BOTHELL, WASH. — Griffis Residential has purchased the 524-unit Bridges at Northcreek Apartments for an undisclosed sum. The community is located at 20225 Bothell Everett Highway in Bothell, about 23 miles north of Downtown Seattle. The property has been renamed Griffis North Creek Bothell. It was built in 1999. Notable employers in the area include Microsoft, Boeing, Lockheed Martin, Panasonic, Phillips Medical and Seattle Genetics.
WOODINVILLE, WASH. — Acacia Capital Corp. has purchased the 360-unit Campbell Run apartments in Woodinville for $98 million. The community is located at 13305 N.E. 171st St., just outside downtown Seattle and the Eastside Tech Corridor. It was built in 1989 and renovated in 2014. Campbell Run is the second largest garden-style apartment community to sell this year on the Eastside in terms of both sales price and number of units, according to the new owner. The seller was Grosvenor Americas, while the property manager was Thrive Communities. Philip Assouad and Giovanni Napoli of Kidder Mathews brokered the transaction.
OAK BROOK, ILL. — Oak Brook-based Inland Real Estate Acquisitions, acting on behalf of an Inland affiliate, has arranged the acquisition of 24 newly developed CVS/pharmacy properties across 14 states for $116 million. Totaling 276,466 square feet, the properties are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. Joe Cosenza of The Inland Real Estate Group and Inland Real Estate Acquisitions facilitated the acquisition for the buyer.
SAN ANTONIO — JLL has arranged 21,119 square feet of new office leases at Forum Offices over the past 60 days. The largest deal was with GM Financial, which will occupy the first floor of Forum Three office building with 10,661 square feet. Other new tenants include CoStar Group, Guardian Mortgage Co. and HMG Engineers. JLL’s Mark Krenger, Lisa Mittel and Meredith Sheeder worked on behalf of the landlord, a partnership between Endeavor Real Estate and Long Wharf Partners, to finalize the transactions. JLL’s Pat McDowell and John Worthen represented GM Financial, Sergio Acosta of San Antonio Commercial Advisors represented CoStar Group and Scott Wolff of Transwestern represented Guardian Mortgage Co. The Forum Offices includes a three-building campus located on 16 acres in the Northwest submarket of San Antonio. The project spans over 380,000 square feet and is 91.4 percent leased. Endeavor Real Estate and Long Wharf Partners purchased the property late last year and have invested in capital improvements including a tenant training facility, fitness center, expanded Wi-Fi coverage and renovated signage and branding.
SEATTLE — LBA Realty has purchased the 123,108-square-foot Broadacres office building in Seattle for $25.4 million. The building is located at 1601 2nd Ave., two blocks from Sound Transit-King County Metro’s Westlake station and one block from Pike Place Market. The 10-story property is a value-add, creative office redevelopment opportunity, according to HFF, which represented the seller, Principal Real Estate Investors, in this transaction. Nicholas Kucha led the firm’s team, which marketed the property in partnership with KG Investment Properties.
DALY CITY, CALIF. — Faris Lee Investments has arranged the $7.8 million sale of a freestanding, 14,500-square-foot retail property occupied by CVS/pharmacy in Daly City, roughly nine miles outside San Francisco. Rick Chichester, Donald MacLellan and Thomas Chichester of Faris Lee represented the seller, 550 Larkin Street LLC, and the buyer, Barchester Corp., in the 1031 exchange transaction. CVS/pharmacy has 23 years remaining on its lease.
COSTA MESA, CALIF. — Evans Senior Investments has arranged the sale of Villa Rose Memory Care, a 98-bed memory care community in the Los Angeles suburb of Costa Mesa, for $6.5 million. Pacifica Senior Living acquired the property from Sorenson Capital. The purchase price equates to $130,000 per unit. The 31,900-square-foot community underwent a $1.7 million renovation in 2011.
NILES, ILL. — Baum Realty Group has arranged the sale of Oak Mill Plaza, a grocery-anchored retail property located at 7900 N. Milwaukee Ave. in the Chicago suburb of Niles. Major Realty Group sold the center to an affiliate of Phillips Edison & Co. for an undisclosed price. The 164,000-square-foot property is anchored by Jewel-Osco. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller in the deal.
NEW YORK CITY — Thor Equities has acquired 180 Bedford Avenue in Brooklyn’s Williamsburg neighborhood from an undisclosed seller for $30 million. The company plans to develop a retail building. Designed by Fradkin & McAlpin Architects, the 14,500-square-foot building will feature 120 feet of wrap-around frontage on Bedford Avenue and North Seventh Street. The building will feature brick exterior finishes, floor-to-ceiling glass windows, a 2,500-square-foot roof deck, and 12,000 square feet of floor space divided equally among three floors, including a lower level with 12-foot ceilings. Additionally, the building’s plumbing, electrical and HVAC systems are designed to accommodate a commercial kitchen, should a future tenant need one.
DALLAS — Colliers International has arranged the sale of Northgate III, a 95,204-square-foot industrial property in Dallas. The buildings are located at 12002 and 12092 Forestgate Drive. Lizzy Blake of Colliers represented the seller, Mountain West Industrial, and Tom Grant of Lee & Associates represented the buyer, P.S.C. Properties LLC.
