Washington

JLL Arranges $26.2M Sale of Multifamily Development Site in Kirkland, Washington

by Amy Works May 14, 2024

KIRKLAND, WASH. — JLL Capital Markets has arranged the acquisition of a land parcel at the corner lot of 13005 and 13003 NE 70th Place in Kirkland, across Lake Washington from Seattle. Mill Creek Residential purchased the asset from Totem Bowl and Investments for $26.2 million in an off-market transaction. The 139,223-square-foot land parcel currently features the TechCity Bowl building that will be demolished to develop a fully approved, 369-unit, mid-rise multifamily community. Of the 369 units, 36 will be affordable. Additionally, the property will offer 6,700 square feet of retail space and 425 parking stalls. Jordan Louie, Corey Marx, David Young, Chris Ross, Michael Lyford and Reed Curtis of JLL Capital Markets Investments Sales and Advisory represented the buyer in the transaction.

May 14, 2024

Acquisitions Industrial Oregon Self-Storage Washington Western

Spartan Investment Group Acquires Three Self-Storage Facilities in Pacific Northwest for $44M

by Amy Works May 8, 2024

PORTLAND, ORE., AND VANCOUVER, WASH. — Colorado-based Spartan Investment Group has acquired three self-storage facilities in Oregon and Washington for $44 million. The seller was not disclosed. The 224,299-square-foot portfolio, which is managed by Extra Space Storage, includes: All properties were built within the last seven years and offer ground-level drive-up units, interior heated units with first floor and elevator access, interior non-climate-controlled units and parking spaces.

May 8, 2024

Acquisitions Industrial Washington Western

CenterPoint Properties Sells 108,000 SF Pike Distribution Center in Auburn, Washington

by Amy Works May 3, 2024

AUBURN, WASH. — CenterPoint Properties has completed the disposition of Pike Distribution Center, an industrial building in Auburn, approximately 20 miles south of Seattle. KRL Legacy LLC, an entity of Ace Relocation System, acquired the property for $26.6 million. Kraig Heeter and Mike Newton of Kidder Mathews represented the buyer, while Matt Murray of Kidder Mathews, along with Matt Wood of KBC Advisors, represented the seller in the deal. KRL Legacy will occupy a portion of the 108,000-square-foot Pike Distribution Center, with the remaining 50,400 square feet being marketed for lease. The property offers 25-foot clear heights and secured and fenced trailer parking.

May 3, 2024

Acquisitions Multifamily Washington Western

Kennedy Wilson, Haseko Purchase Two Multifamily Properties in Vancouver, Washington for $90M

by Amy Works May 2, 2024

VANCOUVER, WASH. — Kennedy Wilson has partnered with Haseko Corp. to purchase The Farmstead and Villas at 28th Street for $90 million. Both apartment communities are located in Vancouver, just across the Columbia River from Portland, Oregon. The name of the seller was not released. Totaling 350 units, the recently completed properties feature diverse floor plans across three unit types, as well as a variety of amenities, including secure gated access, fitness centers, dog parks, a pickle ball court, pet wash stations, natural green space and walking trail. The assets are located within five minutes of each other and within 10 minutes of Portland.

May 2, 2024

Development Industrial Life Sciences Mixed-Use Office Washington Western

Office Properties Income Trust Completes 300,000 SF Unison Elliott Bay Life Sciences Campus in Seattle

by Amy Works May 1, 2024

SEATTLE — Office Properties Income Trust (NASDAQ: OPI) has completed Unison Elliott Bay, a three-building, 300,000-square-foot life sciences campus located at 351, 401 and 501 Elliott Ave. West in Seattle. Unison Elliott Bay features Class A office space totaling 200,000 square feet. The buildings feature 14-foot floor-to-floor heights in two dedicated lab buildings inclusive of move-in ready lab and R&D space, with suites ranging from 12,500 square feet to 25,000 square feet. The campus includes dedicated mechanical infrastructure supported by standby generator power to accommodate lab and technological power requirements. The campus features reception areas, collaborative indoor and outdoor meeting areas, conference and training rooms, fitness and changing room facilities, and a landscaped courtyard with built-in pergola and sculptures. Additional amenities include covered and surface parking, secure bike storage and electric vehicle charging stations. The campus will also offer a chef-driven café, as well as a rotating mix of food trucks. Sonoma Biotherapeutics, a clinical-stage biotechnology company, has signed a 10-year lease for more than 83,000 square feet at the 501 building. The clinic-stage biotechnology company occupies three floors of office and lab space for its R&D and manufacturing center, which is intended for the development of engineered regulatory T …

