Washington

Petco Remodeling 13 Stores in Seattle, San Diego

by Nellie Day July 7, 2016

SEATTLE — Pet supplies retailer Petco will remodel 12 stores in the Seattle area and one in San Diego this month. The Seattle-area stores will host grand re-opening celebrations on July 29. The locations are in Seattle (Holman Road, North 205th Street, 15th Avenue and Northeast 45th Street); Federal; Kirkland; Covington; Everett; Redmond; Lynwood; Gig Harbor; and Olympia, Wash. The San Diego location will celebrate a grand re-opening on July 22. Petco operates more than 1,430 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop.

July 7, 2016

Multifamily Seniors Housing Washington Western

Emerald Communities Completes $60M Expansion at CCRC Near Seattle

by Nellie Day July 6, 2016

REDMOND, WASH. — Emerald Communities has completed the $60 million expansion of Emerald Heights, a nonprofit continuing care retirement community in the Seattle suburb of Redmond. The expansion included a 43-unit independent living addition named Trailside, new health services clinic, full-continuum-of-care addition named The Corwin Center, fitness center, auditorium and new dining venue. Emerald Heights is located on 38 acres and is home to more than 550 seniors. The community opened in 1992. Emerald Communities is a nonprofit operator of continuing care retirement communities. Its second community, the 275-unit Heron’s Key, is currently under construction in Gig Harbor, another suburb of Seattle.

July 6, 2016

Multifamily Washington Western

Hong Kong Developer Buys Site for Multifamily Development in Seattle for $17.1M

by Nellie Day June 21, 2016

SEATTLE — Create World America has acquired an 8,748-square-foot residential development site near Pike Place Market in Seattle for $17.1 million. The space is located at 1613 2nd Ave. The acquisition includes air rights that allow for a large floor plate and protected views from the 14th floor and above. Create World America, an international construction management firm based out of Hong Kong, plans to erect a high-rise residential tower on the site. Jim Klinger and Ross Klinger of Kidder Mathews represented the seller, MJA Building, an affiliate of Principal Real Estate Investors, in this transaction.

June 21, 2016

Retail Washington Western

Togo’s Opens First of Several Restaurant Locations in Washington

by Nellie Day June 16, 2016

KENT, WASH. — Togo’s Eateries LLC is has opened the first of several locations planned in Washington State. The first restaurant is located at Kent Station in Kent, Wash. Togo’s Eateries was founded in 1971 by a college student, and now has more than 300 locations open and under development throughout the West.

June 16, 2016

Multifamily Washington Western

Innsbruck Apartments in Seattle Sells for $2.6M

by Nellie Day June 15, 2016

SEATTLE — A partnership between L5 Real Estate Investments and Shuler Architecture has acquired the 31-unit Innsbruck Apartments in Seattle for $2.6 million. The community is located at 3223 S. 160th St. Innsbruck was built in 1967 and renovated in 2007. It will undergo a significant further renovations, according to the buyers. David Massa of Madison Partners Real Estate represented the buyers. The sellers were local private investors. Grandbridge Capital provided the debt.

June 15, 2016

Multifamily Washington Western

New Standard Equities Buys The Venue Apartments in Renton for $41.5M

by Nellie Day June 14, 2016

RENTON, WASH. — New Standard Equities has purchased The Venue, a 284-unit apartment complex in Renton, for $41.5 million. The community is located at 4455 N.E. 12th St. The Venue will undergo a $2.8 million repositioning that will include improvements to its fitness center and additional carports on the low-density site. This is the third Pacific Northwest acquisition for New Standard since August 2015. The seller was Fowler Property Acquisitions. Regis Metro Associates provided equity, while Freddie Mac provided the financing.

June 14, 2016

Multifamily Seniors Housing Washington Western

Emerald Communities Starts Construction of 275-Unit CCRC Near Seattle

by Nellie Day June 10, 2016

GIG HARBOR, WASH. — Emerald Communities, a Seattle-based operator, has started construction of Heron’s Key, a 275-unit continuing care retirement community (CCRC) in Gig Harbor, approximately 40 miles southwest of Seattle. Being built on 18 acres of woodlands in the Harbor Hill neighborhood of Gig Harbor, Heron’s Key is more than 70 percent pre-leased. The first construction phase will include 194 apartment and cottage homes, 36 assisted living suites and 45 private skilled nursing rooms. Amenities built during this phase include multiple dining venues, a salon and barber shop, massage and day spa, nature walking trails and pond, fitness center, and onsite health center. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities. The first phase is slated to open in early 2017.

June 10, 2016

Retail Washington Western

KLM Equities Acquires the Hard Rock Café Seattle for $20.8M

by Nellie Day June 9, 2016

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.

June 9, 2016

Multifamily Washington Western

Heitman Sells Overlook at Lakemont Apartments in Bellevue for $118M

by Nellie Day June 8, 2016

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.

June 8, 2016

Office Washington Western

Ascentis Real Estate Partners Buys Redmond Technology Center

by Nellie Day June 7, 2016

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.

June 7, 2016

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