VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space. Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces. The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas. KeyBank provided financing for the project.
TEMPE, ARIZ. — Los Angeles-based JRK Property Holdings has purchased 909 West, an apartment property located at 909 W. Grove Parkway in Tempe. MG Properties Group sold the asset for an undisclosed price. Built in 1999, 909 West features 408 units in a mix of one-, two- and three-bedroom floor plans in three- and four-story buildings. Community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park. Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.
KEIZER, ORE. — Stan Johnston Co. has brokered the sale of a retail property located at 5000 River Road North in Keizer. A Los Angeles-based institutional buyer sold the asset to a Long Beach, Calif.-based private investor for $5.7 million. Originally constructed in 2008 on 1.6 acres, the property features 13,775 square feet of retail space. Walgreens occupies the building on a net lease including a 15-year base term with rent increases every five years. Pat Weibel and BJ Feller of Stan Johnson Co. represented the seller in the transaction.
LITTLETON, COLO. — John Propp Commercial Group has arranged the sale of an office property located at 8089 S. Lincoln St. in Littleton. RMTN Properties sold the asset to MVP 8089 Lincoln Land for $3.8 million, or $148.97 per square foot. Situated near Littleton Adventist Hospital and Highlands Ranch, the property features 25,802 square feet of office space. The buyer plans to occupy the third floor of the building. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.
OAKLAND, CALIF. — CIM Group and Strada Investment Group have completed Eleven Fifty Clay Street, a 288-unit apartment community in downtown Oakland. The co-developers delivered the 16-story property between 11th and 12th streets near the city’s Old Oakland neighborhood. Rents range from $2,544 for a studio apartment to $5,059 for a three-bedroom unit, with some concessions available for prospective tenants. The onsite leasing office is open five days a week. Amenities at Eleven Fifty Clay include a fitness center, lobby coffee bar, conference rooms, coworking areas and bicycle storage. A rooftop deck features open-air lounge areas, partially covered dining areas, fire pits and grills. Eleven Fifty Clay Street also features street-level retail space, as well as a large outdoor patio and a 17,000-square-foot public plaza fronting 12th Street. The publicly accessible plaza has a half basketball court, outdoor seating, specialty retail stores and a repurposed shipping container that has a full kitchen set. Nearby amenities include the 12th Street BART rail station, AC Transit bus stations, restaurants, shops, hotels, Lake Merritt and San Francisco Bay. Suffolk Construction was the general contractor for Eleven Fifty Clay Street. Greystar currently manages the property on behalf of CIM and Strada. CIM Group is …
COLORADO SPRINGS, COLO. — Newmark has arranged the sale of Blue Dot Place, an apartment community located at 412 S. Nevada Ave. in Colorado Springs. Darsey Nicklasson and Kathy Loo sold the asset to Ray, Tim and Brian Rhodes for $13 million, or $393,393 per unit. Developed in 2016, Blue Dot Place features 33 apartments and three commercial spaces. The community was the first for-rent multifamily product built in downtown Colorado Springs since the 1960s, according to the broker. Saul Levy and Kevin McKenna of Newmark represented the seller in the transaction.
VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the sale a two-building medical office complex located at 1830-1840 West Drive in Vista. Turner Healthcare Facilities Acquisition LLC acquired the property from 1830-1840 West LLC for $3.8 million. The property offers a total of 24,147 square feet of medical office space. Jeff Abramson of Lee & Associates – North San Diego County represented the buyer, while Dave Dean of Commercial Property Advisors represented the seller in the deal.
LOS ANGELES — Terreno Realty has purchased an industrial building, located at 2425 Porter St. in Los Angeles. An undisclosed seller sold the asset for $4.4 million. Situated adjacent to Interstate 10 in downtown Los Angeles, the 13,000-square-foot building features seven dock-high loading positions and parking for 64 cars. At the time of sale, the property was fully leased to a single tenant.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Pueblo Springs Apartments located at 3003 N. Alvernon Way in Tucson. Pueblo Springs by Bakerson LLC sold the asset to Pueblo Springs Holdings LLC for $4.2 million. The 41,850-square-foot multifamily property features 75 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented the seller, while Anna Sepic of Levrose Commercial Real Estate represented the buyer in the transaction.
HENDERSON, NEV. — Rockstream Properties has purchased an industrial building located at 1172 Wigwam Parkway in Henderson. An undisclosed seller sold the asset for $1.3 million. Situated within Traverse Pointe Commerce Center, the property features 6,170 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.