The recent sale was executed by David Orozco of Cassidy Turley and Frank Wheeler of Colliers International.
SCOTTSDALE, ARIZ. – The 304-unit Acacia Creek apartments in Scottsdale has sold to MIG Real Estate, LLC for an undisclosed sum. The community is located at 7007 E. Gold Dust Ave. Alliance Residential will manage the property. MIG represented itself in this transaction, while the seller was represented by CBRE’s Sean Cunningham and Tyler Anderson.