SEATTLE — KLM Equities Inc. has acquired the Hard Rock Café Seattle near Pike Place Market in Seattle for $20.8 million. The three-story restaurant is fully leased to Hard Rock Café. Gerry Rohm, Nicholas Kucha, Nick Kassab and Danny Reddin of HFF represented the seller, Urban Visions, in the transaction.
BELLEVUE, WASH. — A joint venture between Security Properties and Pacific Life Insurance Co. has purchased the 400-unit Overlook at Lakemont apartment complex in Bellevue for $118 million. The community is located at 5305 Lakemont Blvd. S.E. Overlook at Lakemont was built in 1992. Madrona Ridge Residential, an affiliate of Security Properties, will manage the property. The seller was Heitman. Jeff Williams, Chris Ross and Tim Brown of Moran & Co. executed the sale.
REDMOND, WASH. — Ascentis Real Estate Partners has acquired the Redmond Technology Center, a 101,855-square-foot creative office building in Redmond, for an undisclosed sum. The Class A building is located at 18300 Redmond Way, 15 miles east of downtown Seattle. Redmond Technology Center is situated within walking distance of Whole Foods, Peet’s Coffee, Jimmy John’s and Chipotle Mexican Grill. It was built in 2008. The transaction was completed through the company’s equity fund, Diversified International Partners.
SEATTLE — Newmark Realty Capital has arranged $44.2 million in construction financing for a 206-unit multifamily development in the South Lake Union area of Seattle. The Class A community will be called 624 Yale Apartments. It is scheduled for completion in November 2017. The project also contains 3,090 square feet of retail space. Brian Bonipart of Newmark Realty Capital arranged the financing.
SEATTLE AND PALM SPRINGS, CALIF. — Harborview Capital Partners has arranged six multifamily loans throughout the West Coast for a total of $30.7 million. The communities contain a total of 343 units in Seattle and Palm Springs. All of the transactions provided cash out to the borrower. The loans included a mix of agency, CMBS and traditional bank financing. Jeff Fuchs of Harborview’s Lawrence, N.Y., office arranged the loans on behalf of an unnamed, Seattle-based client.
TACOMA, WASH. — Dermody Properties has broken ground on LogistiCenter at 167, a 225,972-square-foot industrial facility in Fife. The facility will be located at 7450 26th St. E., just east of Tacoma. LogistiCenter at 167 is situated 1.7 miles from Interstate 5 and the Port of Tacoma, the largest deep-water port in Washington. Other industrial operations in the neighborhood include Regal Distribution, Milgard Windows & Doors, Mission Foods, American Fast Freight, Gensco, Fed Ex Freight, Odom Corp., Pexco, UPS and Prologix Distribution Services. Craft Architects is designing the building and the general contractor is Poe Construction. Vanessa Herzog, Patricia Loveall and Kraig Heeter of Kidder Mathews are representing Dermody.
TACOMA, WASH. — CBRE has arranged the $26.7 million sale of Lincoln Plaza, an 80,922-square-foot retail center located in Tacoma. The center is 95 percent occupied by tenants including Big 5, Jared, Men’s Wearhouse, Sketchers, Starbucks Coffee, Wingstop and Sprint. Philip Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman, Preston Fetrow and Dino Christophilis of CBRE represented the seller, PASSCO Cos. LLC. The buyer, a privately held real estate partnership based in the Pacific Northwest, represented itself in the transaction.
BELLEVUE, WASH. — Vulcan Real Estate has acquired Bellevue Plaza, a 60,000-square-foot shopping center located in Bellevue, roughly 10 miles outside of Seattle, for $45.5 million. The center was approximately 75 percent leased at the time of sale to tenants including Hot Yoga Inc., Pogacha, Jimmy John’s and Toy’s Café. Situated along Main Street between 106th and 105th avenues in the heart of downtown Bellevue, the center is blocks away from Bellevue Downtown Park, Bellevue Square and Lincoln Square. Vulcan has no immediate redevelopment plans for the property, but aims to create a long-term vision for the site that will likely include new residential and retail uses. CBRE led the transaction with a team that included Jon Hallgrimson, Frank Bosl and Eli Hanacek.
TACOMA, WASH. — Dermody Properties has announced plans to develop a 225,972-square-foot industrial facility in the Tacoma submarket of Fife. The property will be known as LogistiCenter at 167. It will be located at 7402 26th St. E. Construction will commence this spring and should be complete by September. Craft Architects is designing the building, while the general contractor is Poe Construction. Dermody is the project’s owner and developer. Vanessa Herzog, Patricia Loveall and Kraig Heeter of Kidder Mathews will handle leasing.
BURLINGTON, WASH. — Monmouth Real Estate Investment Corp. has purchased a 210,445-square-foot industrial building in Burlington for $30.6 million. The building is net leased to FedEx Ground Packaging System for 15 years. It is located at 2000 S. Walnut St.
