SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle. Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel. George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property owners.
BONNEY LAKE, WASH. — Wesley Homes, Presbyterian Homes & Services (PHS) and Ryan Cos. US have completed construction of Wesley at Tehaleh, a 405,992-square-foot senior living community within the master-planned community of Tehaleh by Newland in Bonney Lake, a suburb of Seattle. The two-building property sits on 16.8 acres and features 18 memory care apartments, 168 independent living apartments and 42 “catered living” apartments. “This new community has been in the works for over three years,” says Kevin Anderson, president and CEO of Wesley. CGA was architect on the project. The 4,700-acre, master-planned Tehaleh development has flourished over the past decade and has seen an increased demand for senior living.
CHICO, CALIF. — Greystone has provided a $20.1 million Fannie Mae DUS loan for the acquisition of Cedar Village Apartments, an affordable multifamily property in Chico. Scott Wallace of Greystone originated the loan for the undisclosed borrower. Built in 1979, Cedar Village Apartments features 10 two-story buildings offering a total of 116 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a laundry room, playground and business center. Cedar Village Apartments is a section 8 HAP property. The loan carries a 15-year term at a fixed rate with a 35-year amortization schedule.
ATWATER, CALIF. — Phillips Edison & Co. has completed the disposition of Atwater Marketplace, a shopping center located at 1601-1853 Bellevue Road in Atwater. A Los Angeles-based private investor acquired the property for an undisclosed price. Kevin Fryman and Eric Wohl of Hanley Investment Group represented the seller, while Brett Visintainer of Visintainer Group of Fresno represented the buyer in the deal. The 96,224-square-foot Atwater Marketplace was 100 percent occupied at the time of sale. Current tenants include Save Mart, CVS/pharmacy, Ace Cash Express, Baskin Robbins, Chase, Chinese Kitchen, Freeway Insurance, GameStop, Great Clips, Merco Credit Union, Rebobank, RE/MAX, Roundtable Pizza and Sourdough & Co.
SALT LAKE CITY — SRS Real Estate Partners has arranged the sale of a gas station and convenience store property located at 2680 S. 2000 E in Salt Lake City. A Texas-based private investor and developer sold the asset to a Utah-based private independent petroleum marketer for $3.1 million. Maverick, an independent fuel marketer, occupies the 3,024-square-foot property. Built in 1983 and renovated in 2018, the property features an eight-pump gas station and high-volume convenience store. Jack Cornell, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.
BELLEVUE, WASH. — JLL has arranged a $468.7 million construction loan for The Artise, a 25-story office tower that will be located in the Seattle suburb of Bellevue. The 609,000-square-foot building is 100 percent preleased to a global e-commerce tenant, which Bloomberg reports is Amazon. New York City-based global investment firm KKR provided the loan to the borrower, a joint venture between developer Schnitzer West and Boston-based The Baupost Group. Specific loan terms were not disclosed. Slated for a fourth-quarter 2023 completion, The Artise will house 4,783 square feet of retail space and 1,158 parking spaces. The building’s location at 788 106th Ave. in the downtown area puts it one block north of Bellevue’s main pedestrian corridor and the site of the future East Link Light Rail extension. Additionally, The Artise will be located two blocks from Bellevue Transit Center and three blocks from the Interstate 405. Global architecture firm NBBJ designed the building, which will seek LEED Gold certification. Mike Tepedino, Geoff Goldstein and Tom Wilson of JLL arranged the debt. “The Artise will cultivate Bellevue’s position as a critical business hub in the Puget Sound area and deliver in-demand, Class A office space with features that allow the …
GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona. Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building features 40-foot clear heights, 25,000 square feet of office and training space, large breakrooms and outdoor space with covered seating, a barbecue station and grass area for games and events. The property also offers full concrete truck courts, ample truck parking and private drives. The first phase was originally designed as a 705,531-square-foot building and a 488,995-square-foot building with the ability to combine the speculative buildings into one larger facility, which LPC did to accommodate the current tenant. Will Strong of Cushman & Wakefield represented LPC in the investment sale. Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller. LPC will continue to serve has property manager for the building. Phase I is part of LPC’s …
LAS VEGAS — San Francisco-based Prologis has purchased Safari Business Park, a Class A industrial campus in Las Vegas. An entity doing business as Black Bongo LP sold the asset to Prologis for an undisclosed price. Located at 7650-7850 Dean Martin Drive, the five-building property features 441,569 square feet of multi-tenant industrial space. At the time of sale, the park was 82 percent leased, with available suites ranging from 10,280 square feet to 15,303 square feet. Each suite features multiple dock loading doors and one grade-level door. In total, Safari Business Park features 92 dock-high loading doors, four grade-level loading doors, 24-foot minimum clear heights, an ESFR fire sprinkler system and recessed storefront entries with accents. Greg Tassi, Donna Alderson and Nick Abraham of Cushman & Wakefield’s Las Vegas office represented the buyer in the deal.
PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million. Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge. Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke Multifamily Team within Colliers International’s Arizona office handled the transaction.
SEDRO-WOOLLEY, WASH. — MedCore Partners has sold Birchview Memory Care, a 60-unit senior living community in Sedro-Woolley, approximately 72 miles north of Seattle. The community was part of a seven-property portfolio that MedCore purchased in July 2020 with locations in Washington State and Southern California. The buyer and price were not disclosed. “We are pleased with our investment in Birchview and the success in operations during the 14 months MedCore owned it,” says Brian Bollich, partner with MedCore. “There were several milestones accomplished in the past year, including occupancy stability during COVID-19 and meaningful capital improvements.” Tacoma, Wash.-based Senior Services of America (SSA) will continue to manage the property for the new ownership. SSA also manages seven other MedCore assets in Washington State, Oregon and California. MedCore currently operates 15 seniors housing communities in Texas, Arizona, Utah, California, Washington and Oregon. In addition, the company has two senior living projects under construction, both of which are slated to open in 2022.
