Washington

NorthMarq Arranges $93M in Acquisition Financing for Bridges at Northcreek in Bothell

by Nellie Day December 1, 2016

BOTHELL, WASH. — NorthMarq Capital has arranged $93 million in financing for the acquisition of the 524-unit Bridges at Northcreek apartments in Bothell. The Class A community is located at 20225 Bothell Everett Highway, just north of Bellevue. Bridges at Northcreek was built in 1999. The property is situated near more than 500 restaurants and shops, Woodinville wine country, golf courses, parks and more. The 10-year, full-term, interest-only loan has significant prepayment flexibility in its last several years. NorthMarq arranged financing for the borrower, one of NorthMarq’s long-term clients, through the firm’s Fannie Mae program. David Link and Brian Fisher led the team on this transaction.

December 1, 2016

Multifamily Washington Western

Priderock Buys Arcadia Townhomes in Federal Way for $68.5M

by Jeff Shaw November 29, 2016

FEDERAL WAY, WASH. — Priderock has purchased the 309-unit Arcadia Townhomes in the Seattle submarket of Federal Way for $68.5 million. The community is located at 1300 S.W. Campus Drive. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool, hot tub, biking and walking paths. JLL’s David Young and Corey Marx represented the seller, a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America, in this transaction.

November 29, 2016

Office Top Stories Washington Western

Tristar Capital, RFR Holding Acquire Amazon Phase VII Office Property in Seattle for $244M

by Nellie Day November 23, 2016

SEATTLE — A joint venture between Tristar Capital and RFR Holding has purchased Amazon Phase VII, a 12-story office building with ground-floor retail in the South Lake Union neighborhood of Seattle, for $244 million. The building is located at 400 Ninth Ave. N. Amazon Phase VII features 313,000 square feet of office space fully leased to Amazon, 5,700 square feet of ground-floor retail space fully leased to Sam’s Tavern and a four-level subterranean garage. The development also includes a public plaza and a landscaped rooftop terrace with sweeping views of the city. “Nebulous,” a public art installation by local artist Dan Corson, is suspended above the public plaza. The building was completed in 2015 and is LEED-Gold certified. NBBJ designed the project, which Turner Construction built. The Washington State Chapter of NAIOP honored the building’s seller, Vulcan Real Estate, with the 2015 Office Development of the Year award for its 1 million-square-foot expansion of Amazon’s South Lake Union headquarters. This expansion included Amazon Phase VI, Phase VII and VIII. Kevin Shannon, Ken White, Michael Moll and David Milestone of Newmark Grubb Knight Frank, along with CBRE’s Tom Pehl, Lou Senini and Owen Rice, negotiated the transaction. “Core, best-in-class office product in …

November 23, 2016

California Oregon Retail Top Stories Uncategorized Washington Western

CBRE Global Investment Partners Acquires Minority Stake in $1.5B West Coast Retail Portfolio

by John Nelson November 22, 2016

LOS ANGELES AND SAN FRANCISCO — CBRE Global Investment Partners has acquired a 45 percent stake in a $1.5 billion portfolio of 55 retail assets located on the West Coast. The investment was made on behalf of the company’s flagship Global Alpha Fund and various separate account clients and totals roughly $450 million, according to reports by The Wall Street Journal. San Francisco-based Merlone Geier Partners (MGP) is the majority owner in the portfolio, which totals nearly 7 million square feet, and will maintain its position as operating partner. The properties are largely anchored by grocery and necessity-based retailers, and are concentrated in Southern California, Seattle, Sacramento, the San Francisco Bay Area and Portland. “This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centers that would be challenging to acquire in scale,” says Ian Gleeson, CIO for CBRE Global Investment Partners. “We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.” Eastdil Secured advised MGP in the transaction. MGP is a private real estate investment company focused on the acquisition, development and redevelopment of retail and mixed-use …

November 22, 2016

Multifamily Washington Western

Security Properties Buys Two Multifamily Assets in Washington’s Tri-Cities Area for $41.3M

by Nellie Day November 10, 2016

RICHLAND AND KENNEWICK, WASH. — Security Properties has purchased two multifamily assets in the Tri-Cities area of Washington State for a total of $41.3 million. The acquisitions include the 228-unit Riverpointe Apartments in Richland and the 200-unit Crosspointe Apartments in Kennewick. Both Class B assets are vintage/garden-style apartment communities built in 1996. Security Properties plans to renovate both communities, which were purchased for $22.3 million and $19 million, respectively. The communities were financed with assumed HUD mortgages at a 3.42 percent average fixed rate. Security Properties-affiliate Madrona Ridge Residential will manage the communities.

