AUBURN, WASH. — CenterPoint Properties has acquired a 152,155-square-foot distribution facility in Auburn for an undisclosed sum. The facility is located at 3702 C St. NE. It will be leased to FedEx Ground and will serve as one of the firm’s primary Western Washington distribution and sorting facilities. Matt Wood, Andy Miller and Todd Battison of Kidder Mathews represented both CenterPoint and the unnamed seller in this transaction.
SEATTLE — Oracle has leased 90,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave. The Class A property is now 98 percent leased. It is situated between South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.
SEATTLE — Holliday Fenoglio Fowler (HFF) has arranged the sale of, and acquisition financing for, Queen Anne Manor, a 93-unit seniors housing community in Seattle’s Upper Queen Anne neighborhood. Capitol Seniors Housing acquired the asset from an undisclosed seller for $36.3 million, free and clear of existing debt. HFF also assisted the buyer in securing a $25 million, seven-year, floating-rate loan through Freddie Mac. Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each. Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. The property was 96 percent leased at the time of sale and is situated on just over one acre. Milestone Retirement Communities LLC, which is based in Vancouver, Wash., will manage the property. Senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich led the HFF team.
SEATTLE — Data storage systems provider Qumulo has expanded to 75,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave., between the South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.
SEATTLE — Columbia Pacific Advisors has provided $50 million in first-mortgage financing for the 425-acre Weyerhaeuser corporate campus in the Seattle submarket of Federal Way. The campus is located at 33663 Weyerhaeuser Way S. The loan will allow the borrower, Industrial Realty Group (IRG), to purchase the campus. IRG plans to redevelop and lease or sell parts of the high-profile property to industrial and office users. Columbia Pacific Advisors manages more than $1.1 billion across a variety of alternative investment strategies, including real estate lending, private real estate equity, growth capital, private equity and distressed debt.
SEATTLE — Vulcan Real Estate has acquired two retail properties comprising six acres on the north and south sides of South Jackson Street in Seattle for $30.9 million. Vulcan intends to develop a mixed-use project comprised of 570 multifamily units, subterranean parking and ground floor retail in two five- and seven-story buildings on the 3.6-acre south parcel of land currently known as Promenade 23. Runberg Architecture Group is designing the project. Groundbreaking is set for mid- to late-2017, with construction expected to last 24 months. Vulcan has no current development plan for the north parcel, which is home to approximately 36,000 square feet of existing retail occupied by Walgreens and Starbucks Coffee.
WOODINVILLE, WASH. — Harsch Investment Properties has purchased Riverfront Business Park, a 137,916-square-foot industrial property in Woodinville, for an undisclosed sum. The Class A property is located one mile south of downtown Woodinville, approximately 20 miles northeast of Seattle. Bret Jordan and Derek Heed of Colliers International executed the transaction.
NEW YORK CITY — Affiliates of American Realty Capital (ARC) Hospitality Trust have purchased a six-property hotel portfolio from Summit Hotel Properties (NYSE: INN) for $108.3 million. The portfolio contains a total of 707 Marriott- and Hilton-branded rooms throughout the states of Washington and Colorado. Properties included in the transaction are the 84-room Fairfield Inn & Suites in Spokane and the 144-room Fairfield Inn & Suites in Bellevue, Wash.; the 120-room Hilton Garden Inn and 75-room Hampton Inn in Fort Collins, Colo.; and the 160-room Fairfield Inn & Suites and 124-room SpringHill Suites in Denver. The latest six-property portfolio acquisition brings ARC’s lodging holdings to 142 hotels totaling 17,351 rooms across 32 states. Crestline Hotels and Resorts and Interstate Hotels & Resorts will manage the new acquisitions. ARC drew on its term loan facility to finance the transaction. Deutsche Bank AG New York Branch and Deutsche Bank Securities arranged that portion of the financing. Summit also provided a $27.5 million loan to ARC, which included $7.5 million for earnest money. The remaining balance was applied toward the six-hotel purchase price. The loan has an initial maturity date of Feb. 11, 2017, with two, one-year extension options. Proceeds from the latest sale …
SEATTLE — Seattle-based Schnitzer West LLC has landed a joint venture partner for the development of Madison Centre, a 36-story office tower in Seattle. Cornerstone Real Estate Advisers LLC has formed the joint venture with Schnitzer West on behalf of an unnamed institutional client. The equity contribution for this project totaled $150 million. Simultaneously with the joint venture formation, Cornerstone and Schnitzer West closed a construction loan with Blackstone Real Estate Debt Strategies and Bank of the Ozarks. The 754,000-square-foot, LEED Gold certified tower is situated on a 0.7-acre site in the central business district of Seattle. It will feature 746,000 square feet of office space and 7,800 square feet of ground-floor retail atop a seven-story subterranean parking garage. Construction on the project started in third quarter 2014, and is slated for completion during the second quarter of 2017. The building will feature an exterior façade utilizing high-performance glass and an aluminum curtain wall system, a ‘great room’ concept in the lobby, a 30-foot-tall glass rotunda with a suspended spiral staircase and a three-story, plant-covered “living wall.” Hartford, Conn.-based Cornerstone Real Estate Advisers LLC is a global real estate investment manager, providing core and value-added investment and advisory services to institutional and …
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. — …