Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, …

Marcus & Millichap Brokers $9.4M Sale of Towne Square Retail Center in Port Orchard, Washington

PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale Towne Square Retail Center, a retail property located at 1700 S.E. Mile Hill Drive in Port Orchard, approximately 24 miles west of Seattle. A private investor sold the asset to an undisclosed buyer for $9.4 million.Grocery Outlet, Goodwill and Ace Hardware are anchor tenants at the 154,604-square-foot retail property, which also includes a two-story interior mall space with more than 100 tenants. The buyer plans to …

Multifamily Market Signals Stability in Seattle

By Dylan Simon, Kidder MathewsAs we left 2020 behind, we collectively hoped that turning the calendar to 2021 would stem to tide of COVID and bring about a V-shaped economic recovery. Alas, we enter this spring with many of the same hold-over concerns from a very rocky 2020.Thankfully, stability is right around the corner!A comprehensive and broad recovery may not be immediately recognizable, but there are signs economic stability is imminent for the Seattle apartment market.Big …

Bell Partners Buys 202-Unit Aura Totem Lake Apartments in Kirkland, Washington

KIRKLAND, WASH. — Bell Partners, on behalf of its Bell Core Fund I vehicle, has purchased Aura Totem Lake, a multifamily property in the Seattle suburb of Kirkland. Bell Partners plans to rename the 202-unit property Bell Totem Lake.Built in 2020, Bell Totem Lake features three elevated courtyards with a covered outdoor entertaining kitchen, fire pits, hammocks and grills; a resident lodge with a demonstration kitchen and billiards table; an athletic center with cardio theater and free …

PMF Investments Sells BelleVista Place Mixed-Use Development Site in Bellevue for $152.2M

BELLEVUE, WASH. — PMF Investments has completed the disposition of BelleVista Place, a mixed-use, master-planned development site located at 100 112th Ave. NE in Bellevue. An undisclosed buyer acquired the 4.9-acre site for $152.2 million.Designed by CollinsWoerman, the project will feature residential, office and retail space, as well as subterranean parking.According to the City of Bellevue’s first-quarter 2020 Downtown Bellevue Major Projects List, the development team is seeking …

Next Wave Expands Pacific Northwest Presence with $48.6M in Multifamily Acquisitions in Washington, Oregon

SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million.Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully …

NorthMarq Arranges $14.5M Refinancing for Lakeland Commons Retail in Auburn, Washington

AUBURN, WASH. — NorthMarq has secured $14.5 million in refinancing for Lakeland Commons Retail, a shopping center located at 1502 Lake Tapps Parkway SE in Auburn. The 10-year loan features a 30-year amortization schedule.Walgreens is a tenant at the 35,000-square-foot strip retail center.Bob Spiro and Scott Moline of NorthMarq’s regional Seattle office secured the

Aegis Living Opens Bellevue Overlake Seniors Housing Community Near Seattle

BELLEVUE, WASH. — Aegis Living has opened Aegis Living Bellevue Overlake, located in the city of Bellevue where the company is headquartered.The community features 122 senior living apartments in the 106,000-square-foot-building. Its opening follows Aegis Living’s joint acquisition of 10 communities across California, Washington, and Nevada. Aegis has eight additional communities in development, including communities in Kirkland and the Eastlake neighborhood of Seattle.Aegis Living …

Marcus & Millichap Arranges $7.8M Sale of Medical Office Building in Spokane Valley, Washington

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Vivacity Care Center, a medical office property located at 16009 E. Indiana Ave. in Spokane Valley. An undisclosed developer sold the asset to a limited liability company for $7.8 million.Built in 2020, the net-leased property features 12,000 square feet of medical office space. The property is long-term leased, with annual rent increases, to the tenant, which is corporate guaranteed by Permera Blue Cross.Clayton …

Marcus & Millichap Arranges $4.6M Sale of O’Reilly Auto Parts-Occupied Property in Shoreline, Washington

SHORELINE, WASH. — Marcus & Millichap has brokered the sale of a retail property located at 18025 Aurora Ave. North in Shoreline. A limited liability company sold the asset to a limited liability company for $4.6 million.O’Reilly Auto Parts has occupied the 16,265-square-foot property since 1997. The current corporate-guaranteed lease expires in 2028 and features several five-year options to renew.Carson Breshears and Hank Wolfer of Marcus & Millichap’s Seattle office …

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