Monday, October 7, 2019

Levin Johnston Directs $11.7 Million Sale of Newly-Renovated, 22-Unit Multi-Family Community in Redwood City, CA

Woodside North community, Redwood City, CA

BAY AREA, CA  Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the $11.7 million sale of Woodside North, a fully renovated 22-unit multifamily community at 1551 Regent Street in Redwood City, California.

Adam Levin
Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller, a private high net worth investor, in the transaction.
“The investment appeal of this asset is driven by Redwood City’s strong employment fundamentals and low vacancy levels,” explains Levin. 
“Woodside North is situated in the historic downtown area of Redwood City, one mile away from the core downtown district, which is a catalyst for additional urban development and attracts high-caliber residents. Drawing upon our deep expertise in market demands and local relationships, we were able to achieve a premium sale price for our Client.”

Robert Johnston
This sale was a rare opportunity for the buyer to acquire an extensively renovated asset in the Bay Area’s Mid-Peninsula region, one of the strongest rental markets in the country, notes Levin.
The community is situated within walking distance of several shopping, dining, and entertainment options in an attractive, pedestrian-friendly district in the heart of Silicon Valley. 

The property is in close proximity to major local employers, Stanford University, and transportation corridors, with convenient access U.S. Route 101 and Interstate 280, as well as San Mateo and Dumbarton Bridges, providing direct access throughout the Bay Area.
“Woodside North is a short commute from several of the nation’s top tech employers including Google, Oracle, Facebook, Visa, and Sony, to name a few,” says Johnston.


Alex Caswell / Jenn Quader 
Brower Group
(949) 438-6262

BKM Capital Partners Acquires 205,655-SF Multi-Tenant Industrial Park in Greater Seattle, WA Submarket for $30.45 Million

Brett Turner

Kent, WA – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, light industrial multi-tenant investments, has acquired West Valley Business Park, an industrial asset consisting of 179 units in 19 buildings totaling 205,655 square feet in the Kent Valley submarket of greater Seattle, Washington.

The property is located at 19226 66th Avenue in Kent, Washington.

 BKM acquired the property from seller, Entera Properties, in an off-market transaction for $30.45 million.

“This was a rare opportunity to acquire a premier multi-tenant industrial park at 35% discount to value, located in Seattle’s highly sought-after Kent Valley industrial submarket,” says BKM Capital Partners Managing Director of Acquisitions, Brett Turner

“Even with nearly 600,000 square feet of new warehouse space recently delivered to this submarket, the industrial vacancy rate remains low at only 4%, placing upwards pressure on rents. These fundamentals demonstrate the high level of demand in the market and opportunities to attract new users to the region.”

West Valley Business Park, Kent, WA

West Valley Business Park is strategically located south of the intersection of the I-5 and I-405 freeways and just 13.5 miles from Downtown Seattle, with frontage on SR-181, known as West Valley Highway, a key north-south arterial bisecting Kent Valley.

Turner points to BKM’s acquisition strategy of identifying and tracking this opportunity and communicating with ownership for several years as instrumental in the firm’s successful acquisition.

“Our firm developed a relationship with the seller over several years and initially submitted a letter of intent to purchase the asset in 2016, which positioned us well to close this off-market transaction when the timing was right,” Turner explains.

Originally constructed in 1982, West Valley Business Park is 92% leased to 164 tenants. In-place rents are well below market, presenting BKM with an opportunity to implement its value-add strategy and bring rental rates up to market. 

The firm plans to invest approximately $1.2 million in capital improvements to renovate and reposition the property, notes Turner.

“Our proven repositioning strategy, which focuses on targeted capital improvements and on-site property management, will allow us to quickly lease up the small amount of remaining vacant space and enhance the long-term value of the property,” Turner continues.

BKM has been active in the Seattle region of late, having recently acquired Federal Way Industrial Portfolio, a two-property portfolio consisting of eight buildings totaling 133,595 square feet in Federal Way, Washington.

“Our firm has been focused on this dynamic area because Puget Sound is one of the strongest industrial markets in the country, due to strong business growth and a lack of developable land,” says Turner.

BKM has been extremely active in the light, multi-tenant industrial space, recently surpassing $1 billion in AUM, and continues to expand its portfolio throughout the western region.

BKM represented itself in the off-market acquisition. The seller, a private investor, also represented itself.


Alex Caswell/Lexi Astfalk
Brower Group
(949) 438-6262

Marcus & Millichap Arranges $3 Million Sale of Tennessee Land

Regina Gaspari

NASHVILLE, TN – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Nashville Highlands - The Reserve, 209.68-acres of land located in Nashville, TN, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,100,000.

Paul Bouldin
Paul Bouldin, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a developer, was also secured and represented byBouldin

California Real Estate Agent, Regina Gaspari and Broker, Jody McKibben, assisted in this transaction.

Nashville Highlands - The Reserve is located in the Bellevue submarket on Old Hickory Boulevard about 15 minutes west of downtown Nashville, TN.  

The property is an approved PUD multifamily residential development adjacent to the townhomes of Eagle Ridge at The Reserve, which is located on the east side of Old Hickory Boulevard, just north of US Highway 70 South in Davidson County, Nashville, TN. 

Jody McKibben
A section of the property consists of approximately 20 acres will permit up to 424 apartment units. The remaining land will remain in its natural state as an amenity to the community. 

The Nashville MSA has a population of more than 1.6 million people. It is a major trade, manufacturing and financial center in the southeastern United States.

           It is anticipated that the developer will start construction immediately. The site is an excellent opportunity to develop a beautiful wooded property in the hills of middle Tennessee only fifteen minutes from downtown Nashville.


Chris Travis
Sales Manager, 
Tampa, FL
(813) 387-4700