Western

Intercontinental Real Estate Buys 72,130 SF Office/Retail Building in Portland

by Amy Works March 19, 2019

PORTLAND, ORE. — Intercontinental Real Estate Corp., on behalf of its managed fund U.S. Real Estate Investment Fund, has acquired the 72,130-square-foot office and retail portion of the Heartline Condominium. The price was not disclosed. Located at 1241 NW Johnson St., Heartline is part of a master-planned, mixed-use residential and commercial development within Portland’s Pearl District. Completed in 2018, the property features 61,659 square feet of office space and 10,471 square feet of retail space. Vacasa, a company that manages vacation homes, occupies the entire office portion of the project in a long-term basis. Ground-floor retail tenants include Kure Juice Bar, Little Bean and QuickFish Poke Bar. Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller, Security Properties Development Co., in the deal.

March 19, 2019

Development Industrial Washington Western

Avenue 55 to Develop 212,516 SF Industrial Project in South Seattle

by Amy Works March 19, 2019

SEATTLE — Seattle-based Avenue 55 is developing Track 6, a multi-story industrial space located in the SoDo submarket of Seattle. Situated on 2.4 acres, Track 6 will include a four-story, 212,516-square-foot building with dock-high and grade-level loading into forklift freight elevators, 54,000-square-foot floor plates, a ground-floor with 24-foor clear heights and 108 surface parking stalls. Construction is slated to begin later this year with delivery scheduled for fourth-quarter 2020. The project team includes Nelson, formerly Craft Architects; Sierra Construction; and Barghausen Consulting Engineers. Thad Mallory of Newmark Knight Frank’s Bellevue, Wash., office and Evan Lugar of Kidder Mathews are handling preleasing for the property.

March 19, 2019

Arizona Loans Multifamily Western

Dougherty Mortgage Closes $23.1M Acquisition Loan for Bear Canyon Apartments in Tucson

by Amy Works March 19, 2019

TUCSON, ARIZ. — Dougherty Mortgage has closed a $23.1 million Fannie Mae loan for Bear Canyon, a market-rate apartment complex in Tucson. The borrower, Tucson M3-13 LLC, will use proceeds of the 10-year loan to purchase the 238-unit property. Additional details of the financing were not released.

March 19, 2019

Acquisitions Colorado Multifamily Western

Inland Private Capital Completes Sale of Two Multifamily Assets in Denver for $21.8M

by Amy Works March 19, 2019

DENVER — Inland Private Capital Corp. (IPC) has completed the sale of two multifamily properties in Denver, Ascent Uptown and Emerson Lofts, for $21.8 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs. Located at 1691 Franklin St., the three-story Ascent Uptown features 22 residential units. The property also has 4,988 square feet of retail space, currently leased to coffeeshop/bakery Olive & Finch and Patxi’s Pizza. The property was constructed in 2013. Also constructed in 2013, Emerson Lofts offers 42 multifamily units and 42 basement garage parking spaces. The property is located at 777 Emerson St. At the time of sale, Ascent Uptown was fully leased and Emerson Lofts was 97.6 percent leased.

March 19, 2019

Acquisitions Multifamily Washington Western

Cadence Real Estate Sells Sunset Villa Apartment Building in Seattle for $5.4M

by Amy Works March 19, 2019

SEATTLE — Cadence Real Estate has completed the disposition of Sunset Villa, an apartment building located at 3736 24th Ave. in Seattle’s Ballard neighborhood. Marysville Apartments LLC acquired the property for $5.4 million, or $320,588 per unit. Built in 1963, the four-story Sunset Villa features 12 one-bedroom and five two-bedroom units. The seller recently completed a significant renovation to both the common areas and individual units of the building. Renovations included vinyl-plank flooring, quartz counter tops, new cabinets, stainless steel appliances, light fixtures and bathroom vanities and tub surrounds. Tim McKay, Dan Chhan and Sam Wayne of Colliers International, in collaboration with Spencer Clark of Marcus & Millichap, brokered the transaction.

