Western

IPA Arranges $21M Sale of Green River Village Apartment Complex in Metro Seattle

by Amy Works October 18, 2019

AUBURN, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Green River Village, a multifamily property located in Auburn. Green River Auburn LLC acquired the asset from an undisclosed seller for $21 million, or $143,835 per unit. Completed in 1976, Green River Village is situated on 3.1 acres and features 146 apartments. The property is also located approximately three miles from Green River Community College and four miles from Auburn Station. Sidney Warsinske, Ryan Dinius, Philip Assouad and Giovanni Napoli of IPA represented the seller and procured the buyer in the deal. Ray Allen and Seth Heikkila of IPA Capital Markets arranged financing for the buyer. The loan provided a structured bridge solution to fund 75 percent of both acquisition and planned renovations set to take place over the next 24-month loan term at a 5.25 percent interest-only rate of payment.

October 18, 2019

Acquisitions Arizona Multifamily Western

Westmount Realty Capital Enters Arizona Market with Purchase of Multifamily Complex in Mesa

by Amy Works October 18, 2019

MESA, ARIZ. — Westmount Realty Capital has entered the Arizona with the acquisition of 949 at the District, an apartment community located at 949 S. Longmore St. in Mesa. The buyer plans to rebrand the property as Westmount at the District. This deal marks the real estate investment company’s first acquisition in Arizona and first multifamily purchase outside of Texas. Built in 1979, the property features 154 units in a mix of one- and two-bedroom layouts that average 825 square feet. Westmount plans to renovate the property with in-unit upgrades including resurfaced counters, stainless steel appliances, refaced cabinets, faux-wood flooring, upgraded lighting and new hardware. Additionally, the renovations will include offering smart home technology, including smart thermostat, smart lock and USB outlets. Community amenities include two swimming pools, an attached clubhouse and leasing office, fitness center, outdoor grilling stations, an on-site dog park, restricted entry and covered parking. Westmount also plans to install a package locker system. Shelton Residential will manage the property.

October 18, 2019

Industrial Market Reports Oregon Western Western Market Reports

Portland Industrial’s Market Experiences Steady Growth

by Taylor Williams October 18, 2019

The Portland industrial market continues to be strong despite softening from a few leading indicators. The overall market vacancy rate is 4.3 percent, which is up from 3.4 percent in the third quarter of 2018, while absorption during this period was 832,000 square feet. Historical absorption during the current cycle has averaged 3.8 million square feet. Almost 5 million square feet came on line in 2018, 2 million of which was speculative space that was 85 percent available in July 2019. This impressive amount of growth expanded the existing overall market size by 2.2 percent. Top tenants have been Amazon’s fulfillment centers, which occupy 918,000 square feet in the Rivergate Industrial Park in North Portland and 857,000 square feet in Troutdale. Both facilities were developed by Trammell Crow. Amazon also signed a lease in Hillsboro in 2016 for 303,000 square feet of space that was developed by Majestic. A United States Postal Service processing and distribution facility moved from a confined, central city location into 818,000 square feet in the Airport Way industrial area in Northeast Portland. Other large users include third party logistics, retailers/wholesalers and local market distributors. Intel announced an additional 1.5-million-square-foot expansion of its existing 2.2 million …

October 18, 2019

Development Idaho Mixed-Use Multifamily Retail Western

Opus Group Starts Construction of 285,000 SF Mixed-Use Development in Boise

by Amy Works October 17, 2019

BOISE — The Opus Group has started construction of a mixed-use project in downtown Boise. River Caddis Development and Standard Capital, a division of Standard Cos., are developing the project. Slated for completion in summer 2021, the eight-story, 285,000-square-foot project will feature 173 apartments in a mix of micro, one- and two-bedroom floor plans, as well as 3,000 square feet of street-level retail space. The second, third and fourth floors will primarily serve as parking with 400 parking stalls and bike storage that will be privately managed by Ada County, Idaho. The remaining floors will consist of apartments, a fitness center and a landscaped rooftop courtyard. The development is located at the corner of South Third and West Myrtle streets. Opus is serving as design-builder, interior designer, architect and structural engineer of record. River Caddis and Standard Capital are co-developers and co-owners and GGLO is the design architect of the project.

October 17, 2019

Acquisitions Colorado Office Western

NKF Negotiates $32.5M Sale of Occidental Petroleum Office Building in Colorado

by Amy Works October 17, 2019

PLATTEVILLE, COLO. — Newmark Knight Frank (NKF) has facilitated the sale of a two-story office building located at 501 N. Division Blvd. in Platteville, approximately 40 miles north of Denver. Platteville Energy Partners sold the asset to an undisclosed buyer for $32.5 million, or $282 per square foot. Occidental Petroleum Corp. (formerly Anadarko Petroleum Corp.) fully occupies the 114,524-square-foot building. The company uses the facility as a mission critical operations center in the Denver-Julesburg Basin. John Jugl of NKF represented the seller, Platteville Energy Partners I LLC, in the transaction.

