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Citizen-Oake-Lakewood-WA
AcquisitionsMultifamilyWashingtonWestern

Thayer Manca Residential Divests of Citizen & Oake Apartments in Lakewood for $60M

by Amy Works

LAKEWOOD, WASH. — Seattle-based Thayer Manca Residential has completed the sale of Citizen & Oake, an apartment community in Lakewood. An undisclosed buyer purchased the property for $60 million. Thayer Manca originally acquired the property in 2016 for $32.9 million and completed $4.8 million in renovations. Located at 5406 82nd St. SW, Citizen & Oake features 231 apartments and a 5,000-square-foot clubhouse with a fitness center, office space, community kitchen, game room and lounge, outdoor grills and firepits. The property also offers a secure package locker room, pet park and 40 solar panels. Interior renovations were completed in 227 units and the property received a full rebranding.

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Copper-Point-Gilbert-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Newmark Negotiates $33M Sale of Copper Point Medical Office Building in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Newmark has arranged the sale of Copper Point, a medical office building located at 3530 S. Val Vista Drive in Gilbert. West Coast Capital Partners sold the asset to CA Ventures for $33 million. The two-story, 91,805-square-foot building was 96 percent occupied by multiple tenants at the time of sale. The tenant mix includes orthopedic surgery, oncology, cardiology and laboratory services. The building is adjacent to Dignity Health Mercy Gilbert Medical Center. Kathleen Morgan and Trisha Talbot of Newmark represented the seller, while the buyer was self-represented in the transaction.

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7-Eleven-Long-Beach-CA
AcquisitionsCaliforniaRetailWestern

Triss Sells 25,148 SF Retail Strip Center in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Triss LLC has completed the disposition of a retail strip center located on the corner of East Pacific Coast Highway and Martin Luther King Jr. Avenue in Long Beach. A family trust acquired the asset for $4.4 million, or $175 per square foot. 7-Eleven anchors the 25,148-square-foot property. Tina LaMonica and Cheryl Pester of NAI Capital Commercial’s Investment Services represented the seller in the deal.

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Granite-Tower-Denver-CO
AcquisitionsColoradoOfficeWestern

KBS Sells 593,527 SF Granite Tower Office Building in Denver

by Amy Works

DENVER — KBS has completed the disposition of Granite Tower, a 31-story, Class A office tower located at 1099 18th St. in downtown Denver. A joint venture between CP Group and Related Fund Management acquired the building from KBS REIT II for an undisclosed price. Built in 1983 as part of a four-tower development and formerly known as Steller Plaza and Plaza Tower, the asset now consists of 592,527 square feet of office space and a 774-space, three-level parking structures with 615 spaces dedicated to its office tenants. Tim Richley, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill of CBRE represented the seller in the transaction. Bruce Fischer, Howard Chu, Amanda Kennedy and Mark Baker of Greenberg Traurig LLP provided legal counsel to KBS in the disposition.

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Arboleda-Apts-La-Puenta-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

RAAM Construction Completes $29M Seniors Housing Project in La Puente, California

by Amy Works

LA PUENTE, CALIF. — RAAM Construction has completed the construction of Arboleda Apartments, an affordable seniors housing development in La Puente, approximately 20 miles east of Los Angeles. Development costs for the 74-unit, 71,499-square-foot property are estimated at $29 million. Of the total apartments, 38 are fully ADA-accessible units. “The need for affordable housing has grown in recent years due to rising home prices and an overall housing shortage, and the COVID-19 pandemic has exacerbated that need immensely,” says Richard Lara, president and CEO of RAAM Construction. RAAM worked closely with Meta Housing Corporation, a developer of affordable housing communities for families and seniors, along with AMJ Construction Management Inc. and Y&M Architects to deliver the new residences for qualified low-income seniors. The apartments replace four detached family homes on the site.

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2130-N-Hollywood-Way-Burbank-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Cruzan, Independencia Acquire 95,000 SF Post-Production Facility in Burbank, California

by Amy Works

BURBANK, CALIF. — Cruzan and Independencia have purchased a post-production property in located at 2130 N. Hollywood Way in Burbank. Strategic Office Partners sold the asset for $37.4 million. Situated on 4.4 acres, the 95,000-square-foot facility was completed in 1965 and last renovated in 2017. Deluxe Media, a post-production, distribution and asset management company for the entertainment industry, occupies the single-story building. Mike Longo, Todd Tydlaska and Sean Sullivan of CBRE represented the seller in the deal. Greg Grant and Clayton Matsuda, also of CBRE, facilitated the acquisition loan on behalf of the buyer.

