Western

Bridge-Point-Silicon-Valley-Milpitas-CA

MILPITAS, CALIF. — Bridge Industrial has completed Bridge Point Silicon Valley, a state-of-the-art industrial facility located at 205. N. McCarthy Blvd. in Milpitas. Bridge purchased the 34.5-acre site in 2019 and secured a long-term lease agreement with a major e-commerce company prior to groundbreaking, which occurred in spring 2020. The construction process was designed based on the lease agreement, which began in July 2021. The tenant will use the entire 34.5-acre site, which includes a 388,240-square-foot warehouse facility and surface parking, to help distribute goods throughout San Jose, Silicon Valley and the Greater Bay Area. To accommodate the tenant’s needs, Bridge completed a complex entitlement process that included the completion of an Environmental Impact Report Addendum through the City of Milpitas, which allowed for the approval of multiple variances to accommodate the tenant’s unique plans at the site.

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Terri-Ann-Apts-Seattle-WA

SEATTLE — Colliers has arranged the sale of Terri Ann Apartments, a multifamily building located at 1331 Terry Ave. in Seattle’s First Hill neighborhood. Seattle-based Cadence Real Estate acquired the property from a local investor for $6.3 million. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller and sourced the buyer in the deal. Originally built in 1967, Terri Ann Apartments features 25 residential units.

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6801-N-17th-Ave-Phoenix-AZ

PHOENIX — Marcus & Millichap has arranged the sale of Agave, a multifamily property located at 6801 N. 17th Ave. in Phoenix. A private investor acquired the asset for $2.5 million in an all-cash transaction. The name of the seller was not released. Built 1966, Agave features 11 apartments, including seven completely renovated units, one lightly renovated unit and three unrenovated units. Additionally, eight units have private back patios. Paul Bay of Marcus & Millichap’s Phoenix office represented both parties in the transaction. Jonathan Weir and Stefan Ignjatovic of Marcus & Milichap’s South Bay office referred the buyer in the deal.

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Stockton-Supply-Chain-Center-II-Stockton-CA

LIVERMORE AND STOCKTON, CALIF. — Dalfen Industrial has purchased Las Positas Logistics Center in Livermore and Stockton Supply Chain Center II in Stockton. Terms of the transactions were not released. Las Positas Logistics Center is a 106,700-square-foot, front-load distribution building with close proximity to interstates 580, 80, 680 and 880. Stockton Supply Chain Center II features 50,400 square feet and close proximity to Interstate 5 and Highway 99, which provides same-day access to nearly 45 million people in San Francisco, Sacramento, Los Angeles, San Diego, Portland and Seattle. With these acquisitions, Dalfen Industrial has added three Northern California buildings to its portfolio in the last two months.

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Autumn-Ridge-Citrus-Heights-CA

CITRUS HEIGHTS, CALIF. — Oakmont Properties has completed the disposition of Autumn Ridge, an apartment property located at 6011 Shadow Lane in Citrus Heights. Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, acquired the asset for $120 million. Marc Ross of CBRE represented the seller in the deal. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office organized acquisition financing for the buyer. Originally built in 1986, Autumn Ridge features 410 apartments in a mix of one- and two-bedroom layouts. Community amenities include three swimming pools and spas, a clubhouse, fitness center, fireplace lounge, racquet ball court, tennis court and business center. At the time of sale, the property was 96 percent leased.

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2400-E-Artesia-Blvd-Long-Beach-CA

LONG BEACH, CALIF. — Bridge Industrial has completed its intensive environmental remediation of 2400 E. Artesia Boulevard and construction of Bridge Point Long Beach, a 415,320-square-foot Class A industrial facility in Long Beach. Bridge acquired the property, the former home of an asphalt refinery, in 2019. Following the purchase, the company replaced the outdated facility with a sustainable, 416,000-square-foot warehouse complex with 21,000 square feet of dedicated office space. The property also features 453 parking stalls, including 104 outfitted with electric vehicle chargers; 61 trailer parking stalls; 36-foot clear ceiling heights; extensive landscaping; a solar-ready roof; and ESFR sprinkler systems. The building was pre-leased prior to its completion in August to a leading transportation and logistics provider of choice for the U.S. Postal Service for its warehousing and distribution operations. The company will begin its occupancy in September. The redeveloped site is part of the continued renewal of the Artesia Boulevard corridor and the project included substantial environmental remediation with oversight by the Southern California Regional Water Quality Control Board and South Coast Air Quality Management District.

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Park17-Denver-CO

DENVER — NorthMarq has arranged the sale of Park 17, an apartment property located at 1210 E. 17th Ave. in Denver. Kairoi Residential sold the asset to an undisclosed buyer for $88.7 million. Completed in July 2020, Park 17 features 190 apartments in 34 floor plans ranging from 504 square feet to 1,663 square feet with nine- to 12-foot ceilings, modern technology packages, Moen plumbing fixtures, glass and custom porcelain backsplashes, Nest thermostats, keyless entries, stall showers and side-by-side refrigerators. On-site amenities include a fourth-floor infinity pool overlooking the Denver skyline. Dave Martin and Brian Mooney of NorthMarq’s Denver office represented the seller in the deal. David Link and Jeff DeHarty of NorthMarq’s Denver debt/equity team arranged $45 million in acquisition financing for the borrower through its relationship with a life insurance company. The transaction was structured with a 10 years of interest-only payments.

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Sunflower-Apts-Glendale-AZ

GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.

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Zanjero-Falls-Glendale-AZ

GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …

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3020-NE-45th-St-Seattle-WA

By Hank Wolfer, First Vice President of Investments, and Derek Peterson, Associate, Marcus & Millichap National retail chains favor Seattle’s surrounding neighborhoods. Prior to the pandemic, retailers were taking notice of strong demographic trends in the submarkets surrounding Seattle. Between 2009 and 2019, the number of households across the metropolitan area grew by 13 percent, nearly double the national rate. High homeownership costs directed many of those new households to the suburbs where living expenses are lower. Following rooftops, multiple developers have pursued expansion opportunities in these areas, with recently opened projects in locations like Renton, Frederickson and Shelton. These new floor plans are drawing prominent retailers, including 7-Eleven and medical provider DaVita Dialysis, as well as fast food operators like Popeyes. Although initially challenged by lockdowns, these facilities are poised to benefit from the ongoing economic recovery. Suburban properties are outperforming urban counterparts. While no tenant was free of pandemic-induced challenges, operations outside the urban core proved more resistant on average. Vacancy in downtown Seattle rose 80 basis points over the 12-month period that ended in March. This is compared with a 60 basis point climb in Tacoma and a 20 basis point increase in the Southend. Moving through the rest of 2021, metro-wide vacancy is …

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