Washington

Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M

by Christina Cannon July 22, 2016

SEATTLE — Mirae Asset Global Investments has acquired the Amazon Phase VIII building in Seattle for $246.8 million. Vulcan Real Estate sold the 12-story, 317,804-square-foot office building. The building, constructed in 2015, includes 5,297 square feet of ground-floor retail space and serves as Amazon’s headquarters. The property, located at 325 9th Ave. N. in the South Lake Union neighborhood, is LEED Gold certified and features 443 parking spaces. Mirae Asset Global Investments is an international investor based in Seoul, South Korea. Kevin Shannon, Ken White and Michael Moll of Newmark Grubb Knight Frank (NGKF) brokered the transaction. David Milestone and Brett Green of NGKF arranged financing for Mirae Asset Global Investments. “Global capital is increasingly recognizing the unique opportunity offered by South Lake Union and the Puget Sound region,” says Shannon, president of NGKF Capital Markets. “Seattle, San Francisco and Los Angeles sales activity in the CBDs has been dominated by foreign buyers in 2016 and this is yet another example of this.” Amazon has approximately 15 years remaining on its lease. — Christina Cannon

July 22, 2016

Multifamily Seniors Housing Washington Western

LCS Development Nears Completion of $154.5M, 180-Unit CCRC Expansion Near Seattle

by Nellie Day July 18, 2016

ISSAQUAH, WASH. — LCS Development, a developer of continuing care retirement communities (CCRCs) throughout the United States, has nearly completed the Phase II expansion of Timber Ridge at Talus, a CCRC in the Seattle suburb of Issaquah. National Health Investors (NYSE: NHI), a major healthcare REIT, is providing the funding for the $154.5 million expansion. When completed, the project will add 145 independent living apartments, 14 assisted living apartments, a new 12-bed memory care neighborhood and nine private nursing suites. The project will also add a new dining venue, an indoor swimming pool and a 190-seat auditorium. Phase I of Timber Ridge was completed in 2008 as a 10-acre portion of a 630-acre, master-planned Talus community. The site is located near the 3,100-acre Cougar Mountain Wildland Park. The expansion is 80 percent completed, according to LCS Development. The auditorium and memory care neighborhood will open for residents this month. Westminster Capital is a joint venture partner on the development. LCS Development is a subsidiary of LCS and a sister company of Life Care Services, which operates Timber Ridge at Talus.

July 18, 2016

Multifamily Top Stories Washington Western

Kennedy Wilson Acquires 430-Unit Multifamily Property in Metro Seattle for $81M

by Haisten Willis July 13, 2016

AUBURN, WASH. — Global real estate investment company Kennedy Wilson has purchased a 430-unit multifamily property in the Seattle suburb of Auburn for $81 million. Belara at Lakeland is a garden-style apartment community built in 2006 on 40 acres within the Lakeland Hills master-planned community. The property features a resident clubhouse, fitness center, outdoor pool and playground and is located in the Dieringer school district. “We are excited to expand our footprint in the Seattle area,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.” Auburn is located at the convergence of the SR-18, SR-167 and I-5, offering access to Seattle, Bellevue and Tacoma. Kennedy Wilson invested $19 million of equity, inclusive of closing costs, and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed rate of 3.6 percent to acquire the property. Kennedy Wilson’s global apartment portfolio includes 135 communities with approximately 26,000 units. The company has an ownership interest in 9,893 units across 39 communities in the state of Washington. — Haisten Willis

July 13, 2016

California Retail Washington Western

Petco Remodeling 13 Stores in Seattle, San Diego

by Nellie Day July 7, 2016

SEATTLE — Pet supplies retailer Petco will remodel 12 stores in the Seattle area and one in San Diego this month. The Seattle-area stores will host grand re-opening celebrations on July 29. The locations are in Seattle (Holman Road, North 205th Street, 15th Avenue and Northeast 45th Street); Federal; Kirkland; Covington; Everett; Redmond; Lynwood; Gig Harbor; and Olympia, Wash. The San Diego location will celebrate a grand re-opening on July 22. Petco operates more than 1,430 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop.

