Western

Plymouth Housing Breaks Ground on 91-Unit Affordable Project in Seattle

by Amy Works January 21, 2020

SEATTLE — Plymouth Housing has broken ground on an affordable housing development in downtown Seattle. Designed by SMR Architects, the 2nd & Mercer project will deliver 91 permanent housing apartments for adults who have previously experienced homelessness. The project will feature a ground-floor space for Path with Art, a local organization that utilizes art as a means to assist people recovering from homelessness, addiction or other trauma. In addition to operating out of 2nd & Mercer, Path with Art will offer classes and community arts space. The 2nd & Mercer property is slated to open in 2021. Plymouth Housing, a nonprofit developer, received low income tax credits early last year as part of an expansion to the Affordable Housing Tax Credit program. The project closed on financing in December. The City of Seattle is providing major funding for the project, with the city’s Office of Housing and Office of Arts and Culture making a first-time joint investment in an affordable housing and arts space. The site is the second of eight new buildings planned by Plymouth Housing to meet the need for housing for those experiencing chronic homelessness in King County.

January 21, 2020

Acquisitions California Industrial Office Western

PS Business Parks Acquires Two Industrial/Flex Assets in California for $30.3M

by Amy Works January 21, 2020

SANTA CLARA AND LA MIRADA, CALIF. — PS Business Parks (PSB) has completed the acquisition of two business parks in California for a total consideration of $30.3 million. The purchases will qualify as 1031 exchanges for tax purposes. On Dec. 20, 2019, PSB purchased San Tomas Business Center in Santa Clara for $16.6 million. Totaling 79,400 square feet, the park features nine buildings offering suites ranging from 200 square feet to 3,500 square feet. At the time of closing, the property was 96 percent occupied. Additionally, PSB acquired La Mirada Commerce Center in La Mirada on Jan. 10 for $13.7 million. The five-building park offers a total of 73,400 square feet, with suites ranging from 1,200 square feet to 3,000 square feet. At the time of closing, the property was 100 percent occupied. The names of the sellers were not released.

January 21, 2020

Acquisitions California Multifamily Seniors Housing Western

NorthMarq Arranges $22.1M Sale of Southern Highlands Independent Living Near San Diego

by Amy Works January 21, 2020

NATIONAL CITY, CALIF. — NorthMarq has arranged the sale of Southern Highlands Independent Senior Living, a 151-unit independent living property in National City, just south of San Diego. Lincoln Avenue Capital acquired the community from Shefflin Investments for $22.1 million. The three-story building was constructed in 1999 on 1.03 acres. The units are a mix of studios and one-bedroom apartments. NorthMarq’s Southern California investment sales team of Kyle Pinkalla and Shane Shafer arranged the sale.

January 21, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Nationwide Realty Investors Announces Next Phase of Rivulon Mixed-Use Project in Arizona

by Amy Works January 20, 2020

GILBERT, ARIZ. — Nationwide Realty Investors received approval from the Town of Gilbert for the next phase of development at Rivulon, a master-planned mixed-use project located at the corner of Gilbert Road and Arizona Loop 202 in Gilbert. The phase will include two four-story, 160,000-square-foot office buildings with an adjacent parking structure. Situated in the center of the development, the buildings will feature a glass façade adorned with natural limestone pillars. Additionally, the new phase will feature a one-acre lake feature, walking paths and outdoor seating. The parking structures will be adjacent to the lake and feature more than 850 parking spaces. Construction is slated to begin mid-2020 with completion by the end of 2021. The 250-acre Rivulon development is currently home to Deloitte, Isagenix International’s world headquarters, Morgan Stanley, Amerifirst Financial and Merrill Lynch. Retailers at the development include LA Fitness, Wildflower Bread, Sauce Pizza & Wine, Jersey Mike’s Subs, Yogi’s Grill Teriyaki & Roll and Grabbagreen.

January 20, 2020

Acquisitions California Office Western

Meridian Sells Sutter Square Office Asset in Northern California for $30.9M

by Amy Works January 20, 2020

CONCORD, CALIF. — Meridian has completed the sale of Sutter Square, an office building located at 1800 Sutter St. in Concord. A joint venture between Barker Pacific Group and Iron Point Partners acquired the 174,689-square-foot asset for $30.9 million. When Meridian purchased the property in August 2017, it was 78 percent occupied. Meridian invested more than $4 million in interior renovations and brought occupancy up to nearly 90 percent. Scott Ellis and Eric Erickson of Colliers International managed the leasing efforts at the property. Bob Gilley, Brad Idleman and Andy Zighelboim of Colliers International represented the buyer and seller in the deal.

