From: Dan Pittman dan@pittmanpr.comSubject: Western Real Estate Business - $130M Mixed-Use Seniors Housing Project in Hawaii

Date: October 9, 2018 at 10:58 AMTo:

October 4, 2018 | ISSUE 807

Subscribe | News Submission | Contact | Advertise

Highridge Costa, Coastal Rim Properties Break Ground on $130M Mixed-Use Seniors Housing Project in Hawaii

Upon completion, Kulana Hale will bring 297 affordable residential apartmentsfor seniors and families to Kapolei, Hawaii. (Rendering credit: SVA Architects)

KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property.

Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases.

The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor.

The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019.

The final phase will be a single-story retail space to serve the residents and larger community.

Share Newsletter

larger community.

To read more, click here.

Sponsored content brought to you by TEN-X Commercial

40+ Western Properties for Sale | Click to View Map

±3,000-Acre Residential Estate Development, Over 1,600 Acres for Home Sites | Buy Online Nov 5-7

One-Story Commerical Showroom Located in Seattle, WA | Buy Online Nov 13-15

RETAIL: Former Long John Silver's; 1,983 SF Space in San Bernardino, CA | Buy Online Nov 13-15

BUY ONLINE NOV 13-15: Class A, 75.8% Occupied, 57,581 SF Low-Rise Office Building in Wichita, KS

Koll Co., Seera International BankSell 1 MSF Buckeye LogisticsCenter in Phoenix for $98.3M

Amazon utilizes the 1 million-square-foot Buckeye Logistics Center, located at 6835 W. Buckeye Road in Phoenix, for storage and distribution of its clothing and soft

goods inventory.

PHOENIX — The Koll Co. and Seera International Bank have completed the sale of Buckeye Logistics Center, a distribution center located at 6835 W. Buckeye Road in Phoenix. An undisclosed buyer acquired the property for $98.3 million.

Amazon occupies the 1 million-square-foot warehouse/distribution facility. Originally built as a 604,678-square-foot facility in 2007, Amazon has expanded the property to accommodate its growing clothing and soft goods inventory.

The Koll Co. acquired the property in 2016 for $74.7 million and worked with Amazon to convert the property to meet its needs, including the acquisition of an adjacent parcel for additional truck trailer storage. The Koll Co., along with Mark Detmer and Bo Mills of JLL, also renegotiated the tenant’s lease, extending Amazon’s term to more than 10 years.

Unico Properties, American Realty Advisors Acquire 398,412 SFMODA Office Tower in Portland

Located in Portland’s central business district, the 24-story MODA Towerfeatures 398,412 square feet of Class A office space and unobstructed views

of Mt. Hood and Willamette River.

PORTLAND, ORE. — A joint venture between Unico Properties, a subsidiary of Unico Investment Group, and American Realty Advisors has purchased MODA Tower, a skyline office tower in Portland’s central business district, for an undisclosed price.

Located at 601 SW Second Ave., the 24-story building features 398,412 square feet of Class A office space. At the time of sale, the property was 90 percent leased. The building features an on-site daycare facility, gourmet coffee and food service, bike storage, direct access to the MAX light rail transit system, exterior terraces and unobstructed views of Mt. Hood and the Willamette River.

Jason Flynn of Eastdil Secured represented the undisclosed seller in the deal.

Communities’ Appetite for Food Halls Grows But Risks Abound,Says IEDC Panel

ATLANTA — Five years ago, there were about 30 food halls across the entire country. By 2020, Cushman & Wakefield predicts there will be 300. “I agree we have a lot of food halls coming,” said Jamestown president Michael Phillips. “In some regards it signals the end of the food hall.”

The comments from Phillips came Monday morning during a panel discussion at the annual conference of the International Economic Development Council (IEDC). The four-day conference, which ends Wednesday, has drawn 1,600 economic developers, city planners,

Wednesday, has drawn 1,600 economic developers, city planners, marketing professionals, consultants and community leaders to the Hyatt Regency in Atlanta. It’s the largest number of conference attendees ever and the first time in a decade that Atlanta has served as the host city for the annual gathering.

