CARLSBAD, CALIF. — CBRE has arranged the sale of 1530 Faraday Avenue, an office building in Carlsbad, approximately 35 miles north of San Diego. Core Contracting acquired the asset from a private seller for $4.4 million. Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE Investment Properties, alongside Nick Williams, Blake Williams and Roger Carlson of CBRE, represented the seller in the deal. Situated in Carlsbad Research Center, the single-story property features 13,093 square feet of office space. Built in 1998, the property recently underwent a renovation, including a new roof, complete interior remodel and new HVAC system. Additionally, the property has 53 parking stalls and a 555-square-foot space for a garage or storage area. The buyer will occupy the space. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates represented the buyer in the deal.
SAN DIEGO — San Diego-based AAA Management has obtained $99.4 million in construction financing and preferred equity for the development of Ion Aero, an eight-story multifamily property in San Diego. Located in 8555 Aero Drive, Ion Aero will feature 302 apartments in a mix of studio, one-, two- and three-bedroom units ranging from 500 square feet to 1,400 square feet. Community amenities will include an indoor-outdoor fitness center and yoga studio; coworking space; a clubroom with indoor and outdoor entertaining space; playground; dog run; pool and spa; and a seventh-floor sky lounge. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE Capital Markets’ debt and structured finance team in San Diego secured the financing, which features a three-year term and 75 percent loan-to-cost ratio.
KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit. Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.
PLEASANTON, CALIF. — Newmark has arranged the sale of Pacific Pearl, an ethnic grocery-anchored retail center in Pleasanton. Terms of the transaction were not released. Nicholas Bicardo, Bill Bauman, Kyle Miller and Cheyne Bloch of Newmark facilitated the transaction. Developed in 2018, Pacific Pearl features 110,511 square feet of retail space. 99 Ranch Market, a Chinese and Pan-Asian supermarket, anchors the asset. Other tenants include 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken. Tourmaline Capital acquired the property and retained Vestar as manager.
KIRKLAND, WASH. — Gantry has secured a $30 million permanent loan to refinance the Lee Johnson Family’s automotive dealership property in Kirkland. Located at 11845 NE 85th St., the asset features a 100,000-square-foot commercial facility and showroom. Demetri Koston and Mike Taylor of Gantry arranged the nine-year, low-leverage loan that features a fixed rate and 30-year amortization for the borrower, a private partnership.
SACRAMENTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Rosemont Terrace, a garden-style apartment property in Sacramento. A Southern California-based private investment group sold the community to an undisclosed buyer for $17.9 million. Located at 3690 S. Port Drive, Rosemont Terrace features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 15 two-story residential buildings. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area and carport parking. The property was built in 1970. Otto Ozen of TMG represented the seller in the deal.
— Jennifer Seversen, Vice President, CBRE — Suburban retail is emerging as the main driver of retail growth in Seattle. In the height of the pandemic, many consumers stayed close to home, rediscovered their neighborhoods and began shopping primarily in their communities. These habits have continued and, as a result, retailers on once-heavily trafficked commute paths have experienced declining sales revenue. Retailers are taking notes, particularly those in city office districts that rely heavily on daytime foot traffic. The white-hot activity in suburban retail has led to vacancy rates under 2 percent, healthy rent growth and record-breaking absorption within new developments. Rents in suburban markets like Totem Lake, Bothell and Woodinville are outpacing downtown Seattle by 50 percent, something that would not have been conceivable three years ago. Well-located mixed-use retail projects and neighborhood centers have led the way in pushing rent growth, while grocery-anchored developments have been attractive assets to investors. Restaurants have proven to be a major driver of retail activity, with Seattle having a 7 percent increase in diners year over year through the second quarter, the fifth highest increase in the U.S., according to OpenTable. An example of the rise in suburban retail demand is Harvest, …
VISTA, CALIF. — MIG Real Estate has acquired Waterleaf, a multifamily community in Vista, from an undisclosed seller for $174 million. Located at 333 N. Emerald Drive, Waterleaf features 456 one- and two-bedroom floor plans with eight-foot ceilings, full-size washers/dryers, air conditioning and balconies or patios. Built in 1985, the property offers easy access to Camp Pendleton, Oceanside Business Park, Vista Industrial Park and McClellan Palomar Airport. The buyer plans to modernize the interiors, paint the exterior and enhance the common areas of the property. Walker & Dunlop represented MIG and the seller in the deal.
DENVER — Palisade Partners has completed the disposition of B Street LoHi, a multifamily property located in the Lower Highlands (LoHi) neighborhood of Denver. The Paskin Group acquired the asset for $29 million, or $397,260 per unit. Located at 1736 Boulder St., B Street LoHi features 73 apartments in a mix of one- and two-bedroom floor plans. Dave Martin, Rich Ritter and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal.
TARZANA, CALIF. — McCarthy Building Cos. has completed the construction of the Friese Family Tower, five-story patient tower at Providence Cedars-Sinai Tarzana Medical Center in Tarzana. The tower is named for the Daniel Friese family in recognition of their $50 million donation to the building’s construction. The 200,000-square-foot facility features 150 private patient rooms; an expanded emergency department; a pharmacy with a pneumatic tubing system; a pediatric unit with a playroom for younger patients and a dedicated room for adolescent patients; a cardiovascular unit; critical care unit; and a progressive care unit. The Friese Family Tower also features visitor waiting rooms on all levels and recliners and sleeper sofas in all patient rooms. Perkins & Will designed the facility, which McCarthy Building Cos. constructed.