BOTHELL, WASH. — Panattoni Development, in partnership with PGIM Real Estate, has acquired North Creek Commerce Center at 18712 Bothell Everett Highway in Bothell. Development is currently underway on the 29-acre Class A flex/industrial park, which is slated for completion by July 2024. Zach Vall-Spinosa of Kidder Mathews, along with Ernie Velton and Reese Velton of JSH Properties, are the leasing agents for the project. The seller and price were not disclosed.
SURPRISE, ARIZ. — Echo Real Estate Capital has acquired an 11.6-acre land parcel at the northwest corner of Peoria and 132nd avenues in Surprise. The site is zoned and approved for four small-bay industrial buildings totaling 182,610 square feet. Slated for completion by the fourth quarter of 2024, Echo Park @ P132 will include four fully air conditioned buildings with 2,500 square feet of speculative office suites and secured concrete truck courts. Echo has partnered with Chicago-based Premier Design + Build to construct the project. This will be Echo’s second development in the submarket. Upon completion, Echo’s metro Phoenix portfolio will total nearly 850,000 square feet of Class A industrial space across six buildings. The company’s first development, two Class A warehouse/distribution facilities in Glendale, are on pace for completion later this year.
HENDERSON, NEV. — A joint venture between Los Angeles-based Partners Capital Inc. and Las Vegas-based CNR Retail has purchased Green Valley Corporate Center South, an office complex located at 2500 and 2550 Paseo Verde Parkway in Henderson. JMA Ventures and Blue Vista Capital Management sold the asset for $17.2 million, or $188 per square foot. Tyler Ecklund, Marc Magliarditi, Travis Landes, Michael Hsu, Brad Peterson, Darren Lemmon and Justin Witt of CBRE represented the sellers, while Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyers in the transaction. Built in 2000 and 2002, the two-building Green Valley Corporate Center South offers 91,742 square feet of Class A office space and is part of an eight-building office portfolio within the master-planned Green Valley corridor. At the time of sale, Green Valley Corporate Center South was 81.6 percent occupied. Current tenants include GK Properties Real Estate & Management, Thrive Aviation and Village Capital & Investment. The buyer plans to convert the existing single-story office buildings into a lifestyle center with a focus on crafted dining, retail, design, entertainment, health and wellness uses.
CALDWELL, IDAHO – Cushman & Wakefield has arranged the sale of a fully entitled, 12.7-acre industrial development site in Caldwell. An undisclosed transportation company acquired the asset from the Upson family for an undisclosed price. The shovel-ready site is located at Smeed Parkway and Skyward Street within Sky Ranch Business Park. The location provides access to the Caldwell Executive Airport, Highway 20/26 and Interstate 84. Additionally, the site features existing improvements, including sidewalks, curbs, gutters, multiple fire hydrants and onsite transformers. Stephen Fife of Cushman & Wakefield represented the seller, while Alison Castro of Cresa and Greg Gaddis of Tenant Realty Advisors represented the buyer in the deal.
TEMPE, ARIZ. — Gantry has secured a $16.5 million permanent loan to refinance the Lakeview at the Bay, an apartment complex in Tempe. Located at 995 E. Baseline Road, the 34-building community offers 370 apartments. The property was built in 1985. George Mitsanas, Tim Storey and Keegan Bridges of Gantry secured the low-leverage, 10-year, fixed-rate loan on behalf of the undisclosed borrower. Gantry will service the loan, which features interest-only terms for the life of the financing.
— By Andrea Nilson, Executive Director of Retail and Capital Markets, Cushman & Wakefield — National attention has been focused on the business growth, expansion and innovation in the Mountain West region in recent years — and Boise continues to be the region’s bright spot. Recognized as one of the best places to live and work due to its educated population and outdoor lifestyle, the area remains at to top of retailers’ site selection lists. Boise has also become a city of choice for restaurants, which has pushed the market to a new level of maturity and refinement. A strong blend of national chains, as well as regional and local restauranteurs, are anchoring several of the large, high-density apartment developments downtown, making this core truly unique and vibrant. The retail market remains on an upward trajectory based on key indicators. Low levels of speculative construction and strong demand will likely contribute to lower vacancy and higher rents for the remainder of 2023. Demand has outpaced supply by 30 percent over the previous 15 months. Boise was ranked No. 3 in annual population growth nationwide at 2.2 percent. It is projected to increase further, while its economy expanded at a rate of 3.4 …
FULLERTON, CALIF. — A local family investor has acquired an office campus situated on 33.7 acres in Fullerton for $76.5 million, or $188 per rentable square feet. The seller was a partnership comprising a global real estate investment, development and management firm and a global investment manager. Aerospace and weapons manufacturer Raytheon, an investment-grade credit tenant, fully leases the 405,130-square-foot campus, located at 1801 Hughes Drive. Nico Napolitano, Jeffrey Cole, Jeff Chiate, Rick Ellison, Scott Selke and Brad Brandenburg of Cushman & Wakefield’s capital markets team in Southern California represented the seller in the deal.
AURORA, COLO. — Kairoi Residential has received joint venture equity placement and a 55 percent loan-to-cost construction loan for Kairoi Metro Center, an apartment community in Aurora. Leon McBroom, Travis Anderson and Kevin Barron of JLL Capital Markets Advisory advised on the joint venture equity placement and secured the six-year, floating-rate loan through a two-bank syndication for the borrower. Upon completion in early 2026, Kairoi Metro Center will feature 419 one-, two- and three-bedroom units with an average size of 831 square feet. The project will also feature two small urban parks as part of the site plan and is adjacent to a 1.4-acre city park.
MERCED, CALIF. — The University of California Merced (UC Merced) and Merced College have announced plans to jointly develop a 488-bed student housing project for community college and transfer students. The California Legislature gave final approval for the $100 million mechanism that will fund the project. The Promise Housing facility will offer rooms on the UC Merced campus for income-qualified community college students that have met the academic requirements of the university’s Merced Promise agreement. The Merced Promise program was created to encourage the most promising and in-need student populations in California’s Central Valley to transform their lives through the pursuit of higher education. “This joint affordable housing project will be a game-changer for our historically underserved region, removing barriers for our students seeking to transfer to UC Merced and providing them with an opportunity to complete their transfer degree at Merced College while fully engaging in campus life at UC Merced,” says Chris Vitelli, president of Merced College. A timeline for the development was not announced.
BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.
