VANCOUVER, WASH. — HDA Partners has purchased Y Plaza, a shopping property in Vancouver, from Slosar Properties for $3.6 million. Located at 14602-14612 NE Fourth Plain Blvd., Y Plaza features 22,200 square feet of retail space. Deborah Ewing of Fuller Group Commercial Real Estate Services represented the seller, while Eric Garske of Marcus & Millichap represented the buyer in the deal.
VISTA, CALIF. — Voit Real Estate Services has negotiated the acquisition of a retail building at 825 Civic Center Drive in Vista, approximately 40 miles north of San Diego. Newport Beach-based Union Bank of California sold the asset to Vista-based Moonlight Cultural Foundation for $2 million. The buyer, a local theatre production company, will use the 6,360-square-foot building for youth training and prop storage. Peter Kies of Voit Real Estate Services’ Carlsbad office represented the seller, while Cushman & Wakefield represented the buyer in the transaction.
LOS ANGELES — Cityview has completed The Parker, an apartment property in the Pico-Robertson community of West Los Angeles. The transit-oriented development features 123 studio, one- and two-bedroom apartments, including 13 affordable units, and 4,000 square feet of retail space. Located at 5935 W. Pico Blvd., The Parker also offers a rooftop pool courtyard with daybeds, lounge chairs, firepits and landscaping; an open-air cinema with a projector and amphitheater seating; a ping pong table; lounge chairs; and festival lights. Other community amenities include a fitness center with a yoga area, treadmills, ellipticals, stationary bikes and weights; an outdoor training deck with battle ropes, a boxing bag and rock-climbing wall; coworking space; an outdoor dining room; barbecue grilling stations; and a built-in pizza oven. The pet-friendly property also features a dog playground with agility equipment and a dog wash and spa. Apartments feature stainless steel appliances, luxury vinyl plank flooring, smart thermostats, keyless entry and quartz countertops. The project team included WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates.
SEATTLE — Kidder Mathews has negotiated the sale of Seventh and James Apartments, a multifamily asset in Seattle’s First Hill neighborhood. A large institutional owner sold the property to an undisclosed buyer for $26.9 million. Located at 600 7th Ave., Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction.
SANTA FE SPRINGS, CALIF. — Equipment Manufacturing Co. has completed the sale of an industrial asset, located at 14930 Marquardt Ave. in Santa Fe Springs, just southeast of Los Angeles. Fortress Investment Group acquired the property for $10.5 million. Equipment Manufacturing Co. vacated the 31,373-square-foot heavy manufacturing facility, which was built in 1969. The new owner plans to renovate and reposition the property, which offers a large truck parking area and approximately one acre of excess land. Jason DuFault of KW Commercial represented the seller, while Phillip DeRousse of Lee & Associates represented the buyer in the deal.
MORRO BAY, CALIF. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services. Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.
VERNON, CALIF. — DP Vernon Retail has completed the disposition of Vernon Shopping Center, a retail property located at 2544-2550 Alameda St. in Vernon, just south of Los Angeles. Wimatex Inc. acquired the asset for an undisclosed price in a 1031 exchange. Built in 2017, Vernon Shopping Center features 14,000 square feet of retail space. At the time of sale, the property was 77 percent occupied. Current tenants include Jersey Mike’s Subs and Café Dulce. Chris Maling and David Maling of Avison Young represented the seller and procured the buyer in the deal.
— By Lisa Stewart, Senior Managing Director, JLL; and Nick Menghini, Puget Sound Research Manager, JLL — Real estate market participants are maintaining cautious optimism for improved conditions across the Puget Sound as signs of vitality are emerging despite persistently challenging economic forces. Viewed through the lens of prior real estate cycles, it’s clear the Seattle area has a greater critical mass of highly skilled talent and a broader, more resilient economic base than previous slowdowns. Among the promising indicators are the Puget Sound’s rebound of population in-migration, from net outflows during the pandemic to more than 53,000 new residents moving here in the first half of the year. Seattle now lays claim to being the fastest growing of the top 50 U.S. cities, according to Census data. Several leading employers are also growing again. This includes Boeing, which has more hiring underway than in years’ past. Rising star Blue Origin has had about half as many open positions as Boeing over the past 12 months. The life sciences sector is further expanding as Big Pharma firms like Pfizer, Moderna and Novartis join homegrown startups with significant Puget Sound presences. Overall, companies encouraging a return-to-office (RTO) have brought more daytime foot traffic to employment …
SALT LAKE CITY — The University of Utah has selected American Campus Communities (ACC) for the development and management of 5,000 student housing beds on the university’s campus in Salt Lake City. Planned beds will be developed over the next decade and will double the amount of on-campus housing offered by the university upon completion. ACC will lead the development efforts in partnership with two Utah-based companies: MHTN Architects and Okland Construction. Design and architecture firm Ayers Saint Gross will also provide support for the projects. The first development will be built directly south of Kahlert Village in space that is currently a parking lot. The development will offer 1,500 beds upon completion, which is scheduled for fall 2026. Under terms of the public-private partnership agreement, the university will retain ownership of the land while ACC and its partners will finance, plan and construct the student housing. ACC will manage operations of the communities upon completion.
PORTLAND, ORE. — Fairfield has completed the disposition of Sandy28, a mixed-use multifamily property located in Portland’s Central Eastside. Terms of the transaction were not released. Developed in early 2020 by Fairfield, Sandy28 features 206 apartments and 3,300 square feet of retail space. The community offer a rooftop lounge, fitness center, game room, coworking space, and expansive outdoor courtyard spaces with a dog park and pet lounge. Anthony Palladino, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.