SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.
ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.
EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett. RISE Properties sold the asset for $61.6 million. Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles. Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing.
TIGARD, ORE. — Ryan Companies US Inc., Cogir Senior Living and Harrison Street have formed a joint venture to build Cogir of Tigard, a 107-unit seniors housing community in Tigard, approximately 10 miles southwest of Portland. The joint venture has already closed on financing and started construction of the high-end community. The Tigard market area’s senior population is expected to grow by nearly 28 percent over the next five years, according to ESRI. Cogir of Tigard is Ryan’s first senior living project in Oregon. The community will total 119,506 square feet in a three-story building offering assisted living and memory care services. Ryan is the builder and developer of the project. Upon project completion, Cogir will lead day-to-day operations. Harrison Street is the capital partner of the project. CBTWO Architects is the architect of record. This is the first Cogir location in Oregon and 35th in the western United States, with eight additional communities in development.
PHOENIX — Westwood Financial has sold Ahwatukee Mercado, a 125,716-square-foot retail center in Phoenix. A private buyer bought the asset for an undisclosed price. Built in 1985, Safeway anchors the property. Other tenants at the center, which was 95 percent leased at the time of sale, include Great Clips, H&R Block, Subway, Dogtopia and Biscuits Restaurants. Westwood acquired the center in 2019.
ORANGE, CALIF. — Sunrise Senior Living has opened Sunrise of Orange in Orange, approximately 30 miles southeast of downtown Los Angeles. Although the number of units was not disclosed, Sunrise says the property can serve more than 100 residents and offers assisted living and memory care accommodations. The 75,000-square-foot, three-story property sits on a 1.5-acre site adjacent to Eisenhower Park. HPI Architecture designed the community, which general contractor W.E. O’Neil Construction built.
SAN DIEGO — Beta Agency has arranged the $5.8 million sale of a freestanding retail property in San Diego. CVS/pharmacy occupies the 16,972-square-foot building. Adam Friedlander of Beta represented the buyer, a private local investor. Connor Olandt of Matthews REIS represented the seller, Tian Ren Di LLC.
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Part 2: How to Promote Collaboration, Efficiency in Life Sciences Innovation Districts Via Design
In the biotech and pharmaceutical sectors, life sciences innovation districts have become hubs not only for research and development but also for cooperation and inspiration between cohorts. These districts, often called innovation districts, collect together companies, research institutions, supporting entities, housing and more. Innovation districts necessitate meticulous planning and design strategies to promote scientific inquiry and efficiency. “Municipalities, schools, corporations and organizations that have close ties to their state are piloting life sciences innovation district development, allowing them to group otherwise separated uses — work, recreation, living areas and more — together. When you pair these institutions and include innovative site and building programming in a single location, you move beyond disconnected projects and amenities to a united innovation district that can magnify benefits across organizations,” explains Dan Danvers, a landscape architect project manager with Bohler, a land development consulting and site design company. This article is the design-focused component of our two-part series on life sciences innovation districts. If you would like to read about the planning component of these complex developments, please read our first article here. Moving Life Sciences Innovation Districts Forward Innovation districts must keep pace with evolving technologies and research. Life sciences industries are continually progressing, …
TAYLORSVILLE, UTAH — D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, has arranged $160 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Summit Vista, Utah’s first life plan retirement community. Representing the largest C-PACE deal in history, according to the arrangers, the proceeds will be dedicated toward ongoing construction with a focus on enhancing the development’s energy efficiency, renewable energy and water efficiency. Owned in partnership with Gardner Group, Wasatch Group and Solamere Capital, Summit Vista offers a full continuum of care, including independent living, assisted living, memory care and comprehensive skilled nursing in conjunction with its affiliated healthcare campus. Upon full build-out, the community will feature nearly 1,600 units. Approximately 13 miles south of downtown Salt Lake City, Summit Vista is nestled in the fast-growing region of Taylorsville. It is centrally located near major transportation corridors, enabling connectivity to surrounding neighborhoods. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100 percent of building retrofits and new construction to improve a building’s energy efficiency, renewable energy and water efficiency.
WAIKOLOA, HAWAII — Waikoloa Vacation Rentals has released plans for Ho’omalu at Waikoloa Beach Resort, a 229-unit affordable community in Waikoloa, located on the western portion of the “big island” of Hawaii. Ho’omalu at Waikoloa Beach will offer one-, two- and three-bedroom floor plans, as well as amenities such as a day care, pool, fitness center, barbeque area and community center. The community will be available to households earning between 30 and 100 percent of the area median income. The project is listed on the county of Hawaii’s website as being currently under development, and Waikoloa Vacation Rentals plans to break ground before the end of 2024.