TACOMA, WASH. — Sprague Pest Solutions has acquired TMC Pest Management of Bakersfield, Calif., expanding the fifth-generation company into California and giving it the ability to serve commercial clients from Washington state to Southern California. TMC will operate under the Sprague Pest Solutions brand immediately. Founded in 1992 by Jeff McCaa, TMC Pest Management offers pest management services to commercial-industrial clients. The company specializes in protecting food processing, distribution and transportation outlets. Sprague has a long history providing the food processing and agriculture industries with pest management and food safety programs.
SEATTLE — PSRS has provided a $57 million loan for a 285,186-square-foot office building in the South Lake Union area of downtown Seattle. The building was constructed in 1929 and renovated in 1965. The asset has a mix of tenants, including a local newspaper as the anchor. The space also includes a data storage business. The 10-year, interest-only, cash-out loan was financed through a leading CMBS lender. The borrower is a large data center and office investor. PSRS’ Michael Thorp and Ryan Frankman secured the financing. The planned use of the capital was not disclosed.
SEATTLE — Terreno Realty Corp. has purchased a 35,000-square-foot industrial building in Seattle for $5.9 million. The building is located at 25-29 S. Hanford St. It is 72 percent leased to two tenants. It is situated on 1.1 acres within the SoDo district, adjacent to the port. Terreno Realty Corp. acquires, owns and operates industrial real estate in six major coastal U.S. markets.
ISSAQUAH, WASH. — Life Care Services has completed the $154.5 million Phase II expansion of Timber Ridge at Talus, a continuing care retirement community in the Seattle Suburb of Issaquah. The project expanded the health center, which offers skilled nursing and rehabilitation services, and added 145 independent living units, an indoor swimming pool and 190-seat auditorium. The property now offers 329 total independent living units. The community is built on 10 acres within Talus, a 630-acre, master-planned residential project at the base of Cougar Mountain. Life Care Services and Westminster Funds are joint-venture owners of Timber Ridge. The Weitz Company was general contractor on the expansion. Publicly traded healthcare REIT National Health Investors Inc. (NYSE: NHI) provided funding for the project.
REDMOND, WASH. — Emerald Communities, a nonprofit seniors housing operator, has announced plans to add a new neighborhood named The Courtyard to its Emerald Heights continuing care retirement community in the Seattle suburb of Redmond. The Courtyard will feature a three-level, 69,998-square-foot building atop a 34,107-square-foot parking structure. It will add 42 new units to the community, surrounding a pedestrian plaza that connects to the property’s existing nature trail. Construction of The Courtyard is expected to begin in mid-2018. Emerald Heights, which sits on 38 acres in the Education Hill neighborhood of Redmond, was most recently expanded in 2014.
WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller
SEATTLE — Capitol Hill Partners has acquired the 58-unit Carroll and Kensington Apartments in Seattle for an undisclosed sum. The community is located at 305 Bellevue Ave. E. The acquisition includes two mid-rise buildings with shared parking. The Carroll and Kensington Apartments were built in 1908 and 1994, respectively. The historic Carroll Apartments were upgraded in 2003. Marty Leith of ARA Newmark represented the seller, Family Apartments LLC, in this transaction.
SEATTLE — Union Investment has purchased the 222-room Hilton Garden Inn in downtown Seattle for $90 million. The hotel is located at 1821 Boren Ave. This is the Hamburg-based real estate investment manager’s first acquisition on the West Coast.
OLYMPIA, WASH. — Ventas has acquired six seniors housing communities from Koelsch Communities for $137 million and will immediately lease all the properties back to the Olympia-based operator. The communities acquired include Canterbury Park in Longview, Wash.; Cedarbrook in Fresno, Calif.; The Hampton & Ashley Inn and The Hampton at Salmon Creek both in Vancouver, Wash.; Madison House in Kirkland, Wash.; and Spring Creek Inn in Bozeman, Mont. The transaction increases the number of Ventas-owned, Koelsch-operated communities to 18. The properties span the continuum of care. Koelsch Communities operates 22 communities in seven states with eight more communities currently in development.
SEATTLE — Madison Marquette is set to begin the redevelopment of Pacific Place, a 339,000-square-foot retail center located in downtown Seattle. Barney’s New York and Tiffany & Co. anchor the four-story center, which is also home to AMC Theatres, Barnes & Noble, Kate Spade New York, lululemon athletica and Victoria’s Secret. The multi-million dollar renovation — which architectural firm Gensler designed — will include remodeling the center’s common areas and the addition of a new entrance, and new shopping and dining space. The project is scheduled to begin in the fourth quarter of 2017, with the first phase opening in fall 2018.