NEWCASTLE, WASH. — Newport Beach, Calif.-based MIG Real Estate has purchased Cedar Rim Apartments, a multifamily property in the Seattle suburb of Newcastle, for $52.9 million. The name of the seller was not released. Located at 7920 110th Ave. SE, Cedar Rim features 104 two-bedroom apartments with keyless door locks, smart thermostats, stainless steel appliances, in-unit washers/dryers and large windows with views of Lake Washington. Built in 1981, the community 13 four-story buildings on 4.4 acres. The property was renovated between 2006 and 2008 with new roofs and improvements to the common areas and amenity spaces. Additionally, most of the unit interiors were renovated during the same timeframe. MIG plans to paint the exterior, improve the common areas, finish renovations on the classic units and enhance renovated units to the same high-quality scope. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, brokered both sides of the transaction. Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke of CBRE Capital Markets’ Debt & Structured Finance arranged acquisition financing for the buyer.
BEND, ORE. — Seattle-based Security Properties has acquired Sienna Pointe Apartments, a 168-unit multifamily community located at 1855 NE Lotus Drive in Bend, for $49.5 million. The name of the seller was not released. Built in 1991 on 9.1 acres, the property features 21 buildings with one- and two-bedroom units averaging 845 square feet. Unit amenities include washers/dryers in most units, stainless steel appliances, electric fireplaces and private decks and patios. Community amenities include a fitness center, pet play area, laundry and clubhouse facilities, onsite management and 264 parking spaces. Nick Santangelo of CBRE Capital Markets’ Debt & Structured Finance team in Portland secured a $31.4 million acquisition loan for the buyer. CBRE Multifamily Capital, an approved lender under Fannie Mae’s DUS program, provided the seven-year, fixed-rate, full-term, interest-only loan.
SANDY, ORE. — Spartan Investment Group has completed FreeUp Storage Sandy, its first ground-up self-storage development in Oregon and second ground-up facility to date. FreeUp Storage is Spartan’s brand of owned and managed self-storage facilities. Located at 16555 Champion Way in Sandy, FreeUp Sandy features 353 self-storage units spanning nearly 51,000 square feet with drive-up storage and heated interior units. The facility also features 24/7 surveillance and gated access. The Sandy location marks the 51st addition to the FreeUp portfolio of self-storage units across Arkansas, Colorado, Florida, Georgia, Kentucky, North Carolina, Tennessee, Texas, Washington and Wisconsin.
LOS ANGELES — Newmark has brokered the sale of a single-tenant net-leased medical office building in the Eagle Rock neighborhood of Los Angeles. Eastern Real Estate and Atlas Capital Group sold the asset to LaSalle Investment Management for $18.2 million. Sean Fulp, Bill Bauman, Kyle Miller, Mark Schuessler and Ryan Plummer of Newmark represented the seller in the deal. Adventist Health Glendale has occupied the 19,777-square-foot critical outpatient facility, located at 2560 Colorado Blvd., since 2003. The tenant operates a physical therapy and wellness center at the facility. The property is located one mile from the 515-bed Adventist Health Glendale hospital.
CHINO, CALIF. — Lewis Retail Centers has unveiled plans to build Town Center at The Preserve in Chino, a city in Southern California. The retail and office development, which will span 169,590 square feet, is slated to open in summer 2023. Town Center at The Preserve will be situated within a master-planned community named The Preserve at Chino and adjacent to multifamily units. The pedestrian-friendly development will feature Main Street-oriented retail space, as well as open spaces for gatherings and events. The office space will be positioned on the second level, above the street-level retail space. KTGY is the project architect. Stater Bros., a privately held supermarket chain based in San Bernardino, Calif., will serve as the grocery anchor tenant. The store will span 46,109 square feet and will feature full-service meat, seafood, deli and bakery departments. The store marks the third location for Stater Bros. in Chino. Additionally, Kenwood’s Kitchen and Tap, a family-owned and operated restaurant and bar serving American comfort food, will open at Town Center at The Preserve in fall 2023. The restaurant marks the second location for Kenwood’s. Other food-and-beverage tenants committed to the development include 7 Miles Tea Lab and Chipotle Mexican Grill. Ken …
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Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector
Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …
TEMPE, ARIZ. — A joint venture between Avanti Residential and KKR Real Estate has completed the disposition of a two-property multifamily portfolio in Tempe. Denver-based Jason McCool acquired the assets for $111.7 million. The 369-unit portfolio includes Omnia on 8th, a 188-unit property, and Omnia McClintock, a 181-unit property. The communities were constructed between 1971 and 1984 and feature a mix of studio, one- and two-bedroom units. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction.
PHOENIX — Northmarq has brokered the sale of The Residences of Central Phoenix, a 265-unit, garden-style community located at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Properties sold the property to Newport Beach, Calif.-based InTrust Property Partners for $63.1 million. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Joe Giordani of Northmarq’s Newport Beach debt/equity team arranged financing for the acquisition with a $50.8 million bridge loan. Built in 1973, The Residences of Central Phoenix includes 27 two-story buildings with one-, two- and three-bedroom units ranging in size from 650 square feet to 1,150 square feet. Situated on 13 acres, the 242,825-square-foot community features a clubhouse, pool, hot tub, on-site laundry facilities, basketball court and children’s playground. At the time of sale, the property was 98 percent leased. Renue Properties recently invested $1.7 million into deferred maintenance and property enhancements at the property, including HVAC units, new roofs, windows, electrical panels and exterior paint.
PHOENIX — VanTrust Real Estate has broken ground on VT 202, a speculative two-building industrial project in Phoenix. The infill development will offer 181,000 square feet of Class A industrial space on 12 acres along 59th Avenue. Totaling 104,687 square feet, Building A will feature 32-foot clear heights, 30 dock-high doors and two grade-level doors. The 76,319-square-foot Building B will have comparable amenities and features. Completion of VT 202 is slated for February 2023. The project team includes Butler Design Group and Wespac Construction. Colliers International Arizona is handling leasing for the development.
FOLSOM, CALIF. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom, a seniors housing property in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center featuring national retailers such as Nordstrom, Sephora, Barnes & Noble, movie theaters and a Whole Foods Market. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer represented the borrower in the transaction.