— By Leah Masson, senior director, Cushman & Wakefield — The real estate landscape in the Puget Sound region is shaped by a dynamic contrast between the Eastside and Downtown Seattle. The Eastside continues to thrive, particularly with its robust tech activity. Major developments, such as the Eight, Skanska’s 540,000-square-foot project, is nearing full occupancy, underscoring the area’s strong demand. OpenAI is actively seeking space on the Eastside, with expectations of more artificial intelligence groups to follow. It’s worth noting that the Eastside is not plagued by the safety issues that have been a concern for Downtown Seattle. The anticipated 2025 opening of the light rail is set to drive even more growth in the area. Downtown Seattle is also experiencing an uptick in leasing activity, with active tenants expanding in terms of both square footage and lease term lengths. Since 2021, professional services groups, such as law and engineering firms, have been the primary drivers of leasing, but there is now a welcome return of tech companies to the Seattle market. New AI-focused tenants are beginning to emerge, moving out of coworking spaces and seeking permanent office locations in the city. However, Downtown Seattle continues to face significant challenges, …
CITY OF INDUSTRY, CALIF. — Ardmore Home Design, a luxury wholesale furniture manufacturer and the building’s tenant, has acquired an industrial property in City of Industry for $59.9 million. Situated on 13 acres at 918 S. Stimson Ave., the 282,377-squared-foot distribution facility features 24- to 30-foot clear heights, 34 dock-high doors, two grade-level doors, 28 trailer stalls and 150 auto stalls. Patrick Nally, Makenna Peter, Mark Detmer and Even Moran of JLL represented the seller, while Rick Sherburne of HRS Commercial represented the buyer in the deal.
WAIKOLOA, HAWAII — A joint venture between Pacific Retail Capital Partners, Starwood Property Trust and Taconic Capital Advisors has purchased Kings’ Shops, a retail property in Waikoloa. Terms of the transaction were not released. Tenants at the nearly 70,000-square-foot Kings’ Shops include Tiffany & Co., Tommy Bahama, Tori Richard, Travis Matthews, Lululemon, Kahala, Roy’s Waikoloa Bar & Grill by Chef Roy Yamaguchi, Foster’s Kitchen and A-Bay’s Island Grill. The property also offers venues for live entertainment, including music and fire dancing, weekly farmers markets and monthly night market events.
GREELEY AND GRAND JUNCTION, COLO. — Bow River Capital has completed the disposition of a two-property seniors housing portfolio in Colorado. An undisclosed buyer acquired the 140-unit, fully private-pay seniors housing portfolio for $30 million. Completed in 2020, the two-story The Lodge at Greeley, located at 4430 24th St. in Greeley, offers 92 units in a mix of 20 independent living, 48 assisted living and 24 memory care units within studio and one-bedroom layouts. At the time of sale, the property was fully occupied. The pet-friendly community offers a beauty salon, library, fitness center, private event rooms, an outdoor dining area and restaurant-style dining. Completed in 2019, The Lodge at Grand Junction offers 48-unit, 50-bed assisted living and memory care units in studio and one-bedroom layouts. The pet-friendly community offers a beauty salon, media room, therapy and exercise room, a chapel and restaurant-style dining. The JLL Seniors Housing Capital Markets team represented the seller in the deal.
AURORA, COLO. — Unique Properties / TCN Worldwide has arranged the sale of an industrial warehouse facility located at 11601 E. 33rd Ave. in Aurora. The asset traded for $5.4 million. Trane occupies the 24,536-square-foot building under a long-term, single-tenant net lease agreement. The property features a large, fenced yard, one platform dock and three drive-in doors. Sam Leger and Graham Trotter of Unique Properties / TCN Worldwide represented the undisclosed seller in the deal. The name of the buyer was not released.
HENDERSON, NEV. — Vestar is underway on a $3 million renovation project at The District at Green Valley Ranch, a 385,000-square-foot retail development located in Henderson, roughly 15 miles outside Las Vegas. Scheduled for completion in early 2025, the project includes updates to exteriors, signage, lighting, landscaping and outdoor furniture. Additionally, the project will add 14,300 square feet of new space to the property. New tenants Flower Child and North Italia have also signed leases at the development and are scheduled to open this month.
REDLANDS, CALIF. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 million and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, T.J. Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty, Nike and Barnes & Noble.
SACRAMENTO, CALIF. — Manulife US REIT has completed the disposition of 400 Capitol Mall, a 29-story Class A office tower in downtown Sacramento. PacWest Equities, an affiliate of Buzz Oates, acquired the asset for $117 million. The 501,308-square-foot property has maintained a nearly 90 percent historical occupancy over the past 25 years. Tenants include Wells Fargo, Morgan Stanley, PWC, Deloitte and Orrick. The tower features a five-story, 1,094-space parking garage, valet parking, car detailing, a fitness center with locker rooms and saunas, a private outdoor pool, conference center facility and a high-end ground-floor restaurant and café. Adam Lasoff, Rob Hielscher, Erik Hanson and Caroline Reynolds of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.
PHOENIX — Santa Monica, Calif.-based Karney Properties has purchased a freestanding cross-dock industrial building in Phoenix for $69.5 million. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. The Home Depot fully occupies the 400,000-square-foot property as a return center. Located at 7200 W. Buckeye Road, the building features a fully air conditioned warehouse, high-speed fans, equipment on every door, a gated and security station-controlled yard area, approximately 4.5 percent of office space and four acres of excess trailer parking that was customized by and for the tenant.
SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.