The panel Phillips participated in was titled “Intersection of Food and Economic Development.” His fellow panelists included Adam Schwegman, senior vice president of Brookfield Properties Retail, who is stationed in Atlanta; Thomas McNair, executive director of Cleveland-based Ohio City Inc.; and Haile Johnston, founder of The Common Market in Philadelphia. Catherine Timko, CEO of Wilmington, Del.-based economic development consulting firm The Riddle Co., served as panel moderator.

Food traffic, the right demographics, and a community that appreciates food are the main ingredients needed to build a successful project like Flagship Commons in Omaha, Nebraska, said Schwegman, who has built seven food halls in the past four years in his role as vice president of food and beverage leasing at General Growth Properties, acquired by Brookfield Property Partners in August.

To read more, click here.

Griffis Residential Purchases 880-Unit Multifamily Portfolio in Metro Seattle

Located in Renton, Wash., Griffis Lake Washington at the Landing features880 apartment units in a mix of studio, one- and two-bedroom layouts.

RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing.

Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average size of 846 square feet.

The property is within walking distance of a variety of amenities and employment opportunities, including The Landing, a lifestyle retail center, and Boeing’s 737 airplane manufacturing facility. Additionally, the community is adjacent to Southport, an under-construction mixed-use project that will feature hospitality, office and recreational space.

MG Properties Acquires 264-UnitCarillon Apartment Homesin Los Angeles for $93M

Located in the Warner Center/Woodland Hills area of Los Angeles,Carillon Apartment Homes features 264 units.

LOS ANGELES — MG Properties has purchased Carillon Apartment Homes, a multifamily property located in the Warner Center/Woodland Hills area of Los Angeles. Fairfield Warner LLC, represented by Fairfield Residential, sold the property for $93 million, or $352,272 per unit.

Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

Built in 2008 on five acres, the 235,214-square-foot property features 264 apartment units.

Tower 16 Capital Partners Buys540-Unit Cornerstone Crossing Apartments in Las Vegas for $49.7M

Cornerstone Crossing Apartments features 540 units, three pools and spas,a business center, fitness center and basketball courts.

LAS VEGAS — San Diego-based Tower 16 Capital Partners has purchased Cornerstone Crossing Apartments, a multifamily property located at 6666 W. Washington Ave. in northwest Las Vegas. An undisclosed seller sold the 540-unit property for $49.7 million.

Built in 1984, the two-story complex features studios, one-, two- and three-bedroom apartments, ranging from 440 square feet to 1,000 square feet, with private patios and balconies. Community amenities include landscaped courtyards, three pools and spas, a barbecue area, business center, fitness center, basketball courts and sports courts.

Tower 16 plans to invest $6.5 million in renovations and upgrades to the property. This is the company’s third acquisition in Las Vegas. Earlier this year, Tower 16 acquired Altura on Duneville and Altura on Tropicana in Spring Valley, Nev.

CBRE Negotiates $22.2M Sale ofAirport Way Industrial Park in Portland

At the time of sale, the 140,693-square-foot Airport Way Corporate Parkin Portland was 95 percent leased to 15 tenants.

PORTLAND, ORE. — CBRE has brokered the sale of Airport Way Corporate Park, an industrial park located at 12021 NE Airport Way, 12067 and 12055 NE Glenn Widing in Portland. An undisclosed buyer acquired the property from Airport Way LLC for $22.2 million.

Constructed between 1992 and 2008, the 140,693-square-foot property comprises three buildings featuring full sprinkler systems, dock-high and grade-level loading, abundant parking, above-standard parking and high visibility from Airport Way. At the time of sale, the park was 95 percent leased to 15 tenants.

Cara Nolan of CBRE’s Portland office and Barbara Emmons of CBRE National Partners represented the seller in the deal.

Alpha Wave Investors Purchases76-Unit Cove on Bruce Apartmentsin Metro Salt Lake City

Cove on Bruce Apartments in Clearfield, Utah,features 76 two-bedroom/one-bath apartment units.

