Washington

Koelsch to Break Ground on $24M Memory Care Community Near Seattle

by Nellie Day July 13, 2017

KIRKLAND, WASH. — Koelsch Communities will break ground July 19 on Jefferson House, an 80-bed memory care community in the Seattle suburb of Kirkland. The three-story project will be located adjacent to Madison House, another Koelsch community, which offers independent living and assisted living. Development costs for Jefferson House are estimated at $24 million. Madrona Point Development partnering with RJ Development, both based in Olympia, are developing the new project. Koelsch Construction will serve as general contractor. Jefferson House is scheduled to open in the winter of 2018. Koelsch Communities operates 23 communities in seven states and has nine further communities in development.

July 13, 2017

Market Reports Retail Washington Western Western Market Reports

The Changing Face Of Puget Sound Retail

by Camren Skelton July 11, 2017

The Puget Sound region is one of the fastest growing areas in the U.S. We are seeing that reflected in the retail landscape, with innovation and expansion throughout the area. We are at the forefront of retail evolution, thanks to having some of the best-known retail innovators in our back yard who have turned the world of retail upside down by giving every consumer access to virtually every product available via home delivery. And yet, they are also innovating into brick and mortar experiences. Retailers are continually looking for ways to improve the consumer experience, not only through product offerings, but in forward-thinking store concepts that focus on experience and social community. REI’s focus is providing quality outdoor products at approachable price points in an interactive environment. While the most active/desirable retail areas (based on sales per square foot potential and residential and daytime populations) are the CBD, South Lake Union, Capitol Hill, University Village and downtown Bellevue, the demand for quality/value, experience, fitness and food remain consistent trends in the market. Nordstrom Rack has been expanding throughout the U.S. and will soon be opening a new store in Bellevue’s Phase II at Lincoln Square to meet this desire for …

July 11, 2017

Multifamily Top Stories Washington Western

Kennedy Wilson Sells 576-Unit Multifamily Asset in Metro Seattle for $109M

by Taylor Williams July 10, 2017

KENT, WASHINGTON — Real estate investment firm Kennedy Wilson (NYSE: KW) has sold Rock Creek Landing, a 576-unit apartment community in Kent, about 20 miles south of Seattle, for $109 million. The buyer was not disclosed. The cash proceeds of $73 million from the transaction will be used to fund the company’s recent acquisition of 90 East, a 573,000-square-foot, Class A office development in the Bellevue, Washington, area. Rock Creek Landing is located at 1024 Central Ave. North in Kent. The property offers an indoor and outdoor pool, business center, community clubhouse and a coffee bar. Kennedy Wilson purchased Rock Creek Landing in 2014 for $58 million as part of a $127 million acquisition of a three-property portfolio of multifamily assets located across several submarkets south of Seattle. The company has since invested about $6 million in upgrades to the community’s leasing center, unit interiors and common areas. During its time under Kennedy Wilson’s ownership, Rock Creek Landing generated net operating income of approximately $5.3 million. Combined, the sale of Rock Creek Landing and acquisition of the 90 East office property in Bellevue are expected to increase annual net operating income by about $7 million. “The sale demonstrates our ability …

July 10, 2017

California Multifamily Student Housing Washington Western

Berkadia Arranges Sale of Two Student Housing Properties in California, Washington for $146M

by Nellie Day July 6, 2017

SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.

July 6, 2017

Multifamily Seniors Housing Washington Western

Columbia Pacific Advisors to Acquire Hawthorn Retirement Group

by Nellie Day June 20, 2017

SEATTLE AND VANCOUVER, WASH. — Columbia Pacific Advisors, a real estate investment fund manager, has agreed to acquire Hawthorn Retirement Group, a seniors housing owner-operator, for an undisclosed price. Both firms are based in Washington state, Columbia Pacific in Seattle and Hawthorn in Vancouver. Hawthorn’s portfolio includes 55 communities in operation and 24 under construction or in pre-development across 20 states and two Canadian provinces. The acquisition includes the portfolio as well as Hawthorn’s management and construction business. Though terms of the deal are not disclosed, a press release from Columbia Pacific implied that the existing corporate structure of Hawthorn will be maintained. Pat Kennedy, CEO of Hawthorn, will stay on as a Hawthorn senior executive. Seniors housing has long been a focus of Columbia Pacific, which has developed or acquired more than 300 communities totaling 25,000 units over the last 10 years. The company also invests in standard multifamily and other commercial real estate sectors. The acquisition is expected to close by the end of the summer.

