PULLMAN, WASH. — Aspen Heights Partners has broken ground on Aspen Heights Pullman, a 752-bed, cottage-style student housing community for students attending Washington State University. The property will offer a mix of two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities will include a community building, hot tub, fitness center and an on-site shuttle to campus. The development is scheduled for completion in fall 2021.
LITTLETON, COLO. — Denver-based Quiver Investments has arranged the purchase of Viewpoint I & II, a two-building office property located in Littleton. Pantheon Viewpoint LLC acquired the asset from IBC Denver VII for $12 million. Located at 7901-7921 Southpark Plaza, the 93,069-square-foot property was 72 percent occupied at closing. The buyer plans to continue reinvestments that are currently underway in the building resulting in increased energy efficiency, HVAC optimization and improved common areas. John Witt and Ben Swanson of Quiver Investments represented the buyer, while Riki Hashimoto of Newmark Knight Frank represented the seller in the deal.
WEST VALLEY CITY, UTAH — CBRE has facilitated the sale of 4100 Bangerter, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction, including the names of the buyer and seller and acquisition price, were not released. Located on 7.1 acres at the intersection of 4100 South and Bangerter Highway, the building features 108,456 square feet of space. The buyer plans to convert the property, which was vacant at the time of sale, into a series of condominiums equipped for medical, lab and office space. Marty Plunkett, Vickey Walker, Craig Thomas and Melissa McIntyre of CBRE’s Salt Lake City office represented the seller in the transaction.
PAGE, ARIZ. — Cincinnati-based Phillips Edison & Co. has completed the disposition of Safeway Center at Lake Powell, a shopping center located at 608 Elm St. in Page. A private investor from Beverly Hills, Calif., acquired the 100,486-square-foot asset for an undisclosed price. Safeway anchors the 100,486-square-foot shopping center, which was 93 percent occupied at the time of sale. Other tenants include Stage Stores, Dollar Tree, Hibbett Sports, Verizon Wireless, Domino’s, Subway, Allied Cash Advance, H&R Block and Wells Fargo ATM. The property was built in 1986 and renovated in 1990. Hanley Investment Real Estate Advisors represented the seller, while Kalen Rickard of Phoenix-based Western Retail Advisors represented the buyer.
CARSON, CALIF. — Plenitude Holdings, a real estate investment partnership between Blanchard Entities and Shopoff Realty Investments affiliated entities, is developing The Creek at Dominguez Hills in Carson. Located off the 405 Freeway and north of East Del Amo Boulevard, the 87-acre development will offer more than 500,000-square-feet of retail, recreation and sports wellness space. In addition to retail, the project will feature a 199,000-square-foot, multi-use indoor sports complex designed to accommodate basketball and volleyball practice and team competitions, along with indoor turf training areas and a mezzanine level for viewing the courts below. The facility will be accessible to local sports groups, and open for daily community use and fitness programming. Additionally, The Creek at Dominguez Hill will offer more than eight acres of open space, including a three-kilometer jogging path, a 6.6-acre community park, a zipline and ropes course, and a clubhouse featuring a rooftop deck suitable for community and special events. Plenitude Holdings is finalizing the development plans and expects to break ground in mid-2021. The company has retained Sports Facilities Management to manage the property and partnered with FlyingTee, an active entertainment, golf and dining company, for their first location in California. FlyingTee will offer private …
SEATTLE — Seattle-based Nordstrom (NYSE: JWN) has reported a 53 percent decrease in net sales from last year for the second quarter ended Aug. 1, reflecting temporary store closures due to COVID-19. The company experienced a second-quarter net loss of $255 million, which included after-tax COVID-19-related charges of $14 million, a decrease from net earnings of $141 million during the same period in fiscal 2019. While the reductions were in line with the company’s expectations, Nordstrom still managed to generate positive operating cash flow of more than $185 million, with total liquidity of $1.3 billion, through improved merchandise margins and significant overhead cost reductions. The company’s exceeded cash flow enabled it to pay down $300 million on its revolving line of credit. “At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans,” says Erik Nordstrom, chief executive office of Nordstrom. During the first quarter, Nordstrom reduced its inventory by more than 25 percent to mitigate markdowns and seasonal inventory and bring in newness for customers, resulting in second-quarter merchandise margin trends improving and exceeding expectations. In preparation for its yearly anniversary sale, which began August, the company increased inventory to …
SANTA MONICA, CALIF. — Hodges Ward Elliott has brokered the purchase of The Georgian, a boutique hotel located in Santa Monica. BLVD Hospitality, Global Mutual and ESI acquired the asset for an undisclosed price. Built in 1933, The Georgian features 84 guest rooms and suites, ocean-view dining at the on-site Veranda Restaurant, event space and a 24-hour business center and fitness center. Tony Malk, Brett Katz, Diana Simpson and Jordan Kirkbride of Hodges Ward Elliott advised the buyer on the purchase and capitalization of the hotel. The undisclosed seller owned the property since 1991.
PHOENIX — Industrial Outdoor Ventures (IOV) has acquired a vacant industrial property located at 2600 W. McDowell Ave. in Phoenix. D. Thompson Properties sold the asset for an undisclosed price. Zoned A-1, the 42,297-square-foot facility features eight drive-thru repair bays, 10 drive-in repair bays, 5,000 square feet of office space, a 10,000-square-foot part storage/warehouse area and a 9.5-acre, fully paved and fenced storage yard. IOV plans to modernize the property with upgrades to all building systems, replace the old façade, perform roof repairs and partial roof replacement, implement new landscaping and mechanicals, renovate the office space, and add new interior and exterior lighting. IOV is a national real estate investment company focused exclusively on the acquisition, development and re-development of industrial service facilities. The company plans to market the renovated property for lease.
RIVERSIDE, CALIF. — Faris Lee Investments has arranged the sale of the ground lease for a retail property located at 1303 University Ave. in Riverside. An Idaho-based private developer sold the asset to a California-based family office for $4.3 million. Starbucks occupies the property, which is located near University of California Riverside, under a new 20-year lease term with three 10-year options to extend, including 10 percent rental increases. Don MacLellan, Rich Chichester and Phil Ramming of Faris Lee, along with Cypress Retail Group, represented the seller in the deal.
THORNTON, COLO. — Hamilton Zanze has completed the disposition of Highpointe Park, a multifamily property located at 9701 Pearl St. in Thornton. An undisclosed buyer acquired the property for $53.6 million. Built in 2013, Highpointe Park features eight buildings offering a total of 220 apartments in a mix of one-, two- and three-bedroom layouts. Situated on 7.9 acres and offering 206,896 rentable square feet, the community also offers a clubhouse, fitness center, yoga room, and swimming pool and spa, as well as open parking, carport and garage options for residents. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.