Thursday, May 2, 2024
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Villas-28th-St-Vancouver-WA
AcquisitionsMultifamilyWashingtonWestern

Kennedy Wilson, Haseko Purchase Two Multifamily Properties in Vancouver, Washington for $90M

by Amy Works

VANCOUVER, WASH. — Kennedy Wilson has partnered with Haseko Corp. to purchase The Farmstead and Villas at 28th Street for $90 million. Both apartment communities are located in Vancouver, just across the Columbia River from Portland, Oregon. The name of the seller was not released. Totaling 350 units, the recently completed properties feature diverse floor plans across three unit types, as well as a variety of amenities, including secure gated access, fitness centers, dog parks, a pickle ball court, pet wash stations, natural green space and walking trail. The assets are located within five minutes of each other and within 10 minutes of Portland.

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AcquisitionsArizonaOfficeWestern

Newmark Arranges $86.1M Sale of 308,481 SF Office Tower in Phoenix

by Amy Works

PHOENIX — Newmark has arranged the $86.1 million all-cash sale of 24th at Camelback, an office asset in Phoenix’s Camelback corridor. Barry Gabel, Chris Marchildon, CJ Osbrink and Kevin Shannon of Newmark represented the seller, an institutional owner. The buyer was a family office based abroad. Located at 2375 E. Camelback Road, the eight-story 24th at Camelback offers 308,481 square feet of office space. Developed by Hines in 2000, the property features a fitness center, onsite dining options, shared tenant conference facilities, 24/7 security, two subterranean levels of parking and a detached, six-level, above-grade parking structure.

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Sycamore-Hills-Distribution-Riverside-CA
CaliforniaDevelopmentIndustrialWestern

Rockefeller Group Starts Construction of 603,100 SF Sycamore Hills Distribution Center in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Rockefeller Group has begun construction of Sycamore Hills Distribution Center situated on 34.6 acres in the Inland Empire city of Riverside. Totaling 603,100 square feet, the project will include a 400,000-square-foot building and a 203,100-square-foot building. The two buildings will offer 36-foot clear heights, 56-foot by 60-foot column spacing, 623 auto parking spaces and 155 trailer parking spaces. As part of the development, Rockefeller Group will develop and then donate a 1.2-acre trailhead parking lot north of the property that will provide hiking and mountain biking access to the Sycamore Canyon Wilderness Park. The trailhead parking lot will include 52 parking stalls, a seating area, drinking fountain and bike repair stand that will be dedicated in fee title to the City of Riverside upon completion. JPMorgan Chase provided $87.2 million in construction financing for the project, which is slated for completion in early 2025. The project team includes HPA Architects, Kimley-Horn, Fullmer Construction and ECM Management. Bill Heim, Alex Heim, Michael Chavez, Mario Calvillo and Finn Comer of Lee & Associates’ Ontario office will oversee leasing of the project.

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Aviator-Hotel-Anchorage-AK
AlaskaHospitalityLoansWestern

PACE Loan Group Completes $10M Financing for Aviator Hotel in Anchorage, Alaska

by Amy Works

ANCHORAGE, ALASKA — PACE Loan Group (PLG) has completed the third tranche of C-PACER financing for The Aviator Hotel in downtown Anchorage. With this round of $10 million financing, the hotel has received $16.7 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) loans to support the renovations and upgrades to the 1970s-era hotel, which is being redeveloped into a modern, Class A hotel. Once the renovation is complete in late 2024, The Aviator Hotel will have 250 rooms and suites, a retail store, coffee shop, brewery, bar and a restaurant with year-round outdoor deck with views of Denali, the highest mountain peak in North America. Renovation of the property began in 2022. To date, 61 room updates have been completed. Renovations include energy conservation measures, including HVAC upgrades, building envelope, water fixtures, lighting, insulation, snow-load management and energy-efficient heating. The conservation measures are expected to save an average of $259,773 in energy costs annually over the next 30 years, and the resilience improvements will increase the building’s resistance to extreme weather events. Matthew McCormack of PLG originated the C-PACER loans, which required collaboration with other municipal and private funding sources.

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3106-N-Garey-Ave-Pomona-CA.jpg
AcquisitionsCaliforniaMultifamilyWestern

Flowing Streams Acquires North Garey Village Apartments in Pomona, California for $9.9M

by Amy Works

POMONA, CALIF. — Flowing Streams LLC has purchased North Garey Village Apartments, a multifamily community in Pomona, for $9.9 million. Pomona is approximately 30 miles east of Los Angeles. Douglas McCauley and David Covarrubias of Marcus & Millichap’s Inland Empire office represented the seller, Kot and Offenbecher Trust, and procured the buyer in the transaction. Located at 3016 N. Garey Ave., North Garey Village Apartments offers 44 residences spread across 11 apartment buildings on a 1.5-acre parcel. Community amenities include single-car garages, on-site laundry facilities, storage rooms and select units with fireplaces. The property was built in 1963.

