LOS ANGELES—Columbia Pacific Advisors has broken ground on the Danforth apartments in the First Hill neighborhood of Seattle. The 16-story luxury apartment tower has 265 units and a ground floor Whole Foods as well as 355 parking spaces. The property will be completed in 2018.
SALES
LOS ANGELES—A private investor has acquired the Fairfax Commons, a rent-stabilized multifamily property, for $1.5 million from an investor operating as Fairfax Properties LP. The property was built in the 1950s and has eight units. Greysteel managing director John F. Mullen and investment associate Everett Wong of the company's Los Angeles, CA office represented the seller and the buyer in the transaction.
LOS ANGELES—Sierra Nevada Investment Group has acquired the Bayless Engineering Building for $12 million from a private investor. The two-building class-A industrial property in Valencia is fully occupied by Bayless Engineering and Manufacturing. Craig Lyon of Craig Lyon Commercial and Steve Calhoun at Colliers International represented the buyer, while CBRE's Craig Peters and Robert Valenziano represented the seller.
PERRIS, CA—Clarion Partners has acquired a 579,708-square-foot industrial facility at 3900 Indian Avenue in Perris, CA. The property is constructed in 2014, and is fully leased on a long-term basis. The cross-docked property features state-of-the art construction specifications including clear height, truck court depths, door counts, auto parking and sprinklering.
LOS ANGELES—Equity Office has sold 150 East Colorado Boulevard, a 62,286-square-foot, boutique office building in the Old Towne neighborhood of Pasadena, for $30 million loan to an unknown buyer. The property is located near retail and restaurants and is 89.3% occupied. Senior managing director Ryan Gallagher and director Andrew Harper of HFF represented the seller in the transaction, while Long Dragon Realty represented the buyer.
PORTLAND, OR—BEF Holdings has acquired the Parkside Apartment Homes in Gresham, OR, from KKR for $37.25 million. The property is in close proximity to employers and retail amenities. HFO partners Tyler Johnson and Cody Hagerman represented the seller in the transaction.
SAN DIEGO—Centro Indy has sold the Centro Condominiums in National City, CA, to 12th Street Apartments for $15.8 million. The 61-unit property has a mix of one-, two- and three-bedroom apartment units with in-unit washer/dryer, stainless steel appliances, walk-in closets and patios or balconies.
FINANCING
LOS ANGELES—Sharp Capital has secured $15 million to refinance the HoM @ West Temple, a 67-unit apartment complex in Silverlake. Principal Real Estate Investors funded the seven-year loan at 3.51%. Sharp was able to secure the rate through an early rate lock program three months before the closing of the loan. Jeff Sause of HFF secured the funds on behalf of the borrower.
LOS ANGELES—A California-based private investor has secured a $16.2-million loan to refinance the Falcon Landing Apartments. The loan has a fixed-rate seven-year a 30-year amortization schedule and funded by Freddie Mac. Brent Wessel, managing director of Pillar's CMBS Originations practice secured the funding on behalf of the borrower.
EMPLOYMENT
DENVER—Forum Real Estate Group has hired Brian Shuman as president and CFO of the company. Shuman has 20 years of experience and had formerly served as only CFO at the firm. As president, he will oversee strategic leadership and day-to-day management for the company. In addition to this promotion, the firm also hired Kyle Winning as managing director and chief investment officer, Don MacKenzie as managing director and chief development officer and Ryan Brome as VP-investor relations.
ORANGE COUNTY, CA—Stirling Development has hired Andrea Wachter as Marketing and Transaction Coordinator, where she will support transactions and marketing-related activities for Stirling's development projects including Southern California Logistics Centre (SCLC) in Victorville and Ocean Ranch in Oceanside. She joins the firm from Black Creek Capital, where she served as operations coordinator.
LOS ANGELES—Scott Caswell has joined Lee & Associates LA North/Ventura office as a principal. Caswell brings 29 years of experience to the firm and previously worked at Delphi Business Properties. He will be based in the firm's Calabasas office.
ONTARIO, CA—Marcus & Millichap has hired Janine Peltier as an investment sales professional working with the National Retail Group. In this new role, she will represent retail owners and investors throughout the Inland Empire.
SAN DIEGO—Marcus & Millichap has promoted Phil Sambazis to SVP of investments. He most recently held the position of first VP of investments, and specializes in retail property investments. Additionally, he serves as a senior director of both the firm's National Retail Group and Net Leased Properties Group
LOS ANGELES—Ethika Investments has promoted Marisa Lizak to director of capital markets. She brings experience evaluating, underwriting, and structuring complex commercial real estate transactions to the firm and will help to enhance the firm's value-add strategy and bring continued momentum to its capital sourcing efforts. She most recently worked as SVP and head of underwriting at Starwood Property Trust.
DEVELOPMENT
HONOLULU, HI—International Market Place in Waikiki has officially opened. The 354,000-square-foot redevelopment project, from Queen Emma Land Co., Coastwood Capital Group and Taubman Centers, brings the first Saks Fifth Avenue to the market, while the remaining tenant mix also includes several restaurants and retail shops.
