News & Notables

SAN FRANCISCO—San Francisco-based Dealpath, the deal management and collaboration software platform for commercial real estate investment and development teams, launched today to simplify deal tracking and enable better investment decisions. Dealpath also announced it has raised $8 million in Series A financing from top tier venture firms and industry leading operators including Formation8, LeFrak, Milstein, Bechtel, Goldcrest Capital and Deep Fork Capital. The $15 trillion CRE industry has depended upon traditional spreadsheets, paper checklists, and unmanageable information and document control challenges to inform deal teams about critical acquisition, development and financing decisions. With the introduction of Dealpath, CRE deal teams can now centralize tasks, files, communications and reporting in one organized platform that is instantly searchable, enabling easy and secure collaboration. These teams can now minimize administrative overhead and avoid the inaccuracies that come with manual updating and reconciling between services. “Commercial real estate is a massive industry and a critical part of our economy that has been vastly underserved from a technology standpoint,” says Michael Sroka, CEO of Dealpath. “With so much at stake, it's important to have processes and tools designed for the challenges of this work. Multi-billion dollar institutional portfolios and deals that can be measured in the tens and hundreds of millions of dollars should not be conducted in Word document checklists and Excel spreadsheets that are emailed back and forth. At Dealpath we have made it our mission to provide CRE deal teams with the tools, resources, and information they need to create and capture value.”

BOISE, ID—Clements Concrete, a construction services company serving southwest Idaho, has entered into a contract to purchase the assets of Boise-based concrete company, Low's Ready Mix. The acquisition will amplify Clements Concrete's current production ability, making Clements Concrete among the largest ready-mix, asphalt and aggregate suppliers in the region. Low's Ready Mix is a concrete, grout & fill, and aggregate supplier servicing municipalities, contractors and do-it-yourselfers in the Boise, Nampa and Caldwell communities. With more than 60 years of operations, Low's Ready Mix is a well-respected, quality-driven organization with a reputation for customer satisfaction. Richard Frisby, operations manager for Low's Ready Mix, will continue his position with Clements Concrete. “Low's has been an Idaho staple for over 60 years, and we feel that Clements Concrete shares a similar legacy of quality products and commitment to community building that has long since been a standard for our business,” said Frisby. “I am excited to continue to serve the community through Clements Concrete.” The acquisition is Clements Concrete's second asset purchase in the last 30 days. C&A Paving, Co. was acquired in August, offering expanded product lines, including asphalt, asphalt paving and construction services to southwest Idaho customers.

DEAL TRACKER

BELLEVUE, WA—Ten-X is going to be selling the Department of Ecology Building, a 100%-leased office building in Bellevue, WA, just outside the Seattle CBD. Ten-X Commercial, in partnership with CBRE, is selling the asset for its owner, Bellevue East LLC, via Ten-X's Offer Select transaction method. The property is being offered with seller's guidance of $17 million. Offer Select allows sellers and brokers to accept signed offers immediately online and enables negotiation while giving buyers an exclusive diligence period to inspect properties before removing contingencies. Located in a high-quality office park adjacent to Interstate 90 and across from tenants such as Microsoft, Boeing, REI, Verizon and Siemens, the Department of Ecology Building in July renewed its lease with the State of Washington for an additional five years. The State of Washington has indicated in a 6-year facilities plan that it will move the Department of Ecology out of the building at the end of the lease (June 30, 2021). The City of Bellevue is conducting a zoning overlay for the property that could potentially allow a 160,000-square-foot office or hotel property to be built, opening up a variety of leasing opportunities for the new owner.

GRESHAM, OR—Gresham Station Shopping Center, a 296,186-square-foot retail power center with multiple national anchors in the Portland suburb of Gresham, OR, has changed hands. The sale included a 45,000-square-foot, single-tenant, triple-net-leased LA Fitness north of the center. HFF marketed the property on behalf of Westlake Realty Group Inc. DDR Corp. purchased the asset free and clear of existing debt. Gresham Station Shopping Center contains retail space and 12,289 square feet of office space that is 89% leased. The center is home to national and regional tenants, including Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy, Ulta Beauty, Panera Bread, Starbucks, Charming Charlie, Old Navy, Baja Fresh Mexican Grill and Men's Wearhouse. Situated on a total of 19.2 acres at 649 NW 12th Street (Gresham Station Shopping Center) and 779 NW Council Drive (LA Fitness), the assets are in a dense trade area that serves the eastern part of the Portland metro area and stretches more than 20 miles from Troutdale to Sandy, Oregon. More than 243,000 people with an average annual household income of $62,207 live within five miles of the properties.

