Western

Unico Properties Acquires 160,164 SF Historic Office Building on Seattle’s Waterfront

by Amy Works May 22, 2019

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has acquired the Colman Building on Seattle’s waterfront from Goodman Real Estate for an undisclosed price. With this purchase, Unico’s presence on the waterfront now exceeds 1 million square feet. The six-story Colman Building features 160,164 square feet of office space with ground-level retail encircling the entire property. At the time of sale, the property was 88 percent occupied. The historic building was commissioned by Scottish immigrant and master machinist James Colman and constructed in several stages between 1889 and 1906. The building is listed on the National Register of Historic Places and considered a City of Seattle landmark. Nick Kucha, Kevin Shannon, Cavan O’Keefe, Michael Moll, Bill DeLacy, Jakob Nicolls and Jeff Hodson of Newmark Knight Frank represented the seller in the deal.

May 22, 2019

Arizona Loans Multifamily Western

NXT Capital Closes $21M Acquisition Loan for 174-Unit Apartment Community in Phoenix

by Amy Works May 22, 2019

PHOENIX — NXT Capital has closed a $21 million loan to finance the acquisition and renovation of Enclave at Paradise Valley, a Class B apartment community in Phoenix. Located 15 miles north of downtown Phoenix, Enclave at Paradise Valley features 174 apartments, a fitness center, clubhouse, business center, barbecue area with picnic tables, pool, hot tub and covered parking. Mark Schulder of BlueGate Partners’ New York City office placed the loan with NXT Capital.

May 22, 2019

Acquisitions Colorado Retail Western

Armstrong Capital Buys Arvada Connection Shopping Center in Metro Denver for $17.5M

by Amy Works May 22, 2019

ARVADA, COLO. — Denver-based Armstrong Capital Development (ACD) has acquired Arvada Connection, a shopping center in Arvada, a suburb of Denver. Walton Street Capital sold the property for $17.5 million. Located at 5220 Wadsworth Blvd., Arvada Connection features 56,000 square feet of retail space. At the time of sale, the asset was 95 percent leased to a variety of tenants, including Chick-fil-A, Chase Bank, Taco Bell, IHOP and Sherwin Williams. ACD plans to refresh the center with upgraded site work, improved monument storage and unified artistic enhancements. Brad Lyons and Matthew Henrichs of CBRE represented ACD in the transaction. ACD funded the acquisition through its ACD 2017 Fund LP investment vehicle. Mike DePalma and David Dobek of SullivanHayes Brokerage will serve as the exclusive listing agent for Arvada Connection.

May 22, 2019

Acquisitions California Industrial Western

Calavo Growers Sells Industrial Property in Southern California for $7.1M

by Amy Works May 22, 2019

TEMECULA, CALIF. — Calavo Growers, an international farm products company known for its distribution of avocados, has completed the sale of an industrial property located at 28410 Vincent Moraga Drive in Temecula. Stos Partners acquired the asset for $7.1 million. Calavo Growers has occupied the 64,678-square-foot industrial property since 1985. The building features an open warehouse, refrigerated cooler space, large yard space, excess land, dock loading, heavy power and 125 parking spaces. Calavo primarily uses the building as an avocado packing plant and will continue its operations under a new long-term, 30,000-square-foot lease in Suite B of the building. Rob Gunness and Kevin Kelly of CBRE represented the seller in the transaction.

May 22, 2019

Acquisitions Hospitality Oregon Western

Compass Commercial Negotiates $4.2M Sale of Jot’s Resort Hotel in Gold Beach, Oregon

by Amy Works May 22, 2019

GOLD BEACH, ORE. — Compass Commercial Real Estate Services has arranged the $4.2 million sale of Jot’s Resort, a hotel located at 94360 Wedderburn Loop in Gold Beach. The names of the seller and buyer were not released. Situated on 7.3 acres at the mouth of the Rogue River, the resort features 102 one-bedroom/one-bath guestrooms, a marina, pool, gift and tackle shop, and fitness center, as well as Rod ‘n Reel Restaurant & Bar, a fully equipped restaurant. Dan Kemp of Compass Commercial represented the seller, while Paul Grout of Signature Realty co-brokered the deal.

