BOZEMAN, MONT. — Newmark Knight Frank has arranged the sale of Gallatin Center, a shopping center in Bozeman. Revesco (USA) Properties acquired the property from Gallatin TR for $27.5 million. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the transaction. Situated on the southwest quadrant of Interstate 90 and North 19th Street, Gallatin Center is occupied by Ross Dress for Less, Michaels, Bed Bath & Beyond, PetSmart and Staples.
DENVER — Noble Investment Group has purchased a dual-branded hotel property in downtown Denver for an undisclosed price. The asset includes Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver. The name of the seller was not released. The hotels feature a combined 302 guest rooms; health and fitness facilities; an indoor pool and whirlpool; 7,000 square feet of meeting and boardroom space; and a restaurant, 550 Bar and Patio. The properties are located in Denver’s downtown district that is walkable to more than 25 million square feet of office space, over 300 restaurants, three major sports stadiums, the Pepsi Center and Denver Performing Arts Center.
LITTLETON, COLO. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.
ISSAQUAH, WASH — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Anthology, a 398-unit new construction multifamily property in Issaquah for $163.3 million. Located at 1610 Anthology Ave. NW, Anthology is situated 14 miles southeast of Seattle in the Puget Sound region. Anthology offers studio, one-, two- and three-bedroom apartments. Amenities include a two-story clubhouse featuring a game room with shuffleboard and billiards, conference room and community kitchen. The complex also features a fitness center with yoga studio and bike room, a pool, barbecues, package access, bicycle storage and repair station, a park and easy access to nature trails. Security Properties Residential, an affiliate of Security Properties, will manage the property. The Issaquah Reporternotes that Anthology is one of three similar residential projects along Newport Way NW. The Puget Sound area as whole has experienced a housing crisis with growth of tech companies and Amazon creating a booming population and a scarcity of affordable housing. Bisected by Interstate 90, Issaquah allows commuters access to downtown Seattle and nearby employers, including Microsoft, Amazon and Costco. The Issaquah suburb has grown rapidly since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, …
SANTA CLARITA, CALIF. — Los Angeles-based Gelt, a real estate investment and asset management firm, has completed the disposition of Monterra Ridge Apartments, a 232-unit multifamily community located in Santa Clarita. Culver City, Calif.-based BAG Investments acquired the property for $62.5 million. Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Road. The pet-friendly property features 16 buildings totaling 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. Community amenities include covered parking, a fitness center, sand volleyball court, clubhouse with a community room, swimming pool and spa. Gelt acquired the property in June 2015 for $45.5 million and implemented a capital improvement program that included renovating approximately 65 percent of the unit interiors with new cabinetry faces and fixtures, stainless steel appliances, vinyl-plank flooring in the living room and new ceiling fans, among other upgrades. Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus & Millichap, represented both sides of the transaction.
TWIN FALLS, IDAHO — Geronimo has completed the sale of Canyon Park East and Canyon Park West, a two-property retail asset located in Twin Falls. Wood Investments Cos. acquired the asset for $50.9 million. Located at 2068 Bridgeview Blvd. and 1945 Fillmore St., the properties were 100 percent leased at the time of sale. Current tenants include Ross Dress for Less, Ulta Beauty, Bed Bath & Beyond, Petco, Dick’s Sporting Goods, HomeGoods, TJ Maxx, Best Buy, Michaels, Sportsman’s Warehouse and Famous Footwear. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the deal.
GOLETA, CALIF. — Agoura Hills, Calif.-based Majestic Asset Management has purchased two office and R&D buildings situated on adjacent parcels in Goleta. An undisclosed seller sold the asset for $24.2 million. Located at 125 and 175 Cremona Drive, the buildings offer a total of 133,299 square feet of space situated on 8.17 acres. Medtronic occupies 125 Cremona Drive, but will vacate the 82,132-square-foot building in February. Resonant, Surgical Eye Expeditions International and Ricardo Defense are tenants at the 51,167-square-foot property at 175 Cremona Drive. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the sale transaction.
REDMOND, WASH. — Bell Partners, on behalf of its Fund VII investors, has acquired Alexan Marymoor, an apartment community in Redmond, for an undisclosed price. The buyer plans to rename the property Bell Marymoor Park, as well as manage it. Built in 2019, Bell Marymoor Park features 222 apartments with stainless steel appliances, vinyl-plank flooring, quartz countertops, tile backsplashes and in-unit washers and dryers. Community amenities include a rooftop treehouse with grilling stations, a bar, fireplace and sun-nooks; an arboretum; a bike repair station and storage; a conference center; and a fitness center. This is Bell Partners’ second acquisition in the Seattle metro area, following the purchase of Bell Overlake in September 2019.
SUN CITY, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Woodmark at Sun City, a 132-unit assisted living and memory care community located Sun City, an unincorporated municipality in metro Phoenix. A publicly traded REIT sold the property to an undisclosed buyer, which plans to install a privately owned, Southern California-based operator. The price was not disclosed. Built in 2000, The Woodmark at Sun City is a two-building campus in a residential area of the Salt River Valley. Ben Firestone, Michael Segal, Alex Florea and Amy Sitzman of Blueprint handled the sale.
The West Valley has a strong, talented workforce in the healthcare, finance, insurance and marketing industries, which has led to job growth increasing by 40 percent in the region, according to Westmarc. It’s no surprise that the West Valley City of Avondale, Ariz., located 15 minutes west of Downtown Phoenix, is experiencing pphenomenal growth. Much of this expansion is facilitated by Avondale’s location off two major freeways, including Interstate 10 and the Loop 101. The completion of the Fairway Drive interchange off I-10 in 2020 will only solidify the city’s growing reputation as a Southwest Valley hotspot. Avondale’s city council has also made economic development a top priority. The city’s economic development toolbox is filled with opportunities for developers who are looking to go West. Avondale boasts three Opportunity Zones, infill incentives, a Greater Maricopa Foreign Trade Zone and tax credits, among other economic development incentives. The city is working hard to make itself attractive to developers looking for a region with burgeoning growth and stable leadership. One such investor is the famous Chicago hot dog chain Portillo’s, which recently opened an 8,000-square-foot restaurant in Avondale. Other high-quality restaurants have been cropping up in the busy Gateway area around 99th …