Western

Skanska to Develop 25-Story Office Tower in Downtown Bellevue, Washington

by Amy Works June 19, 2020

BELLEVUE, WASH. — Skanska has unveiled plans for The Eight, an office tower located at the intersection of NE Eighth Street and 108th Avenue NE in downtown Bellevue. Totaling 540,000 square feet, the 25-story office building will offer large, flexible floor plates, seven alternating indoor/outdoor balconies, 7,000 square feet of open public space and 12,000 square feet of ground-floor retail space, as well as a 1,200-square-foot retail pavilion. Tenant amenities at The Eight will include a dedicated floor for tenant event spaces; a health and wellness center with an outdoor patio; an outdoor deck with seating; bicycle commuter facilities; and electric car and bike charging. Skanska acquired the land for The Eight in July 2018 and currently is finalizing design for final administrative design review and approval from the City of Bellevue.

June 19, 2020

California Development Restaurant Retail Western

Shapell Liberty Investment Completes Retail Component of Vineyards at Porter Ranch Mixed-Use Center in Los Angeles

by Amy Works June 19, 2020

LOS ANGELES — Shapell Liberty Investment Properties has completed the lifestyle and entertainment portions of The Vineyards at Porter Ranch, a $150 million mixed-use development in Los Angeles’ Porter Ranch neighborhood. AO Architects designed this portion of The Vineyards, which features 273,000 square feet of open-air, mixed-use space at 20000-20250 W. Rinaldi St. The pedestrian-friendly development includes a main street, central green area for community events and a 4,000-square-foot community meeting room. Current tenants of the property include Whole Foods Market, AMC Theaters, Ulta Beauty, Nordstrom Rack, Gus’s Barbeque, Lure Fish House and Finney’s Crafthouse & Kitchen. The project team included Mike Lebeman of JLL’s Project and Development Services group and Moorefield Construction. The full development includes a recently completed, three-story medical office building occupied by Kaiser Permanente, a 100-room Hampton Inn & Suites slated for completion in 2021 and a 266-unit apartment community scheduled to open this fall.

June 19, 2020

California Industrial Loans Western

Bellwether Enterprises Arranges $97.7M Loan for Five Industrial Properties in Southern California

by Amy Works June 19, 2020

LOS ANGELES COUNTY, CALIF. — Bellwether Enterprise Real Estate Capital has closed a $97.7 million loan for five warehouse and distribution facilities in Southern California. Four of the buildings are located in the South Bay submarket of Los Angeles County and the remaining property is located in the Inland Empire West submarket. Shelley Magoffin and Max Sauerman of Bellwether Enterprise’s Los Angeles office arranged the 25-year, fully amortizing loan with Thrivent Financial for the undisclosed borrower. The planned use of the funds was not released. Ranging in size from 60,000 square feet to more than 500,000 square feet, the five properties offer minimal office build out and minimum clear heights of 18 feet to 36 feet. One building offers refrigerator space. In total, the properties offer nearly 950,000 square feet of warehouse and distribution space. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

June 19, 2020

Acquisitions California Development Multifamily Western

3650 REIT Originates $36M Loan for Acquisition, Redevelopment of Manufactured Housing Asset in Los Angeles

by Amy Works June 19, 2020

LOS ANGELES — 3650 REIT has originated a $36 million bridge loan for the acquisition and redevelopment of Hollywood Backlot Homes, a 10-acre manufactured housing community in Los Angeles’ North Hollywood submarket. The borrower is Multi Opp, a joint venture between real estate development firms Dugally Oberfeld Capital Partners and Fabulous Five LLC. Situated within an Opportunity Zone at 8250 Lankershim Blvd., the buyers will operate Hollywood Backlot Homes as a detached multifamily rental community aimed at fulfilling demand for attainable housing options in the Los Angeles market. Multi Opp plans to design and install nearly 140 manufactured homes on the site to create a master-planned community. On-site amenities will include an outdoor swimming pool, clubhouse, gym, billiards and gaming center, dog runs, barbeques, outdoor lounging area and gated entry.

June 19, 2020

Acquisitions Arizona Multifamily Western

Long Beach Trading Co. Acquires Lyra Residences Rental Townhomes in Phoenix for $8.1M

by Amy Works June 19, 2020

PHOENIX — Long Beach Trading Co. has purchased Lyra Residences, a rental townhome community located at 2950 N. 38th St. in Phoenix. Lyra Residences 38th St LP sold the asset for $8.1 million, or $450,333 per unit. Built in 2020, Lyra Residences features 18 two-story smart homes, averaging 1,778 square feet. The three-bedroom, two-and-one-half-bath townhomes offer private backyards, two-car garages, full-size washers and dryers, high-speed internet, keyless door entry, doorbell cameras and smart climate control, among other technologies. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller the transaction.

