Washington

Seattle Retail Portfolio Receives $64M in Financing

by Nellie Day March 13, 2015

SEATTLE — A four-property retail portfolio in Seattle has received $64 million in financing. The transaction includes acquisition financing for a 49,000-square-foot shopping center in Bellevue that is anchored by Walgreens and Trader Joe’s. It also allowed the borrower to refinance Mill Creek Town Center, a 182,000-square-foot, grocery-anchored lifestyle center in Mill Creek, as well as two retail properties in Kirkland and Bellevue. The fully amortizing, cross-collateralized loans were arranged by Mike Taylor and Patrick Taylor of Newmark Realty Capital. The loans were placed through a relationship with one of Newmark’s correspondent life insurance companies.

March 13, 2015

Loans Retail Washington Western

Seattle Design Center Receives $40M in Financing

by Nellie Day March 11, 2015

SEATTLE — Seattle Design Center, a 410,000-square-foot, high-end home furnishings and design services center, has received $40 million in financing. The two-building center is located at 5701 6th Ave. S. The center first opened in 1973. Its two buildings are connected via a skybridge walkway. Seattle Design Center also contains 400 parking spaces. The borrower will use the floating-rate loan to acquire and reposition the center. It features a three-year initial term and two, one-year extension options. A debt fund provided the loan. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets served as the exclusive advisor to the Los Angeles-based sponsor.

March 11, 2015

Washington Western

Lakewood Industrial Property in Lakewood Sells for $9.9M

by Nellie Day March 9, 2015

LAKEWOOD, WASH. – A 136,500-square-foot industrial property in Lakewood has sold to WLA Investments for $9.9 million. The property is located at 10111 South Tacoma Way in the Tacoma submarket. It is referred to as Lakewood 512 Business Park. The park was 93 percent occupied at the time of sale. The seller, SSC Acquisitions, is an entity owned by Public Storage. WLA was represented by Dan Vittone and Alan Pekarcik of Avison Young.

March 9, 2015

Hospitality Washington Western

Wig Properties Buys Red Lion Hotel Bellevue for $35.4M

by Nellie Day March 4, 2015

BELLEVUE, WASH. — Wig Properties has acquired the 181-room Red Lion Hotel Bellevue for $35.4 million. The five-building hotel is located at 11211 Main Street. Red Lion Hotel Bellevue was built in 1969 and contains 5,700 square feet of meeting space. The hotel is situated in the planned East Main light rail station’s transit-oriented development overlay. It includes more than six acres of land, with Interstate 405 to the east and the Bellevue CBD to the north. The seller, Red Lion Hotels Corporation, was represented by Jason Rosauer, Gary Guenther and Rob Anderson of Kidder Mathews.

March 4, 2015

Office Washington Western

Sound Physicians Leases Space at Umpqua Bank Building in Tacoma

by Nellie Day February 24, 2015

TACOMA, WASH. – Sound Physicians has signed an 11-year lease for space at the Umpqua Bank Building in downtown Tacoma. The building is located at 1498 Pacific Ave. The office serves as the central hub for the hospitalist and transitional care organization. The company manages hospitalist, critical care and skilled nursing care for nearly 190 hospitals and close to 100 skilled nursing facilities that work in conjunction with these hospitals in 34 states. The administrative support staff in Tacoma includes 150 colleagues.

February 24, 2015

Hospitality Washington Western

Provenance Hotels, NBP Capital to Buy the Roosevelt Hotel in Seattle

by Nellie Day February 18, 2015

SEATTLE — Provenance Hotels and partner NBP Capital have agreed to purchase the 151-room Roosevelt Hotel in Seattle for an undisclosed sum. The hotel is located at intersection of 7th Avenue and Pine Street in the city’s Downtown region. The Roosevelt Hotel is situated across from the Washington State Convention Center, near the Central Business District, Pike Place Market and the waterfront. Provenance Hotels had owned the property with the seller, North Coast Washington LLC, since 1985. The property will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management. Provenance Hotels and NBP Capital are both headquartered in Portland, Ore. They are equal partners in the acquisition. The partners plan to bring a marquee restaurant to the Roosevelt Hotel, which originally opened in 1930. The pair also purchased the historic Woodlark and Cornelius buildings in Downtown Portland earlier this month.

February 18, 2015

Retail Washington Western

Overlake Shopping Center in Bellevue Sells for $30M

by Nellie Day February 12, 2015

BELLEVUE, WASH. – Overlake Shopping Center, a 49,167-square-foot, grocery-anchored center in Bellevue, has sold to Panos Properties for $30 million. The fully leased property is located at 15555-15585 NE 24th Street. It is anchored by Trader Joe’s, PetSmart and Walgreens, the seller. Walgreens signed a 20-year lease with Panos as part of the sale-leaseback transaction. Panos Properties was represented by Reynolds Haas of Colliers International. Walgreens was represented by Lauren Powell of Powell Development Company in this off-market transaction.

February 12, 2015

Office Washington Western

DiscoverOrg Leases 27,043 SF of Office Space in Vancouver

by Nellie Day February 5, 2015

VANCOUVER, WASH. – DiscoverOrg has leased 27,043 square feet of office space in Vancouver. The space is located at the 805 Broadway Building in the city’s downtown region. It was formerly occupied by CenturyLink. The sales and marketing intelligence data provider was represented by Rich Sabel and Tim Pfeiffer of Norris & Stevens. The landlord, Schlesinger Companies, was represented by Doug Bartocci and Tamara Fuller of Norris Beggs & Simpson, NAI.

February 5, 2015

Washington Western

Presbyterian Retirement Communities Northwest Welcomes New Team Members

by Nellie Day January 27, 2015

SEATTLE – Presbyterian Retirement Communities Northwest (PRCN) has added two new members to its team. Paul Aigner will serve as vice president of development and Eve Jakoboski will act as corporate human resources director. Aigner has more than 30 years of experience in real estate design, construction and development within seniors living and healthcare industries. Jakoboski has 19 years of human resources and executive management experience. She spent the majority of that time in the hospitality and healthcare sectors. PRCN is a not-for-profit, faith-based organization with more than 50 years of experience.

January 27, 2015

Hospitality Washington Western

Value Place Partners with West77 to Roll Out 25 New Hotels in Washington

by Nellie Day January 9, 2015

BELLEVUE, WASH. — Value Place and West77 Partners LLC have teamed up to develop 25 new hotels in the State of Washington. The first three hotels are expected to break ground this spring. They will be located within the Seattle region. Value Place has about 200 extended-stay hotels in 32 states. The development agreement between Value Place Franchise Services LLC and West77 aims to roll out or commence construction on all the hotels over the next four years. West77’s partner company in this agreement is Keystone National Group, which develops multifamily and commercial properties. Value Place Property Management will manage the new West77 Partners portfolio.

January 9, 2015

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