Western

PCCP Provides $76M Acquisition, Renovation Loan for High-Rise Apartment Property in San Diego

by Amy Works July 2, 2021

SAN DIEGO — PCCP has provided a $76 million senior loan to an affiliate of Sares Regis Group for the purchase and renovation of LIT Cortez Hill (formerly known as AVA Cortez Hill), a multifamily property in downtown San Diego. AvalonBay sold the property for an undisclosed price. Located at 1399 Ninth Ave., the 15-story building features 299 apartments and 1,670 square feet of ground-floor retail space. The unit mix is 97 studios, 117 one-bedroom and 85 two-bedroom units, all with private patios or balconies and ranging from 570 square feet to 1,059 square feet. The property features 30,000 square feet of outdoor amenity space with full-size basketball and tennis courts, resort-style pool and spa, fitness center, resident lounge, 13 laundry rooms and a ground-floor market.

July 2, 2021

Acquisitions California Industrial Western

Hines Buys 161,168 SF Activity Business Park in San Diego from BKM Capital Partners

by Amy Works July 2, 2021

SAN DIEGO — Hines has acquired Activity Business Park, a five-building industrial property located at 9235-9265 Activity Road and 9520-9530 Padgett St. in San Diego’s Miramar submarket. BKM Capital sold the asset for an undisclosed price. Totaling 161,168 square feet, the property consists of five one- and two-story buildings with expansive windows, abundant light, clear heights ranging from 10 feet to 20 feet and flexibility for a variety of users. At the time of sale, the property was 90 percent leased. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California, along with Rich Reeder and Brad Tecca of the firm’s Capital Markets group in San Diego, represented the buyer and seller in the deal. Brant Aberg of Cushman & Wakefield and Chris Duncan of Voit Real Estate provided market leasing advisory for the transaction.

July 2, 2021

Acquisitions Multifamily Washington Western

Glencrest Group Purchases Salish Flats Multifamily Property in Airway Heights, Washington for $45M

by Amy Works July 2, 2021

AIRWAY HEIGHTS, WASH. — Glencreast Group has acquired Salish Flats, an apartment community in Airway Heights, approximately seven miles from downtown Spokane. TWG Development sold the asset for $45 million. Built in 2020, Salish Flats consists of six residential buildings offering a total of 216 garden-style apartments in a mix of one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, basketball court, sand volleyball court, resort-style swimming pool and sundeck, barbecue and grilling area, resident lounge and media room. Salish Flats is on a long-term ground lease with the Kalsipel Tribe of Indians. This ownership structure facilitated the first Freddie Mac loan on Native American land. Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt & Structured Finance team provided debt and advisory services and secured a $31 million, 10-year, interest-only, fixed-rate loan for the buyer. Josh McDonald, Phil Oester and Joe Nydahl of CBRE represented the seller and buyer in the deal.

July 2, 2021

Market Reports Multifamily New Mexico Western Western Market Reports

Market-Rate Multifamily Units Rapidly Increase in Santa Fe

by Jeff Shaw July 1, 2021

By Billy Eagle and Erik Olson, Senior Vice Presidents of Investment Properties, Multifamily, CBRE In Albuquerque, New Mexico’s largest city, multifamily demand remains high. Rents have steadily increased, though multifamily development remains sluggish due to the lack of developable land sites and geographic constraints. Most other New Mexico cities are also seeing a small pipeline of new multifamily projects due to increased material costs. However, contrary to other cities in New Mexico, the northern New Mexico City of Santa Fe has seen a boom in multifamily development. Santa Fe’s highly resilient and fundamentally sound multifamily market is highlighted throughout the pandemic. The state capitol is renowned for its Southwest culture, luxurious resorts and world-class art markets. Its economic drivers include, but are not limited to, tourism (more than 1 million visitors per year), government (Los Alamos National Labs is located nearby), medical and boutique financial services. The Santa Fe apartment market had record occupancies at 96.91 percent in January 2021 and year-over-year rent growth of 7.6 percent. The average weighted rent was $1,102 per month among a total of 3,385 market-rate units. Nearly 16 months later, they are averaging almost $1,300 per month, an 18 percent increase. Santa Fe also added 503 market-rate units to …

July 1, 2021

Acquisitions Office Washington Western

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works July 1, 2021

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

July 1, 2021

Development Multifamily Washington Western

Pastakia & Associates Acquires South Lake Union Multifamily Development Site in Seattle for $10.2M

by Amy Works July 1, 2021

SEATTLE — Pastakia & Associates has purchased a development site located at 1405 Dexter Ave. North in Seattle’s South Lake Union area for $10.2 million. The buyer has finalized entitlements and permitting for an eight-story apartment project on the site. The community will feature 160 units and a 62-stall parking structure. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the undisclosed seller in the transaction.

July 1, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $23.7M Sale of Crystal Court Apartments in Las Vegas

by Amy Works July 1, 2021

LAS VEGAS — Avison Young has arranged the sale of Crystal Court, a multifamily property located in Las Vegas. Crystal Court Apartments Inc. sold the asset to an undisclosed buyer for $23.7 million, or $203,233 per unit. Located at 900 E. Desert Inn Road, Crystal Court features 116 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the deal.

July 1, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges Sale of 14,820 SF Walgreens-Occupied Building in Maricopa, Arizona

by Amy Works July 1, 2021

MARICOPA, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located on 1.7 acres at the intersection of North John Wayne Parkway and West Smith Enke Road in Maricopa. An out-of-state buyer acquired the asset from the estate of a Northern California family for $5.7 million. Walgreens occupies the 14,820-square-foot retail building on a net-leased basis. Sanford Burstyn of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

July 1, 2021

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $2.4M Sale of Redevelopment Opportunity Space in Portland

by Amy Works July 1, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a retail space located at 2251 NE Glisan in Portland. Colton-based First Church of Christ, Scientist, Portland acquired the property from Taoist Tai Chi Society of The United States of America Inc. for $2.4 million. Originally built as a warehouse in 1946, the 4,000-square-foot property has undergone extensive renovations and features a full commercial kitchen and hood, refinished wooden beams, ADA-compliant bathrooms and ample private parking. The property was most recently used as a Taoist shrine and center for the teaching and practice of Taoist Tai Chi. The First Church of Christ, Scientist intends to use the property as a bookstore and learning center. Matt Lyman and Jack Schaub of Portland-based Norris & Stevens represented the seller, while Jim Lewis of Cushman & Wakefield represented the buyer in the transaction.

July 1, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Negotiates $74.5M Sale of Centra Apartment Community in Midtown Phoenix

by Amy Works June 30, 2021

PHOENIX — Cushman & Wakefield has arranged the sale of Centra, a multifamily property located at 306. N. Central Ave. in midtown Phoenix. San Diego-based MG Properties acquired the community from Fore Property Co. for $74.5 million. Built in 2020, Centra features 223 apartments in a mix of 93 one-bedroom and 130 two-bedroom units; a swimming pool and spa; cabanas; outdoor grilling stations; a fitness center with a yoga, spin and weight room; a gaming lounge with billiards, arcade games and shuffleboard; and a rooftop social lounge with city views. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

June 30, 2021

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