HONOLULU — Honolulu-based Cushman & Wakefield Chaney Brooks has arranged the sale of 1659 and 1673 Kapiolani Boulevard in Honolulu. Evershine acquired the two-parcel asset from a multi-seller group, including Seiju Co. Ltd., Maruito USA and TYA LLC, for an undisclosed price. Combined, the properties feature 56,250 square feet of commercial space. The assets are situated in the Kapiolani-Ala Moana corridor, which is transforming into a transit-oriented live, work and play district near the under-construction Ala Moana rail station. Steve Sombrero of Cushman & Wakefield Chaney Brooks represented the sellers in the transaction.
NORTH LAS VEGAS, NEV. — Alston Construction, serving as general contractor, has broken ground on a warehouse property at Centennial Corporate Park, an industrial park in North Las Vegas. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, owns the property. Situated on 10 acres, the 204,000-square-foot, cross-dock industrial warehouse will feature 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. The speculative development is valued at $14 million. Panattoni Development is developing Centennial Corporate Park, which is slated for completion in second-quarter 2019.
STOCKTON, CALIF. — Amazon has signed a lease with CT Realty to occupy a newly constructed, 1.1 million-square-foot industrial building at NorCal Logistics Center in Stockton. Located at 4532 Newcastle Road, the fulfillment center offers proximity to Burlington Northern Santa Fe, Union Pacific intermodal facilities, SR-99 and interstates 5, 205 and 580. Terms of the lease were not disclosed. The transaction marks the completion of CT’s approximately 1.7 million-square-foot first phase of the 345-acre NorCal Logistics Center, following the sale of two completed buildings, totaling 575,127 square feet, to Prologis in June. CT Is underway on the second phase of the development: five buildings, totaling 2.7 million square feet, built as a mix of speculative and build-to-suit projects.
BELLEVUE, WASH. — BMO Harris Bank’s Commercial Real Estate Healthcare group has closed $16.7 million in acquisition and renovation financing for Sagebrook, an independent living, assisted living and memory care community in Bellevue. Altum Senior Living operates the community, which is located across Lake Washington from Seattle. The property offers assisted living and memory care. A large strategic investor in the seniors housing industry teamed up with a regional partner to complete the acquisition. Further information on the buyer, seller and community was not disclosed.
YUMA, ARIZ. — Colliers International has arranged the sale of Best Western Inn & Suites, located at 1450 S. Castle Dome Ave. in Yuma. Palm Springs Inn LLC acquired the hotel from Yuma Hospitality Properties for $16 million. James Meng and Jon Grantham of Colliers in Greater Phoenix represented the seller, while Steve Usher of Titan Hospitality and Susan Lee of Ocean 5 Investments represented the buyer in the deal. Built in 1998, the hotel features 166 rooms and suites spread across six buildings.
KENT, WASH. — Terreno Realty Corp. has acquired an industrial property, currently under construction at 8615 S. 192nd St. in Kent, for $12.4 million. The name of the seller was not released. Situated on 12.7 acres, the 220,000-square-foot, rear-load industrial distribution facility is slated for completion by the end of 2019. The property will feature 47 dock-high and two grade-level loading positions, 36-foot clear heights, and parking for 137 cars and 30 trailers. The estimated stabilized cap rate of the property is 5.6 percent and the total expected investment is $33.9 million.
COLORADO SPRINGS, COLO. — Evergreen Devco has broken ground for a Starbucks Coffee property located at 2457 N. Marksheffel Road in Colorado Springs. Situated within Claremont Ranch Marketplace, the 2,200-square-foot, single-tenant building will feature a drive-thru lane. The coffee shop is expected to open in early 2019. Denver-based G3 Architecture designed the property, while Longmont-based Golden Triangle Construction is serving as contractor for the project.
BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …
SAN DIEGO — Dempsey Construction, on behalf of owner LBA Realty, has completed the redevelopment of a five-building project, located at 4400 Ruffin Road in San Diego’s Kearny Mesa submarket. Formerly occupied by Pratt & Whitney, the office and aerospace complex has been converted to a modern office and warehouse property. The project involved the demolition of a 102,000-square-foot building and the renovation of the adjacent two-story, 130,000-square-foot office buildings to include showcase lobbies and entrances, as well as structural enhancements. Additionally, a 106,000-square-foot tilt-up warehouse was constructed to feature 33-foot clear heights and 28 truck docks with roll-up doors.
HUNTINGTON BEACH, CALIF. — Stockbridge, on behalf of its Smart Markets Fund, has purchased Edinger Plaza, a power shopping center located at 7490-7664 Edinger Ave. in Huntington Beach. Santa Monica-based Watt Cos. sold the property for an undisclosed price. Developed in 1976 and redeveloped in 2012, the 155,275-square-foot shopping center is situated on 13.4 acres. At the time of sale, the property was 99 percent leased to a variety of tenants, including Nordstrom Rack, Dick’s Sporting Goods, PetSmart and Michaels. Megan Wood, Jimmy Slusher, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West team represented the seller and buyer in the deal, which was the highest priced retail property transaction in Orange County this year, according to the brokers.