July 7, 2016

Multifamily Seniors Housing Washington Western

Emerald Communities Completes $60M Expansion at CCRC Near Seattle

by Nellie Day July 6, 2016

REDMOND, WASH. — Emerald Communities has completed the $60 million expansion of Emerald Heights, a nonprofit continuing care retirement community in the Seattle suburb of Redmond. The expansion included a 43-unit independent living addition named Trailside, new health services clinic, full-continuum-of-care addition named The Corwin Center, fitness center, auditorium and new dining venue. Emerald Heights is located on 38 acres and is home to more than 550 seniors. The community opened in 1992. Emerald Communities is a nonprofit operator of continuing care retirement communities. Its second community, the 275-unit Heron’s Key, is currently under construction in Gig Harbor, another suburb of Seattle.

July 6, 2016

Multifamily Washington Western

Hong Kong Developer Buys Site for Multifamily Development in Seattle for $17.1M

by Nellie Day June 21, 2016

SEATTLE — Create World America has acquired an 8,748-square-foot residential development site near Pike Place Market in Seattle for $17.1 million. The space is located at 1613 2nd Ave. The acquisition includes air rights that allow for a large floor plate and protected views from the 14th floor and above. Create World America, an international construction management firm based out of Hong Kong, plans to erect a high-rise residential tower on the site. Jim Klinger and Ross Klinger of Kidder Mathews represented the seller, MJA Building, an affiliate of Principal Real Estate Investors, in this transaction.

June 21, 2016

Retail Washington Western

Togo’s Opens First of Several Restaurant Locations in Washington

by Nellie Day June 16, 2016

KENT, WASH. — Togo’s Eateries LLC is has opened the first of several locations planned in Washington State. The first restaurant is located at Kent Station in Kent, Wash. Togo’s Eateries was founded in 1971 by a college student, and now has more than 300 locations open and under development throughout the West.

June 16, 2016

Multifamily Washington Western

Innsbruck Apartments in Seattle Sells for $2.6M

by Nellie Day June 15, 2016

SEATTLE — A partnership between L5 Real Estate Investments and Shuler Architecture has acquired the 31-unit Innsbruck Apartments in Seattle for $2.6 million. The community is located at 3223 S. 160th St. Innsbruck was built in 1967 and renovated in 2007. It will undergo a significant further renovations, according to the buyers. David Massa of Madison Partners Real Estate represented the buyers. The sellers were local private investors. Grandbridge Capital provided the debt.

June 15, 2016

Multifamily Washington Western

New Standard Equities Buys The Venue Apartments in Renton for $41.5M

by Nellie Day June 14, 2016

RENTON, WASH. — New Standard Equities has purchased The Venue, a 284-unit apartment complex in Renton, for $41.5 million. The community is located at 4455 N.E. 12th St. The Venue will undergo a $2.8 million repositioning that will include improvements to its fitness center and additional carports on the low-density site. This is the third Pacific Northwest acquisition for New Standard since August 2015. The seller was Fowler Property Acquisitions. Regis Metro Associates provided equity, while Freddie Mac provided the financing.

June 14, 2016

Multifamily Seniors Housing Washington Western

Emerald Communities Starts Construction of 275-Unit CCRC Near Seattle

by Nellie Day June 10, 2016

GIG HARBOR, WASH. — Emerald Communities, a Seattle-based operator, has started construction of Heron’s Key, a 275-unit continuing care retirement community (CCRC) in Gig Harbor, approximately 40 miles southwest of Seattle. Being built on 18 acres of woodlands in the Harbor Hill neighborhood of Gig Harbor, Heron’s Key is more than 70 percent pre-leased. The first construction phase will include 194 apartment and cottage homes, 36 assisted living suites and 45 private skilled nursing rooms. Amenities built during this phase include multiple dining venues, a salon and barber shop, massage and day spa, nature walking trails and pond, fitness center, and onsite health center. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities. The first phase is slated to open in early 2017.

June 10, 2016

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