REBusinessOnline

Boston Properties to Acquire Safeco Plaza Office Tower in Seattle for $465M

SEATTLE — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire Safeco Plaza, a 50-story, Class A office tower located at 1001 Fourth Ave. in Seattle’s Central Business District, for $465 million. The seller in the transaction was undisclosed.The REIT is acquiring the 800,000-square-foot property through a joint venture with one of the participants in its recently announced co-investment program with Canada Pension Plan Investment Board (CPP Investments) and GIC. …

Dalfen Industrial Acquires 711,855 SF Industrial Park in Tacoma

TACOMA, WASH. — Dalfen Industrial has purchased Tacoma Supply Chain Center, a three-building industrial park in Tacoma. Terms of the off-market transaction were not released.The newly developed property features 711,855 square feet of industrial space and close proximity to Interstate 5, State Route 512 and the Port of Tacoma.Over the last 12 months, Dalfen Industrial has acquired and developed more than $1.5 billion of industrial properties in key metros across the United

Standard Communities Completes 173-Unit Multifamily Development in Idaho

BOISE, IDAHO — Standard Communities has completed the ground-up development of a 173-unit market-rate apartment building in Boise.Standard partnered with River Caddis Development, as co-owners and co-developers, to construct Jules on 3rd Apartments. The Opus Group served as design-build partner for the project.Located at 415 S. Third St., Jules On 3rd Apartments features a rooftop pool and sundeck; a fitness and wellness room; Sky Lounge Club Room; outdoor kitchen and barbecue grills; …

IPA Brokers Sale of Development Site in Downtown Boise

BOISE, IDAHO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 10th & Front, a development site in downtown Boise. Pennbridge Lodging sold the 38,997-square-foot site for an undisclosed price. The buyer was not disclosed.Ryan Harmon, Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal.The site is zoned without density constraints, …

Mogharebi Group Arranges $15M Sale of Sandalwood Gardens Apartment Building in Fresno, California

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sandalwood Gardens, a multifamily property located at 3880 N. Fruit Ave. in Fresno. An undisclosed buyer acquired the property for $15 million. The name of the seller was not released.Built in 1986 on 5.4 acres, Sandalwood Gardens features 124 apartments, two swimming pools, garages, covered parking, a leasing center and laundry facilities. The property also features a commercial section that is leased to a daycare …

JCH Negotiates Lease of 68-Unit Seniors Housing Community in Modesto, California

MODESTO, CALIF. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento.The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation …

Urban Catalyst Reveals Plans for $600M Icon/Echo Towers in Downtown San Jose

SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed.The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project …

Sterling Realty Organization Acquires 541,678 SF Office Portfolio Near Salt Lake City

DRAPER, UTAH — Bellevue, Wash.-based Sterling Realty Organization has purchased Vista Station, a Class A office portfolio in Draper. A joint venture between The Boyer Co. and Gardner Co. sold the asset for an undisclosed price.Located within Vista Station Office Park, the portfolio consists of four buildings totaling 541,678 square feet. Constructed from 2016 to 2018, the buildings feature solar panels and immediate access to FrontRunner at Draper Station.Kip Paul of Cushman & …

Vulcan Buys Development Site in Seattle for 249-Unit Apartment Project

SEATTLE — Vulcan has purchased a fully entitled, 1.4-acre development site at 1600 132nd Ave. NE in Seattle’s Bel-Red corridor. Summerhill Apartments Communities sold the plot for an undisclosed price. The buyer plans to develop a 270,000-square-foot multifamily property on the site.The property is entitled with permits for an eight-story, 249-unit residential building. Construction could start early as fourth-quarter 2021, for completion in fourth-quarter 2023. Runberg Architecture …

Titan, Pivot to Develop $80M Lock at Flatirons Multifamily Community in Broomfield, Colorado

BROOMFIELD, COLO. — A joint venture between Titan Development and Pivot Development has unveiled plans for The Lock at Flatirons, an apartment property located in the Interlocken Technology Park in Broomfield.Situated on 3.3 acres, The Lock at Flatirons will feature 254 apartments, a fitness center, resort-style pool, bike storage and stations, secure access parking, technology packages throughout the property and co-working space.Construction is slated to begin in third-quarter 2021, …

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