REBusinessOnline

PGIM, Capstone Partners Purchase Office Development Site in Bellevue for $32.5M

BELLEVUE, WASH. — PGIM and Capstone Partners have acquired ParqHouse Bellevue, a 34,335-square-foot development site located at 305 108th Ave. NE in Bellevue. Fana Group sold the asset for $32.5 million.ParqHouse Bellevue is situated adjacent to major parks, restaurants and amenities in downtown Bellevue. Originally slated for a residential development, the new owners plan to build on office project at the site instead of the proposed residential units. The original proposal included 274 …

Boston Properties to Acquire Safeco Plaza Office Tower in Seattle for $465M

SEATTLE — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire Safeco Plaza, a 50-story, Class A office tower located at 1001 Fourth Ave. in Seattle’s Central Business District, for $465 million. The seller in the transaction was undisclosed.The REIT is acquiring the 800,000-square-foot property through a joint venture with one of the participants in its recently announced co-investment program with Canada Pension Plan Investment Board (CPP Investments) and GIC. …

Dalfen Industrial Acquires 711,855 SF Industrial Park in Tacoma

TACOMA, WASH. — Dalfen Industrial has purchased Tacoma Supply Chain Center, a three-building industrial park in Tacoma. Terms of the off-market transaction were not released.The newly developed property features 711,855 square feet of industrial space and close proximity to Interstate 5, State Route 512 and the Port of Tacoma.Over the last 12 months, Dalfen Industrial has acquired and developed more than $1.5 billion of industrial properties in key metros across the United

Vulcan Buys Development Site in Seattle for 249-Unit Apartment Project

SEATTLE — Vulcan has purchased a fully entitled, 1.4-acre development site at 1600 132nd Ave. NE in Seattle’s Bel-Red corridor. Summerhill Apartments Communities sold the plot for an undisclosed price. The buyer plans to develop a 270,000-square-foot multifamily property on the site.The property is entitled with permits for an eight-story, 249-unit residential building. Construction could start early as fourth-quarter 2021, for completion in fourth-quarter 2023. Runberg Architecture …

Transnational Management Buys Hazel Dell Towne Center Retail Asset in Vancouver, Washington for $28.8M

VANCOUVER, WASH. — CBRE has arranged the sale of Hazel Dell Towne Center, a 264,000-square-foot retail power center located at 8801 N.E. Hazel Dell Ave. Transnational Management acquired the property from a partnership managed by Pine Tree for $28.8 million.Built between 2005 and 2007 on 23 acres, Hazel Dell Towne Center is occupied by 21 local and national retailers. At the time of sale, the property was 87 percent leased. Tenants include Kohl’s, Office Depot, Petco, Party City, …

Hanley Investment Group Arranges $3.3M Purchase of PetSmart-Occupied Retail Property in Union Gap, Washington

UNION GAP, WASH. — Hanley Investment Group Real Estate Advisors has brokered the acquisition of a single-tenant retail building located at 1403 E. Washington Ave. in Union Gap. A Florida-based private investor sold the property to a Southern California-based buyer for $3.3 million.PetSmart occupies the 19,677-square-foot property, which was built in 2000, on a net-lease basis.Jeff Lefko and Bill Asher of Hanley Investment, in association with ParaSell, represented the buyer in the …

Main Street Flats in Bellevue Trades Hands for $232.5M

BELLEVUE, WASH. — Hines and a subsidiary of funds managed by Oaktree Capital have purchased Main Street Flats, a multifamily complex located at 1050 Main St. in Bellevue. According to the King County records, the property traded hands for $23.2.5 million. The name of the seller was not released.Developed by Alamo Manhattan in 2015, Main Street Flats features 425 apartments in a mix of studio, one- and two-bedroom layouts, a rooftop terrace, fitness center, resident lounge and 12,000 …

Marcus & Millichap Arranges $10.7M Sale of Self-Storage Facility, Retail Building in Kent, Washington

KENT, WASH. — Marcus & Millichap has brokered the sale of Glacier West Self Storage and Napa Auto Parts Store, located at 1415 and 1407 Central Ave. S in Kent. The transaction includes a 45,400-square-foot self-storage facility and a 6,000-square-foot NAPA Auto Parts Store. A limited liability company sold the asset to an undisclosed buyer for $10.7 million.Built in 2001 on three acres, the 10-building self-storage facility features 134 climate-controlled units and 183 drive-up units …

Ready Capital Closes $14.5M Loan for Multifamily Property in West Seattle

SEATTLE, WASH. — Ready Capital has closed $14.5 million in financing for the acquisition, renovation and stabilization of an apartment community located in the West Seattle submarket of Seattle. Upon purchase, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors and refine curb appeal at the 75-unit, Class B property.Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, …

Alliance Residential Starts Construction of 136-Unit Seniors Housing Project in Bellevue, Washington

BELLEVUE, WASH. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue.Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open in late fall 2021.The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s …

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