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HOLI-Senior-Living-Hillsboro-OR
AcquisitionsMultifamilyOregonSeniors HousingWestern

SLIB Arranges $15.5M Sale of HOLI Senior Living Community in Hillsboro, Oregon

by Amy Works

HILLSBORO, ORE. — Senior Living Investment Brokerage has negotiated the sale of HOLI Senior Living, a 72-unit assisted living and memory care community in Hillsboro, a suburb of Portland. The community was built in 2019, totaling 39,460 square feet on 2.1 acres. The seller was a local developer and operator, with this being its only seniors housing asset. A private equity firm from Texas bought the property for $15.5 million and installed a Pacific Northwest-based operator. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. “HOLI Senior Living is a well-built new community located in the western suburbs of Portland,” says Punzel. “The lease-up has been excellent throughout COVID and the new owners plan to continue to build on its reputation in the marketplace.”

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Brooks-Square-Spokane-Valley-WA
AcquisitionsMultifamilyWashingtonWestern

Marcus & Millichap Negotiates Sale of 38-Unit Brooks Square Apartments in Spokane Valley, Washington

by Amy Works

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Brooks Square, a multifamily property located in Spokane Valley. The asset traded for $4.5 million. The names of the seller and buyer were not released. Located at 10211 E. Main Ave., Brooks Square features 38 apartments in a mix of 26 one-bedroom units and 12 two-bedroom units. Community amenities include a clubhouse, laundry room, covered parking and pool. The property was built in 1972 and fully occupied at the time of sale. The transaction also included a parcel of land adjacent to the apartment complex that currently has a three-bedroom house. The buyer plans to develop the parcel into additional apartment units. Georgie Christensen-Riley and Joshua Reynolds of Marcus & Millichap’s Portland, Ore., office represented the seller and buyer in the deal. Joel Deis, also of Marcus & Millichap, assisted in the closing.

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10445-Pacific-Center-Ct-San-Diego-CA
CaliforniaDevelopmentIndustrialLife SciencesOfficeWestern

Sterling Bay West, Harrison Street to Acquire Life Sciences Portfolio in Sorrento Mesa, Plan 1.1 MSF Development

by Amy Works

SAN DIEGO — Sterling Bay West and Harrison Street have agreed to acquire an office and life sciences portfolio in San Diego’s Sorrento Mesa submarket. City Office REIT is selling the assets for an undisclosed price. Located at 10390-10445 Pacific Center Court, 5910 Pacific Center Blvd. and 9985 Pacific Heights, the portfolio comprises four life sciences lab buildings, an empty building ready for speculative office/lab space, two office buildings totaling 420,229 square feet and five acres of excess land. The buyers plan to develop up to 1.1 million square feet of ground-up, Class A life sciences campus facilities on the site. Construction is slated to begin in 2023 and will be completed in phases.

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Ascend-Kierland-Scottsdale-AZ
AcquisitionsArizonaMultifamilyWestern

Bascom Arizona Ventures, Pacific Life Insurance Sell Two Apartment Communities in North Scottsdale for $312.5M

by Amy Works

SCOTTSDALE, ARIZ. — A joint venture between Bascom Arizona Ventures and Pacific Life Insurance has completed the disposition of Ascend at Kierland and Elite North Scottsdale in Scottsdale. The Ezralow Co. acquired the assets for $312.5 million. Built in 1996 and 1998, the 364-unit Ascend at Kierland and the 360-unit Elite North Scottsdale are surrounded on three sides by the Westin Kierland Resort golf course. Unit interiors feature luxury finishes, including quartz countertops, new cabinets, kitchen backsplashes, undermount sinks, vinyl plank flooring, upgraded lighting and plumbing fixtures, tub-to-ceiling tile surround in master bath, ceiling fans, new baseboards, two-tone paint, new blinds and crown molding in the living and dining areas. The communities offer fitness centers with separate spin and yoga rooms, renovated resident clubhouses and heated swimming pools. Ascend at Kierland also features a putting green, dog park and electric car charging station, while Elite North Scottsdale features a new swimming pool, dog park and package locker system. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

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