The main STG building at 11710 S. Gambell St. in Anchorage is a Steel/Concrete office, approximately 10,000 SF, built in 2011. Separate but in the same yard are two Steel/Concrete industrial shops, both around 5,000 SF each and a modular wood/steel office building of about 400 SF.
Forest Office Park
Calista Real Estate has acquired two of the seven office buildings in Forest Office Park. This charming wooded office park is located near the Bellevue CBD and will be a prime location for redevelopment in the not too distant future. Buildings E and F were built in 1988 and are wood-framed construction. Rentable square footage of the two buildings is 10,606 and 12,743, respectively. Users are primarily medical practitioners. Both buildings have updated finishes in the recently remodeled lobbies and restrooms and both offer storage room amenities. The buildings are 100% occupied with no vacancy.
Federal Way, WA
Ridgewood Center is a 31,757 square foot Class A office building located in Federal Way, Washington. The concrete framed building was constructed in 1989 as the executive office for Weyerhaeuser Company, as such the interior boasts fine wood finishes and four corner balconies. In 2006 the lobby and parts of the core were remodeled to convert the single-occupant building into a functional multi-tenant building. Occupants of the building enjoy the gym/locker room facility, a covered garage and storage units. These features along with the wooded setting and nearby retail amenities make for an appealing work environment. Easy access to I-5, the nearby airport, public transportation and hotels make this building logistically attractive to businesses. Currently, there is only one 2,050 RSF vacancy.
Calista Medical Plaza
The recently re-named Calista Medical Plaza is located on the east side of Portland in the Gateway District. This concrete building was constructed in 1985 and was once part of the hospital across the street. Although the occupants are primarily medical in nature, Calista Medical Plaza is no longer associated with the hospital. The lobby and restrooms were recently remodeled giving the building a much-needed update. Additional upgrades to the building are slated for 2018, which include demo of a skybridge to the neighboring hospital and expansion of the parking lot. The recent upgrades to the building have helped tremendously with leasing efforts. The vacancy rate has dropped from 18% to 13%. While this number in itself is not impressive, we have been able to replace financially struggling tenants with larger financially stable tenants at higher rates. Average rental rates have gone from $18.00/sf to over $20/sf with the current asking rate on the rise.
Calista Real Estate purchased the retail portion of The Civic mixed use development in 2015. The Civic was constructed in 2005-2007 and is located just west of the heart of the CBD and is comprised of two towers—one residential condominiums and the other affordable apartment housing. Calista’s retail property is at the base of each tower with a total of 40,035 RSF. Calista also owns the P1 Retail level of the parking garage and enjoys additional income from this portion of the property. Residents and retailers alike enjoy the Max light rail station and Providence Park stadium that are located just across the street from Civic. Providence Park is home to the Timbers and Thorns pro soccer teams. Currently, the property is struggling with two sizable vacancies. However, new residential construction nearby is anticipated to boost the need for additional retail in the neighborhood.
Vancouver Square Building C is part of a three-building office complex in Vancouver, Washington. The 18,128 square foot building was constructed in 2008 and was purchased by Calista Real Estate in 2014. The building is aesthetically pleasing with its red brick veneer construction. It is occupied by two tenants—American Red Cross on the first floor and Institute for Professional Care Education on the second floor. Vancouver Square is conveniently located next to the Vancouver Mall and other retail strip centers. Freeway access is less than a mile away.
The Nome Tent, located at 158 Prospect Street, Lot 6, in Nome, is a polyethylene fabric tent over a steel frame and is approximately 7,000 SF. The tent fabric is new in 2017. The lot that the tent is on, is 57,000 SF and is zoned industrial.
Our Inverness property is a Black Brandt joint venture, where we are a 50% owner. The square footage is 72,427, and the users are primarily data and communications companies. Currently, approximately 17,000 RSF is available for lease.
Colorado Springs, CO
Chapel Hills is also a Black Brandt joint venture, where we are a 50% owner. Square footage is 69,287 and this is a call center leased to T-Mobile.
O'Reilly Auto Parts
White Center, WA
Black Brandt/joint venture - 50% owner
16,452 square feet leased to O'Reilly Auto Parts.
Black Brandt/joint venture - 50% owner
24,600 square feet, leased primarily to Veolia Transportation Services.