Western

Colliers Brokers $4.8M Purchase of Two-Building Industrial Property in Santee, California

by Amy Works November 5, 2019

SANTEE, CALIF. — Colliers International San Diego Region has arranged the acquisition of a two-building industrial asset located in Santee. Poway, Calif.-based Zuantasnid purchased the property from San Diego-based Pearl and Herschel LLC for $4.8 million. Situated on 2.1 acres at 8745-8747 N. Magnolia Ave., the asset features total of 36,345 square feet of industrial space. Evan McDonald and Taylor DeBerry of Colliers represented the buyer, while pat Geary of CEG Advisors represented the seller in the deal.

November 5, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Negotiates $2.6M Sale of Stowaway Mini Storage in Lacey, Washington

by Amy Works November 5, 2019

LACEY, WASH. — Marcus & Millichap has arranged the sale of Stowaway Mini Storage, a self-storage facility in Lacey. An undisclosed buyer acquired the property from limited liability company for $2.6 million, or $136 per rentable square foot. Stowaway Mini Storage consists of two non-contiguous parcels located at 927 Bowker St. SE and 5235 Lacey Blvd. The property features 19,100 square feet of self-storage spaces with units in a variety of sizes. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, while Matt Gardner, also of Marcus & Millichap Seattle, represented the buyer in the transaction.

November 5, 2019

Affordable Housing California Development Multifamily Top Stories Western

Apple Commits $2.5B to Combat Affordable Housing Shortage in California

by Jeff Shaw November 4, 2019

CUPERTINO, CALIF. — Apple Inc. (NASDAQ: AAPL) has announced a $2.5 billion plan to address the housing availability and affordability crisis in California. Much like Facebook’s recent announcement to commit $1 billion and build 20,000 affordable housing units in the Golden State, Apple cited the major discrepancy between the paces of population growth and affordable housing development as the key catalyst behind its plan. Earlier this year, Microsoft Corp. and Alphabet Inc., the parent company of Google, also pledged a combined $1.25 billion toward the development of affordable housing in metro Seattle and the Silicon Valley area, where those two firms are respectively based. In supporting this measure, Apple referenced a recent study by real estate brokerage firm Redfin that found that some 30,000 people had vacated the San Francisco area between April and June of this year. The study also found that the rate of homeownership in the Bay Area has hit a seven-year low. Both pieces of information suggest that residents, whether buying or renting, are simply being priced out of the region. In response to the growing cost of housing in California, Gov. Gavin Newsom signed a bill in October that would cap annual rent increases imposed …

November 4, 2019

Development Multifamily Student Housing Washington Western

Landmark Properties Buys Land Assemblage in Seattle, Plans 1,600-Bed Student Housing Project

by Amy Works November 4, 2019

SEATTLE — Landmark Properties has acquired the 11-parcel land assemblage in Seattle’s University District. A group of undisclosed sellers sold the fee-simple assemblage, which was rezoned for greater density and taller buildings in 2017, for $39 million, or $950 per square foot. In 2021, Landmark Properties plans to begin construction on The Standard at Seattle, a three-building purpose-built student housing property with approximately 1,600 beds at the site, which spans nearly an acre from 4202 to 4238 12th Ave. NE. The site is situated three blocks from the University of Washington and across the street from the future U-District Light Rail Station. Upon completion, The Standard at Seattle will feature two 25-story towers and a seven-story mid-rise building. The 500,000-square-foot property will offer a variety of floor plans and approximately 8,500 square feet of ground-level retail space. The project is slated to be delivered in one phase by fall 2023. Additionally, Landmark plans to preserve the existing Canterbury Apartments, a 16-unit co-op multifamily building on Brooklyn Avenue NE. Tim McKay, Dan Chhan and Sam Wayne of Colliers International represented the sellers for a portion of the transaction, specifically for eight of the 11 parcels.

November 4, 2019

Acquisitions Industrial Washington Western

Port of Everett Acquires Kimberly-Clark Mill Property for $33M in Everett, Washington

by Amy Works November 4, 2019

EVERETT, WASH. — The Port of Everett has purchased the 58.4-acre Kimberly-Clark mill property situated on the waterfront in Everett. Kimberly-Clark Worldwide sold the asset, including another site north of the mill property, for $33 million. Kimberly-Clark closed the former pulp mill located on the site in 2012. In July, the City of Everett acquired the north portion of the property; therefore, this sale represents the remainder of Kimberly-Clark’s Everett waterfront holdings. The site includes a 360,000-square-foot warehouse and more than 2,500 lineal feet of waterfront on the East Waterway, which opens to the Puget Sound. The sale property is located between the Port of Everett terminal and Naval Station Everett, a federally secured maritime complex. Port of Everett plans to develop three-quarters of the property into maritime use, with the remaining used for aquatic management and public access. Dave Speers and Matt Henn of Kidder Mathews, along with Eric Dienstbach of Binswanger, represented the seller in the deal.

November 4, 2019

Acquisitions Multifamily Seniors Housing Washington Western

Alliant Capital Completes 295-Unit Seniors Housing Community at Former Shopping Center Near Seattle

by Amy Works November 4, 2019

LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.

November 4, 2019

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 119-Bed Skilled Nursing Facility in Idaho

by Amy Works November 4, 2019

REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.

November 4, 2019

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $3.5M Sale of St. Martin’s Center Retail Property in Washington

by Amy Works November 4, 2019

LACEY, WASH. — Marcus & Millichap has arranged the sale of St. Martin’s Center, a retail asset located in Lacey. A limited liability company sold the property to an undisclosed buyer for $3.5 million. Located at 1225 Ruddell Road SE, the property features 35,942 square feet of retail space. Nicholas Bushong of Marcus & Millichap’s Portland, Ore., office represented the seller in the deal.

November 4, 2019

Acquisitions Multifamily Washington Western

Shelter Holdings Sells 298-Unit Issaquah Terrace Apartments Near Seattle for $125M

by Amy Works November 1, 2019

ISSAQUAH, WASH. — Shelter Holdings has completed the disposition of Issaquah Terrace, a garden-style apartment community located at 906 NE Lilac St. in Issaquah, about 17 miles east of Seattle. An undisclosed buyer acquired the property for $125 million. Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace features 298 units in a mix of apartments and townhomes. Community amenities include onsite fitness center, swimming pool and barbecue facilities. Shelter Holdings developed the property in 2015. Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne of Colliers International handled the off-market transaction.

November 1, 2019

Acquisitions California Office Western

Kennedy Wilson Buys Hamilton Landing Office Campus in North Bay Area for $115M

by Amy Works November 1, 2019

NOVATO, CALIF. — Kennedy Wilson has acquired Hamilton Landing, a wholly owned office campus situated on 20 acres in Novato, a North Bay Area town in Marin County. An undisclosed seller sold the asset for $115 million. For the acquisition, Kennedy Wilson invested $55 million of equity and assumed a $60 million, interest-only loan at a fixed interest rate of 4.34 percent that matures in 2025. Built in the 1930s as an Air Force Base, Hamilton Landing was decommissioned in the 1970s and converted into Class A creative office space in phases between 2000 and 2008. The seven-building campus offers a total of 406,000 square feet of office space. Kennedy Wilson purchased the office campus through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties.

November 1, 2019

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