June 19, 2020

The-Square-Industrious-Salt-Lake-City-UT

Development Office Utah Western

Hines, Industrious to Open Coworking Space at Kearns Building in Salt Lake City

by Amy Works June 18, 2020

SALT LAKE CITY — Hines and Industrious will open The Square with Industrious Salt Lake City, the second flexible workspace location under the Hines2 platform, on June 22. Located in the historic Kearns Building at 136 S. Main St., The Square with Industrious Salt Lake City will be the first coworking space in Utah to pursue the International WELL Building Institute’s WELL Certification. Industrious will operate the asset. Hines has implemented a $25 million redevelopment project at the Kearns Building, which was built in 1911. The redevelopment program includes all new HVAC, technical upgrades and building amenities. The completed project will offer floor plates to accommodate large enterprises and small business across two floors totaling 25,000 square feet. Members of The Square with Industrious Salt Lake City will have access to a tenant lounge, event space, wellness center, fully equipped gym with two-story historic windows and a rooftop space. Additionally, the property will offer a member kitchen, daily gourmet breakfast and coffee, and a fully stocked café with snacks and soft beverages. Services provided at the coworking space will include 24/7 access, mail/package services, unlimited printing, secure shredding, audio/visual meeting support, fast and secure internet with VLAN in every office …

June 18, 2020

Development New Mexico Office Western

Goodman Realty to Develop 28,000 SF Office Building at Winrock Town Center in Albuquerque

by Amy Works June 18, 2020

ALBUQUERQUE, N.M. — Albuquerque-based Goodman Realty is developing Portland Building, an office building located within Winrock Town Center in Albuquerque. The ground-up construction project will feature a three-story, 28,000-square-foot office and retail property, along with a park, all situated on a two-acre site. Goodman plans to break ground on the asset in fourth-quarter 2020, with completion slated for second-quarter 2022. The project is expected to cost $8.5 million. Located at 2100 Louisiana Blvd. NE, Winrock Town Center offers 1.1 million square feet of retail space, 825 multifamily residential units, 160 hotel rooms and 130,000 square feet of office space.

June 18, 2020

Acquisitions Arizona Retail Western

NKF Arranges Sales of Three Retail Buildings in Arizona

by Amy Works June 18, 2020

PHOENIX AND MESA, ARIZ. — Newmark Knight Frank (NKF) has brokered the sales of three retail properties totaling 48,188 square feet in Phoenix and Mesa. The properties include Don Carlos Plaza, located at 2651-2667 W. Baseline Road in Mesa; Meineke, located at 2056 W. Southern Ave. in Mesa; and Fairway Plaza, located at 5843 W. Indian School Road in Phoenix. Terms of the transactions were not released. Chase Dorsett, Steve Julius and Jesse Goldsmith of NKF represented the sellers for the Don Carlos Plaza and Meineke deals and both parties at Fairway Plaza.

June 18, 2020

Acquisitions California Retail Western

Atlas Properties Negotiates $9.9M Acquisition of Cardenas Grocery in Victorville, California

by Amy Works June 18, 2020

VICTORVILLE, CALIF. — A private Orange County, Calif.-based developer has completed the disposition of a retail property located at 14528 Palmdale Road in Victorville. A private 1031-exchange investor acquired the building for $9.9 million. Cardenas, a Hispanic grocery store, occupies the asset. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of Newmark Knight Frank represented the seller, while Ed Barkett of Atlas Properties represented the buyer in the deal.

June 18, 2020

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.6M Sale of Industrial Asset in Metro Portland

by Amy Works June 18, 2020

NEWBERG, ORE. — Portland, Ore.-based Norris & Stevens has brokered the sale of an industrial building located at 2751 NE Wynooski St. in Newberg, approximately 30 miles southwest of Portland. The buyer, 2751 Wynooski Street LLC, acquired the property for $2.6 million. Oregon Mattress, a mattress manufacturing business, formerly occupied the 31,265-square-foot property, which is situated on 1.7 acres. The buyer plans to occupy the asset for its business, Southtown Glass. Todd VanDomelen of Norris & Stevens represented the sellers, Thomas A. Walker, Melissa A. Walker, David R. Walker and Judy Walker, in the transaction. Mike Mosar of Mosar Commercial Properties represented the buyer.

June 18, 2020

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