SALT LAKE CITY — SRS Real Estate Partners has arranged the $1 million leasehold sale of a newly constructed, single-tenant retail property in Salt Lake City. Wadsworth Development sold the asset to a Washington-based investor for $1 million. Starbucks Coffee occupies the 1,920-square-foot, drive-thru building, which is located at 421 E. 400 S. The coffee retailer signed a corporate-guaranteed, 10-year triple-net lease for the property when it opened its doors in late 2019. Sabrina Kortland, Kyle Fant, Jack Cornell and Britt Raymond of SRS National Net Lease Group represented the seller in the deal.
HONOLULU — Swinerton Builders has signed a 91-month lease to occupy office space at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in Honolulu. The lease is valued at $3.2 million. The Hawaii-based contractor will relocate its local headquarters to a 12,000-square-foot space on the office tower’s fifth floor. Swinerton provides commercial construction and construction management services throughout the United States. Built in 1972 and renovated in 2006, Davies Pacific Center features 375,742 square feet of commercial office and retail space. San Diego-based Parallel Capital Partners, in partnership with Honolulu-based The Shidler Group, took over asset management of the property last year and has completed nearly $4 million in elevator modernizations and speculative suite upgrades. Additionally, another $1 million in renovations, including lobby improvements, is currently underway. Keenan J.S. Sue of JLL brokered the deal.
BEND, Ore. — Sunshine Retirement Living, a Bend-based seniors housing operator with 32 communities in 16 states, now offers FDA-approved “Respira-ID” testing for COVID-19 at all its properties. Residents and employees that are exhibiting symptoms will now all be tested, as well as any new residents moving in regardless of symptoms. Produced by Vikor Scientific, Respira-ID tests for over 40 pathogens known to cause respiratory illness including COVID-19. The manufacturer will provide in-depth virtual training to the community nursing staff, which will administer the tests and oversee the shipment of samples for analysis within 24 hours.
NORTH LAS VEGAS — Reno, Nev.-based Dermody Properties has completed the development of LogistiCenter at Speedway, a distribution center located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, LogistiCenter at Speedway features 251,800 square feet of distribution space and immediate access to Interstate 15 via the Speedway Boulevard off-ramp. Dialog Direct, a marketing company offering direct mail, print and fulfillment services, has leased 75,800 square feet at the facility. The remaining 176,600-square-foot space features a 32-foot clear height, 38 dock-high doors, six drive-in doors, a 135-foot truck court, an ESFR fire protection system and tilt-up concrete panel construction. The space is divisible from 31,800 square feet to 112,000 square feet.
NORTHGLENN, COLO. — Boulder, Colo.-based Valhalla Holdings has completed the disposition of Stone Mountain Apartment Homes, a 15-building multifamily community located at 11625 Community Center Drive in Northglenn. West Palm Beach, Fla.-based Priderock Capital Partners acquired the asset for $83 million. Built in 2001, the 282,948-square-foot property features 320 units in a mix of one- and two-bedroom layouts. Community amenities include a clubhouse; year-round heated pool and spa with a poolside kitchen; 24/7 fitness center; pet wash stations; bicycle repair station; community garden with free individual plots; electric vehicle charging stations; lit private garages with workshop space available; and a nine-hole putting garden. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the transaction.
MESA, ARIZ. — California-based Pride Ventures LLC II has purchased an approximately four-acre site, located at 1830 W. Main St. in Mesa. Sycamore Station Fund LLC sold the asset for $3.8 million. The property is Parcel 1 of Sycamore Station, a transit-oriented, mixed-use project currently underway. Pride Ventures plans to develop a 200-unit multifamily community at the site, which offers convenient access to the light rail train line on Main Street. Kimberly Rollins and Dallan Randall of the Commercial Properties / CORFAC International Multifamily team, along with Jeff Hays of the corporate services team and Tate Gunning of Commercial Properties Inc., represented the buyer. Lee & Associates represented the seller in the deal.
LAS VEGAS — LM Construction and Brass Cap Development have completed SanTico, an industrial property located at 6425 Santa Margarita St. in Southwest Las Vegas. Situated on 2.5 acres, the facility features 40,000 square feet of industrial mid-bay space that can be divisible into two 20,000-square-foot spaces. LM Construction provided design, planning and construction for the project. Michael DeLew and Greg Pancirov of Realcomm Advisors are handling the leasing and sale of SanTico.
VANCOUVER, WASH. — McBride Capital has arranged a $7 million acquisition and predevelopment loan for a proposed retail center in Vancouver’s Salmon Creek neighborhood. The non-recourse debt facility features a 12-month initial term with extension options, limited prepayment penalty and proceeds to cover predevelopment costs. Danny Natsch of McBride Capital placed the financing on behalf of an undisclosed borrower with a national bridge lender. The name of the grocery-anchored retail property and lender were not released.
SEATTLE —Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities in serving customers.” “More than ever, we need to work with flexibility and speed,” he adds. “Our market strategy helps with both, bringing inventory closer where customers live and work, allowing us to use our stores as fulfillment centers to get products to customers faster, and connecting digital and physical experiences with services like curbside pickup and returns.” The retailer is also restructuring its regions, support roles and corporate organization for greater speed and flexibility. This restructuring is expected to result in expense savings of approximately $150 million. That savings represents 30 percent of the company’s previously announced plans for net cash reductions of more than $500 million in operating expenses, …
SEATTLE — NorthMarq has secured $45 million in joint-venture equity through Bridge Investment Group for the development of 12th & Yesler, a multifamily property in Seattle. Jake Leibsohn and Ron Peterson of NorthMarq’s Seattle-based regional office secured the equity for the borrowers, Trent Development and Atlanta-based Hatteras Sky. Situated at the corner of 12th Avenue South and East Yesler Way, the property will feature 274 apartments in a mix of 37 studio units, 172 open one-bedroom layouts, 45 one-bedroom units, five live/work units and 15 two-bedroom layouts. Apartments will offer stainless steel appliances, quartz countertops, in-unit washers/dryers and air conditioning, among other amenities. Additionally, the property will feature 8,142 square feet of ground-floor retail space and 133 parking stalls. Community amenities will include a rooftop deck, community barbecues, a business center, community clubhouse, controlled access, bike storage and repair room and a dog wash area. The project is located in an Opportunity Zone, giving it certain tax advantages. The developers will also participate in Seattle’s Multifamily Tax Exemption program, under which 20 percent of the units (54 units) will be dedicated to workforce housing.