May 22, 2019

Acquisitions California Multifamily Western

Tower 16 Capital Partners Buys 352-Unit Multifamily Project in California for $63M

by Amy Works May 21, 2019

COLTON, CALIF. — San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a multifamily community located at 1315 S. Meadow Lane in Colton. FPA Multifamily sold the asset for $63 million in an off-market transaction. The District at Grand Terrace features 352 units in a mix of one-, two- and three-bedroom layouts with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office. The buyer will oversee renovations and upgrades to the property, including new outdoor amenities, an upgraded leasing office and interior renovations. Alliance Residential will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal. Scott Peterson and Bill Chiles of CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.

May 21, 2019

Arizona Development Multifamily Western

Wood Partners Breaks Ground on 300-Unit Alta Warehouse District in Phoenix

by Amy Works May 21, 2019

PHOENIX —Wood Partners has broken ground on Alta Warehouse District, a multifamily property in Phoenix. Located at 402 W. Lincoln St., the four-story property will feature 300 apartments, a double-height clubhouse area and game room, oversized fitness center, resort-style pool, rooftop entertainment space and a library and music room, as well as cultural, community-based amenities and programming. Scheduled to open in the second quarter of 2020, Alta Warehouse District is expected to begin pre-leasing in spring 2020.

May 21, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $25.5M Sale of Pacific Gardens Apartment Community in San Mateo, California

by Amy Works May 21, 2019

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Pacific Gardens, a townhome-style apartment community in San Mateo. Located at 25 McAker Court and constructed in 1993, Pacific Gardens features 38 two-story townhouse units with two bedrooms and 2.5 bathrooms, as well as in-unit washers/dryers, private patios, fireplaces, underground parking and individual storage. Adam Levin and Robert Johnston of Levin Johnston represented the undisclosed buyer and seller in the deal.

May 21, 2019

Acquisitions Colorado Retail Western

CBRE Arranges $11M Sale of Parker Crossroads Retail Center in Colorado

by Amy Works May 21, 2019

PARKER, COLO. — CBRE has brokered the sale of Parker Crossroads, a retail center located at 10901 S. Parker Road in Parker. A California-based private investor acquired the property from St. Louis-based Pace Properties for $11 million. Hobby Lobby and Planet Fitness occupy the 94,772-square-foot, two-tenant box retail center, which was built in 1994 and situated on 9.3 acres. The property was 100 percent occupied at the time of sale. Matthew Henrichs and Brad Lyons of CBRE represented the seller in the deal.

May 21, 2019

California Development Multifamily Seniors Housing Western

Eden Housing Opens 90-Unit Pauline Weaver Senior Apartments in Bay Area

by Amy Works May 21, 2019

FREMONT, CALIF. — Eden Housing has opened Pauline Weaver Senior Apartments, a 90-unit affordable housing community for seniors in Fremont, located at the southeast edge of San Francisco Bay. KTGY Architecture + Planning designed the project. The City of Fremont also partnered on the development. Formerly known as Mission Court, units are reserved for seniors earning between 30 and 50 percent of area median income. The community sits on a 2.25-acre site approximately one mile from the Warm Springs BART Station. “As the first piece of a greater age-qualified master plan, Pauline Weaver Senior Apartments sits across the street from a future senior center. This future amenity will not only enhance the lives of the residents living in this affordable community but also the future master plan,” says Jessica Musick, a principal in KTGY’s Oakland office. Pauline Weaver, the property’s namesake, is a longtime advocate for affordable housing in California. She has been on the Eden Housing Board of Directors since joining in 1988. Weaver was an assistant public defender in Alameda County and the past president of both the National Conference of Women’s Bar Association and California Women Lawyers. According to Eden Housing, the development has a unique financing …

May 21, 2019

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