SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) announced financial results for its third quarter ending Sept. 30, posting sales of $96.1 billion, an increase of 37 percent compared with third-quarter 2019. The sales numbers exceeded even the Seattle-based e-commerce giant’s optimistic prediction of $87 billion to $93 billion in sales. Operating income nearly doubled, rising from $3.2 billion to $6.2 billion between the second and third quarter. As the COVID-19 pandemic has raged on, Amazon has reaped benefits as consumers switch from in-person to online shopping. However, that comes with a variety of increased costs as well. In the company’s guidance for the fourth quarter of 2020, it expects to incur $4 billion in COVID-related costs, such as personal protective equipment, enhanced cleaning and increased wages. As a result of the increased costs, Amazon stock actually dropped following the news, falling from $3,248.86 per share at 2:30 p.m. Thursday to $3,094.10 at 9:45 a.m. Friday. On a long-term basis, though, this is a modest fall. The stock price closed at $1,779.99 on Oct. 30, 2019.
AURORA, COLO. — CentrePoint and CentreSquare have purchased Outlook Biscay, an apartment community located at 3382 S. Biscay Way in Aurora. Denver-based Evergreen Development sold the asset for $37.5 million. Built in 2019, Outlook Biscay offers 96 for-rent townhomes, averaging 1,210 square feet and spread across 20 two-story buildings. Each two- and three-bedroom unit feature a two-car, direct-access garage, private entrance, quartz countertops, stainless steel appliances and laundry rooms with full-size washers and dryers. Community amenities include a central leasing center, year-round swimming pool, dog wash and green areas. Jake Young, Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the deal.
SACRAMENTO, CALIF. — Oakmont Senior Living has opened an independent living, assisted living and memory care community in the East Sacramento neighborhood of the state capital. Located in the Fabulous Forties area, Oakmont of East Sacramento totals 140,000 square feet, plus a 36,000-square-foot parking garage, on a 3.5-acre plot. The community features 100 independent living/assisted living units and 42 memory care units. Terry Ervin is the executive director and Deanna Barker is director of memory care.
SEATTLE — Starbucks Coffee (NASDAQ: SBUX) reports that global comparable-store sales fell 9 percent in the fiscal fourth quarter on a year-over-year basis, but the company’s performance still beat economists’ expectations. Total revenue for the Seattle-based coffee chain reached $6.2 billion in the fiscal fourth quarter, which ended Sept. 27. Economists had expected the total to be $6.06 billion. “I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China,” says Kevin Johnson, president and CEO of Starbucks. “These results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to meaningful changes in consumer behavior and the extraordinary efforts of our green apron partners to serve our customers and communities in challenging circumstances.” The latest results are a big improvement from the fiscal third quarter, when global comparable sales plummeted 40 percent year-over-year due to the coronavirus shutdowns. Looking ahead, Starbucks expects same-store comparable growth of 18 to 23 percent and plans to open 2,150 new stores over the next fiscal year. As of Sept. 27, 2020, Starbucks operated 10,109 stores in the Americas. Starbucks’ stock …
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.