Washington

Equity Residential Divests of 289-Unit Urbana Multifamily Community in Seattle

by Amy Works May 21, 2025

SEATTLE — Equity Residential has completed the disposition of Urbana, a seven-story multifamily property in Seattle. Carmel Partners acquired the property. The sales price was nearly $121 million, according to local media reports. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Built in 2014, Urbana offers 289 apartments, two rooftop decks, a resident lounge with theater, a dog run and pet spa, bike storage and a gated parking garage, as well as 29,884 square feet of street-level retail space occupied by Verizon Wireless, Papa John’s, Five Guys and Planet Fitness.

May 21, 2025

Acquisitions Industrial Washington Western

Realterm Expands Final-Mile Industrial Portfolio, Buys Truck Terminal in Tacoma, Washington

by Amy Works May 13, 2025

TACOMA, WASH. — Realterm, an independent global investment manager focused on the transportation industry, has acquired 1955 Lincoln Avenue, a truck terminal in Tacoma. Terms of the transaction were not released. The purchase represents Realterm’s ninth high flow through (HFT) industrial property in the greater Seattle/Tacoma region. The property includes an 8,600-square-foot warehouse and 1,100 square feet of office space situated on 2.4 acres of fully paved, lit and secured land. The truck terminal features 29 dock doors with a grade-level loading ramp, as well as additional space for trailer parking. The asset is located in the Port of Tacoma’s Heavy Haul Industrial Corridor, which permits vehicles weighing up to 98,000 pounds. The location offers immediate access to the Port of Tacoma shipping terminals and the Union Pacific Intermodal facility.

May 13, 2025

Development Office Washington Western

LPC West Develops 266,000 SF Gateway Office Building in Seattle

by Amy Works May 8, 2025

SEATTLE — LPC West, in partnership with Perkins & Will as architect and designer and GLY as general contractor, has completed Gateway Building, a 13-story, transit-oriented office property in Seattle. The 266,000-square-foot building is situated atop the U District light rail station and two blocks from the University of Washington’s Seattle campus. The University of Washington’s administration departments occupies floors two through seven, spanning 135,000 square feet, with the remaining floors dedicated to other tenants. Gateway Building features 3,000 square feet of ground-floor retail space, a two-story lobby, second-floor conference center, bike storage and shower rooms, as well as outdoor spaces, including a rooftop terrace, green roof with a 60 kW photovoltaic array and a public pocket park at the corner of Brooklyn Avenue NE and NE 43rd Street.

May 8, 2025

Acquisitions Multifamily Washington Western

Su Development Disposes of Soma Towers Multifamily Community Near Seattle for $192.8M

by Amy Works May 2, 2025

BELLEVUE, WASH. — Su Development has completed the sale of Soma Towers, an apartment property located at 288 106th Ave. NE in Bellevue, to The Sobrato Organization for $192.8 million. Consisting of two towers, Soma Tower features 273 apartments in a mix of studio, one- and two-bedroom floor plans and two- and four-bedroom penthouse suites. The towers also offer 29,964 square feet of commercial space across two floors that is 90 percent leased to restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE represented the seller in the deal.

May 2, 2025

Healthcare Loans Multifamily Oregon Seniors Housing Washington Western

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works May 2, 2025

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

May 2, 2025

Acquisitions Office Washington Western

Vibe Brand Boutique Office Properties Sells Three-Building Complex in Redmond, Washington

by Amy Works May 1, 2025

REDMOND, WASH. — Vibe Brand Boutique Office Properties has completed the disposition of Vibe Redmond, a three-building Class A office complex in Redmond. Muslim Association of Puget Sound (MAPS) and Medina Academy acquired the asset for an undisclosed price in an off-market transaction. Tom Pehl, Charles Safley and Jeff Hudson of CBRE’s Capital Markets team in the Pacific Northwest represented the seller, while Jim Reed and Adrienne Hunter of Lee & Associates represented the buyers in the deal. Developed in 1982 on 7.7 acres, the three buildings at 5000, 5010 and 5020 148th Ave. NE offer a total of 146,165 square feet. Medina Academy will use Building A for a middle school and high school. MAPS will convert Building C into a mosque and spiritual center once the property is vacated and redevelop Building B into an education and outreach center.

May 1, 2025

Acquisitions Industrial Washington Western

Colliers Negotiates $8.3M Sale of Industrial Property in Everett, Washington

by Amy Works April 30, 2025

EVERETT, WASH. — Colliers has arranged the sale of an industrial facility located at 815 Sievers-Duecy Blvd. in Everett. Underwood Gartland 64 LLC sold the property to a privately held family business, which is one of the largest HVAC operators on the West Coast, for $8.3 million. Totaling 26,666 square feet, the property offers a clear height of 24 feet, 24,070 square feet of warehouse space, 2,596 square feet of office space, ESFR sprinklers, 600 amps of 3-phase power and dock-high and drive-in loading.

April 30, 2025

Acquisitions Retail Washington Western

Phillips Edison & Co. Buys Westgate North Shopping Center in Tacoma, Washington for $37M

by Amy Works April 29, 2025

TACOMA, WASH. — Phillips Edison & Co. has acquired Westgate North, a retail center in Tacoma. Located at 2601 N. Pearl St., Westgate North offers 74,789 square feet of retail space that is 97.9 percent leased to a mix of national and local tenants. Westgate North is shadow-anchored by Safeway. Other major tenants include Ace Hardware, Taco Bell, Chase Bank, Franciscan Health System and Anytime Fitness. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Capital Market’s Investment Sales and Advisory team represented the undisclosed seller in the deal.

April 29, 2025

Loans Multifamily Washington Western

JLL Arranges $19M in Refinancing for 115-Unit Apartment Community in Bothell, Washington

by Amy Works April 24, 2025

BOTHELL, WASH. — JLL Capital Markets has arranged a $19 million loan for MainStreet Property Group for the refinancing of The 104, an urban-style multifamily community in Bothell. Seth Heikkila and Bill Maloney of JLL Capital Markets Debt Advisory team secured the five-year, fixed-rate loan through Fannie Mae. JLL Real Estate Capital LLC will serve the loan. The 104 features 115 traditional and open one- and two-bedroom floor plans, averaging 773 square feet, with stainless steel appliances, walk-in closets and exposed concrete details. Community amenities include a lounge with kitchen, a community courtyard, bike storage and valet trash service. The property is located at 18414 104th Ave. NE.

April 24, 2025

Acquisitions Hospitality Washington Western

Marcus & Millichap Brokers Sale of 20-Room Great House Motel in Sequim, Washington

by Amy Works April 21, 2025

SEQUIM, WASH. — Marcus & Millichap has arranged the sale of Great House Motel in Sequim. A private investor sold the property to a private investor for $1.2 million. Allan Miller, Chris Gomes, Huberth Marak and Skyler Cooper of Marcus & Millichap represented the seller, while Donaven Santana and Whitney Rhoades of Marcus & Millichap secured and represented the buyer in the deal. Originally built in 1965, Great House Motel offers 20 guest rooms, several with kitchenettes, and all equipped with TVs, microwaves and mini refrigerators. The property is located at 740 E. Washington St.

April 21, 2025

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