MESA, ARIZ. — A joint venture that Crow Holdings Capital manages has purchased The Shops at Sossaman, a neighborhood shopping center in Mesa. Abington Emerson Investments sold the asset for $8.1 million. Built in 2002, The Shops at Sossaman features 34,151 square feet of retail space. At the time of sale, the property was fully occupied by a variety of tenants, including Banner Health Physical Therapy, East Valley Pet Urgent Care, Empower Academy and Crave Pizza. The asset is located at 7641 E. Guadalupe Road. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the buyer and seller in the deal.
MARANA, ARIZ. — Gantry has secured a $7.8 million permanent loan to refinance 26,387 square feet of retail space within The Shoppes at Continental Ranch at 9110-9150 Silverbell Road in Marana, a suburb of Tucson. Tony Kaufmann and Alex Poulos of Gantry arranged the financing for the borrower, a California-based retail developer. The 10-year permanent loan features a fixed rate locked at application and a 30-year amortization schedule. The retail space includes an inline strip and four pad buildings. An independently owned Safeway grocery store shadow anchors the property. Current tenants include a mix of national and local dining, professional services and essential retailers.
LOS ANGELES — Marcus & Millichap has arranged the sale of 2900 Francis Avenue, a multifamily property located in Los Angeles’ Koreatown neighborhood. An undisclosed seller sold the asset to a private investor for $2.2 million, or $225,000 per unit. Jason Tuvia and Joshua Yeager of Marcus & Millichap represented the seller and secured the buyer in the transaction. Built in 1922, the value-add property features 10 one-bedroom/one-bath apartments that are subject to Los Angeles’ rent control laws.
STRASBURG, COLO. — Trevey Commercial Real Estate has arranged the sale of an office and retail property located at 1477 Main St. in Strasburg, a small town approximately 30 miles east of Denver. Maverick Holdings LLC sold the building to Strasburg Management Group for $1.3 million. Situated on 0.2 acres, the freestanding, owner-user building features 7,793 square feet of office and retail space. Heath Honbarrier and Nick Beach of Trevey Commercial Real Estate represented the seller, while Matt Trone of Cushman & Wakefield represented the buyer in the deal.
DENVER — NorthPeak Commercial Advisors has negotiated the sale of an office building located at 1638-1640 Logan St. in Denver. The asset traded for $1.2 million, or $221 per square foot. The undisclosed buyer plans to add a coffee shop to the first floor of the 5,657-square-foot building and keep the existing office tenants on the upper floors. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the undisclosed seller in the deal.
LOS ANGELES — Gaw Capital USA and DJM have completed the three-year, $100 million renovation and rebranding of Hollywood & Highland to open Ovation Hollywood, located footsteps from the TCL Chinese Theatre and Hollywood Walk of Fame. The re-imagined, 475,000-square-foot property now features a variety of restaurants, entertainment venues and retailers. Current tenants include Café de Leche, Tacos Neza, a Kylie Cosmetics by Kylie Jenner pop-up shop, The Win-Dow and BOPOMOFO, with more retailers and restaurants on the way. Additionally, Ovation Hollywood’s fourth floor has been converted for entertainment and offers comedy club Kookaburrra Lounge and a soon-to-be-announced entertainment concept new to Los Angeles. The makeover included the demolition of the controversial Babylonian-themed archway and oversized elephant statues, which made way for new public art space, an open courtyard and landscaping.
WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has purchased The Boulders Apartments in the Bay Area city of Walnut Creek from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. Built in 1972, The Boulders features 164 renovated studio, one- and two-bedroom units with in-unit washers/dryers, vinyl plank floors and kitchens with new cabinets, granite countertops and stainless steel appliances. GCG assumed a $41.2 million Fannie Mae loan fixed at 4.42 percent with all interest-only payments to acquire the asset. An additional $2.3 million in partnership interest is being offered to accredited investors with the funds used to further upgrade the property and for operating reserves. The Northern California team of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
SEATTLE — Lincoln Property Co. (LPC) and Intercontinental Real Estate Corp., along with MEP as general contractor, have topped out 222 Fifth, a 10-story life sciences building under construction in Seattle’s South Lake Union neighborhood. The Class A property is on scheduled for completion in August 2024. Situated adjacent to the Seattle Space Needle, the 197,919-square-foot building will have three floors of move-in-ready Class A laboratory suites ranging in size from 11,222 square feet to 26,696 square feet. The suites can be combined for a total of 73,663 square feet of contiguous built-out lab space. Each lab suite will feature lab benches, shelving, built-in case work and a BSC and fume hood to allow immediate occupancy for tenants, as well as directly adjacent office workspace. 222 Fifth will feature robust lab amenities, including a common glass wash and autoclave/air and vacuum system/fume exhaust system/emergency power, lab-specialized loading dock with dockmaster for lab deliveries, freight elevator to all floors and lab storage. Additionally, the building will offer a 9,000-square-foot rooftop deck with views of Lake Union, Elliott Bay and the Olympic Mountains for group meetings, lunches or events. Other amenities will include a conference room, on-site retail space, on-site bike parking …
PHOENIX — Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix-based Creation and Clarion Partners for the development of Park Algodon, a proposed $250 million speculative industrial project that was previously announced. The partnership plans to construct a two-phase industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley. Phase I will consists of four buildings totaling 670,000 square feet, with groundbreaking expected by the end of the year. Phase II will feature a 556,000-square-foot warehouse, which is slated to for completion in late 2025. LGE Design Build will lead construction for the project. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the venture in the negotiations.
LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment building located at 1807 S. New Hampshire Ave. in the Pico Union submarket of Los Angeles. The asset traded for $2.6 million, or $647,500 per unit. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released. Built in 2021, the property features four four-bedroom/four-bath apartments that are not subject to Los Angeles’ rent control laws.