Western

Hubbard Street Group, Cresset Real Estate Partners Break Ground on 26-Story Multifamily Building in Phoenix

by Amy Works July 29, 2021

PHOENIX — Hubbard Street Group and Cresset Real Estate Partners, as capital partner, have broken ground on Skye on 6th, an apartment property located on the southeast corner of Sixth and Garfield streets in Phoenix. Slated for completion in summer 2023, the 26-story Skye on 6th will feature 309 apartments in a mix of studio, one- and two-bedroom units, as well as penthouses on the top residential floor. Community amenities include a pool deck with cabanas, fitness center, yoga studio, steam room and sauna, a co-working area, an outdoor terrace, a dog run, party room, chef’s grade kitchen for entertainers, package storage room, bicycle storage, indoor parking and storage lockers. The project will also feature approximately 6,500 square feet of ground-floor retail space. The project team includes Shepley Bulfinch as architect and Clayco as general contractor.

July 29, 2021

California Development Retail Western

Wood Investments Acquires Land Parcel to Develop 206,072 SF Shopping Center in Ontario, California

by Amy Works July 29, 2021

ONTARIO, CALIF. — Wood Investments Cos. has purchased a 19.6-acre development site within the master-planned community of Ontario Ranch in Ontario. San Diego-based GDC RCCD 2 LP sold the asset for $18.5 million. Wood Investments plans to develop The Ranch at Model Colony Shopping Center, a 206,072-square-foot retail property, at the site. The asset will be located at the intersection of Ontario Ranch Road and Hamner Avenue. Already signed tenants include include a national grocery tenants, Burlington Coat Factory, Five Below, Hobby Lobby and Planet Fitness. Brian McDonald and Walter Pagel of CBRE represented Wood Investments in the purchase and lease transactions. CBRE also represented the seller in the deal.

July 29, 2021

California Development Mixed-Use Multifamily Retail Western

Holland Partner, MVE + Partners Complete 285,415 SF Mixed-Use Project in Long Beach

by Amy Works July 29, 2021

LONG BEACH, CALIF. — Holland Partner Group and architecture firm MVE + Partners have completed Volta on Pine, a 285,415-square-foot, mixed-use, infill development in downtown Long Beach. Located at 635 Pine Ave., Volta on Pine features 271 apartments, 1,300 square feet of ground-floor retail space, subterranean parking and extensive sidewalk space. Residential units range from 629 square feet to 1,400 square feet in a mix of studio, one-, two- and three-bedroom layouts. Eleven apartments are dedicated as median-income affordable housing. Apartments include custom-finish packages, keyless entry, Nest thermostats, LED-lit vanity mirrors, soft-close drawers and cabinets, in-home washers/dryers, high-end kitchen counters and appliances, solar mesh roller shades, soaking tubs, and large balconies and windows. Community amenities include a rooftop terrace and sky lounge, fitness center, swimming pool with sun deck, hot tub, outdoor grills and firepits, parcel lockers, electric vehicle charging stations, bike storage and three levels of subterranean parking offering a total of 341 parking stalls. LRM served as landscape architect and Arial Fox provided interior design services for the project.

July 29, 2021

Development Office Washington Western

PGIM, Capstone Partners Purchase Office Development Site in Bellevue for $32.5M

by Amy Works July 29, 2021

BELLEVUE, WASH. — PGIM and Capstone Partners have acquired ParqHouse Bellevue, a 34,335-square-foot development site located at 305 108th Ave. NE in Bellevue. Fana Group sold the asset for $32.5 million. ParqHouse Bellevue is situated adjacent to major parks, restaurants and amenities in downtown Bellevue. Originally slated for a residential development, the new owners plan to build on office project at the site instead of the proposed residential units. The original proposal included 274 residential units, 6,600 square feet of retail space and 337 parking stalls. Kevin Shannon, Ken White and Tim O’Keefe of Newmark represented the seller in the deal.

