Western

Cushman & Wakefield Brokers $51M Sale of Foothill Village Shopping Center in Salt Lake City

by Amy Works August 17, 2021

SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million. A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site. The shopping center was originally developed in 1954. Renovations are slated to begin next spring with completion scheduled for the end of 2022. Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Co. represented the buyer and seller in the deal.

August 17, 2021

Aegis-Living-Kirkland-Waterfront-Kirkland-WA

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens Kirkland Waterfront Seniors Housing Community in Washington

by Amy Works August 17, 2021

KIRKLAND, WASH. — Aegis Living has opened its second community in 2021, Aegis Living Kirkland Waterfront in Kirkland. The 98,000-square-foot development will feature 106 units of assisted living and memory care. Aegis currently has six other communities in development in Seattle and California. “Heading into 2020, we set aggressive goals to double in size over the next decade,” says Dwayne Clark, founder, CEO and chairman of Aegis Living.

August 17, 2021

Helen-Caloggero-Womens-Family-Center-Orange-CA

California Development Healthcare Western

PMB Plans Medical Building on Providence St. Joseph Hospital Campus in Orange, California

by Amy Works August 17, 2021

ORANGE, CALIF. — PMB has unveiled plans for Helen Caloggero Women’s & Family Center, located on the Providence St. Joseph Hospital campus in Orange. The company will begin demolition for the 137,000-square-foot center this month. Located at 363 S. Main St., the four-story medical office building will house a range of services and amenities, including a mother and baby assessment center; maternal diabetes and wellness; maternal fetal testing; pelvic health and rehabilitation; perinatal education; OB/GYN clinical offices; pediatric clinical offices; certified midwives; women’s mental health services; conference/education rooms; birthing center; a pharmacy; and a Blue Bowl Superfoods outlet. Additionally, visitors and tenants will have access to an underground parking garage. The project team includes Boulder Associates as architect and Synder Langston as general contractor. San Diego-based PMB RES will serve as the property manager, and PMB and Madison Marquette will handle leasing. Completion of the facility is slated for fourth-quarter 2023.

August 17, 2021

Loans Multifamily Student Housing Washington Western

Gantry Arranges $32.5M Refinancing for Triton Court Student Housing Community Near Seattle

by Amy Works August 17, 2021

LYNNWOOD, WASH. — Gantry has arranged a $32.5 million refinancing for Triton Court, a student housing community located adjacent to Edmonds College in Lynnwood, roughly 17 miles north of Seattle. The property offers 220 beds alongside 13,000 square feet of retail and 15,000 square feet of office space. The newly built community is the result of a public-private partnership, wherein an undisclosed private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Mike Wood and Alex Saunders of Gantry worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a fixed interest rate with payments on an interest-only basis for the 10-year loan term.

August 17, 2021

Development Multifamily Washington Western

High Street Residential Breaks Ground on Corner 63 Multifamily Project in Seattle

by Amy Works August 16, 2021

SEATTLE — High Street Residential, the residential subsidiary of Trammell Crow Co., has broken ground on Corner 63, an apartment community located at 6300 Ninth Ave. in Seattle. The project is the company’s first residential development in the city and is being built in a joint venture with a MetLife Investment Management client. Slated for completion in spring 2023, Corner 63 will feature 139 apartments, co-working space, a fitness center, club room, bike repair facility, pet spa and secure subterranean parking. Outdoor amenities will include a ground-floor courtyard connected to the lobby and club room, a dog walk and an expansive rooftop deck with barbecue grills and a firepit. B+H Architects is designing the project and Chinn Construction is serving as general contractor. Avenue5 will serve as property manager.

August 16, 2021

Acquisitions California Office Western

Newmark Negotiates $70M Sale of Creative Office Building in El Segundo, California

by Amy Works August 16, 2021

EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot. The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency. Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.

August 16, 2021

Acquisitions Multifamily Utah Western

TruAmerica Multifamily Acquires 276-Unit Multifamily Community Near Salt Lake City

by Amy Works August 16, 2021

SANDY, UTAH — TruAmerica Multifamily has purchased Falls at Hunters Pointe, an apartment community located on State Street in Sandy. The Wasatch Group sold the property for an undisclosed price. Falls at Hunter Pointe features 276 apartments in a mix of one-, two- and three-bedroom floor plans with open kitchens; large, dual-pane windows; private patios or balconies; and views of the Wasatch Mountains. Community amenities include a swimming pool, playground, walking and biking trails, covered parking and basketball, racquetball and tennis courts. The property was built in 1994. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 16, 2021

California Development Multifamily Student Housing Western

Sacramento State University, Greystar Open 1,100-Bed Hornet Commons Residence Hall

by Amy Works August 16, 2021

SACRAMENTO, CALIF. — A public-private partnership between Sacramento State University and Greystar has opened Hornet Commons, a 1,100-bed residence hall on the university’s campus in Sacramento. The community offers apartment-style, fully furnished units for upper-division and graduate students. Shared amenities include a swimming pool, fitness center, volleyball and bocce ball courts, retail space leased to Einstein Bros. Bagels, fire pits, a clubhouse and yoga lawn. “We are excited to welcome Sacramento State’s students to Hornet Commons,” says Julie Skolnicki, senior managing director of Greystar university partnerships. “This project was conceived with lofty goals of supporting academic outcomes, strengthening the sense of community, and providing a long-term partnership. This vision has never been more significant as we welcome students back to Sacramento State and support the campus mission of transforming lives by preparing students for leadership, service, and success.”

August 16, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $23.8M Sale of Ashley Terrace Apartments in Vancouver, Washington

by Amy Works August 16, 2021

VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of Ashley Terrace, a multifamily property located at 4500 Nicholson Road in Vancouver. Next Wave Investors LLC acquired the asset from an undisclosed seller for $23.8 million. Built in 1993, Ashley Terrace features 118 apartments in a mix of one-, two- and three-bedroom layouts, a clubhouse, fitness center, pool and tennis court. Next Wave plans to implement a renovation program including new appliances, lighting, plumbing, solid-surface flooring in most rooms, new carpet in bedrooms and upgraded kitchens, as well as repairs and maintenance to the exterior and common areas. Khari Gates and Georgie Christensen-Riley of Marcus & Millichap represented the buyer. Marcus & Millichap also represented the seller in the deal.

August 16, 2021

California Loans Seniors Housing Western

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Madison Pettway August 13, 2021

ROLLING HILLS ESTATES, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story 65,000-square-foot seniors housing community to be operated by Cadence Living. The financing was provided by a large regional bank.

August 13, 2021

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