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.
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.
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.
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.
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.
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.
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.
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.
FEDERAL WAY, WASH. — Priderock has purchased the 309-unit Arcadia Townhomes in the Seattle submarket of Federal Way for $68.5 million. The community is located at 1300 S.W. Campus Drive. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool, hot tub, biking and walking paths. JLL’s David Young and Corey Marx represented the seller, a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America, in this transaction.
SEATTLE — A joint venture between Tristar Capital and RFR Holding has purchased Amazon Phase VII, a 12-story office building with ground-floor retail in the South Lake Union neighborhood of Seattle, for $244 million. The building is located at 400 Ninth Ave. N. Amazon Phase VII features 313,000 square feet of office space fully leased to Amazon, 5,700 square feet of ground-floor retail space fully leased to Sam’s Tavern and a four-level subterranean garage. The development also includes a public plaza and a landscaped rooftop terrace with sweeping views of the city. “Nebulous,” a public art installation by local artist Dan Corson, is suspended above the public plaza. The building was completed in 2015 and is LEED-Gold certified. NBBJ designed the project, which Turner Construction built. The Washington State Chapter of NAIOP honored the building’s seller, Vulcan Real Estate, with the 2015 Office Development of the Year award for its 1 million-square-foot expansion of Amazon’s South Lake Union headquarters. This expansion included Amazon Phase VI, Phase VII and VIII. Kevin Shannon, Ken White, Michael Moll and David Milestone of Newmark Grubb Knight Frank, along with CBRE’s Tom Pehl, Lou Senini and Owen Rice, negotiated the transaction. “Core, best-in-class office product in …