DENVER—DCT Industrial Trust has acquired 14.6 acres of land in the Northeast market of Denver for the construction of a 168,000-square-foot distribution center. DCT assembled the land site from three land parcels. The property is being built on spec and will be within close proximity to the I-70 freeway.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
LOS ANGELES—Columbia Pacific Advisors has broken ground on the Danforth apartments in the First Hill neighborhood of Seattle. The 16-story luxury apartment tower has 265 units and a ground floor Whole Foods as well as 355 parking spaces. The property will be completed in 2018.
SALES
LOS ANGELES—A private investor has acquired the Fairfax Commons, a rent-stabilized multifamily property, for $1.5 million from an investor operating as Fairfax Properties LP. The property was built in the 1950s and has eight units. Greysteel managing director John F. Mullen and investment associate Everett Wong of the company's Los Angeles, CA office represented the seller and the buyer in the transaction.
LOS ANGELES—Sierra Nevada Investment Group has acquired the Bayless Engineering Building for $12 million from a private investor. The two-building class-A industrial property in Valencia is fully occupied by Bayless Engineering and Manufacturing. Craig Lyon of Craig Lyon Commercial and Steve Calhoun at Colliers International represented the buyer, while CBRE's Craig Peters and Robert Valenziano represented the seller.
PERRIS, CA—Clarion Partners has acquired a 579,708-square-foot industrial facility at 3900 Indian Avenue in Perris, CA. The property is constructed in 2014, and is fully leased on a long-term basis. The cross-docked property features state-of-the art construction specifications including clear height, truck court depths, door counts, auto parking and sprinklering.
LOS ANGELES—Equity Office has sold 150 East Colorado Boulevard, a 62,286-square-foot, boutique office building in the Old Towne neighborhood of Pasadena, for $30 million loan to an unknown buyer. The property is located near retail and restaurants and is 89.3% occupied. Senior managing director Ryan Gallagher and director Andrew Harper of HFF represented the seller in the transaction, while Long Dragon Realty represented the buyer.
PORTLAND, OR—BEF Holdings has acquired the Parkside Apartment Homes in Gresham, OR, from KKR for $37.25 million. The property is in close proximity to employers and retail amenities. HFO partners Tyler Johnson and Cody Hagerman represented the seller in the transaction.
SAN DIEGO—Centro Indy has sold the Centro Condominiums in National City, CA, to 12th Street Apartments for $15.8 million. The 61-unit property has a mix of one-, two- and three-bedroom apartment units with in-unit washer/dryer, stainless steel appliances, walk-in closets and patios or balconies.
FINANCING
LOS ANGELES—Sharp Capital has secured $15 million to refinance the HoM @ West Temple, a 67-unit apartment complex in Silverlake. Principal Real Estate Investors funded the seven-year loan at 3.51%. Sharp was able to secure the rate through an early rate lock program three months before the closing of the loan. Jeff Sause of HFF secured the funds on behalf of the borrower.
LOS ANGELES—A California-based private investor has secured a $16.2-million loan to refinance the Falcon Landing Apartments. The loan has a fixed-rate seven-year a 30-year amortization schedule and funded by
EMPLOYMENT
DENVER—Forum Real Estate Group has hired Brian Shuman as president and CFO of the company. Shuman has 20 years of experience and had formerly served as only CFO at the firm. As president, he will oversee strategic leadership and day-to-day management for the company. In addition to this promotion, the firm also hired Kyle Winning as managing director and chief investment officer, Don MacKenzie as managing director and chief development officer and Ryan Brome as VP-investor relations.
ORANGE COUNTY, CA—Stirling Development has hired Andrea Wachter as Marketing and Transaction Coordinator, where she will support transactions and marketing-related activities for Stirling's development projects including Southern California Logistics Centre (SCLC) in Victorville and Ocean Ranch in Oceanside. She joins the firm from Black Creek Capital, where she served as operations coordinator.
LOS ANGELES—Scott Caswell has joined Lee & Associates LA North/Ventura office as a principal. Caswell brings 29 years of experience to the firm and previously worked at Delphi Business Properties. He will be based in the firm's Calabasas office.
ONTARIO, CA—Marcus & Millichap has hired Janine Peltier as an investment sales professional working with the National Retail Group. In this new role, she will represent retail owners and investors throughout the Inland Empire.
SAN DIEGO—Marcus & Millichap has promoted Phil Sambazis to SVP of investments. He most recently held the position of first VP of investments, and specializes in retail property investments. Additionally, he serves as a senior director of both the firm's National Retail Group and Net Leased Properties Group
LOS ANGELES—Ethika Investments has promoted Marisa Lizak to director of capital markets. She brings experience evaluating, underwriting, and structuring complex commercial real estate transactions to the firm and will help to enhance the firm's value-add strategy and bring continued momentum to its capital sourcing efforts. She most recently worked as SVP and head of underwriting at Starwood Property Trust.
DEVELOPMENT
HONOLULU, HI—International Market Place in Waikiki has officially opened. The 354,000-square-foot redevelopment project, from Queen Emma Land Co., Coastwood Capital Group and Taubman Centers, brings the first Saks Fifth Avenue to the market, while the remaining tenant mix also includes several restaurants and retail shops.
DENVER—DCT Industrial Trust has acquired 14.6 acres of land in the Northeast market of Denver for the construction of a 168,000-square-foot distribution center. DCT assembled the land site from three land parcels. The property is being built on spec and will be within close proximity to the I-70 freeway.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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