SPOKANE, WASH. — Goodale & Barbieri and Dakota Pacific have purchased the RLH office building in Spokane for an undisclosed sum. The building contains 100,000 square feet of office space and a 252-car parking garage. It is situated on the north bank of the Spokane River in downtown Spokane. Notable tenants at the building include Red Lion Hotels Corp., HomeStreet Bank, TransCanada Corp., Mutual of Enumclaw Insurance, Wipfli LLP and Farmers Insurance.
PUYALLUP, WASH. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has purchased the 256-unit Deer Creek Apartment Homes in Puyallup for an undisclosed sum. The community is located at 6115 111th St. East. The 18-acre, garden-style property was built in 2000. It was 95 percent occupied at the time of sale. Deer Creek is situated at the base of Mt. Rainier, 10 miles outside of Tacoma and 35 miles south of Seattle. Greystar will manage the property. Jones Lang LaSalle represented the unnamed seller.
BELLEVUE, WASH. — Kemper Development Company has received $220 million to refinance the Eddie Bauer Building in Bellevue. The 538,705-square-foot office building is situated within the Bellevue Collection on the corner of NE 8th and Bellevue Way NE. The Class A building is fully leased to Eddie Bauer and Microsoft Corp. The Bellevue Collection contains retail, office, hotel and residential properties. It features more than 250 retail brands, dozens of restaurants, more than 1 million square feet of Class A office space and more than 1,000 hotel rooms. TIAA-CREF provided the financing. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield Equity represented Kemper Development.
VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Wash. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the center, which is 84 percent leased, include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.
SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.
VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Washington. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the 84 percent leased center include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.
IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …
SEATTLE — TruAmerica Multifamily has purchased two apartment assets in the Pacific Northwest for a total of $48.7 million. The acquisitions include the 92-unit Township Apartment Homes in Canby, Ore., and the 202-unit Windsor Apartment Homes in Renton, Wash. The properties were built in 1999 and 1989, respectively. Both assets will undergo significant renovations. TruAmerica purchased the communities in partnership with a syndicate of domestic and international institutional investors, including Allstate and the Guardian Life Insurance Company of America. The seller was San Francisco-based FPA Multifamily.
SEATTLE — Capstone Development Partners and Harrison Street Real Estate Capital have opened Cornish Commons, a $49 million, 432-bed student housing development located on the Cornish College campus in downtown Seattle. The property features 16,854 square feet of academic space, with the first and second floors devoted to housing administrative offices, studio movement classrooms and a campus “living room.” The top floor contains amenities including a fitness center, media room, community kitchen, gaming area, lounge, laundry room, music practice rooms and a sky deck. The design and construction team for the project consisted of Ankrom Moisan Architects and Howard S. Wright Construction. Capstone Development Partners, Cornish College and Capstone On-Campus Management will manage the property.
BELLEVUE, WASH. — The Bellevue Collection has received a $526 million construction-to-permanent loan to expand the 4-million-square-foot, mixed-use property in Bellevue. The new 1.5-million-square-foot phase will be known as the Lincoln Square Expansion. The development, which is currently underway, will include a 41-story multifamily/W Hotel tower, a 31-story trophy office tower, and a three-level retail podium, which will be anchored by a luxury theater and chef-driven restaurants. The retail podium and towers will sit above a six-level underground parking garage that is contiguous with more than 4,000 existing subterranean parking spaces. An affiliate of CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB), provided the financing. The single source of capital was attractive to the borrower because it removed syndication risk and provided a single point of contact. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield represented the borrower, Kemper Development Co.