Washington

MetLife Purchases Alley24 Mixed-Use Property in Seattle for $129.3M

by Haisten Willis February 15, 2016

SEATTLE — MetLife (NYSE: MET) has purchased Alley24, a 215,402-square-foot, Class A office building with ground floor retail in Seattle’s South Lake Union submarket, for $129.3 million. HFF marketed the property on behalf of the sellers, Vulcan Inc. and PEMCO Insurance Co. MetLife assumed an existing life insurance company loan as part of the purchase. Alley24 is located at 221 Yale Ave. N. Completed in 2006, the property was one of Seattle’s first mixed-use projects to earn LEED certification and features sustainable elements such as natural daylight, operable windows, energy-efficient water flow fixtures, automatic sun-tracking sun shades and environmentally sensitive building materials. The 85 percent-leased property serves as the corporate headquarters for architectural firm NBBJ. Additional tenants include Skanska and Cole & Weber. Alley24 offers tenants two roof decks and flexible floor plans. Todd Tydlaska, Nick Kucha and Michael Leggett led the HFF team. “Alley24 is one of the only true mixed-use assets in the South Lake Union submarket, a centrally located, high-amenity, pedestrian-oriented location that has maintained historical occupancy of more than 96 percent since it was completed,” says Tydlaska. MetLife’s stock price closed at $37.43 per share on Friday, Feb. 12, down from $50.86 one year prior. — …

February 15, 2016

Multifamily Washington Western

Meadows at Cascade Park Apartments in Vancouver Sells for $35.2M

by Nellie Day February 10, 2016

VANCOUVER, WASH. — The 198-unit Meadows at Cascade Park Apartments in Vancouver has sold to a California-based firm for $35.2 million. The community is located at 13314 SE 19th St. The sale represented a price per unit of $164,141, or $163 per square foot. This is one of the three highest sales per square foot that Vancouver has experienced in the past 12 months, according to HFO Investment Real Estate, which represented the seller. A Canadian investment firm with numerous Portland/Vancouver-area holdings sold the asset. The value-add acquisition allowed the buyer to enter the Washington market.

February 10, 2016

Multifamily Washington Western

Fowler Property Acquisitions Buys Landing at Dashpoint Apartment Complex Near Seattle for $46M

by Nellie Day February 4, 2016

SEATTLE — Fowler Property Acquisitions has purchased the 388-unit Landing at Dashpoint apartment community in the Seattle submarket of Federal Way for $46 million. The community is located at 31004 19th Place SW. Landing at Dashpoint was built in 1976. It was 95 percent occupied at the time of sale. Fowler plans to continue upgrading the interiors, a project that was initiated by the seller, Bridge Investment Group. The new owner will also complete renovations to the property’s exterior. Kenneth Dudunakis, Ben Johnson and David Sorensen of Berkadia executed the transaction.

February 4, 2016

Office Washington Western

AAA Washington Buys One Newport Building in Bellevue for $29M

by Nellie Day January 27, 2016

BELLEVUE, WASH. — AAA Washington has purchased One Newport Building, an 89,850-square-foot office building in Bellevue, for $29 million. The Class A building is located at 3605 132nd Ave. SE. The insurance and full-service travel agency plans to occupy the first three floors of the building. The space was formerly occupied by T-Mobile. AAA Washington will renovate the property before moving in. Construction will commence Feb. 1, with a scheduled occupancy in the third quarter of 2016. The company’s construction and purchasing partners on this project include Swinerton Builders, JPC Architects, Pacific Project Management, Kidder Mathews, Wells Fargo and McCullough Hill Leary. Gary Guenther, Jason Rosauer, and Rob Anderson of Kidder Mathews represented AAA Washington. JLL’s J.J. Shephard and Riley Shephard represented the seller, Ivanhoe Cambridge.

