Western

Sterling Realty Divests of 103,141 SF Lynnwood Crossroads Retail Center in Lynnwood, Washington

by Amy Works August 18, 2022

LYNNWOOD, WASH. — Bellevue-based Sterling Realty Organization has completed the sale of Lynnwood Crossroads, grocery-anchored shopping center in Lynnwood. Orange County, Calif.-based Sakioka Farms acquired the asset for $45 million in an all-cash 1031 exchange transaction. Billy Sleeth and Paul Sleeth of Newmark represented the seller, while Pete Bethea, Glenn Rudy and Rob Ippolito of Newmark represented the buyer in the transaction. Sprouts Farmers Market, LA Fitness, Starbucks Coffee, Jersey Mike’s Subs, Five Guys, The Joint Chiropractic, Great Clips and Qdoba are tenants at the 103,141-square-foot retail space. At the time of sale, the property was 100 percent leased.

August 18, 2022

Acquisitions Colorado Multifamily Western

Brinkman Real Estate Sells Windom Peak Apartments Near Denver for $24.6M

by Amy Works August 18, 2022

FEDERAL HEIGHTS, COLO. — Brinkman Real Estate has completed the disposition of Windom Peak Apartments, a multifamily property located at 120 E. Grace Place in Federal Heights. An undisclosed buyer acquired the asset for $24.6 million, or $262,234 per unit. Built in 1964, Windom Peak features 94 units spread across a mix of one-story apartment buildings and two-story townhomes offering one-, two- and three-bedroom floorplans. During Brinkman’s ownership, the company added an energy-efficient boiler, insulation to reduce energy loss on existing systems, and low-flow toilets and fixtures. Jake Young, David Potarf, Dan Woodward and Matt Barnett of Walker & Dunlop represented Brinkman in the deal.

August 18, 2022

Acquisitions Arizona Office Western

CapRidge Partners Sells Scottsdale Forum Office Building in Arizona for $53.6M

by Amy Works August 17, 2022

SCOTTSDALE, ARIZ. — CapRidge Partners has completed the sale of Scottsdale Forum, a Class A office property located at 6263 N. Scottsdale Road in Scottsdale. Federal Realty Investment Trust acquired the asset for $53.6 million. Situated on 7.1 acres, Scottsdale Forum features 214,000 square feet of recently renovated office space. On-site amenities include an outdoor courtyard and gaming area, on-site deli, collaboration areas, tenant lounges, conference room and underground parking. Ben Geelan and Will Mast of JLL Capital Markets represented the seller in the transaction.

August 17, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Tailwind Investment Buys 168-Unit Vista Grande Active Adult Community in Rio Rancho, New Mexico

by Amy Works August 17, 2022

RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s Investment Sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.

August 17, 2022

6010-N-Carefree-Circle-Colorado-Springs-CO

Acquisitions Colorado Retail Western

CBRE Arranges Sales of Two Shopping Centers in Colorado Springs for $13.8M

by Amy Works August 17, 2022

COLORADO SPRINGS, COLO. — CBRE has arranged the sales of two shopping centers in Colorado Springs for a total consideration of $13.8 million. Park Brown, Matthew Henrichs and Brad Lyons of CBRE’s National Retail Partners represented the sellers in each transaction. A Colorado-based private investor acquired the Springs Ranch Shopping Center for $8.3 million, and a San Diego-based 1031 exchange investor purchased Peterson Square for $5.5 million. Located at 6010-6080 N. Carefree Circle, Springs Ranch Shopping Center features 40,331 square feet of multi-tenant retail space. Springs Liquor Outlet anchors the fully leased property. A Denver-based private partnership sold the asset. Located at 6809 Space Village Ave., Peterson Square offers 14,182 square feet of fully occupied retail space. A Denver-based private fund sold the center.

August 17, 2022

Acquisitions California Retail Western

Hanley Investment Group Brokers $5M Sale of Two-Tenant Outparcel in Palm Desert, California

by Amy Works August 17, 2022

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a two-tenant outparcel property located at 72306 Highway 111 in Palm Desert. Newport Beach-based Sage Investco sold the asset to a Salt Lake City-based private investor for $5 million. Mattress Firms occupies 3,800 square feet and Club Champion occupies 3,016 square feet at the asset on a net-leased basis. The property is an outparcel to a Walmart Neighborhood Market. Eric Wohl and CJ Kiehler of Hanley Investment Group represented the buyer and seller in the deal.

August 17, 2022

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $2.1M Sale of Former Elks Lodge in Gresham, Oregon

by Amy Works August 17, 2022

GRESHAM, ORE. — Portland-based Norris & Stevens has arranged the sale of a retail property located at 16321 SE Stark St. in Gresham. Gateway Elks Lodge No. 2411, Benevolent & Protective Order of Elks of The United States of America, sold the asset to an undisclosed buyer for $2.1 million. Built in 1926 on 2.3 acres, the 14,689-square-foot building features plenty of natural light, an atrium dining area and more than 100 parking spaces. Greg Nesting and Gabe Schnitzer represented the buyer and seller in the deal.

August 17, 2022

Acquisitions California Multifamily Western

SummerHill Sells 333-Unit Eleanor Multifamily Community in Milpitas, California for $193M

by Amy Works August 16, 2022

MILPITAS, CALIF. — SummerHill Apartment Communities has completed the sale of Eleanor, a multifamily property in the Silicon Valley city of Milpitas. MG Properties purchased the asset for $193 million, or $579,580 per unit. Completed in 2021, Eleanor features 333 apartments in one- and two-bedroom layouts, including penthouse units. The property is a five-minute walk from the Milpitas Transit Center, which offers BART and VTA Light Rail services. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2022

Acquisitions Multifamily Washington Western

AIMCO Divests of 135-Unit Apartment Complex in Seattle for $69M

by Amy Works August 16, 2022

SEATTLE — AIMCO has completed the disposition of 2900 on First, an apartment community located in Seattle’s Belltown neighborhood. An undisclosed buyer purchased the asset for $69 million, or $511,111 per unit. 2900 on First features 135 apartments spread across three connected seven-story residential towers. Apartments feature flat-panel cabinetry, full-size washers/dryers, keyless entries and Wi-Fi-enabled thermostats. Select apartments have wood-burning fireplaces and private balconies. Additionally, the community features a standalone amenity building atop a parking garage podium and a 14,644-square-foot retail space. Amenities include a leasing office with a resident clubhouse and kitchen, conference room, multi-level fitness center, courtyard and lawn. A restaurant, spa, bakery, beauty store and pizza delivery service occupy the street-level retail space. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 16, 2022

Arizona Development Loans Multifamily Western

JLL Arranges $49.4M Construction Loan for Flagstaff Elkwood Multifamily Development in Arizona

by Amy Works August 16, 2022

FLAGSTAFF, ARIZ. — JLL Capital Markets has arranged $49.4 million in construction financing for the development of Flagstaff Elkwood, an apartment community in Flagstaff. Brad Miner and Eric Tupler of JLL Capital Markets secured the 65 percent loan-to-cost-ratio loan with a commercial bank for the borrower, Wexford Development. Slated for completion in late 2024, Flagstaff Elkwood will feature 224 apartments in a mix of studio, one- and two-bedroom layouts spread across four four-story residential buildings. Units will offer stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. On-site amenities will include a 4,000-square-foot leasing center, 6,000 square feet of retail space, a clubhouse with lounge area, fitness center, pool, spa and grilling area. The community will be situated on 13.5 acres at the northeast corner of East Butler Avenue and N. Fourth Street, three miles from downtown Flagstaff and Northern Arizona University.

August 16, 2022

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