BOULDER, COLO. — Newmark Knight Frank has brokered the sale of an industrial building located at 5360 Sterling Drive in Boulder. Alger Boulder I LLC acquired the property from Ivy 5360 Sterling Property LLC for $15.5 million. The property features 38,263 square feet of industrial space. John Jugl of Newmark Knight Frank Colorado represented the seller in the deal.
OCEANSIDE, CALIF. — Colliers International San Diego Region has arranged the sale of a retail asset located at 417-431 S. Coast Highway in Oceanside. Fullerton Square sold the property to an undisclosed buyer for $3.7 million. Bill Shrader and Luke Holler of Colliers represented the seller and buyer in the deal. At the time of sale, the 12,000-square-foot building was fully occupied by nine tenants with existing lease terms.
COVINGTON, WASH. — Weingarten Realty Investors has acquired Covington Esplanade, a daily needs-focused shopping center located in Covington, a suburb 25 miles southeast of Seattle. Situated on 15.3 acres at 27027 S.E. 185th Ave., Covington Esplanade features 187,388 square feet of retail space spread across seven separate parcels with uniform facades. At the time of sale, the property was 97.7 percent leased to a variety of tenants, including The Home Depot, Red Robin Gourmet Burgers and Brews, NorthWest Family Dental Care, IHOP, Bank of America, Verizon and Starbucks Coffee. Nick Kassab and Bryan Ley of JLL Retail Capital Markets represented the undisclosed seller in the deal. The price was not disclosed.
TUCSON, ARIZ. — El Segundo, Calif-based Venture West Funding has arranged a $16 million loan for the refinancing of a multi-tenant office building located in Tucson. Originally built in 2018 and most recently renovated in 2018, the property features 141,295 square feet of multi-tenant office space. At the time of financing, the property was 92 percent leased to several national tenants, including Centene, Tsomas Engineering and Aecom. Matt Douglas of Venture West Funding secured the 10-year, fixed-rate, interest-only loan for the borrower, an affiliate of a Los Angeles-based investor, through Goldman Sachs.
TUKWILA, WASH. — Cederlind Real Estate has completed the sale of El Matador Apartments, a multifamily property located at 14828 Military Road South in Tukwila. James Lee of Lee El Matador LLC, a local private investor, purchased the apartment community for $7.4 million. Situated four blocks from the Tukwila Link Light Rail station, El Matador Apartments features 44 for-rent residential units and a swimming pool. Additionally, the property is located in close proximity to interstates 5 and 405 and Sac-Tac International Airport. Joe Levin of Colliers International represented the seller, while Ted Sipila of Kidder Mathews represented the buyer in the deal.
PHOENIX — Cambria Hotels, an upscale brand franchised by Choice Hotels International, has opened its third hotel in Arizona: Cambria Hotel Downtown Phoenix Convention Center. Situated at 222 E. Portland St., the seven-story, 127-room hotel features a spacious rooftop, multi-function meeting and event space, a pool with cabanas and bar, a state-of-the-art fitness center and Poppy, an on-site restaurant. Guest rooms feature modern fixtures, abundant lighting and plush bedding, as well as spa-style bathrooms. Oxford Hotels & Resorts manages the hotel, which was developed by True North Studio.
SEATTLE — Newmark Knight Frank (NKF) has arranged the sale of the Wallingford Bartell Drugs Building, a standalone retail building located in Seattle. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank’s Retail Investments Team represented the undisclosed seller in the deal. Terms of the transaction, including the name of buyer and acquisition price, were not released. Located at the corner of North 45th Street and Burke Avenue North, the single-tenant property features 8,660 square feet of retail space.
SANTA MONICA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Pico Lanai, a multifamily complex located in Santa Monica. Raintree Properties sold the asset to Pacific Reach Properties for $58.5 million, or $336,494 per unit and $868 per square foot. Situated on 2.8 acres at 2501 Pico Blvd., Pico Lanai Apartments features 174 for-rent units. The property was developed in 1960. The buyer plans to reposition the asset to cater to high-income, tech-savvy millennials, according to IPA. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller in the deal.
PORTLAND, ORE. — Shorenstein Properties has disposed of River Forum, a two-building office asset located in Portland. Clarity Real Estate acquired the campus for an undisclosed price. Situated along the South Waterfront, River Forum features 209,000 square feet of Class A office space. At the time of sale, the property was 90 percent leased to a diverse tenant base. Charles Safley, Paige Morgan and Trevor Kafoury of CBRE represented the seller in the transaction.
ALBANY, ORE. — Hunt Real Estate Capital has provided an $11.8 million Fannie Mae DUS conventional multifamily loan to refinance Albany Meadows Apartments in Albany, approximately 70 miles south of Portland. The borrower is KRBO Oregon Properties, backed by Paul A. Kerley as key principal. The loan features a 12-year term with four years of interest-only payments followed by a 30-year amortization schedule. Additionally, yield maintenance will apply during the first 138 months. Developed in 1974 on 10.5 acres, the property features 121,352 square feet of rentable space spread across 39 one-story residential buildings offering a total of 127 garden-style apartments. Property amenities include a clubhouse with fitness center and swimming pool, as well as 190 parking spaces.