KELSO, WASH. — Grayson Pounder of Hendricks & Partners represented the seller, Corvallis, Ore.-based Jesse L. Coombs, in the disposition of Cowlitz River Duplexes. Located at 1420 Pacific Ave. N. in Kelso, the 26-unit property sold for $1.2 million. The buyer was Tualatin, Ore.-based David L. Nelson.
MONTEBELLO AND GLENDALE, CALIF. — Marcus & Millichap has brokered the sales of two multifamily properties in California. In the first transaction, an undisclosed buyer acquired The Greenwood Avenue Apartments in Montebello for $1.2 million. Located at 1324 S. Greenwood Ave., the seven-unit property features six three-bedroom/two-bath units and a four-bedroom/two-bath unit. Kevin Struve and Eric Chen of Marcus & Millichap represented the undisclosed seller in the transaction. In the second transaction, The Alameda Apartments in Glendale sold for $1.7 million or $186.31 per square foot. Located at 1119 Alameda Ave., the 9,288-square-foot property features 1,160-square-foot two-bedroom/two-bath units. Alan Krueger and Struve of Marcus & Millichap represented the seller in the transaction. Details of the buyer and seller were not released.
The Seattle market is currently experiencing the lowest tenant demand in 30 years. Both early stage companies and strong credit corporations are tightening their belts and are reluctant to commit capital. Large companies with strong credit usually look for cost saving consolidation opportunities, but unfortunately, this requires some up-front capital, which is being frozen by financially savvy executives. Many new developments commenced 2 to 3 years ago as Seattle was rated one of the top five real estate markets in the nation. Those projects broke ground without the foresight of the recession that followed. There are currently four new vacant office buildings complete or close to completion. Those buildings include West 8th, 1918 Stewart, 2201 Westlake and 1100 Eastlake. All of their anxious landlords and investors are competing for a small pool tenants. Additionally, the downfall of Washington Mutual has brought thousands of additional square feet onto market. JP Morgan Chase refuted most leases through its bankruptcy acquisition of Washington Mutual. This perfect storm of over supply totals more than 6,500,000 square feet of class A and B office space available for lease. The Eastside markets have been saved from excessive vacancy owing to Microsoft’s expansion last year. However, overall …
SAN FRANCISCO — Wells Fargo & Co. has closed an approximately $289 million Freddie Mac Portfolio for Simpson Housing LLP. The borrower will use the Freddie Mac Conventional Cash Purchase Program to refinance an 11-property multifamily portfolio. The 3,664-unit portfolio includes properties in Arizona, Colorado, New Mexico, Oregon, Washington, Texas and Virginia. The loan features a 7-year variable rate pool and 10+1- and 11+1-year fixed rate pools. Phil Morse and Chris Lubic of Wells Fargo Multifamily Capital in Mclean, Va., originated the transaction, which was a referral from John McKinney and Jeff Spratt of Wells Fargo Real Estate Banking Group.
SYLMAR, CALIF. — McCarthy Building Cos., serving as general contractor, has broken ground at Olive View-UCLA Medical Center for replacement and expansions of the hospital’s emergency services and acute care units in Sylmar. The $32 million project includes construction of a single-story, 41,000-square-foot addition on the north side of the existing facility. The emergency department building will feature 51 exam rooms, a radiology suite with fluoroscopy, general radiology, CT scan rooms, and registration and support areas. The acute-care unit, which will be dedicated to the treatment of tuberculosis, will include 15 negative pressure isolation rooms. Langdon Wilson Architects provided architectural services for the project, which will be delivered under a Guaranteed Maximum Price.
WILSONVILLE, ORE. — Locally-owned Costa Pacific Communities, in partnership with Arbor Custom Homes and Riverstone Property Management, is opening the Villebois Sunday Market at Villebois Village Center in Wilsonville. The market will feature locally based vendors, including Unger Farms, Canby Asparagus Farm, Ken & June’s Hazelnuts, Oregon City, Ore.-based Alita’s Garden and Red Dragon Nursery. Additional vendors include The Village Waffle Baker, SweeTreats, Humdinger Kettle Korn, JGelati Italian Ice, Haagenson’s Catering & BBQ Ribslayer To Go, Ilona’s Bead Werk and Sophisticated Beads.
CHINO HILLS, CALIF. — SKT Investments has acquired Crossroads Marketplace, a 539,270-square-foot retail center located at the corner of Peyton Drive and State Route 71 in Chino Hills. The property sold for $79 million. Current tenants include PetSmart, Best Buy, Bed, Bath & Beyond, Steinmart, Sport Chalet and CVS/pharmacy. Philip Voorhees, Todd Goodman and Kirk Brummer of CB Richard Ellis represented the undisclosed seller in the transaction.
LOS ANGELES — Equity Office Properties has added 11 tenants to its Howard Hughes Center, a five-building, 1.2 million-square-foot business center in Los Angeles. The leases, which total 98,472 square feet, include Experian, TV Guide, Blockbuster Inc., Integrated Data Corp., Sezmi Corp., Corbis Corp., Ricoh Americas, Matrix Environmental, Drake Beam Moran Inc. and Brooks Kushman. Hunt Barnett, Chris Houge, Rick Buckley and Beau Rawi of Madison Partners represented the landlord in the transactions. Other participating brokerage firms include Cushman & Wakefield, Colliers Seeley, Grubb & Ellis, Newmark Knight Frank, CB Richard Ellis, Drake Beam Morin Inc. and First Property.
HONOLULU — Hawaii Employees Retirement System (Hawaii ERS) has purchased the leased-fee interest of 201 Merchant St. in Honolulu. The 180,634-square-foot office property sold for $7.4 million. Hawaii ERS also owns the leasehold interest, which expires in 2054. Mark Bratton and Sean Tadaki of Colliers Monroe Friedlander Inc. represented the seller, Citibank Properties, in the transaction.
WEST SACRAMENTO, CALIF., AND AURORA, COLO. — Marcus & Millichap has brokered the sales of two multifamily properties in California and Colorado. In the first transaction, an undisclosed buyer purchased a 12-unit multifamily property, which is located at 2334-2336 Michigan Blvd. in West Sacramento, for $810,000. Marc Guillon and Jesse Nickerman of Marcus & Millichap represented the undisclosed seller in the transaction. In the second transaction, Clayton Primm of Marcus & Millichap represented both parties in the sale and acquisition of an eight-unit multifamily property in Aurora. Located at 9504 E. 17th Ave., the property sold for $325,000.