SEATTLE — Retail Properties of America (RPA) has acquired Woodinville Plaza, a 171,000-square-foot shopping center near Redmond, for $35.3 million. The center is located at 14001 – 14235 NE Woodinville Duvall Road in Woodinville, on the eastside of the Puget Sound region. Woodinville Plaza was 91 percent occupied at the time of closing. It is anchored by County Market, a SuperValu concept. Other notable tenants include T.J. Maxx and Rite Aid.
The Seattle office market has been a shining example of strength and solidity. Compared to the U.S. job rate, which expanded by 2.4 percent over the past year to drop the unemployment rate to just 5.5 percent, the Seattle-Tacoma-Bellevue Metropolitan Statistical Area is looking good. Seattle added jobs at a rate of 3.1 percent in the first quarter of 2015. It also saw employment gains in every category. The unemployment rate remained in line with the U.S. rate at 5.5 percent. Construction led all job sectors with 12.6 percent growth, followed by professional and business services at 4.2 percent. The Seattle Central Business District office market showed continued improvement as the overall vacancy rate declined by 2.8 percentage points on a year-over-year basis. Asking rents continued to climb in all submarkets with an overall increase of 4 percent, while Class A rents increased by 5.6 percent. Making tech giants feel at home is nothing new to the Seattle area. The largest lease of the past quarter was Facebook’s 274,000-square-foot deal at Dexter Station. With a planned delivery of May 2015, Dexter Station will be a 10-story, 345,992-square foot office building located in the flourishing Lower Queen Anne/Lake Union submarket. Facebook …
SHORELINE, Wash — Investment banking firm Evans Senior Investments (ESI) has arranged the sale of Shoreline Health and Rehab, a skilled nursing facility in the Seattle suburbs, for $6.6 million. Opened in 1968, the 106-bed facility underwent a $3 million renovation in 2012 which added 40 private rooms, accommodating more Medicare short-term rehabilitation patients. ESI represented the seller; the buyer was a publicly traded REIT.
SEATTLE – Pathfinder Partners has divested the 78-unit Redondo Terrace apartments in Seattle. The community was purchased by a local investor for $7.5 million. It is located at 29421 Pacific Highway South in the Federal Way submarket, just south of Downtown Seattle. The property was originally known as the View at Redondo. Pathfinder completed extensive value-add improvements prior to the sale. The buyer was represented by George Miller of Marcus & Millichap.
VANCOUVER, WASH. – A 5,900-square-foot space in Vancouver that is net leased to Round Table Pizza has sold to an individual/personal trust for $2 million. The space is located at 5016 NE Thurston Way. It is situated adjacent to the Westfield Vancouver Mall. Round Table recently signed a 10-year lease extension and performed a major interior renovation at the property. The pizza chain was represented by Justin Poor of Marcus & Millichap’s Portland office. The seller, a limited liability company, was represented by Michael R. Kapnick of the same firm.
BELLEVUE, WASH. – PCCP LLC and Align Real Estate have formed a joint venture to purchase a 110,372-square-foot office property in Bellevue. The purchase price was not disclosed. The space is located at NE 2nd Ave., between 106th and 107th avenues. It was built in 1995. Notable tenants include 24 Hour Fitness, Opus Bank and TIAA-CREF. Eastdil Secured represented both the buyer and the seller, LaSalle Investment Management, in this transaction.
SEATTLE – A three-building portfolio of light manufacturing, flex and distribution space has sold to Industrial Property Trust Inc. for $11.2 million. The portfolio contains a total of 138,296 square feet throughout the Seattle/Puget Sound region. It includes buildings I, III and V in the West Valley Distribution Center, located at 72nd Ave. South. Buildings I and V are fully leased. West Valley III is a vacant flex facility. The seller, a partnership between ScanlanKemperBard Companies and funds managed by Oaktree Capital Management, was represented by HFF’s Nicholas Kucha and James Childress. The transaction was co-brokered by Wilma Warshak of Washington Real Estate Advisors.
OLYMPIA AND LYNWOOD, WASH. – A two-property multifamily portfolio in Washington has received $19.4 million in financing. The portfolio includes the 181-unit Westlakes Apartments in Olympia and the 110-unit Poplar Lanes Apartments in Lynnwood. The 12-year loan featured a 30-year amortization schedule, a 75 percent loan to value and a sub-4 percent interest rate. Financing was arranged by Mike Wood and Austin Johnson of NBS Financial Services. The loan was provided by Fannie Mae through the firm’s correspondent relationship with Walker Dunlop.
KIRKLAND, WASH. — The Village at Totem Lake LLC, a joint venture between CenterCal and PCCP, has acquired Totem Lake Mall in Kirkland for $35.5 million. The 290,000-square-foot mall is located at 12601 120 Ave. The JV plans to redevelop the 40-year-old mall into a modern center with a “village feel.” The new iteration will be a mixed-use grocery and theater-anchored center with retail, residential, entertainment, office and other components. The renovation will begin in about one year. Current tenants at the center include KeyBank, AutoZone and Ross Dress for Less. The sellers were Developers Diversified Realty and Coventry Real Estate Advisors.
SEATTLE — Donahue Schriber Realty Group has acquired Interbay Urban Center, an 80,560-square-foot shopping center in Seattle, for an undisclosed sum. The center is located at 1827 15th Ave. Interbay is anchored by Whole Foods Market. It is situated just three miles northwest of Downtown Seattle near the communities of Magnolia, Queen Anne, Ballard and Interbay. The center is fully leased. This is Donahue Schriber’s third Seattle-area acquisition in the past four months.
