WHEAT RIDGE, COLO. — NorthPeak Commercial Advisors has arranged the sale of a 12-unit apartment building located at 3010-3050 Gray St. and 5851-5855 W. 30th Ave. in Wheat Ridge. The asset traded for $2.2 million, or $185,000 per unit. The names of the buyer and seller were not released. Matt Lewallen and Kevin Calame of NorthPeak Commercial Advisors handled the transaction.
TOLLESON, ARIZ. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $19.3 million refinancing for Harmony at Hurley Farms, an apartment community in Tolleson, a western suburb of Phoenix. Tyler Waller of MMCC’s Phoenix office secured the financing. Terms of the loan include a five-year term, fixed rate of 6.41 percent, interest-only payments, loan-to-value ratio of 60 percent and 30-year amortization schedule. Located at 2929 S. 91st Ave., Harmony at Hurley Farms features 128 apartments and was 70 percent occupied at the time of financing.
BELLEVUE, WASH. — First Citizens Bank has acquired an office building at 2606 116th Ave. NE in Bellevue, across Lake Washington from Seattle. Pacific Cataract and Laser Institute sold the asset for $18.5 million, or $558 per square foot. Pacific Cataract and Laser Institute will lease back approximately 15,552 square feet on the first floor of the 33,155-square-foot Class A building. Jeff Chaney of Kidder Mathews represented the seller, which acquired the asset in 2017 for $13.5 million.
MALIBU, CALIF. — C.W. Driver Cos. has broken ground on the first phase of Malibu High School’s expansion for Santa Monica-Malibu Unified School District. The 70,000-square-foot building is slated for completion in fall 2025. Located at 30215 Morning View Drive, the $100 million Malibu High School core building will be built on the site of the former Juan Cabrillo Elementary School campus, immediately adjacent to the existing high school. The new two-story building will feature a library, visual and performing arts classrooms, project-based learning facilities, multipurpose spaces, special education classrooms, STEM classrooms, a campus cafeteria and administration offices. Outdoor common space for the school’s students will be partially shaded by an overhead canopy with built-in photovoltaic panels that will generate power for the school and contribute to the campus’ energy conservation. The project team includes NAC Architecture, Koning Eizenberg Architecture, AMPCO North, Pfeiler & Associates Engineers, California Solar Integrators and Hunsaker and Associates. The project is funded by Measure M, passed by Malibu voters in 2018.
SAN BERNARDINO, CALIF. — CBRE has brokered the sale of the San Bernardino Industrial Center, an incubator project in the Inland Empire region of California. A partnership between Birtcher Anderson & Davis and Belay Investment sold the asset to an undisclosed buyer for $9.2 million. Located at 360-458 E. Rialto Ave., the nine-building property features 52,642 square feet of industrial space with nine- to 12-foot clear heights and 56 ground-level loading doors. At the time of sale, the property was 97 percent occupied by 41 tenants. Sammy Cemo, Anthony DeLorenzo, Bryan Johnson, Nick Williams and Austin Reuland of CBRE’s Investment Properties, alongside CBRE’s Barbara Perrier and Eric Cox, represented the seller in the deal.
DENVER — NorthPeak Commercial Advisors has negotiated the sale of a multifamily property, located at 245 Bannock St. in Denver. The asset traded for $3.7 million, or $244,333 per unit. The 11,019-square-foot building feature 15 apartments. Joe Hornstein and Scott Fetter of NorthPeak represented the undisclosed seller, while Kevin Calame and Matt Lewallen of NorthPeak represented the undisclosed buyer in the transaction.
SAN DIEGO — McCarthy Building Cos. has broken ground on Triton Center at the University of California San Diego campus. Designed by LMN Architects, the 400,000-square-foot property is the grand entrance to the university and blends art, culture, entertainment and student academic resources. The project is estimated to cost a total $428 million. Triton Center will include four separate buildings that will house the university’s Welcome and Alumni Center, a multi-purpose facility with a 500-person event space and art gallery; gathering spaces and offices for Global Initiatives programs; a student health, mental health and well-being clinic; student academic resources; a mix of retail and restaurant spaces; and a parking structure. Completion is slated for 2026.
SALEM, ORE. — Scannell Properties has broken ground on a 479,000-square-foot distribution and manufacturing facility. Gensco Inc. will occupy the project at Scannell Logistics Park in Salem, approximately 50 miles south of Portland. The building is the second built-to-suit project at the logistics park. Designed by Mackenzie, the building will be a single-story, 399,000-square-foot facility, including 306,000 square feet of storage and distribution space, 93,000 square feet of manufacturing space and 6,400-square-foot office blocks on the north and south ends. Additionally, the property will feature a 68,000-square-foot storage mezzanine for a total floor area of 479,000 square feet. Perlo Construction will build the property, which is slated for completion in spring 2025.
VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing to facilitate the development of The Larkspur, an 86-unit, market-rate, workforce multifamily community. Miami-based Plaza Equity Partners is developing the property in Victor, a small city of approximately 2,000 residents near the Wyoming border. Karen Kim of NewPoint originated the loan, which features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story, garden-style community with 3,000 square feet of retail space. The property will feature 29 studio units, 43 one-bedroom units, 11 two-bedroom units and three three-bedroom units. Community amenities will include an outdoor fire pit, barbecue areas, a bark park, bocce ball court, controlled climate storage and winter/summer sports repair and storage rooms. The project team includes Victor-based Headwaters Construction Co.; Boise-based Syringa Property Management; and South Jordan, Utah-based AE Urbia Architects & Engineers. The Larkspur is situated within the Jackson, Wyoming-Idaho micropolitan statistical area.
LONGMONT, COLO. — Berkeley Partners has completed the disposition of two industrial parks totaling 98,600 square feet in Longmont, approximately midway between Denver and Fort Collins. Denver-based CentrePoint Properties acquired the assets for $16.7 million. Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt of CBRE represented the seller in the deal. The industrial parks include four buildings located at 1501-1551 S. Sunset St. and 2120-2150 Miller Drive. The assets offer small-bay industrial space, catering to tenants that need between 3,500 square feet and 27,000 square feet. At the time of sale, the parks were 93 percent leased to nine tenants.