November 10, 2016

Market Reports Office Washington Western Western Market Reports

Seattle’s Office Market Remains Healthy

by Camren Skelton November 8, 2016

Seattle is on the rise, and companies are thriving in the downtown core and surrounding submarkets. Seattle’s office market is one of the healthiest in the country. Leasing continues to be led by a robust technology sector that’s fueled by both the expansion of homegrown companies and the addition of engineering offices from mostly California-based companies. These companies have established significant footprints in Seattle as they have been able to attract, hire and retain workers from a talented employee pool. Institutions like the University of Washington continue to produce additional engineering graduates from an expanding computer science program, and companies have had great success recruiting talent eager to move from across the country and internationally to the Puget Sound region. Traditional brick-and-mortar companies like Sears, Best Buy and Starbucks are all working in Seattle to monetize the use of electronic devices. Many new companies to the market like Snapchat, Airbnb and, most recently, Pinterest, have opened their first Seattle locations in co-working spaces. The collaborative nature of the co-working environment is also popular among startups. These companies are often created by former employees of some of the region’s longstanding heavyweights. Amazon has had a significant ripple effect on the region, …

November 8, 2016

Market Reports Retail Washington Western Western Market Reports

Seattle’s Retail Market Continues to Grow

by Camren Skelton November 1, 2016

The Puget Sound region may be home to the growing online retail giant of Amazon, but bricks and mortar retail development is in the best shape it’s been in since the beginning of the Great Recession. After five consecutive years of strong employment growth and resultant in-migration of highly paid tech workers, the Seattle market is continuing to enjoy gains in retail sales volumes, which are projected to grow 4.5 percent in 2016. Demand for retail space has pushed overall vacancy rates to 3.7 percent throughout the metro area. For the 12 months ending on June 30, 2016, there were only 500,000 square feet of new space built. This is in contrast to the recent annual absorption that has exceeded 1 million square feet. Overall vacancy rates reflect the demand for new space and asking rents have climbed correspondingly. The majority of new retail construction is occurring in mixed-use projects, such as ground-floor spaces at new residential developments. The largest chunk of retail space currently under construction, however, is within the $1.2 billion expansion of Kemper Freeman’s Bellevue Collection in Downtown Bellevue. In all, the project will add 375,000 square feet of new retail, which is 85 percent pre-leased. The …

November 1, 2016

Loans Multifamily Seniors Housing Washington Western

Walker & Dunlop Closes $25M Fannie Mae Loan for Seniors Community in Walla Walla

by Nellie Day October 31, 2016

WALLA WALLA, WASH. — Walker & Dunlop Inc. has arranged a $25 million loan for Wheatland Village, an independent living, assisted living and memory care community in Walla Walla, located in the southeastern corner of Washington near the Oregon border. Portland, Ore.-based Generations Senior Living operates the Class A community. The company developed the property in 2004 through a partnership with a nonprofit hospital. Wheatland Village features 134 independent living units, 62 assisted living units and 38 memory care units. The memory care portion was added in 2013. Jeffrey Ringwald and William Jackson of Walker & Dunlop structured the 15-year, fixed-rate, Fannie Mae loan with a 30-year amortization schedule. The transaction consolidates two existing loans and features a 60 percent loan-to-value ratio.

October 31, 2016

Industrial Washington Western

BKM Capital Partners Acquires Andover Executive Park in Washington for $19.8M

by Nellie Day October 31, 2016

KENT, WASH. — BKM Capital Partners has purchased Andover Executive Park, a 181,163-square-foot industrial business park in the Kent submarket of Tukwila for $19.8 million. The park is located at 400-774 Industry Drive. BKM plans to implement a series of capital improvements to the business park, which was built in 1974. Upgrades will include the buildings’ roofs, exterior paint, landscaping, facades and signage. CBRE represented the seller, ScanlanKemperBard, in the transaction.

October 31, 2016

Multifamily Washington Western

Sage Apartment Communities Buys 200-Unit Waterford Apartments in Everett, Washington

by Nellie Day October 24, 2016

EVERETT, WASH. — Sage Apartment Communities has acquired the 200-unit Waterford Apartments in the Seattle submarket of Everett for an undisclosed sum. The community is located at 2020 Lake Heights Drive. It was 96 percent occupied at the time of the sale. Waterford was built in 1989. The seller was Carmel Partners.

October 24, 2016

Newer Posts

Older Posts