January 20, 2020

Acquisitions California Multifamily Student Housing Western

CBRE Arranges Sale of 174-Bed Campus Walk Community Near California State University, Chico

by Amy Works January 20, 2020

CHICO, CALIF. — CBRE has arranged the sale of Campus Walk, a 174-bed student housing community serving California State University, Chico. NB Private Capital purchased the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Marc Ross of CBRE arranged the transaction on behalf of the seller. The property offers shared amenities including a swimming pool, outdoor movie screen and fitness center.

January 20, 2020

Acquisitions Colorado Multifamily Western

Colliers Brokers $26.1M Sale of Palmer Park Apartments in Colorado Springs

by Amy Works January 20, 2020

COLORADO SPRINGS, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of The Palmer Park Apartments, a multifamily property located at 1304 E San Miguel St. in Colorado Springs. Roundhouse, a Los Angeles-based investment and development firm, sold the asset to Los Angeles-based Clear Capital for $26.1 million, or $130,500 per unit. The acquisition price is a record price per square foot for the multifamily assets built in Colorado Springs before 1990. Built in 1949, Palmer Park Apartments features 200 units. Originally constructed as military housing in a low-density setting with 20 two-story buildings on nine acres, the property has operated as a market-rate property for years. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the transaction.

January 20, 2020

Acquisitions California Office Retail Western

Rockwood Capital Acquires Historic Telephone Building in Santa Monica

by Amy Works January 20, 2020

SANTA MONICA, CALIF. — An affiliate of Rockwood Capital has purchased the Telephone Building, a historic property in downtown Santa Monica. DivcoWest sold the asset for an undisclosed price. The seller acquired the 58,000-square-foot creative office and retail building in 2017. During its ownership, DivcoWest completed lease-up, implemented capital improvements and obtained historical landmark status for the building from the City of Santa Monica under the Mills Act. The historic landmark status ensures preservation of the Art Deco building. Andrew Harper, Michael Leggett, Doug Bond and Matt McRoskey of JLL Capital Markets represented the seller in the deal.

January 20, 2020

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix’s Growth Keeps The Multifamily Sector Hot

by Taylor Williams January 18, 2020

Stemming from the ashes of 2009 — a decade later and a decade wiser — Phoenix and the surrounding Maricopa County has exploded to outpace the national averages in both rent and job growth. In fact, the entire State of Arizona is booming in population growth and job production. The Census Bureau just released its American Community Survey “One-Year Estimates” in which Arizona was named the fastest-growing state in the nation with a year-over-year growth of 2.2 percent. The Phoenix MSA also experienced a 2.6 percent increase (as of October 2019) from the prior year ranking when it came to the largest job gains in the education and health services industries. The state also boasts a tax-friendly environment, pro-business governor, competitive workforce and one of the youngest median age populations in the country at 35.4. This has attracted a broad array of financial services, healthcare, manufacturing and tech companies that have been moving to Phoenix in droves, making Phoenix a diversified and balanced economy that is different than years’ past. What does all this mean? The need for housing is paramount and multifamily investors are reaping the benefits. Phoenix is able to absorb the roughly 7,500 new units developers are …

January 18, 2020

California Development Mixed-Use Office Restaurant Retail Western

Stockdale Capital Partners to Proceed with Horton Plaza Mall Redevelopment in San Diego

by Amy Works January 17, 2020

SAN DIEGO — Stockdale Capital Partners and Macy’s have reached an agreement for the redevelopment of the existing Horton Plaza Mall in downtown San Diego. The project was put on hold due to a disagreement between the two companies. Macy’s has now agreed to close its store at the property, paving the way for the redevelopment to continue. The terms of the agreement were not disclosed. Stockdale Capital will now continue with its redevelopment plans to transform the nearly vacant mall into The Campus at Horton, a creative office, entertainment and retail center. The redevelopment will include 700,000 square feet of sustainably-driven creative office space that will be home to 3,000 to 4,000 new high-quality jobs. Slated for completion in 2021, the property will also include creating 300,000 square feet of curated retail space and an activated and reimagined Horton Plaza Park. In May 2019, the San Diego City Council unanimously approved reducing the previous retail deed restriction on the property and Stockdale Capital Partners’ redevelopment vision. The Macy’s store will reportedly close in March, and redevelopment of the site is scheduled to begin in 2021, according to The Times of San Diego.

January 17, 2020

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