REBusinessOnline

Local Developer Divests of Westminster Towers Multifamily Complex Near Seattle for $28M

TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit.Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space …

REI Sells Corporate Campus Near Seattle to Facebook for $390M

BELLEVUE, WASH. — The specialty outdoor retailer REI Co-op has completed the disposition of its newly completed corporate campus in Bellevue’s Spring District. Facebook acquired the property for $390 million. Site developer Wright Runstad & Co. and Shorenstein Properties also purchased an undeveloped two-acre portion of the property.Facebook’s acquisition includes the 400,000-square-foot campus and approximately six acres of land.In August, REI announced its intention to sell …

Amazon to Hire 100,000 Workers Across U.S., Canada to Meet Continued E-Commerce Demands

SEATTLE — Amazon (NASDAQ: AMZN) has announced plans to hire an additional 100,000 full- and part-time employees throughout the United States and Canada. This plan is in addition to the 33,000 new corporate and technology jobs announced last week. The roles offer a starting wage of at least $15 per hour, and in select cities, Amazon is offering sign-on bonuses up to $1,000 to new hires.The new employees will staff the 100 new operations buildings that Amazon is opening this month across …

Crystal Investment Property Brokers Sale of Quality Inn & Suites in Toppenish, Washington

TOPPENISH, WASH. — Crystal Investment Property (CIP) has arranged the sale of the Quality Inn & Suites in Toppenish. Terms of the transaction were not released.The hotel features 44 guest rooms with interior corridors and room entrances in a mix of accessible rooms, suites, kitchenettes and family rooms. On-site amenities include a breakfast area, exercise room, guest laundry, truck/bus/RV parking and a business center. Additionally, the property offers excess land for potential …

Vulcan Developing Two Major Mixed-Use Projects Near Seattle Anchored by Amazon

BELLEVUE, WASH. — Vulcan Real Estate, a Seattle-based owner and developer, is underway on two mixed-use developments known as 555 Tower and West Main in the central business district of Bellevue. Amazon (NASDAQ: AMZN) has preleased the office portion of both properties, which totals more than 2 million square feet.“We are very excited to be working with Amazon again, and we are thrilled to be kicking off our first development projects in the Bellevue CBD,” says Ada Healey, chief real …

Gantry Secures $5.6M Refinancing for Industrial Property in Suburban Seattle

WOODINVILLE, WASH. — Gantry has arranged a $5.6 million loan for Underwood Gartland 216 LLC. The funds will refinanc debt on UG216, an industrial property in Woodinville. Michael Wood and Colin Ceithaml of Gantry represented the borrower and secured the loan with a 10-year term and 30-year amortization through State Farm.Bio-Rad Laboratories, a life sciences research and clinical diagnostic products company, occupies the 71,750-square-foot building, which is located at 8415 216th St. SE. …

The Hotel Group Opens 177-Room Hilton Garden Inn in Redmond, Washington

REDMOND, WASH. — The Hotel Group (THG) has opened the 177-room Hilton Garden Inn Redmond Town Center in Redmond. THG manages the property on behalf of Kauri Investments and Washington Holdings. This is THG’s sixth Hilton-branded hotel in the Puget Sound area. The six-story property features 9,000 square feet of meeting space and a 24-hour fitness center. A restaurant will open at the hotel at a later

KTGY Architecture + Planning Designs 22-Unit Luxury Multifamily Development in Bellevue

BELLEVUE, WASH. — KTGY Architecture + Planning has unveiled the design for The Lofts at 15th, a 22-unit luxury condominium development in Bellevue, a suburb of Seattle. Developed by Toll Brothers, the project is slated for completion next year. The design features four four-story buildings. Residences range in size from 1,462 to 2,258 square feet and prices will start at $1.1 million. Each unit is equipped with its own two-car

Kidder Mathews Arranges $44.5M Purchase of Knol Apartments in Kent, Washington

KENT, WASH. — Kidder Mathews has arranged the $44.5 million sale of Knol Apartments in Kent, about 20 miles south of Seattle. The sales price represents $207,000 per unit and $302 per net rentable square foot. Formerly known as La Mirage Apartments, the property last traded hands in July 2018. Since then, the owners transformed the community by modernizing the clubhouse, leasing office, outdoor spaces and building interiors and exteriors. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder …

M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington

SPOKANE, WASH. — M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane.The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018.M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in …

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