Western

UBS Realty Investors Divests of Five-Story Medical Office Building in Beverly Hills for $74.4M

by Amy Works March 26, 2021

BEVERLY HILLS, CALIF. — UBS Realty Investors has completed the disposition of a five-story medical office building located at 9033 Wilshire in Beverly Hills. LaSalle Investment Management acquired the asset for $74.4 million. University of Southern California’s Keck Medical Center anchors the 49,721-square-foot property, which was extensively renovated in 2011. SIM & Associates designed the building, which features a surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck. Kevin Shannon, Rob Hannah, Ken White, Laura Stumm and Steven Salas of Newmark represented the seller in the transaction.

March 26, 2021

Affordable Housing Development Mixed-Use Multifamily Retail Washington Western

Partnership Breaks Ground on 206-Unit Hilite Apartment Project in Seattle’s Judkins Park

by Amy Works March 26, 2021

SEATTLE — A partnership between Hatteras Sky, Trent Development and Cresset Diversified Real Estate Capital has broken ground on Hilite, a mixed-use apartment community located at 622 Rainier Avenue in Seattle’s Judkins Park neighborhood. The project’s name is a nod to the West Coast Printing Building that previously operated on the same site as the new development. Slated to open in 2023, Hilite will feature 206 units above approximately 5,200 square feet of ground-floor retail space. The property will participate in Seattle’s Multifamily Tax Exemption program, which requires that 20 percent of the units be dedicated as affordable. WG Clark Construction is serving as general contractor and Studio 19 is serving as the architect. Blanton Turner will serve as the property management team.

March 26, 2021

Acquisitions Multifamily Oregon Western

Virtu Investments Sells Courtyard at Cedar Hills Multifamily Property Near Portland to Hamilton Zanze for $32.1M

by Amy Works March 26, 2021

BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland. Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation in 2016 that included updates to the common areas and select unit interiors. Located at 13643 SW Electric St., the transit-oriented community is within two blocks of the MAX light rail station, enabling connectivity across the Portland area. Ira Virden, Carrrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

March 26, 2021

Acquisitions Multifamily Washington Western

Summerfield Commercial Arranges $20.5M Sale of Maryhill Apartments in East Wenatchee, Washington

by Amy Works March 26, 2021

EAST WENATCHEE, WASH. — Summerfield Commercial has arranged the sale of Maryhill Apartments, a multifamily property at 2272 S. Nevada Court in East Wenatchee, which is located along the Columbia River in the central part of the state. Maryhill Plaza Apartments LLC sold the asset to 11 Capital LLC for $20.5 million, or $213,542 per unit. Completed earlier this year, Maryhill Apartments features 96 residential units in a mix of 72 two-bedroom and 24 three-bedroom layouts, with an average unit size of 1,128 square feet. Units include open floor plans, in-unit washers/dryers and private patios/balconies, with select units offering mountain views. On-site amenities include a clubhouse, swimming pool, barbecue area, sports court and 182 parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial handled the transaction.

March 26, 2021

Acquisitions Industrial Office Oregon Western

Norris & Stevens Brokers $1.5M Sale of Office/Warehouse Building in Portland

by Amy Works March 26, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an office/warehouse property located at 1623 SE Sixth Ave. in Portland. Thomas Dwight Short Revocable Trust sold the building to 1623 SE Pants LLC for $1.5 million. Constructed in 1932 with additions in 1945 and 1966, the 11,318-square-foot building offers 2,370 square feet of office space and 8,948 square feet of warehousing space. Todd VanDomelen of Portland-based Norris & Stevens represented the seller, while Eli Haworth of Cloud City Realty represented the buyer in the transaction.

March 26, 2021

Acquisitions Colorado Multifamily Western

A.G. Spanos Cos. Divests of 236-Unit Multifamily Community in Northern Colorado

by Amy Works March 25, 2021

JOHNSTOWN, COLO. — Stockton, Calif.-based A.G. Spanos Cos. has completed the sale of Rise at 2534, an apartment property located at 5070 Exposition Drive in Johnstown. A New York City-based pension fund advisor purchased the community for an undisclosed price. Completed in late January 2020, Rise at 2534 features four four-story residential buildings on 8.5 acres. The property offers 236 units, averaging 920 square feet, with spa bathrooms, Bluetooth shower heads, Nest thermostats, keyless fob entry and full-sizer washers/dryers. Community amenities include a heated pool, dog park, sports lounge, golf simulator, coffee bar and 24-hour fitness center. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

March 25, 2021

Acquisitions California Retail Western

Faris Lee Arranges $23.4M Sale of Grocery-Anchored Retail Center in Palm Springs

by Amy Works March 25, 2021

PALM SPRINGS, CALIF. — Faris Lee Investments has brokered the sale of Gene Autry Plaza, a grocery-anchored retail property located in Palm Springs. Santa Barbara, Calif.-based Investec Real Estate Cos. sold the asset for $23.4 million. The name of the buyer was not released. Smart & Final Extra is the anchor tenant of the retail center. The property is historically 98 percent occupied. Don MacLellan and Rick Chichester of Faris Lee represented the seller and buyer in the deal.

March 25, 2021

California Development Industrial Western

City of Visalia Plans 2.5 MSF Expansion at Industrial Park in Central California

by Amy Works March 25, 2021

VISALIA, CALIF. — The Visalia Industrial Park (VIP) continues to grow with numerous projects underway. VIP includes a 425,000-square-foot UPS facility, a 1.3 million-square-foot fulfillment center coming online this summer and two speculative, 300,000-square-foot warehouses, one of which is pre-leased, are nearing completion. Additionally, more than 2.5 million square feet of further industrial space is planned. Millipore Sigma established a $28 million distribution center at the park, while Sorma is planning to expand into a new location and California Dairies’ facilities have undergone expansions. The City of Visalia has invested $152 million to expand the city’s wastewater treatment plant, creating space for another significant water user. The park offers rail access, access to State Route 99, expanded roadways and enhanced utilities.

March 25, 2021

California Development Retail Western

American Eagle Outfitters to Open Nine Locations in Westfield Shopping Centers

by Amy Works March 25, 2021

LOS ANGELES — American Eagle Outfitters Inc. (AEO), a Los Angeles-based clothing retailer, has announced plans to open seven Aerie stores and two OFFLINE by Aerie locations at Unibail-Rodamco-Westfield shopping centers during the second half of 2021. The new Aerie stores will open at Westfield Garden State Plaza in Paramus, N.J.; Westfield Montgomery in Bethesda, Md.; Westfield Old Orchard in Skokie, Ill.; Westfield Plaza Bonita in National City, Calif.; Westfield Southcenter in Seattle; Westfield South Shore in Bay Shore, N.Y.; and Westfield Valley Fair in San Jose, Calif. The locations at Westfield Garden State Plaza and Westfield Montgomery will also feature adjacent OFFLINE by Aerie stores, a new brand by AEO offering a collection of activewear and accessories, which launched in July 2020.

March 25, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $4.9M Sale of Shorewood Apartment Community in Central Phoenix

by Amy Works March 25, 2021

PHOENIX — Taylor Street Advisors has arranged the sale of Shorewood Apartments, a multifamily community located at 3601 N. Fifth Ave. in Phoenix. A private investment fund acquired the property from an out-of-state investor for $4.9 million, or $233,333 per unit. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer and seller in the deal. The mid-century modern apartment community features 21 residences. The property was recently renovated with the addition of in-unit washers/dryers, new floors, kitchens and baths.

March 25, 2021

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