Washington

Cascade Civil Development Buys 150 Acres in Southern Washington for Industrial Development

by Amy Works September 29, 2023

LONGVIEW, WASH. — Oregon-based Cascade Civil Development has acquired a 150-acre industrial development site in Longview. The property is near the Port of Longview on the Interstate 5 corridor, approximately 55 miles north of Portland, Ore. Weyerhaeuser sold the site for an undisclosed price. Aaron Watt, Keegan Clay and Michael Flynn of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, the trio was retained to handle leasing and disposition services for the future development. While official plans for the site have not been announced, the buyer has all permits in place for mass grading to bring the site to shovel-ready condition. The property has the capability to accommodate nearly 2 million square feet of industrial product. Additionally, the site is rail served with high-capacity utility infrastructure.

September 29, 2023

Acquisitions Multifamily Student Housing Washington Western

11 Capital Disposes of Two Student Housing Properties in Bellingham, Washington for $35.4M

by Amy Works September 22, 2023

BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions. The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale: — University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway — Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave. — Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.

September 22, 2023

Acquisitions Multifamily Washington Western

IPA Negotiates $32.4M Sale of Trellis Apartment Community in Federal Way, Washington

by Amy Works September 21, 2023

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Trellis, a multifamily property in Federal Way, just north of Tacoma. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million, or $291,892 per unit. Built in 1985 on 8.6 acres, Trellis features 33 one- and two-story duplexes and fourplexes. The community offers 111 two- and three-bedroom apartments with large windows, wood-burning fireplaces, washers/dryers and private decks or patios. Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $21.1 million of interest-only acquisition financing for the buyer.

September 21, 2023

Loans Multifamily Washington Western

Dwight Mortgage Trust Funds $23.6M Bridge Loan for Prairie Home Apartments in Vancouver, Washington

by Amy Works September 20, 2023

VANCOUVER, WASH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $23.6 million bridge loan for the refinancing of Prairie Home Apartments in Vancouver. McBride Capital brokered the transaction for the borrower, RRC Group. Proceeds of the bridge loan will be used to retire existing construction debt. Built in 2023, Prairie Home Apartments features 120 units spread across five three-story residential buildings, a clubhouse, garages, a fitness center, pool, spa, barbecue grill, picnic area, dog wash station and dog park.

September 20, 2023

Acquisitions Industrial Washington Western

Coldwell Banker Negotiates $14.7M Acquisition of Industrial Park in Everett, Washington

by Amy Works September 14, 2023

EVERETT, WASH. — Coldwell Banker Commercial Danforth has arranged the purchase of an industrial park in Everett. Mina Properties VIII acquired the asset from BFS Operations LLC for $14.7 million. Situated on 31.6 acres at 3200 35th Ave. NE, the asset features four buildings offering a total of 94,000 square feet of industrial space. The industrial park offers access to Interstate 5 and SR 529. Mina Properties VIII intends to maintain the property as a multi-tenant investment. Michael Fear of Coldwell Banker Commercial Danforth handled the transaction on behalf of the buyer.

September 14, 2023

Development Industrial Washington Western

Panattoni Purchases 243,000 SF North Creek Commerce Center in Bothell, Washington

by Amy Works September 8, 2023

BOTHELL, WASH. — Panattoni Development, in partnership with PGIM Real Estate, has acquired North Creek Commerce Center at 18712 Bothell Everett Highway in Bothell. Development is currently underway on the 29-acre Class A flex/industrial park, which is slated for completion by July 2024. Zach Vall-Spinosa of Kidder Mathews, along with Ernie Velton and Reese Velton of JSH Properties, are the leasing agents for the project. The seller and price were not disclosed.

September 8, 2023

Industrial Loans Washington Western

Gantry Arranges $11M Refinancing for Four-Building Cumberland Industrial Center in Kent, Washington

by Amy Works September 5, 2023

KENT, WASH. — Gantry has secured $11 million in permanent financing for the refinancing of Cumberland Industrial Center, a flex industrial park on 7.4 acres at 22022-22028 68th Ave. S. in Kent. Mike Wood and Alex Saunders of Gantry arranged the financing for the borrower, a private real estate investor. The five-year, fixed-rate loan was placed with one of Gantry’s correspondent insurance company lenders. The financing includes interest-only payments for the entire loan term. Totaling 118,500 square feet, the four-building Cumberland Industrial Center was built in 1980 and since renovated. At the time of financing, a range of manufacturing, retail and professional service tenants occupied the multi-tenant property.

September 5, 2023

Development Hospitality Loans Washington Western

Developer Receives $52M Construction Loan for The Somm Hotel and Spa in Woodinville, Washington

by Amy Works September 1, 2023

WOODINVILLE, WASH. — Developer Woodinville Hotel Partners has received a $52 million loan for the construction of The Somm Hotel and Spa, Autograph Collection in Woodinville, approximately 20 miles northeast of Seattle. The 164-room resort will feature a 5,661-square-foot spa; full-service restaurant with a private dining room; 3,000-square-foot rooftop bar with view of Mount Rainier; meeting space; and 9,000 square feet of retail space. The hotel will be the centerpiece of Harvest Wine Village, a 20-acre, master-planned development with nearly 100,000 square feet of retail space and a variety of residential spaces. Dallas-based HALL Structured Finance originated the loan for the borrowers. Brian Holstein of US Hotel Advisors brokered the financing.

September 1, 2023

Development Multifamily Seniors Housing Washington Western

Emerald Communities Starts $55M Assisted Living Expansion at Emerald Heights in Redmond, Washington

by Amy Works August 25, 2023

REDMOND, WASH. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle. The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier expansion projects, which were completed in 2014. GLY Construction has been named as the builder. The project is scheduled for completion in late 2024. Emerald Heights is situated on 38 acres in the Education Hill area of Redmond.

August 25, 2023

Acquisitions Multifamily Top Stories Washington Western

JLL Brokers $125M Sale of 360-Unit Radiate Apartments in Redmond, Washington

by Jeff Shaw August 18, 2023

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …

August 18, 2023

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