July 29, 2021

Office Top Stories Washington Western

Boston Properties to Acquire Safeco Plaza Office Tower in Seattle for $465M

by Katie Sloan July 29, 2021

SEATTLE — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire Safeco Plaza, a 50-story, Class A office tower located at 1001 Fourth Ave. in Seattle’s Central Business District, for $465 million. The seller in the transaction was undisclosed. The REIT is acquiring the 800,000-square-foot property through a joint venture with one of the participants in its recently announced co-investment program with Canada Pension Plan Investment Board (CPP Investments) and GIC. Boston Properties will own a 51 percent interest in the building. Safeco Plaza was developed in 1969 by the Howard S. Wright Construction Co. and features a two-story lobby, five-level subterranean parking garage, a large outdoor plaza and 15,000 square feet of ground-floor retail. The LEED Platinum-certified property offers views of the Seattle skyline, Puget Sound and Olympic Mountains and is located adjacent to stops for Seattle’s Link light rail and Metro bus lines. Safeco Plaza was 90 percent leased at the time of sale to tenants including Safeco Insurance, Bank of America, Corr Cronin LLP, Fox Rothschild, Helsell Fetterman and Interior Architects. Hines has managed the asset since 2016. Boston Properties is one of the largest publicly traded developers, owners and managers of Class A …

July 29, 2021

Acquisitions Industrial Washington Western

Dalfen Industrial Acquires 711,855 SF Industrial Park in Tacoma

by Amy Works July 28, 2021

TACOMA, WASH. — Dalfen Industrial has purchased Tacoma Supply Chain Center, a three-building industrial park in Tacoma. Terms of the off-market transaction were not released. The newly developed property features 711,855 square feet of industrial space and close proximity to Interstate 5, State Route 512 and the Port of Tacoma. Over the last 12 months, Dalfen Industrial has acquired and developed more than $1.5 billion of industrial properties in key metros across the United States.

July 28, 2021

Development Idaho Multifamily Western

Standard Communities Completes 173-Unit Multifamily Development in Idaho

by Amy Works July 28, 2021

BOISE, IDAHO — Standard Communities has completed the ground-up development of a 173-unit market-rate apartment building in Boise. Standard partnered with River Caddis Development, as co-owners and co-developers, to construct Jules on 3rd Apartments. The Opus Group served as design-build partner for the project. Located at 415 S. Third St., Jules On 3rd Apartments features a rooftop pool and sundeck; a fitness and wellness room; Sky Lounge Club Room; outdoor kitchen and barbecue grills; outdoor fireplaces; a conference room; a dog park and spa; covered parking spots for resident and public use; and storage for 192 bicycles. The property offers a mix of studio, one- and two-bedroom units in a variety of layouts with vaulted ceilings, high-end finishes, quartz countertops, stainless steel appliances, private patios and balconies, built-in shelving, smart home technology door locks and thermostats, and full-size washers and dryers.

July 28, 2021

Development Idaho Western

IPA Brokers Sale of Development Site in Downtown Boise

by Amy Works July 28, 2021

BOISE, IDAHO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 10th & Front, a development site in downtown Boise. Pennbridge Lodging sold the 38,997-square-foot site for an undisclosed price. The buyer was not disclosed. Ryan Harmon, Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. The site is zoned without density constraints, height limits or parking requirements for residential uses. The specific plans for the development were not released.

July 28, 2021

Acquisitions California Multifamily Western

Mogharebi Group Arranges $15M Sale of Sandalwood Gardens Apartment Building in Fresno, California

by Amy Works July 28, 2021

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sandalwood Gardens, a multifamily property located at 3880 N. Fruit Ave. in Fresno. An undisclosed buyer acquired the property for $15 million. The name of the seller was not released. Built in 1986 on 5.4 acres, Sandalwood Gardens features 124 apartments, two swimming pools, garages, covered parking, a leasing center and laundry facilities. The property also features a commercial section that is leased to a daycare center. Robin Kane and Brendan Kane of TMG represented the seller in the deal.

July 28, 2021

California Leasing Activity Multifamily Seniors Housing Western

JCH Negotiates Lease of 68-Unit Seniors Housing Community in Modesto, California

by Amy Works July 28, 2021

MODESTO, CALIF. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento. The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation hearing. A local operator seeking to convert the building to an adult residential facility was the successful bidder. The lease rate is $200,000 per bed. Jim Hazzard and Cindy Hazzard handled the transaction process for JCH.

July 28, 2021

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