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Bertch Capital Secures Tenant for 116,572 SF Industrial Asset Under Construction in Washington

SUMNER, WASH. — Bertch Capital Partners has signed CTE Warehousing to occupy Sumner Ridge’s Building A, located at 3400 W. Valley Highway East in Sumner, in a long-term lease agreement. Building A is the second facility at Sumner Ridge, which is home to a 112,100-square-foot industrial property occupied by Automatic Products. The freight management partner will occupy the entire 116,572-square-foot warehouse facility, which is slated for completion at the end of the second quarter. The …

Development, Industrial, Leasing Activity, Washington, Western

Costco Wholesale Acquires Innovel Solutions for $1B to Expand Last-Mile Capacity

ISSAQUAH, WASH. — Issaquah-based Costco Wholesale Corp. has acquired Innovel Solutions, a provider of third-party logistics solutions with nationwide capabilities, for $1 billion. Innovel was a subsidiary of Transform Holdco, which operates Sears and Kmart stores. The acquisition was funded with the company’s existing cash balances. Innovel provides last-mile delivery, complete installation and white glove capabilities for large and/or bulky products. Its network offers coverage to …

Acquisitions, Company News, Retail, Washington, Western

CBRE Secures $115.5M Refinancing for The Danforth Apartment Building in Seattle

SEATTLE — CBRE has arranged $115.5 million in refinancing for The Danforth, a 16-story multifamily property located at 1425 Spring St. in Seattle’s First Hill neighborhood. The borrower acquired the 265-unit apartment property in December 2019 from the project developer, Columbia Pacific Advisors. John Lo of CBRE’s Capital Markets’ Debt & Structured Finance group secured the loan from a European lender on behalf of the borrower, an affiliate of the Vanbarton Group. Built in …

Loans, Multifamily, Washington, Western

Gantry Arranges $40M in Financing for Office Building, Apartment Asset in Seattle

SEATTLE — San Francisco-based Gantry, an independent commercial banking firm, has secured $40 million in permanent financing for the Ainsworth & Dunn (A&D) Building and newly constructed 10 Clay Apartments in Seattle. The mixed-use residential and historic office project is located at 10 Clay St. and 2815 Elliott Ave. in Seattle’s Waterfront neighborhood. The multifamily component consists of a six-story, 62-unit, mid-rise apartment complex with more than 7,000 square feet of …

Loans, Multifamily, Office, Retail, Washington, Western

THG to Open Residence Inn by Marriott Wenatchee in Washington

WENATCHEE, WASH. — The Hotel Group (THG) is expanding its hotels-under-management portfolio with the addition of Residence Inn by Marriott Wenatchee, a five-story hotel development in Wenatchee. Developed and owned by Seattle-based Stream Real Estate, the hotel will feature 127 suites with fully equipped kitchens and window-facing workspaces. Additionally, the property will offer complimentary breakfast, an outdoor area with seating, fire pit, outdoor grills, heated pool and spa, …

Development, Hospitality, Washington, Western

Marcus & Millichap Brokers $23.6M Sale of Crestwood Corporate Plaza Office Building in Metro Seattle

BELLEVUE, WASH. — Marcus & Millichap has arranged the sale of Crestwood Corporate Plaza, an office building located in Bellevue. A West Coast-based private equity investor acquired the property from an undisclosed seller for $23.6 million, or $317 per square foot. Constructed in 2001, Crestwood Corporate Park offers 74,442 square feet of office space adjacent to the Interstate 90 light rail station. At the time of sale, a variety of technology companies and regional service offices had …

Acquisitions, Office, Washington, Western

Lancaster Pollard Provides $7.2M Refinancing for Rosewood Courte Memory Care in Edmonds, Washington

EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster

Acquisitions, Multifamily, Seniors Housing, Washington, Western

PMB Completes Seniors Housing Project as Part of Mixed-Use Development in Tacoma, Washington

TACOMA, WASH. — PMB has opened the doors on GenCare Lifestyle at Point Ruston, a 159-unit independent living, assisted living and memory care community in Tacoma. The 144,000-square-foot, six-story senior community is located on the southern edge of Puget Sound in Point Ruston, a master-planned, mixed-use urban village. The location puts residents within walking distance of retail establishments, restaurants, a luxury hotel, residential developments, a movie theater, local and organic …

Development, Multifamily, Seniors Housing, Washington, Western

Ready Capital Closes $13.2M Refinancing for Industrial/Flex Portfolio in Metro Seattle

FEDERAL WAY AND AUBURN, WASH. — Ready Capital has closed $13.2 million in financing for the recapitalization, renovation and stabilization of an industrial/flex portfolio located in Federal Way and Auburn, located in metro Seattle. The assets offer approximately 138,000 square feet of Class B industrial and flex space. Proceeds will be used for the recapitalization of funds, capital improvements, tenant leasing costs, and interest and operating shortfalls. The non-recourse, floating-rate …

Industrial, Loans, Washington, Western

Kase Group Negotiates $8.4M Sale of Safeway-Occupied Retail Asset in Yakima, Washington

YAKIMA, WASH. — The Kase Group has arranged the sale of a single-tenant property located at 5702 Summitview Ave. in Yakima. A California-based investor acquired the property for $8.4 million. Safeway occupies the 45,584-square-foot building, which is situated along Interstate 82. The Safeway lease is guaranteed by Albertsons Co. Robert Walker of The Kase Group represented the buyer and undisclosed seller in the

Acquisitions, Retail, Washington, Western
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