SANTA MARIA, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased North Broadway Plaza, a grocery-anchored neighborhood retail center at the northeast corner of North Broadway and East Grant Street in Santa Maria. Terms of the transaction were not released. North Broadway Plaza features 97,555 square feet of retail space. Current tenants include Food Maxx and CVS/pharmacy. Reza Investment Group represented NewMark Merrill and the seller in the deal.
EVERETT, WASH. — MIG Real Estate has acquired BluWater, a multifamily property located at 11311 19th Ave. SE in Everett. BluWater is the fifth Seattle-area multifamily community managed by MIG. Terms of the transaction were not released. Built in 1991, BluWater features seven three-story buildings offering a total of 152 one-, two- and three-bedroom apartments with eight-foot ceilings. Amenities include a clubhouse, leasing center, indoor/outdoor swimming pool with sauna, fitness center, children’s playground, multiple walking paths and playgrounds. MIG plans to renovate BluWater including apartment interiors, refreshing the buildings’ exterior paint, expanding the clubhouse and leasing center, and enhancing common area amenities. Giovanni Napoli and Phillip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
WINDSOR, COLO. — Cushman & Wakefield has arranged the sale of Chestnut Square Apartments, an apartment community located at 601 Chestnut St. in Windsor. 601 Chestnut LLC acquired the property from Jones Family Trust for an undisclosed price. Situated on six acres, Chestnut Square Apartments features 116 apartments in a mix of one-, two- and three-bedroom layouts. Originally constructed in 1972, the property most recently underwent a multi-million-dollar capital renovation in 2018. The buyer plans to reposition the property through an extensive renovation program, including unit and building upgrades, improved amenities and updates throughout the campus. Jared Goodman and Brian Mannlein of Cushman & Wakefield represented the seller in the transaction.
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LONG BEACH, CALIF. — Gelt has purchased Volta on Pine, a multifamily community in downtown Long Beach, from a joint venture between Holland Partner Group and North America Sekisui House for $156 million. Located at 635 Pine Ave., Volta on Pine features 93 studios, 94 one-bedroom units, 66 two-bedroom units and 18 three-bedroom units with an average size of 849 square feet. Eleven of the units are designated as affordable housing. Apartments feature quartz countertops, stainless steel appliances, wood-style flooring, full-size washers/dryers, Nest thermostats and modern cabinetry. Community amenities include a rooftop terrace with barbecue grills; executive conference and meeting rooms; a courtyard with fire pit; resort-style pool and sundeck with spa; outdoor grilling areas with smart TVs; a fitness center; parcel lockers; bike storage; and a fully equipped catering kitchen. Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera of Walker & Dunlop represented the seller, while Gelt was self-represented in the deal.
PHOENIX — Los Angeles-based Pro Residential has completed the disposition of Cove on 44th, an apartment property located at 4030 44th Ave. in Phoenix. Tide Equities acquired the asset for $51 million. The buyer has rebranded the community to Tides on 44th. The 134,000-square-foot community features 10 studio and 246 one-bedroom apartments, ranging in size from 452 square feet to 598 square feet. Built in 1983, the two-story property offers two swimming pools, a spa, a clubhouse and multiple laundry facilities. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq represented the seller in the transaction. Jeff Erxleben, Lauren Bresky, Kevin Leamy and Loren Heikenfeld of Northmarq’s Dallas Debt & Equity team secured $46.2 million in acquisition financing for the buyer.
PORTLAND, ORE. — LRS Architects Inc has completed design work for Parkview at Terwilliger Plaza just south of downtown Portland. The 10-story, 370,000-square-foot building will bring 127 independent living apartments to the existing three-building senior living campus while providing space for up to 200 new residents. The project is designed to the Passive House standard with several sustainability goals, including sustainable energy use and improved air quality. “Features such as thermal bridge-free detailing, airtight construction, energy-efficient appliances, heat recovery ventilation and a green roof are central toward creating comfortable and energy-efficient spaces and establishing a level of sustainability other complexes cannot guarantee,” says Peter Houseknecht, LRS’s lead architect on the project. “Parkview at Terwilliger Plaza is the largest Passive House-certified project on the U.S. West Coast and largest in the senior living space.” Construction on the project began in the spring 2021 and is scheduled for completion in 2023.
ERIE, COLO. — Evergreen Devco has broken ground for three buildings at Nine Mile Corner, a mixed-use project in Erie. Located at the southwest corner of U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space. The project is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority. The under-construction properties are two multi-tenant buildings, totaling 18,000 square feet, and an 8,000-square-foot UCHealth medical office building. Waner Construction is the serving as general contractor and G3 Architecture is serving as architect for the three buildings. Completion is slated for third-quarter 2022.
REDDING, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Shasta Orthopedics Medical Office Building in Redding. Terms of the transaction were not released. Anthony Lunceford, Joe Massa and Michael Grenaway of IPA represented the undisclosed seller and buyer in the deal. Adam Christofferson served as Marcus & Millichap’s broker of record in California. The Shasta Orthopedics Medical Office Building features 41,191 square feet of space and is within a two-mile radius of Shasta Regional Medical Center, Mercy Medical Center Redding and Vibra Hospital of Northern California.
BREA, CALIF. — Brixmor Property Group has acquired Brea Gateway Center, a grocery- and drug-store-anchored retail center located at 101-407 W. Imperial Highway in Brea. An institutional investor sold the asset for $85.7 million. Brea Gateway Center comprises of 13 parcels on 12.5 acres offering a total of 181,891 square feet of retail space. At the time of sale, the property was 97.9 percent occupied. Current tenants include Ralphs, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express. Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in transaction.