March 19, 2019

Acquisitions Colorado Multifamily Western

Oak Coast, BMC Investments Buy 1,023-Unit Multifamily Portfolio in Denver for $177M

by Amy Works March 18, 2019

DENVER — Oak Coast Properties and BMC Investments have purchased a three-property multifamily portfolio in Denver from an undisclosed seller for $177 million. The buyers plan to renovate and rebrand the existing properties — Timberline Apartments, Woodhaven Apartments and Westwood Apartments — as one large community named Ivy Crossing. Originally built between 1974 and 1977 and situated on 45 acres, the properties offer a combined total of 1,023 units. The buyers plan to improve and centralize the combined community leasing center, renovate a formerly shuttered, 5,000-square-foot clubhouse and amenity center, and enhance landscaping and property exteriors, as well as handle deferred maintenance issues. Charles Halladay, Brock Yaffe and Rick Salinas of HFF arranged 15-year, full-term, interest-only $120 million loan through Freddie Mac’s Optigo Social Impact initiative for the acquisition. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the transaction. The acquisition marks the ninth and largest investment partnership between Oak Coast Properties and BMC, as well as the 11th Oak Coast Properties assignment for BLDG Management, the property management affiliate of BMC.

March 18, 2019

Acquisitions California Retail Western

Safco Capital Acquires 1.25-Acre Retail Parcel in West Hollywood for $25.2M

by Amy Works March 18, 2019

WEST HOLLYWOOD, CALIF. — Safco Capital Corp. has purchased a retail parcel, located at 8330 W. Santa Monica Blvd. in West Hollywood. Mayfair Realty sold the asset for $25.2 million. A 17,833-square-foot Gelson’s Market, a gourmet grocery store, occupies the building situated on the 1.25-acre site. David Swartz of Crosbie Gliner Schiffman Southard & Swanson represented the buyer in the deal, which was structured as a sale-leaseback transaction.

March 18, 2019

Arizona Loans Multifamily Seniors Housing Western

Love Funding Arranges $10.5M Construction Loan for Skilled Nursing Facility in Arizona

by Amy Works March 18, 2019

YUMA, ARIZ. — Love Funding has secured a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma. The 32,000-square-foot facility will offer 41 Medicare and managed care beds upon completion. Love Funding’s Leonard Lucas secured the bridge loan through Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding for the developer-operator’s portfolio.

March 18, 2019

California Civic Development Western

C.W. Driver Cos., Ware Malcomb Complete $5.4M Braille Institute Anaheim Center Facility

by Amy Works March 18, 2019

ANAHEIM, CALIF. — C.W. Driver Cos., as general contractor, and Ware Malcomb, as architect, have completed the development of Braille Institute Anaheim Center, a 14,700-square-foot building located on the institute’s existing campus in Anaheim. Located at 527 N. Dale Ave., the $5.4 million building replaces the institute’s former multi-structure facility and provides a larger unified space to serve more visually impaired children, adults and seniors from Orange, Los Angeles and Riverside counties. The property includes a 2,500-square-foot learning resource center featuring a library, computer lab, low-vision consultation area and counseling space. Additionally, the facility features designated areas for Braille reading education and self-defense training, as well as a 2,100-square-foot multipurpose room, four classrooms, an art and ceramics studio, training kitchen and multiple technology labs. The new project also features exterior gardens, gathering spots, a dog run and an open-air courtyard.

March 18, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Negotiates $4.7M Sale of 38-Unit Apartment Building in Denver

by Amy Works March 18, 2019

DENVER — Nexus Commercial Realty has arranged the sale of a multifamily building, located at 8770-8780 Galen Court in Denver. An undisclosed buyer acquired the 38-unit property from 71st & Lowell Apartments LLC for $4.7 million. The 30,802-square-foot property features 12 one-bedroom/one-bath and 26 two-bedroom/one-bath units. The property underwent recent renovations include new roofs, windows, boilers and decks, as well as 54 off-street parking spaces in a re-striped parking lot. Jason Koch of Nexus represented the seller in the deal.

March 18, 2019

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