CLEARFIELD, UTAH — Alpha Wave Investors has acquired Cove on Bruce Apartments, a multifamily property in the Salt Lake City suburb of Clearfield, for an undisclosed price.

The 76-unit property features two-bedroom/one-bath floorplans with in-unit washer/dryer hookups. Community amenities include covered parking, a children’s playground and a pet-friendly environment.

The buyer plans to invest more than $750,000 in capital improvements, including a new leasing office and fitness center, exterior paint, signage and landscape upgrades, interior renovations, and the installation of energy-efficient fixtures.

Jason Wadsworth of Carpenter Commercial represented the buyer and undisclosed seller in the deal. This transaction is Alpha Wave’s fourth acquisition in the Salt Lake City metro area in the past 12 months.

Marcus & Millichap Arranges $13.5M Sale of Multifamily Asset in OaklandOAKLAND, CALIF. — Marcus & Millichap has negotiated the sale 315 Wayne Place, a 46-unit apartment asset located at 315 Wayne Place in Oakland. An undisclosed buyer acquired the property for $13.5 million, or $293,478 per unit.

Constructed in 1966, the 40,041-square-foot property features five studios, 27 one-bedroom/one-bath units, 12 two-bedroom/one-bath apartments, a two-bedroom/two-bath penthouse and a three-bedroom/two-bath penthouse.

Kevin Turner and Kristopher Lamont of Marcus & Millichap handled the transaction.

Blumhouse Productions Buys Office Property in Los Angeles for $2.7M

Blumhouse Productions plans to expand its operationsto 2410 Beverly Blvd. in Los Angeles.

LOS ANGELES — Blumhouse Productions, a producer of horror film franchises, has purchased an office building located at 2410 Beverly Blvd. in Los Angeles. Kessel & Associates sold the property for $2.7 million, or $486 per square foot.

The buyer currently owns and occupies two nearby office buildings and plans to expand its operations to the newly acquired, 5,490-square-foot property.

Nathan Pellow and Patrick Moody of Colliers International represented the seller in the transaction.

SVN Desert Commercial Arranges$1.1M Sale of Office Building in Phoenix

Lotuswei, an essential oil company, plans to occupy the majority of the15,304-square-foot office building at 810 W. Bethany Home Road in Phoenix.

PHOENIX — SVN Desert Commercial has arranged the sale of an office building, located at 810 W. Bethany Home Road in Phoenix. Arizona Medical Association (ARMA) sold the property to a Katie Hess, founder of Lotuswei, for $1.1 million.

ARMA was the only occupant and owner of the 15,304-square-foot building, which was built in 1970, until the sale. The seller plans to relocate, while the new owner plans to occupy the majority of the building with small spaces available for lease.

Justin Horwitz and Paul Borgesen II of SVN Desert Commercial represented the seller in the deal.

Ancillary Retail Expo, Jan. 14-15, Daytona Beach

Entertainment Experience Evolution, Feb. 12-13, Beverly Hills

Salt Lake City Real Estate Industrial, Nov. 29, Salt Lake City

Contact Us

Nellie Day, EditorWestern Real Estate Business

France Media Inc.P: 404-832-8262F: 404-832-8260

nday@francemediainc.comwww.rebusinessonline.com

Salt Lake City Multifamily, Nov. 29, Salt Lake City

Copyright © 2018 France Publications, Inc., d/b/a France Media, Inc. All rights reserved. The opinions and statements made by authors, contributors and advertisers to Western Real Estate Business are not necessarily those of the editors and publishers.

To unsubscribe, please click on the links at the bottom of this email.

This email was sent to dan@pittmanpr.com by newsletters@francenewsletters.com. To ensure delivery of emails to your inbox, please add newsletters@francenewsletters.com to your address book or safe sender list. Learn more. If you are having trouble viewing this email, click here.

to Unsubscribe to future emails. To Report Abuse click here. Privacy policy 3500 Piedmont Rd, Ste 415 Atlanta, GA 30305