Washington

Alaska Electrical Pension Fund Purchases Alderwood Business Center in Lynnwood

by Nellie Day January 5, 2017

LYNNWOOD, WASH. — Alaska Electrical Pension Fund has purchased Alderwood Business Center, a 10-acre office campus in the Seattle suburb of Lynnwood, for an undisclosed sum. The two-building campus is located at 3400 and 3500 188th St. SW. The Class A campus provides tenants with access to Interstates 5 and 405. It is near to the Lynnwood Transit Center. The buildings offer mountain views from all sides, newly remodeled lobbies, conference rooms and training rooms. JLL’s Stuart Williams and Lori Hill represented the seller, Embarcadero Capital Partners, in this transaction.

January 5, 2017

Hospitality Washington Western

Hampton Inn & Suites by Hilton Northgate Opens in Seattle

by Nellie Day December 19, 2016

SEATTLE — The Hampton Inn & Suites by Hilton Northgate has opened in Seattle. The new hotel is located at 9550 1st Ave. N.E. It is situated near the Woodland Park Zoo and Seattle Children’s Hospital. It features a 24-hour business center, heated indoor pool, fitness center and a 2,100-square-foot meeting space.

December 19, 2016

Office Washington Western

Gemini Rosemont Purchases One Twelfth @ Twelfth Office Building in Bellevue

by Nellie Day December 14, 2016

BELLEVUE, WASH. — Gemini Rosemont has purchased One Twelfth @ Twelfth, a three-building office campus in Bellevue, for an undisclosed sum. The Class A campus is located at 1120 112th Ave. N.E. The property contains a total of 480,389 square feet. It is fully leased. Gemini Rosemont purchased the office campus in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Jason Flynn, Kayln McClure and Reid Rader of Eastdil Secured executed the transaction.

December 14, 2016

Multifamily Washington Western

JV Acquires Heights at Bear Creek Apartments in Redmond

by Nellie Day December 14, 2016

REDMOND, WASH. — A joint venture between Security Properties and Cigna Investment Management has purchased the 227-unit Bear Creek apartment community in Redmond for an undisclosed sum. The community is located at 17771 N.E. 90th St. The site was originally developed in 1993. The new owner plans to renovate the units, update the clubhouse and paint the exterior. Security Properties-affiliate Madrona Ridge Residential will manage the property.

December 14, 2016

Industrial Washington Western

Industrial Property Trust Buys Former Tacoma Sawmill for New Development

by Nellie Day December 13, 2016

TACOMA, WASH. — Industrial Property Trust (IPT) has purchased a 58-acre former sawmill in Tacoma for an undisclosed sum. The space is located at 733 E. 11th St. IPT plans to build a 1.1 million-square-foot industrial facility on the property. The IPT Tacoma Logistics Center will include two buildings. The project is scheduled for completion in the first quarter of 2018. Tony Kusak of Cushman & Wakefield Commerce executed the transaction. The seller was Interfor.

December 13, 2016

Multifamily Seniors Housing Washington Western

SLIB Brokers $7.5M Sale of 48-Unit Assisted Living Community in Vancouver

by Nellie Day December 6, 2016

VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.

December 6, 2016

Affordable Housing Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $92.5M in Bonds for Affordable Housing Near Seattle

by Nellie Day December 5, 2016

AUBURN, WASH. — KeyBank’s Community Development Lending & Investing group has provided $95.2 million in tax-exempt bond financing to construct two affordable housing communities in the Seattle suburb of Auburn, one for families and one for seniors. AVS Communities is developing the two properties. The Villas at Auburn will offer 295 units of affordable housing for families while The Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects will serve residents making 60 percent or less of the area median income. KeyBank provided a $47 million construction loan for The Reserve at Auburn, with a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group. The company provided a $48.2 million construction loan for The Villas at Auburn, with a $40.9 million Freddie Mac TEL arranged by Key’s Commercial Mortgage Group. The Washington State Housing Finance Commission issued the tax-exempt bonds. Victoria Quinn and Al Beaumariage arranged the financing.

December 5, 2016

Industrial Washington Western

Cru Selections Leases 10,970 SF of Industrial Space at The Park at Woodinville

by Nellie Day December 5, 2016

WOODINVILLE, WASH. — Cru Selections has leased 10,970 square feet of industrial space at The Park at Woodinville. The property is located adjacent to one of the largest industrial winery locations in the state of Washington. Woodinville and its warehouse district have become home to over 100 wineries and tasting rooms over the last two decades. CBRE’s Erik Larsen represented Cru. Derek Heed of Colliers International represented the landlord, KBS Realty Advisors, in this transaction.

December 5, 2016

Retail Washington Western

Starbucks Promotes Kevin Johnson to CEO

by Nellie Day December 2, 2016

SEATTLE — Kevin Johnson, president and chief operating officer of Starbucks Corp. and a seven-year member of the Starbucks board of directors, will assume the role and responsibilities of president and chief executive officer, effective April 3, 2017. Also effective April 3, 2017, Howard Schultz, chairman and CEO, will be appointed executive chairman and will shift his focus to innovation, design and development of Starbucks Reserve Roasteries around the world, expansion of the Starbucks Reserve retail store format and the company’s social impact initiatives. In this new role Schultz will continue to serve as chairman of the board. As president and chief operating officer since March 2015, Johnson has led the company’s global operating businesses across all geographies as well as the core support functions of Starbucks supply chain, marketing, human resources, technology, and mobile and digital platforms. Johnson has been a Starbucks board member since 2009, and will continue to serve as a member of the Starbucks board of directors. Johnson’s career spans 33 years in the technology industry, which included a 16-year career at Microsoft and a 5-year tour as CEO of Juniper Networks. Founed in 1971, Starbucks Coffee Co. has more than 25,000 stores around the globe.

December 2, 2016

Loans Multifamily Washington Western

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

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