DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. West River Apartments is 234-unit community in Dickinson, a city in Stark County. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park. Rich Deptula and Steven Silverman led the Friedman team. The buyer, seller and price were not disclosed.
SANTA MONICA, CALIF. — Fitness concept Club Studio has announced plans to open a 48,000-square-foot studio at Santa Monica Place, a Macerich property in Santa Monica. Located on the first level of the property, the space will feature five boutique studio rooms, as well as a recovery space, steam rooms, infrared saunas, a juice bar and retail store. A timeline for the opening was not disclosed.
PASADENA, CALIF. — Pacific Clinics has leased 18,370 square feet of office space at 625 Fair Oaks Ave. in South Pasadena. This lease brings the office building to 98 percent occupancy. It also represents one of the largest direct leases for a Class A office building in the greater Pasadena office market within the past 14 months. NAI Capital’s Tina LaMonica represented the landlord, Greenbridge, in facilitating the lease transaction. Jeff Boucher of Radius represented Pacific Clinics.
GILBERT, ARIZ. — The Premiere Residential has acquired Soltra at SanTan Village, a 380-unit apartment community in the southeast Phoenix suburb of Gilbert. Leon Multifamily sold the asset for $140 million. Soltra at SanTan Village was built in 2021 at 1690 South San Tan Village Parkway. Units come in studio, one- and two-bedroom layouts. Amenities include a clubhouse with an entertainment table, fitness center and pool with a swim-up hospitality bar and cabanas. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller.
SALEM, ORE. — Hampstead Development Partners has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable housing community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credits (LIHTC). KeyBank also arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at or below 60 percent of the area median income. Hampstead plans to conduct a $4 million rehabilitation of the 10-building property. Renovations include updating kitchens and bathrooms, full ADA accessibility upgrades to select units, exterior updates such as new windows and repainting, upgrades to the buildings electrical system and a new fitness center.
SEATTLE — Colliers has facilitated the sale of Northlynn Mini-Storage, a self-storage property in the Lynnwood area of Seattle. Located at 15620 Highway 99, the 57,700-square-foot facility contains ground-floor units with drive-up and interior units ranging from 5feet by 5 feet to 10 feet by 20 feet, as well as two dozen rentable parking spaces. The buyer has planned a substantial renovation for the property, which is designed to enhance the appeal for the 134,000 people living within three miles of the facility. The property will be rebranded as SecureSpace Self Storage Lynnwood. Colliers’ de Jong | Becher Self Storage Team consisting of Jacob Becher, Nate Fliflet, Dana Chobor and Tom de Jong represented the seller, Lanswell Development Corp. The buyer, GCP SecureSpace Properties LLC, engaged in negotiations with the team to secure the transaction.
BUCKEYE, ARIZ. — Arizona Land Consulting has acquired an industrial site in the West Valley region of Buckeye for $24 million. The size is zoned for industrial and features resources, such as access to water, that make it an appealing investment opportunity. The female-owned real estate consulting firm now boasts about $1 billion in assets.
INGLEWOOD, CALIF. — Cinépolis Luxury Cinemas has announced plans to open a 55,137-square-foot theater at Hollywood Park, a mixed-use development currently underway in Inglewood. Scheduled to open this month and dubbed Cinépolis Luxury Cinemas Inglewood IMAX, the space will feature 12 screens and 1,236 seats.
— By Anthony Johnson, AJ Johnson and Chris Fiello, Pegasus Group — New Mexico is no different than the rest of the nation and is not immune to some of the same symptoms that are taxing the national retail market. However, New Mexico retail is also showing signs of resilience as it reshapes itself and finds ways to weather the storms of high interest rates, major brand closures, economic uncertainty and crime. As of now, the big issue is in the theft and resale of retail goods. Indeed, the problem of brazen theft — which is seen in countless cites in the nation — has led New Mexico Gov. Lujan Grisham to announce the revival of the Governor’s Organized Crime Prevention Commission. The hopes are to crackdown on this behavior, which is having a detrimental impact on the bottom line for New Mexico businesses, especially small ones. This onslaught of petty shoplifting to organized sprees of large-scale theft has caused retailers large and small to exit locations. Target, for example, announced in May that it was preparing for a loss of half a billion dollars this year because of rising theft. In 2023, New Mexico saw multiple store closures, including several …
KENT, WASH. — Bridge Industrial is expanding its presence in the Pacific Northwest with the acquisition of a 13-acre site at 7730 S. 202nd St. in Kent. The site will eventually house Bridge Point Kent 180, a Class A industrial facility spanning 180,000 square feet. An aluminum smelting plant previously occupied the site, which requires significant environmental remediation due to nearly 40 years of contamination. Bridge plans to demolish the existing structure and conduct extensive cleanup before commencing construction on Bridge Point Kent 180 in the first quarter of 2024. The facility is scheduled for completion by the first quarter of 2025. Bridge Point Kent 180 will cater to a range of tenants, including ecommerce, logistics and cold storage users. The facility will feature 36-foot clear heights, multiple loading doors, trailer parking and car parking. Bridge’s continued expansion in the Seattle region reflects the strong demand for modern, sizable industrial facilities in this market, according to the company.