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Demand for retail space in the first quarter of 2024 has been driven by food-and-beverage, discount and experiential sector tenants.
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates Report: Industrial, Office Sectors Face Challenges as Retail, Multifamily Show Positive Trends

by Sarah Daniels

Economic headwinds such as elevated interest rates and persistent inflation set the stage for mixed outcomes in the first quarter for industrial, office, retail and multifamily sectors, with market observers anticipating a contracting economy, as outlined by Lee & Associates’ 2024 Q1 North America Market Report. On the industrial front, market pressures — including interest rates and supply chain challenges — led to higher vacancy in the United States in the first quarter of the year. U.S. office space experienced its fifth consecutive year of contraction, as office worker attendance stagnated. Additional challenges, in the form of loans maturing in a high-rate environment, signal further challenges in the near future for the office landscape. Continued merchant demand, reduced closures and bankruptcies and limited supply converged to create a feeding frenzy for retail space, with vacancies at historic lows. And finally, geographically based factors drove multifamily markets, many of which (especially in the Midwest and Northeast) experienced a rebound in apartment demand fueled by rising consumer sentiment and moderating inflation, despite supply outpacing demand. Lee & Associates has made their full, first-quarter report available here (with breakdowns of cap rates by city, vacancy rates, market rents, inventory square footage and more). The summaries from …

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Unison-Elliott-Bay-Seattle-WA
DevelopmentIndustrialLife SciencesMixed-UseOfficeWashingtonWestern

Office Properties Income Trust Completes 300,000 SF Unison Elliott Bay Life Sciences Campus in Seattle

by Amy Works

SEATTLE — Office Properties Income Trust (NASDAQ: OPI) has completed Unison Elliott Bay, a three-building, 300,000-square-foot life sciences campus located at 351, 401 and 501 Elliott Ave. West in Seattle. Unison Elliott Bay features Class A office space totaling 200,000 square feet. The buildings feature 14-foot floor-to-floor heights in two dedicated lab buildings inclusive of move-in ready lab and R&D space, with suites ranging from 12,500 square feet to 25,000 square feet. The campus includes dedicated mechanical infrastructure supported by standby generator power to accommodate lab and technological power requirements. The campus features reception areas, collaborative indoor and outdoor meeting areas, conference and training rooms, fitness and changing room facilities, and a landscaped courtyard with built-in pergola and sculptures. Additional amenities include covered and surface parking, secure bike storage and electric vehicle charging stations. The campus will also offer a chef-driven café, as well as a rotating mix of food trucks. Sonoma Biotherapeutics, a clinical-stage biotechnology company, has signed a 10-year lease for more than 83,000 square feet at the 501 building. The clinic-stage biotechnology company occupies three floors of office and lab space for its R&D and manufacturing center, which is intended for the development of engineered regulatory T …

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The-Abbey-West-Hollywood-CA
AcquisitionsCaliforniaRestaurantRetailWestern

Marcus & Millichap Negotiates $27M Sale of Two Hollywood Nightspots

by Amy Works

WEST HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of The Abbey Food & Bar and The Chapel at The Abbey, two nightspots in West Hollywood. David Cooley sold the assets to Tristan Schukraft for $27 million. Brandon Michaels and Matthew Luchs of Marcus & Millichap represented the seller and procured the buyer in the deal. The previous ownership transformed a small coffee shop into The Abbey Food & Bar became a well-known bar, restaurant and event venue, and opened its sister location, The Chapel at The Abbey. The assets are located on neighboring parcels at the signalized corner of North Robertson and Santa Monica boulevards.

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2000-Lake-Washington-Apts-Renton-WA.jpg
AcquisitionsMultifamilyWashingtonWestern

NYLREI Divests of 186-Unit Multifamily Community in Renton, Washington for $53.2M

by Amy Works

RENTON, WASH. — New York Life Real Estate Investors (NYLREI) has completed the sale of 2000 Lake Washington, an apartment property in Renton, to an undisclosed buyer for $53.2 million. Renton is located southeast of Seattle. Located at 1300 N. 20th St., 2000 Lake Washington offers 186 apartments in a mix of one- and two-bedroom floor plans, averaging 706 square feet, with in-unit washers/dryers and a balcony and/or patio. Community amenities include a fitness center, dog park, business center, clubhouse, outdoor pool, sauna and electric vehicle chargers. Built in 1986, the community was renovated in 2016. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE’s multifamily team in the Pacific Northwest represented the seller. Peter Marino, Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt and Structured Financed is arranging acquisition financing for the buyer.

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Crossroads-Apts-West-Valley-City-UT.jpg
AcquisitionsLoansMultifamilyUtahWestern

IPA Arranges Sale of, Financing for 240-Unit Crossroads Apartments in West Valley City, Utah

by Amy Works

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of and financing for Crossroads Apartments, a multifamily community in West Valley City, a suburb of Salt Lake City. Brock Zylstra and Danny Smith of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing for the buyer. Built in 1986 on more than 10 acres, Crossroads Apartments offers 240 apartments, a swimming pool, children’s playscape, basketball and tennis courts, a picnic area and clubhouse. The property offers a mix of one- and two-bedroom apartments with walk-in closets, storage rooms and a patio or balcony. The buyer, seller and acquisition price were not disclosed.

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