Western

Terraces-La-Cienega-West-Hollywood-CA

WEST HOLLYWOOD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terraces at La Cienega, an apartment building located near West Hollywood’s Sunset Strip. LaTerra acquired the asset from the original builder for $29 million. Built in 1990, the property features 42 apartments. LaTerra plans to upgrade the asset’s exterior, common areas and interior with luxury finishes and build 10 accessory dwelling units as part of the AB3182 tenant protection act, which was created to help alleviate the housing crisis by giving owners the opportunity to add 25 percent of the existing density to properties. Greg Harris, Kevin Green and Jose Grabiec of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and buyer in the deal.

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10710-Firestone-Blvd-Norwalk-CA

NORWALK, CALIF. — Paragon Commercial Group has purchased a vacant retail property situated on 2.3 acres at 10710 Firestone Blvd. in Norwalk. RSM Properties sold the asset for $7.1 million. Paragon plans to redevelop the 25,977-square-foot building for Chick-fil-A. An Office Depot and a coffee chain formerly occupied the property. Pat Wade and Alex Kozakov of CBRE represented Paragon in the off-market transaction.

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Cabot

BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe. The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. In a separate transaction, Blackstone’s European Core Plus business and its affiliates acquired the remaining European properties, which feature 22 properties totaling 2.2 million square feet of industrial space. The properties are located in European markets such as the Midlands, North West and South East in the United Kingdom; Amsterdam; and Düsseldorf in Germany. “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” says Franz Colloredo-Mansfeld, chairman and chief executive officer of Cabot. “This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K. and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over …

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Capstone-Bothell-WA

BOTHELL, WASH. — Construction is underway on a 1,055-bed residence hall at the University of Washington Bothell. The community is being developed through a public-private partnership (P3) between the university, Capstone Development Partners and Harrison Street. The 300,000-square-foot development will replace Husky Village, an existing on-campus student housing community in Bothell, which is situated roughly 15 miles outside Seattle. The project will include three six-story residential buildings offering suites and apartments for both undergraduate and graduate students. The development will also include a 15,000-square-foot dining facility and 20,000 square feet of office space for university services and administration. Construction began in October on Phase I of the project, which is scheduled for completion in February 2023. Phase II of the development is set for delivery in August 2024. The community was designed by Mahlum Architects and is being constructed by Anderson Construction. Capstone Management Partners will operate and manage the community in coordination with the university upon completion. Capstone and Harrison Street have previously partnered on five P3 developments, including projects with Seattle University, the University of Chicago, Arizona State University Polytechnic, Cornish College of the Arts and the University of South Florida.

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DENVER — Shorenstein Properties has purchased Rev360, a newly constructed, five-story office building in Denver’s River North Art District. Terms of the transaction were not disclosed. Located at 3600 Brighton Blvd., Rev360 features 170,234 square feet of Class A office space with large and efficient floorplates with outdoor terraces, exposed high ceilings, ground-floor retail space, a fitness center and a parking garage. CBRE represented the seller in the deal.

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Town-Country-Village-Sacramento-CA

SACRAMENTO, CALIF. — Phillips Edison & Co. has purchased Town & Country Village, a dual grocery-anchored community shopping center in Sacramento, from Donahue Schriber for an undisclosed price. Trader Joe’s and Sprouts Farmers Market co-anchor the 216,320-square-foot shopping center. At the time of sale, the property was 91 percent leased to a variety of tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx and Five Below. Town & Country Village is situated on 19 acres at 2601-2651 and 2717-2805 Marconi Ave. Originally constructed in 1950, the asset was most recently renovated between 2013 and 2014. Eric Kathrein, Geoff Tranchina, Bryan Ley and Gleb Lvovich of JLL represented the buyer in the deal.

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Vista-Commerce-Vista-CA

VISTA, CALIF. — KKR has acquired Vista Commerce, an industrial warehouse facility in Vista, from Westcore for an undisclosed price. Situated on an all-concrete site, the 197,000-square-foot Vista Commerce features 14 dock-high doors, six grade-level doors, 27-foot clear heights and ample power. The property is fully leased to an undisclosed, publicly listed healthcare diagnostic testing company. CBRE represented Westcore in the deal. KKR acquired Vista Commerce through its KKR Real Estate Partners Americas II fund.

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Hadley-Apts-Thornton-CO

THORNTON, COLO. — San Diego-based Pathfinder Partners has completed the disposition of Hadley Apartments, a multifamily community located in Thornton. An undisclosed buyer acquired the asset for $38.5 million. Andy Hellman and Justin Hunt of CBRE’s Denver office brokered the transaction. Situated nine miles north of downtown Denver, Hadley Apartments features 140 apartments in a mix of one- and two-bedroom floorplans averaging 760 square feet. Community amenities include a clubhouse, yoga area, dog park and pool. Since purchasing the property in 2017, Pathfinder has installed new flooring, cabinets, stainless steel appliances, quartz countertops and new paint, finishes and fixtures.

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Ondina-Bellevue-WA

BELLEVUE, WASH. — Vulcan has broken ground on Ondina, a 1.4-acre development site at 13238 NE Spring Blvd. in Bellevue. Located near the future location of BelRed/130th Light Rail Station, Ondina will feature 249 apartments, with 20 percent of the units designated rent- and income-restricted for households earning up to 80 percent of the area median income. The property is slated to open in early 2024. Runberg Architecture Group is serving as architect and Exxel Pacific is serving as general contractor of record for the project.

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HamptonPark-SanMateo-SolanoSprings-Tucson-AZ

TUCSON, ARIZ. — Bridge Investment Group has acquired three multifamily communities in Tucson from Monarch Investment and Management Group for $75.1 million. The portfolio includes the 160-unit Hampton Park, which was built in 1973; the 254-unit San Mateo, which was built in 1987; and the 152-unit Solano Springs, which was built in 1982. Hamid Panahi, 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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