June 20, 2017

Multifamily Washington Western

Chinese Investor Purchases Uptown 11 Apartments in Seattle for $32.3M

by Nellie Day June 19, 2017

SEATTLE – China-based Xaio Investment Co. has acquired the 34-unit Uptown 11 apartment complex in Seattle for $32.3 million. The community is located at 11 W. Mercer St. CVS occupies the ground-floor retail space. Units range from studios to two-bedroom units. The seller was Velmeir Cos.

June 19, 2017

Retail Texas Top Stories Washington Western

Amazon to Acquire Whole Foods Market for $13.7B

by Kristin Harlow June 16, 2017

SEATTLE — Online retail giant Amazon (NASDAQ: AMZN) has agreed to acquire high-end grocery chain Whole Foods Market Inc. (NASDAQ: WFM) for $13.7 billion. The all-cash transaction amounts to $42 per share and includes the Austin, Texas-based grocer’s net debt. Whole Foods Market will continue to operate stores under the Whole Foods Market brand. John Mackey will remain CEO of Whole Foods Market, and the company’s headquarters will remain in Austin. “This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” says Mackey. Completion of the transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017. “It seems that Amazon, after all, is one of brick and mortar’s biggest believers — and for good reason. The grocery sector has been in major growth for some time now, and Amazon’s entry into the space will be a game changer,” says Rafael Romero, vice president on the retail team at Coral Gables, Florida-based CREC, an independent real estate firm. “It will be interesting to see how other high-end and organic …

June 16, 2017

Office Washington Western

Union Investment Acquires Midtown21 Office Building in Seattle for $330M

by Nellie Day June 15, 2017

SEATTLE — Union Investment has purchased the Midtown21 office building in Seattle for approximately $330 million. The 21-story building is located at 1007 Stewart St. in Denny Triangle within the South Lake Union submarket. Amazon is leasing the entire 35,000-square-foot office space. A joint venture between MetLife Real Estate and Trammell Crow Co. developed the property.

June 15, 2017

Multifamily Washington Western

Security Properties, Intercontinental Real Estate Corp. Acquire Echo Lake Apartments in Shoreline

by Nellie Day June 13, 2017

SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.

June 13, 2017

Mixed-Use Top Stories Washington Western

Gramor Secures Construction Financing for Phase I Component of $1.5B Waterfront Vancouver Project

by John Nelson June 8, 2017

VANCOUVER, WASH. — Gramor Development Inc., a privately held firm based in Oregon, has secured a round of construction financing for Phase I of its $1.5 billion mixed-use project along the Columbia River in Vancouver. Known as The Waterfront Vancouver, the project will span 20 city blocks and 32 acres and feature residential, office, retail and restaurant space, as well as a Hotel Indigo. U.S. Bank provided a $42.5 million construction loan to Gramor Development for Block 6 Office and Block 6 Residential — a seven-story office building and a six-story, 63-unit apartment building. The street level of both assets will house the Shops at Waterfront Way, which will include retail and restaurants. Committed tenants include M.J. Murdock Charitable Trust at Block 6 Office and Cascade Sotheby’s International Realty and MidiCi The Neapolitan Pizza Co. at Block 6 Residential. The project team for Block 6 includes architect Ankrom Moison and general contractor Robertson & Olson. “Gramor is a driving force in revitalizing Vancouver’s waterfront and the local community,” says Ann Young, senior vice president, and Oregon market manager of U.S. Bank. “U.S. Bank is excited to be part of the project and to help bring this vibrant and unique development …

June 8, 2017

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