Western

IPA Negotiates Sale of 138-Unit ViA Apartment Building in South Salt Lake, Utah

by Amy Works February 5, 2021

SOUTH SALT LAKE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of ViA, a multifamily property located in South Salt Lake, approximately 10 minutes south of Salt Lake City. Graycliff Capital acquired the property from an affiliate of Mountain Capital Partners, an affiliate of Dekel Capital and Castlewood Development for an undisclosed price. Built in 2016, the five-story property features 138 apartments with an average unit size of 700 square feet. Community amenities include community-wide WiFi, door-to-door trash pickup, heated swimming pool, hot tub and car-charging station. The property is located adjacent to the Meadowbrook station of the Utah Transit Authority’s TRAX light rail system and near Southgate Shopping Center, University of Utah, Salt Lake Community College and Westminster College. Brock Zylstra, Danny Shin, Steven Gebing and Cliff David of IPA represented the sellers in the transaction. Gary Mangum of Marcus & Millichap served as broker of record in Utah.

February 5, 2021

Multifamily Top Stories Washington Western

Berkadia Brokers $279.1M Sale of Hyde Square Apartments Near Microsoft, Facebook Offices in Bellevue

by Katie Sloan February 5, 2021

BELLEVUE, WASH. — Berkadia has brokered the $279.1 million sale of Hyde Square, a 618-unit multifamily community located between the offices of Microsoft and Facebook in the Seattle suburb of Bellevue. Kenny Dudunakis, David Sorensen, Ben Johnson and George Pallis of Berkadia’s Seattle office completed the sale on behalf of the buyer, Illinois-based DWS RREEF Management LLC. The Seattle Daily Journal of Commerce reports that Carmel Partners was the seller in the transaction. Built in 2019, the garden-style property offers a mix of studio, one- and two-bedroom units with quartz countertops, stainless-steel appliances and in-unit washers and dryers. Communal amenities include a fitness and wellness center, business center, outdoor courtyards, barbecue area with fire pits, pet spa, gaming tables and theater room. Located at 2030 155th Place NE, the community also affords residents convenient access to Bellevue College, the Lake Washington Institute of Technology and dining and shopping options along NE 24th St. “This was a record-breaking sale as this was the largest single-asset podium building ever sold in Washington state and the largest apartment deal sold in Washington state over the last six months,” says Sorensen of Berkadia. “This was also the largest apartment deal in the Bellevue area …

February 5, 2021

California Development Industrial Office Western

Seefried Industrial, Clarion Partners Break Ground on 1 MSF Tracy Logistics Park in California

by Amy Works February 4, 2021

TRACY, CALIF. — Seefried Industrial Properties, in a joint venture with Clarion Partners, has broken ground on Tracy Logistics Park, a more than 1 million-square-foot speculative office and warehouse project in East Tracy. Seefried and Clarion originally purchased the 76-acre site in January for an undisclosed amount. Located at the northeast corner of Grant Line and Chrisman roads, Tracy Logistics Park will feature a 210,000-square-foot building, a 507,800-square-foot building and a 309,000-square-foot building. Tenants will have the opportunity to occupy space ranging from 20,000 square feet to 500,000 square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 180-foot- to 185-foot-deep truck courts, a combined 236 trailer spaces, ESFR sprinkler systems and ample parking. Completion is slated for fourth quarter of this year. HPA is serving as architect, K&W as civil engineer and Alston Construction as general contractor. Mike Goldstein and John Steinbuch of Colliers International will handle marketing and leasing efforts for the project.

February 4, 2021

Development Loans Multifamily New Mexico Western

Trez Capital Closes $52M Construction Loan for ViaVerde Multifamily Developments in Albuquerque

by Amy Works February 4, 2021

ALBUQUERQUE, N.M. — Trez Capital has closed on a $52 million construction loan for ViaVerde, a 171-unit for-rent townhome project, and ViaVerde II, a 154-unit garden-style apartment community, in Albuquerque. Sonata Green, a joint venture between Sonata Trails and MultiGreen Properties, is developing the rental townhome community, which is located within The Trails, a 400-acre, mixed-use, master-planned community. Situated on 11.6 acres on Universe Boulevard NW, ViaVerde is the first phase within the residential development that will include more than 1,000 rental units at build-out. Designed to reach LEED Gold certification, ViaVerde offers units with Energy Star-rated appliances, WaterSense plumbing fixtures and 16+ SEER air conditioning units, as well as other measures to help residents reduce monthly utility bills. The property will also feature smart home technologies, including smart parking, smart lighting, thermostat control, entry access to units and common areas, leak detection and smart parcel lockers. Upon completion, The Trails will comprise more than 2,200 apartment units, 1,600 single-family units, 120,000 square feet of office and retail space, a hospital urgent care center, parks, trails, three schools and a church. Wexford Construction is serving as construction manager for the project.