January 27, 2016

Multifamily Seniors Housing Washington Western

NHI Acquires Independent Living Community in Washington for $9.8M

by Nellie Day January 19, 2016

CHEHALIS, WASH. — National Health Investors Inc. (NYSE: NHI) has acquired a 98-unit independent living community in Chehalis, approximately 90 miles southwest of Seattle, for $9.8 million. The name of the community was not disclosed. NHI leased the community to a partnership of Marathon Development and Village Concepts Retirement Communities. The acquisition was funded with borrowings on NHI’s revolving credit facility. The buyer has earmarked $350,000 for capital improvements to the community. The community was built in 1986, with additions built in 1993 and 2000. It was 95 percent occupied at the time of sale. The 15-year lease features an initial annual rate of 7.25 percent plus annual escalators between 2 percent and 3 percent.

January 19, 2016

Hospitality Loans Washington Western

Sonnenblick-Eichner Arranges $65.2M Loan for Pair of Hyatt House Properties Near Seattle

by Nellie Day January 14, 2016

SEATTLE — Sonnenblick-Eichner Co. has arranged $65.2 million in first-mortgage financing for a pair of Hyatt House properties situated in the Pacific Northwest. The transaction includes the 149-room Hyatt House Seattle/Redmond and the 160-room Hyatt House Seattle/Bellevue. The non-recourse, 10-year fixed rate financing was priced in the low 4 percent range with interest-only payments for the first five years. The loans were not cross-collateralized. A life insurance company provided the capital.

January 14, 2016

Multifamily Washington Western

MIG Buys 274-Unit Berkshire Apartments in Renton

by Nellie Day January 14, 2016

RENTON, WASH. — MIG Real Estate has purchased the 274-unit Berkshire apartment community in the Seattle submarket of Renton. The purchase price was not disclosed. The community is located at 1300 South Eagle Drive, on the south shore of Lake Washington. The Berkshire is MIG’s second investment in the Seattle area. The company previously purchased Canyon Park 228 Corporate Center, a two-building office park in Bothell. MIG represented itself in this latest transaction, while CBRE’s Jon Hallgrimson and Eli Hanacek represented the unnamed seller.

January 14, 2016

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $20.1M Acquisition Financing for Assisted Living Community Near Seattle

by Nellie Day January 11, 2016

MUKILTEO, WASH. — CBRE National Senior Housing has arranged a $22.1 million loan for Capitol Seniors Housing, which will use the money to acquire and renovate Harbour Pointe Retirement & Assisted Living Community, a 107-unit independent living and assisted living community in the Seattle suburb of Mukilteo. Capitol, a Washington, D.C.-based owner and developer, plans to use $1 million of the loan to convert 31 assisted living units into a memory care wing for the 104,523-square-food community, among other improvements. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. A national bank is providing the capital. Capitol will lease the property to Milestone Retirement Communities, a Vancouver, Wash.-based operator of 30 communities in 10 states. Aron Will, executive vice president, led the CBRE team in the transaction.

January 11, 2016

Loans Multifamily Seniors Housing Washington Western

Lancaster Pollard Closes $4.5M Refinancing for Seniors Housing Community in Washington

by Nellie Day January 5, 2016

CLARKSTON, WASH. — Lancaster Pollard has closed a $4.5 million refinancing for Evergreen Estates Retirement & Assisted Living Community, a seniors housing community located in Clarkston along the southeast border of Washington State. The FHA loan will be used to refinance existing debt and fund the community’s replacement reserve account. The loan features a 30-year term at a lower interest rate than the previous bank loan. Matt Lindsay led the transaction for Lancaster Pollard.

January 5, 2016

Industrial Washington Western

Cabot Properties Acquires Federal Way Corporate Center in Seattle for $7.6M

by Nellie Day January 4, 2016

SEATTLE — Cabot Properties has purchased Federal Way Corporate Center, a 73,498-square-foot industrial park in the Seattle submarket of Federal Way, for $7.6 million. The park is located at 34210 9th Ave. South. It was built in 2001. The facility is leased to three tenants. Brian Bruininks and Jeff Crane of the Andover Company/CORFAC International represented both the buyer and seller, Fedway Group LLLC, in this transaction.

January 4, 2016

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