BELLEVUE, WASH. — Galvin Flying Services has selected MulvannyG2 Architecture to design Quad 7, a $40 million private business jet terminal at Boeing Field in Bellevue. The 9-acre development will include an executive terminal and seven hangars housing up to 25 private corporate jets. The 190,000-square-foot complex will be situated south of Boeing Field’s King County Terminal on Perimeter Road. Construction is slated to begin in early 2009. Ferguson Construction is serving as general contractor for the project.
TEMPE, ARIZ. — Town Lake Development Partners LLC and Hyatt Hotels & Resorts are developing a 240-room Hyatt Regency hotel at the Hayden Ferry Lakeside development, which is located on the south shore of Tempe Town Lake in Tempe. The 14-story hotel will feature 240 rooms, 24 condominiums, a 4,500-square-foot spa and 13,000 square feet of meeting space, including a 5,000-square-foot ballroom. Construction is expected to begin in summer 2009, with completion slated for spring 2011.
What area is your expertise? Multifamily Investments — Greater Seattle Area What trends do you see presently in multifamily development in your area? With vacancy rates below 5 percent in the greater Seattle area, we see continued rental rate growth, and continued demand for apartment rental units. In general, the number of apartment units is down, and more units in development for 2009 – 2011 will increase the unit count in the downtown areas. Who are the active multifamily developers in your area? Avalon, Lorig, SRM Development and SP Real Estate are some of the active multifamily developers with new projects underway. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? Avalon’s new Avalon at Meydenbauer recently opened in downtown Bellevue adding over 350 units within walking distance to Bellevue Square and the new Lincoln Center. SRM Development is underway with 130 units being developed in Seattle in South Lake Union nearby Vulcan’s new developments, Amazon’s new Headquarters and the new Bill and Melinda Gates Foundation. Where is the majority of development taking place? Why is this area doing well? The majority of new development is occurring in and …
RENO, NEV. — The Montebello at Summit, a 450-unit multifamily community, recently sold for $56 million or $124,444 per unit. Located at 5200 Summit Dr., the 499,995-square-foot property comprises 60 two-story buildings offering one-, two- and three-bedroom units. The community also features a 9,000-square-foot fitness center, a resort-style swimming pool with spa, a playground and a luxury clubhouse. Stanford Jones, Kenneth Blomsterberg, Dylan Mattole and Phil Saglimbeni of Marcus & Millichap brokered the transaction. The seller and buyer were not disclosed.
CHINO, CALIF. — AEP Industries Inc. has leased 143,877 square feet of industrial space within Watson Commerce Center Chino, which is located at 6949 Bickmore Ave. in Chino. The company signed an 88-month lease beginning January 15, 2009, for a total consideration of $7 million. AEP manufactures more than 15,000 types of multi-purpose and flexible packaging films. Chuck Belden of Cushman & Wakefield represented the lessee; Tom Taylor, Steve Bellitti and Josh Hayes of Colliers International represented the landlord, Watson Land Co.
SAN DIEGO — Saieb Abdulmeseh has acquired a 50,000-square-foot land parcel, which is located at 4724-4760 Federal Blvd. in San Diego. The property, which is improved with a 6,000-square-foot commercial building, sold for $1.12 million. The buyer plans to use the property for San Diego Pet Food. George Rodriguez of NAI San Diego represented the buyer; Rex Huffman of Voit Commercial represented the seller, Sedlack Development Company, in the transaction.
CHINO, CALIF. — The Los Angeles office of Holliday Fenoglio Fowler (HFF), on behalf of Komar Investments, has arranged an $11.2 million loan for the refinancing of Hillsborough Village in Chino. Located at 11902 Central Ave., the senior-housing community comprises three residential buildings with 100 one-bedroom units, 95 two-bedroom units and one three-bedroom unit. The property also features a clubhouse, pool and spa. The 6-year loan features a 5.82 percent fixed rate. The financing was provided by Wachovia Multifamily Capital, Inc. — FNMA.
LOS ANGELES — NorthMarq Capital Inc. arranges $250 million credit facility for an eight-property multifamily portfolio. The properties, which total 1,731 units, are located in California and Washington. Freddie Mac provided the financing. The undisclosed borrower utilized $150 million at closing and has the option to expand the facility to $250 million. The facility is priced over the Freddie Mac Reference Bill and can accommodate multiple tranches in 30-, 90-, 180- and 360-day increments. Michael Elmore of NorthMarq’s Los Angeles regional office arranged the financing.
TUCSON, ARIZ. — Tucson-based HSL Properties has acquired Skyline Gateway, a 246-unit multifamily community located at 4601 E. Skyline Dr. in Tucson. Chicago-based Equity Residential sold the property for $18.4 million. Built in 1985, the community comprises 14 three-story, garden-style buildings offering one- and two-bedroom units in six floorplans. The units feature air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators and a private balcony or patio. Community amenities include a clubhouse with kitchen, billiards, a heated swimming pool and spa, a tennis court, a fitness center, a putting green and barbeque areas. Art Wadlund of Hendricks & Partners’ Tucson office represented the seller in the transaction.
SUNNYVALE, CALIF. — Michael Elmore of NorthMarq Capital Inc.’s Los Angeles regional office has arranged a $49.7 million first mortgage for Montclaire Apartments in Sunnyvale. The property offers 390 residential units. The financing, which was provided by Freddie Mac, was based on a 10-year term plus a 1-year extension with a 30-year amortization schedule.