TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Vida Nueva Apartments, a multifamily property in Tucson. Equilibrium Villas Vida Blue LLC acquired the asset from Seajak Properties for $1.2 million. Located at 3525 N. Stone Ave., the 28,228-square-foot property features 24 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.
SEATTLE — Cushman & Wakefield has arranged a $113 million construction loan for Skyglass Tower, a 29-story multifamily project located at 222 Dexter Ave. N. in Seattle’s South Lake Union submarket. The total project cost is $196 million, according to the borrower and developer, Gemdale USA Corp. The location puts the building within close proximity of several of Seattle’s largest employers, including tech giants Amazon, Google and Facebook. South Lake Union is also located in the heart of the city’s life sciences hub, according to Cushman & Wakefield. Skyglass Tower will consist of 338 apartments in various floor plans, 2,260 square feet of ground-floor retail space and 128 underground parking spaces. The building will also feature an expansive amenity package and unobstructed water views. Hewitt Architects is designing the project, with completion slated for October 2023. Insurance giant AIG provided the loan to Gemdale, a national development firm based in the Los Angeles area. Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield arranged the debt. “Seattle is benefiting greatly from regional job creation, and South Lake Union is still a prime location for new developments,” says Karson. “Strong developers like Gemdale are getting great attention from debt …
DENVER — Carmel Partners has arranged the sale of The Henry, an apartment community located at 201 Mississippi Ave. in Denver’s Platt Park neighborhood. Terms of the transaction were not released. Carmel Partners was the developer, builder and owner of The Henry, which opened in October 2018. Situated on four acres, the community features 403 apartments, a courtyard with resort-style pool and spa, alfresco dining areas, co-working space, a fitness center, yoga studio and a 3,400-square-foot bicycle repair and locker space. At the time of sale, The Henry was 96 percent occupied.
BOULDER, COLO.; VISTA, CALIF.; AND BOTHELL AND LAKE STEVENS, WASH. — A fund sponsored by CBRE Global Investors has purchased four self-storage properties totaling 3,746 units and 296,286 square feet. Terms of the transaction were not released. The acquired assets, which were all delivered in 2020, are: The 69,115-square-foot StorQuest Boulder, located at 4790 Pearl St. in Boulder, featuring 772 climate-controlled units. The 74,416-square-foot StorQuest Vista, located at 943 S. Melrose Drive in Vista, with 899 climate-controlled units. The 74,805-square-foot StorQuest Bothell, located at 21008 Bothell Everett Highway in Bothell, offering 1,155 climate-controlled units. The 77,950-square-foot StorQuest Lake Stevens, located at 1113 WA-204 in Lake Stevens, with 920 climate-controlled units. With these acquisitions, the fund now owns 19 self-storage assets, totaling 13,650 units, across the United States.
CHANDLER, ARIZ. — Stratton Road Realty LLC has purchased Dobson Town Place, a single-story medical office building located in south Chandler. Off Five LLC sold the asset for $10.3 million, or $232 per square foot. At the time of sale, the 44,000-square-foot property was 100 percent leased to a mix of medical, professional office and retail tenants on triple-net leases. Dobson Town Place was built in 2007 and 2008. James Taylor of Orion Investment Real Estate represented the seller in the deal.
MESA, ARIZ. — Taurus Investment Holdings has acquired 544 Southern, a multifamily property located in Mesa, for $31.1 million. Built in 1985, the 114,824-square-foot, Class B community features 136 apartments. This is Taurus’ fourth acquisition in the Phoenix metro within the last 12 months. The company’s portfolio now includes more than 5,800 units acquired and developed nationwide and over 725 units in the Phoenix market. The name of the seller was not released.
COLORADO SPRINGS, COLO. — Capstone has arranged the sale of Red Rocks Terrace, a multifamily property located at 3164 W. Colorado Ave. in Colorado Springs. The building traded hands for $4.1 million. The names of the seller and buyer were not released. The 16,350-square-foot property features two studio units, five two-bedroom units and 16 one-bedroom units. Almost all units were renovated within the last two years and significant improvements were made to the exterior of the property. Sean Holamon of Capstone represented the seller in the transaction.
Prime US REIT Buys Sorrento Towers Office Complex in San Diego from Shorenstein Properties for $146M
SAN DIEGO — Prime US REIT has purchased Sorrento Towers, a Class A office complex located at 5355 and 5375 Mira Sorrento Place in San Diego’s Sorrento Mesa submarket. Shorenstein Properties sold the asset for $146 million. Built in 1990, Sorrento Towers features two seven-story buildings totaling 296,327 square feet of office space atop a multi-level parking structure. At the time of sale, the property was 98.2 percent occupied. Kevin Shannon, Brunson Howard, Ken White and Paul Jones of Newmark represented the seller in the deal. KBS serves as the United States-based asset manager for the Singapore-based buyer’s portfolio, which includes identifying and sourcing this asset on Prime’s behalf. Shorenstein acquired the property in 2018 and increased occupancy to 98 percent. Since 2018, the property underwent more than $8.4 million in renovations, including an expanded first-curtain wall that captured additional ground-floor area, a renovated open-air plaza and revitalized main lobbies, elevator lobbies, elevator cabs and restrooms. The renovation also included the addition of an amenity space, including a fitness center, conferencing spaces, a training center and multiple outdoor meeting areas. Shorenstein also invested approximately $16.7 million for new, best-in-class tenant improvements within the last two years. The new owners are …
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.
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.