Tuesday, May 6, 2025
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Maris-Martinez-CA
AcquisitionsCaliforniaMultifamilyWestern

MG Properties Buys 168-Unit Apartment Community in Martinez, California

by Amy Works

MARTINEZ, CALIF. — San Diego-based MG Properties Group has acquired Maris at Martinez, a multifamily property located at 142 Fig Tree Lane in Martinez. Terms of the transaction were not released. Formerly known as Terra Martinez, the 168-unit community was built in 1985. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alexander Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Institutional investors advised by JP Morgan Asset Management provided mortgage financing for the acquisition. Bryan Frazier, Andrew Schoene and Blake Hockenbury of Walker & Dunlop arranged the acquisition financing.

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Ready-Capital-96-Apts-Tucson-AZ
ArizonaLoansMultifamilyWestern

Ready Capital Closes $11.1M in Financing for Multifamily Property in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Ready Capital has closed $11.1 million in financing for the acquisition, renovation and stabilization of a 96-unit apartment community in the West University submarket of Tucson. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan curing deferred maintenance and renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

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The-Marco-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Colliers Negotiates $7.3M Acquisition of Marco Apartments in North Seattle

by Amy Works

SEATTLE — Colliers has arranged the purchase of The Marco, a multifamily property located in the Roosevelt submarket of North Seattle. An undisclosed seller sold the asset for $7.3 million. Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman of Colliers represented the buyers, a local syndication group, in the transaction. Located at 9100 Roosevelt Way NE, The Marco features 25 apartments. The property was originally built in 1970 and is currently renting as market-rate apartments. Fourteen of the 25 units have been renovated over the last two years.

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5349-W-Baseline-Rd-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Marcus & Millichap Arranges $2.1M Sale of O’Reilly Auto Parts-Occupied Property in Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has brokered the sale of a retail building located at 5349 W. Baseline Road in Phoenix. A partnership sold the property to a limited liability company for $2.1 million. O’Reilly Auto Parts occupies the 7,000-square-foot property, which was built in 2006. The tenant recently executed its first five-year renewal option with 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

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200-Kansas-St-San-Francisco-CA
CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

San Francisco East Bay Industrial Market Soars to New Highs

by Jeff Shaw

By Steve Kapp, Executive Managing Director, Newmark Strong tenant demand, coupled with a limited supply of Class A industrial product, has pushed industrial rents in the San Francisco East Bay industrial market to new highs. Also known as the I-880 corridor, vacancy rates stood at 6 percent, down slightly from a year ago on a building base of 189 million square feet. Some submarkets like Fremont and Union City, as well as certain building types like new construction Class A warehouse, have performed even better than average. Warehouse rental rates now average above $1 per square foot, per month, in most East Bay markets. These show no signs of slowing down based on strong tenant demand. This demand goes beyond the typical ecommerce giants. Large lease deals were signed by Wine.com, Applied Materials, Home Depot and Chef’s Warehouse in the second quarter alone. Another trend is the rise of the life sciences sector. These firms have traditionally gravitated to research-oriented campuses in South San Francisco, Emeryville or Palo Alto. However, the I-880 corridor is chalking up a number of deals for pilot plants and good manufacturing practices (GMP) facilities. Sana Bio recently leased a 164,000-square-foot advanced manufacturing facility in Fremont, while Senti Bio …

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Panorama-House-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Security Properties Divests of Panorama House Apartments in Downtown Seattle for $120M

by Amy Works

SEATTLE — Security Properties has sold Panorama House, a multifamily community in Seattle, to an undisclosed buyer for $120 million. Located at 1100 University St., the 18-story Panorama House features 179 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as four penthouse homes on the upper level each featuring at least one private courtyard. The property also includes a 1,300-square-foot fitness center, regulation-sized bocce ball and shuffleboard courts, a demonstration kitchen, resident lounges, an outdoor pool and three levels of underground parking. At the time of sale, the property was 99 percent leased. The property offers panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union and Elliot Bay. Originally built in 1962, Panorama House underwent an $18 million renovation in 2016. Updates included new lighting, cabinetry, appliances and fixtures installed within the apartments. Additionally, floorplans were renovated to open kitchens to the living area and new fiber-optic high-speed data and cable wiring was installed. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the seller in the deal.

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Tacoma-Gateway-II-Tacoma-WA
AcquisitionsIndustrialWashingtonWestern

Realterm Acquires 274,000 SF Tacoma Gateway II Industrial Property Near Seattle

by Amy Works

TACOMA, WASH. — Realterm has purchased Tacoma Gateway II from a partnership between Panattoni Development Co. and Crow Holdings Capital for an undisclosed price. Located at 12005 Steele St. South in Tacoma, Tacoma Gateway II is a newly developed, 274,000-square-foot distribution building with dock-high and grade-level loading, 36-foot clear heights and more than 200 trailer parking stalls on an adjacent 4.7-acre yard. Unis, a third-party logistics company, fully occupies the property, which was completed in July 2021. Brett Hartzell of CBRE’s National Partners Group and Shawn Childs and Monte Decker of CBRE’s Tacoma and Seattle offices represented the seller in the transaction.

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Cantala-Glendale-AZ
AcquisitionsArizonaMultifamilyWestern

Investors Capital Group Sells Cantala Multifamily Community in Glendale, Arizona for $51.6M

by Amy Works

GLENDALE, ARIZ. — Investors Capital Group has completed the disposition of Cantala, an apartment property in Glendale. Western Wealth Capital acquired the asset for $51.6 million, or $280,435 per unit. Built in 1986, Cantala features 184 units in a mix of one- and two-bedroom layouts with open-concept living area, in-unit washers/dryers and private patios or balconies. Community amenities include a swimming pool, spa, fitness center, clubhouse and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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Sierra-Point-Reno-NV
AcquisitionsMultifamilyNevadaWestern

Bascom Group Enters Reno Market with $31M Multifamily Acquisition

by Amy Works

RENO, NEV. — The Bascom Group has purchased Sierra Point Apartments in Reno for $31 million, or $210,884 per unit, in an off-market transaction. The name of the seller was not released. Built in 1996 and 1998, Sierra Point features 147 apartments, with 84 percent two-bedroom floorplans. Bascom plans to renovate unit interiors with new countertops and appliances, wood plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting and a two-tone paint scheme. Additionally, Bascom will add a dog park, tot lot and an outdoor barbecue and recreational area. AMC Management Services will provide property management and SD Cap Construction Management will provide construction management services. Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged the acquisition financing, which LoanCore provided.

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Akos-Medical-Campus-Avondale-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Montecito Medical Acquisition Co. Buys 68,000 SF Akos Medical Campus in Avondale, Arizona

by Amy Works

AVONDALE, ARIZ. — Montecito Medical Acquisition Co. has purchased Akos Medical Campus, a newly completed medical office building in Avondale. Akos MOB I LLC sold the asset for an undisclosed price in an off-market transaction. The three-story, 68,000-square-foot Akos Medical Campus features a state-of-the-art imaging suite, multi-specialty ambulatory surgery center (ASC) and a cardiovascular ASC, as well as an urgent care, pharmacy and clinical office space. At the time of sale, the property was fully leased to a variety of tenants, including Peak Heart & Vascular and Apricus Health. J.T. Taylor of ORION Investment Real Estate represented the seller in the deal.

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