PHOENIX — Marcus & Millichap has arranged the sale of Revival Midtown, a multifamily community located at 1220 E. Medlock Drive in Phoenix. A local limited liability partnership sold the asset to an undisclosed buyer for $6.4 million, or $182,587 per unit. Revival Midtown features 35 units in a mix of 16 one-bedroom/one-bath and 19 two-bedroom/two-bath layouts. Richard Butler of Marcus & Millichap represented the seller in the deal.
BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million. Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. Spring District will ultimately feature 3 million square feet of creative office space, including REI’s headquarters that Facebook purchased last month for $390 million. “The Spring District has become a choice location for high-quality office tenants in Bellevue,” says Greg Johnson, CEO of Seattle-based Wright Runstad. In 2017, University of Washington’s Global Innovation Exchange building opened at Spring District, as well as over 800 residential units and several open spaces accessible to the public. Wright Runstad plans to develop another 530,000 square feet of office space across two buildings at Spring District by …
SEATTLE — A joint venture between Plymouth Housing and Bellwether Housing has broken ground for the development of The Rise on Madison, a 17-story affordable apartment community in Seattle’s First Hill neighborhood. Plymouth will operate 115 studio units, with on-site supportive services, for formerly homeless seniors on floors one through six. Bellwether will operate 253 affordable, studio, one-, two- and three-bedroom apartments on floors seven through 16. Located at 1400 Madison St., The Rise on Madison will feature a large community room, roof deck and ground-floor retail space, as well as close proximity to light rail, street cars and buses. The $150.7 million property is slated to open in spring 2022.
FREMONT, CALIF. — Dermody Properties has acquired a logistics property located at 45535 Northport Loop East in Fremont. Terms of the transaction were not released. Originally constructed in 1998 on 4.7 acres, the 70,209-square-foot property features 20-foot clear heights, four dock-high doors and four drive-in doors. At the time of purchase, 49,615 square feet was available in the facility. Dermody plans to invest in significant exterior and interior capital improvements, including a new roof, to the building. Michael Karp and Victor DeBeor of Cushman & Wakefield represented Dermody Properties in the transaction and will be leasing agents for the property.
LIHUE, HAWAII — Target has signed a deal to open a storefront at Kukui Grove Center’s Kukui Marketplace in Lihue, located on the island of Kauai. The retailer will occupy a 122,000-square-foot space, which is under renovation, that was formerly occupied by Kmart. JLL represented Kukui Grove Center in the lease negotiation.
SPOKANE, WASH. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission for Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction of a redevelopment project currently underway at Rockwood at Whitworth. The first phase, currently underway, calls for demolition of a portion of The Manor building to be replaced by 48 new assisted living apartments and 24 new memory support apartments. The second phase includes demolition of the remaining portions of The Manor building, the healthcare center, two duplexes and two courtyard homes to construct 117 new independent living apartments, an underground parking garage and additional common and administrative areas. Following the completion of Phase II, all existing buildings of the Whitworth community will be replaced other than the remaining 18 Courtyard Homes and four duplex units.
LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has purchased a multi-tenant creative office building in West Los Angeles. An undisclosed seller sold the asset for $9.3 million. Located at 2256 Barry Ave., the property consists of two units, the first built in 2004 and the second in 2016. Offering more than 16,050 square feet, the asset was fully leased at the time of acquisition. Michael Preiss of rsfLA represented the seller in the transaction. BLT’s current West Los Angeles and Hollywood holdings now total nearly 300,000 square feet, with development opportunities for 450,000 square feet.
On October 27, Western Real Estate Business magazine hosted a panel of industrial experts to discuss how the pandemic has impacted investment sales, leasing and development within the Los Angeles industrial real estate sector. Click to listen to the recording and hear the 2021 outlook. The webinar included two separate discussions. The developer/owner panel included Joseph Vargas of Wonderful Real Estate Development, Brett Tremaine of Majestic Realty, Damon Austin of Prologis, and Brett Dedeaux of Dedeaux Properties and Morgan Medlin of Allen Matkins. The second panel covered the capital markets/finance and brokerage perspectives and included Jeffrey Cole of Cushman & Wakefield, Bobby Khorshidi of Archway Capital, Steven Lurie of Greenberg Glusker, Peter Bacci of Lee & Associates, Chris Jackson of NAI Capital and Christopher Sheehan of Colliers International. Allen Matkins, Dedeaux Properties, Wonderful Real Estate Development, Greeberg Glusker, Archway Capital and Lee & Associates sponsored the discussion.
SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp. Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world. Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms. The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space. “We’re proud to take on ownership and management of the Transamerica Pyramid, …
BOISE, IDAHO — California-based LDK Ventures has purchased Boise Logistics Center located at 1001 E. Gowen Road in Boise. Terms of the transaction were not released. The vacant property, which Shopko occupied until 2019, is one of the largest industrial buildings in the Boise metropolitan area and is the only facility to more than 100,000 square feet of available distribution space in the Treasure Valley industrial market, according to LDK. The building features three loading sides, 39-foot to 40-foot clear heights, an ESFR sprinkler system and five acres of excess paved yard that can accommodate modern distribution requirements, including employee, van and trailer parking. LDK plans to reposition the property as a Class A distribution center. The site also includes 16 acres of undeveloped land that can accommodate an additional 250,000 square feet of industrial space. The buyer plans to proceed with entitling the parcel for an industrial development with a planned construction start in 2021. Devin Ogden and Michael McKnight of Colliers International represented the buyer, while Gavin Phillips of TOK Commercial represented the seller in the deal.