SEATTLE—Madison Marquette, a private real estate investment and operating company, has purchased the parking garage underneath Pacific Place in downtown Seattle. The acquisition of the six- level, 1,200 stall subterranean parking garage was completed concurrently with the closing of a $207 million loan with Wells Fargo Bank. Madison Marquette will use part of the proceeds from the loan transaction to finance the $87-million garage acquisition and the remaining proceeds will be applied to refinance the existing loan on the retail center as well as financing future redevelopment plans for the shopping center. “As new owners of the garage we will introduce new technology and operational improvements to enhance the consumer experience,” says Daniel Meyers, SVP and Project Management for Madison Marquette. “Our top priority at Pacific Place is to make sure our customers and guests have the best possible shopping experience, and the integration of the parking garage will enable the delivery of this unique experience”.

OAKLAND, CA—SG Blocks, a premier designer, innovator and fabricator of container-based structures, announced it has designed, built and successfully installed the Oakland Coffee Shop Container Cafe. California Capital & Investment Group commissioned SG Blocks to create the 960-foot bar and restaurant concept, which was designed in conjunction with the Weske Karr Design Group. It is located in a small lot at 1608 San Pablo Ave Oakland, CA. “We were presented a sliver lot that had very limited access from the street. The challenge was getting the modules lifted into the site around the two larger buildings and a large tree that covered the front of the site,” states Stevan Armstrong, president and COO of SG Blocks. “The use of containers was a natural solution due to their ease of lifting and modular size, which lent itself to the limited access.”

BUILDING BLOCKS

OAKLAND, CA—SG Blocks, a premier designer, innovator and fabricator of container-based structures, announced it has designed, built and successfully installed the Oakland Coffee Shop Container Cafe. California Capital & Investment Group commissioned SG Blocks to create the 960-foot bar and restaurant concept, which was designed in conjunction with the Weske Karr Design Group. It is located in a small lot at 1608 San Pablo Ave Oakland, CA. “We were presented a sliver lot that had very limited access from the street. The challenge was getting the modules lifted into the site around the two larger buildings and a large tree that covered the front of the site,” states Stevan Armstrong, president and COO of SG Blocks. “The use of containers was a natural solution due to their ease of lifting and modular size, which lent itself to the limited access.” (has photo)

WALNUT CREEK, CA—Viamonte, a 200-unit community is slated to break ground in 2017 in the San Francisco Bay Area city of Walnut Creek. According to a release, gone are the stuffy roses and hedges, replaced instead with landscaping designed to reflect a warm, modern aesthetic, as well as the active lifestyle of Viamonte residents. The flora will range from Japanese persimmon trees and flowering jasmine to blue glow agave and sword ferns, while the amenities include a bocce court and meditation garden. Viamonte's outdoor spaces were imagined with the desires of local seniors in mind. Before plans were drawn for the landscaping, Viamonte held a series of focus groups with potential residents to seek their input. Many of the trees and plants at Viamonte will be native to the area, including the preservation of the century-old heritage oak trees currently on the property and the planting of a sapling from one of the original oak trees at Jack London's Sonoma property. The sapling will come from Beauty Ranch, which was the stomping grounds of the legendary author and is now a state park. The tree honors the area's rich cultural history and longstanding commitment to environmental preservation, and pays respect to the circle of life. The planting will be part of a yearlong celebration marking the 100-year anniversary of the writer's life. The landscape will offer continuity for residents accustomed to having their own gardens. Orange trees and Japanese persimmon trees will be sprinkled throughout the grounds, and there will be raised beds for vegetable, herb and cut flower gardens. Viamonte will have a mile-long walking path that winds along the neighboring Orchards, a center with shopping and dining, dog stations for making walking Fido easier and a meditation garden for residents to enjoy the tranquility of the outdoors. Viamonte will also feature a bocce court and a pool with a moveable glass NanaWall, allowing the sun and warmth in spring and summer and keeping the elements out in the winter months. Throughout the property, there will be gathering spots perfect for spending time with friends and family and enjoying meals and drinks, including a lounge area with a fire pit.