February 4, 2021

Acquisitions Industrial Washington Western

Elion Partners Expands West Coast Last-Mile Portfolio with $27.7M Seattle-Area Acquisition

by Amy Works February 4, 2021

RENTON, WASH. — Elion Partners, a vertically integrated private equity real estate investment firm, has purchased a 114,531-square-foot last-mile industrial property located at 600 SW 10th St. in Renton, approximately 13 miles south of the Port of Seattle. An undisclosed seller sold the asset for $27.7 million. The transaction is part of a series of acquisitions the firm has planned for its last-mile portfolio, which focuses on facilities that enable goods to be moved from a transportation hub to a final delivery destination across key logistics markets, including Seattle, San Francisco and Southern California.

February 4, 2021

Alaska Development Industrial Western

Alaska Cargo & Cold Storage to Develop 700,000 SF Climate-Controlled Warehouse at Anchorage International Airport

by Amy Works February 4, 2021

ANCHORAGE, ALASKA — Alaska Cargo and Cold Storage (ACCS) and the State of Alaska have executed a 55-year ground lease agreement at Ted Stevens Anchorage International Airport (ANC) for the development of a climate-controlled warehouse facility at the airport. Located on Great Circle Route, the 700,000-square-foot facility will offer 32.5 million cubic feet of capacity, providing the airport, which is the world’s sixth-busiest cargo airport, with a critical piece of infrastructure. ANC is situated within 9.5 hours of 90 percent of key markets in Asia, Europe and North America. In September 2020, the U.S. Department of Transportation awarded the Alaska Energy Authority a $21 million BUILD grant to administer in support of the ACCS project. The facility will be built in phases, with construction of the 190,0000-square-foot first phase slated to begin in the second half of this year. When fully complete, the facility will offer cold and warm storage, quick cargo, general warehousing options, logistics services and auxiliary space for tenant offices. ACCS is a joint venture of industrialist Chad Brownstein and McKinley Capital Management, which is led by Rob Gillam. David Norrie and Katrin Gist of CBRE, along with Paul Schilling of Schilling Commercial Real Estate, will market …

February 4, 2021

Acquisitions Montana Multifamily Seniors Housing Western Wyoming

Senior Living Investment Brokerage Negotiates Sale of Two Communities in Montana, Wyoming

by Amy Works February 4, 2021

CODY, WY., AND GREAT FALLS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.

February 4, 2021

California Development Office Retail Western

Sares Regis, Dostart Development Receive Approval for Burlingame Post Office Redevelopment in California

by Amy Works February 3, 2021

BURLINGAME, CALIF. — A joint venture between Sares Regis Group of Northern California (SRGNC) and Dostart Development Group has received approval from the Burlingame City Council for the redevelopment of the long-vacant, 1.3-acre Burlingame Post Office property in Burlingame. Groundbreaking for the project, located at 220 Park Road, is slated for third-quarter 2021, with the 185,000-square-foot office and retail property delivered by 2023. The new design will preserve the former Post Office lobby, converting it into ground-floor retail space that opens to the adjacent Burlingame Town Square, which will be constructed in coordination with the project. Situated in downtown Burlingame, the new project will include 275 parking stalls that will be available for public parking on the weekends and weekday evenings. In total, the redevelopment property will offer 170,000 square feet of office space and 15,000 square feet of retail space. Mike Moran, Ben Paul and Marc Pope of Cushman & Wakefield’s Burlingame office are marketing the office component for lease, while Steve Cutter and Chris Homs of Lockehouse Retail Group are marketing the retail portion. As part of the project, $2 million will be donated toward the future Town Square and $3.5 million will be contributed to affordable housing …

February 3, 2021

Acquisitions Affordable Housing Arizona Multifamily Western

JB Partners Buys Cabana on Washington Apartments in Phoenix for $45.3M

by Amy Works February 3, 2021

PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit. The purpose-built, “attainable housing” property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six acres, the property was built in 2020. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

February 3, 2021

California Development Industrial Western

Farmer Bros. Coffee Roaster Opens 156,000 SF West Coast Distribution Center in Rialto, California

by Amy Works February 3, 2021

RIALTO, CALIF. — Farmer Bros. Co., a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products, has opened its West Coast distribution center in Rialto. The 156,000-square-foot facility features 18 docking doors and 26 trailer storage spaces enabling Farmer Bros. to improve its delivery capabilities within its company network, as well leverage air, rail and ocean transportation modes. The company plans to utilize the facility to distribute products to its branch locations and service equipment throughout Farmer Bros.’ specialized coffee brewing equipment technicians in seven U.S. states. With 40 percent of Farmer Bros. customers located on the West Coast, the company expects the new distribution center to enable quicker product fulfillment, improved delivery time and better customer service. The Rialto facility is the company’s last major supply chain optimization initiative as part of its broader turnaround strategy. The optimization plan also includes the closing of the Houston manufacturing facility and capacity enhancements to its Dallas/Fort Worth facility.

February 3, 2021

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