October 17, 2019

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $10.5M Sale of The Montage Apartment Building in Seattle

by Amy Works October 17, 2019

SEATTLE — Marcus & Millichap has directed the sale of The Montage, a multifamily property located in Seattle. A limited liability company sold the property to a local investment company for $10.5 million in a 1031 exchange. Located at 1422 Boylston Ave., The Montage features 23 condominium units that have been operated as rental units since the property was constructed in 2007. George Miller and Spencer Clark of Marcus & Millichap represented the seller, while Christopher Hardman, also of Marcus & Millichap, represented the buyer in the deal.

October 17, 2019

Acquisitions Arizona Industrial Western

Griffin Opportunities Sells 172,803 SF Desert Gateway Industrial Project in Phoenix

by Amy Works October 17, 2019

PHOENIX — Griffin Opportunities has completed the sale of Desert Gateway, a two-building industrial project in Phoenix. Greenwood & McKenzie Real Estate Investments purchased the asset for an undisclosed price. The 172,803-square-foot property is located at 909 W. Pinnacle Peak Road and 1000 W. Vista Bonita Drive. Will Strong of Cushman Wakefield’s Capital Markets, along with Chris Rogers and Trevor McKendry of Daum Commercial Real Estate Services, handled the transaction.

October 17, 2019

Acquisitions California Industrial Western

CenterPoint Properties Buys 130,513 SF Industrial Facility in Oakland

by Amy Works October 17, 2019

OAKLAND, CALIF. — CenterPoint Properties has acquired an industrial facility situated on 6.8 acres at 5901 San Leandro St. in Oakland. Terms of the deal, including the price and seller’s name, were not released. Located in the heavy-haul corridor, the 130,513-square-foot asset offers secured, excess loading with heavy-haul capability and a controlled, fully-lit intersection. Additionally, the property features a secured 200-foot truck court, an above-market loading ratio, 22-foot to 24-foot clear heights, and the opportunity to add Union Pacific rail service. Mark Maguire, Justin Smutko and Nick Mascheroni of Colliers International represented CenterPoint in the transaction.

October 17, 2019

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Agrees to Sell Las Vegas Resorts Bellagio, Circus Circus for $5B

by Alex Patton October 16, 2019

LAS VEGAS — MGM Resorts International (NYSE: MGM) has agreed to sell its Bellagio and Circus Circus resort assets on the Las Vegas Strip in two different transactions for a combined price of approximately $5 billion. Blackstone Real Estate Income Trust (BREIT) will acquire Bellagio in a $4.25 billion sale-leaseback deal. As part of the transaction, BREIT and MGM will form a joint venture ownership agreement, with BREIT owning 95 percent. MGM will continue to lease, manage and operate the property, with an initial annual rent of $245 million. MGM also agreed to sell its Circus Circus Las Vegas resort to an affiliate of Treasure Island Hotel and Casino owner Phil Ruffin for $825 million. Both sales are expected to close by the end of 2019. “We will use the proceeds from [these transactions] to build a fortress balance sheet and return capital to shareholders,” says Jim Murren, chairman and CEO of MGM Resorts International. “These transactions enhance the company’s strategic and operational flexibility and reinforce its commitment to targeted new growth opportunities, including securing and investing in one of the integrated resort licenses in Japan and becoming an industry leader in sports betting in the U.S.” The sale-leaseback deal …

October 16, 2019

Acquisitions Arizona Office Western

Bridge Investment Group Purchases 439,584 SF Office Campus in Phoenix

by Amy Works October 16, 2019

PHOENIX — Bridge Investment Group’s subsidiary Bridge Office Fund Manager has purchased Phoenix Gateway Center, a Class A office campus located on North 44th Street in Phoenix. The 439,584-square-foot asset consists of two four-story buildings (One Gateway and Two Gateway) and one 11-story building (Three Gateway). Originally built between 1984 and 1988, the office complex recently underwent more than $4.7 million in renovations and capital improvements. Bridge plans to invest approximately $2.7 million in further enhancements at Phoenix Gateway Center, including upgrades to lobbies, elevator cabs, outdoor space, common areas on the individual floors, the fitness center and the conference room. Renovations are slated to begin immediately, with the first phase scheduled for delivery in second-quarter 2020. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle the leasing of the property. Bridge Commercial Real Estate LLC, the operating company for Bridge Office, will oversee all leasing, property management and redevelopment work at Phoenix Gateway.

October 16, 2019

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