May 1, 2024

Acquisitions Multifamily Washington Western

NYLREI Divests of 186-Unit Multifamily Community in Renton, Washington for $53.2M

by Amy Works May 1, 2024

RENTON, WASH. — New York Life Real Estate Investors (NYLREI) has completed the sale of 2000 Lake Washington, an apartment property in Renton, to an undisclosed buyer for $53.2 million. Renton is located southeast of Seattle. Located at 1300 N. 20th St., 2000 Lake Washington offers 186 apartments in a mix of one- and two-bedroom floor plans, averaging 706 square feet, with in-unit washers/dryers and a balcony and/or patio. Community amenities include a fitness center, dog park, business center, clubhouse, outdoor pool, sauna and electric vehicle chargers. Built in 1986, the community was renovated in 2016. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE’s multifamily team in the Pacific Northwest represented the seller. Peter Marino, Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt and Structured Financed is arranging acquisition financing for the buyer.

May 1, 2024

Development Multifamily Seniors Housing Washington Western

Emerald Communities Delivers $63M Expansion at Emerald Heights Seniors Housing Community in Redmond, Washington

by Amy Works April 24, 2024

REDMOND, WASH. — Emerald Communities has completed a $63 million expansion project at Emerald Heights, a continuing care retirement community in Redmond, a suburb east of Seattle. The Courtyard building concept was first introduced in 2017 and construction began in September 2022. Emerald Heights is welcoming 34 residents to their new homes this week and eight units are still available. The three-level Courtyard building offers six apartment designs including one-bedroom, one-bedroom with a den, two-bedroom and two-bedroom with a den that range in size from 826 to 1,764 square feet. The Courtyard building encompasses an underground parking structure, an entry plaza, shared outdoor spaces and meeting areas on each floor for social gatherings. Architectural firm of Rice Fergus Miller designed the project under the direction of Dean Kelly. GLY Construction was the builder. In addition to the newly opened Courtyard, Emerald Heights is also working on a new $55 million assisted living project, FirView. This 67,555 square-foot expansion will bring 54 one-bedroom apartments of assisted living along with a new dining space, activity rooms, outdoor patio, underbuilding parking and a sky-bridge connection the main buildings. Dean Kelly of Rice Fergus Miller and GLY Construction will also be involved in the …

April 24, 2024

Acquisitions Multifamily Washington Western

Cushman & Wakefield Brokers $3.1M Sale of James Bon Apartments in Seattle

by Amy Works April 24, 2024

SEATTLE — Cushman & Wakefield has arranged the sale of James Bon Apartments, a multifamily building at 8541 Phinney Ave. N. in Seattle’s Phinney Ridge neighborhood. A local apartment operator acquired the property from a local family investor for $3.1 million, or $258,000 per unit. Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter and Matt Kemper of Cushman & Wakefield represented the buyer and seller in the deal. Originally constructed nearly 45 years ago, James Bon offers 12 apartments, an on-site laundry facility and secured access at two entry/exit points.

April 24, 2024

Loans Multifamily Seniors Housing Washington Western

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Amy Works April 18, 2024

GIG HARBOR, WASH. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units. Tacoma-based Senior Services of America manages the community and has for more than 10 years.

April 18, 2024

Acquisitions Office Washington Western

BH Properties Buys 74,660 SF Olympic Block Office Building in Seattle’s Pioneer Square

by Amy Works April 12, 2024

SEATTLE — BH Properties has acquired the historic Olympic Block building, a creative office and mixed-use property in Seattle’s Pioneer Square neighborhood. Terms of the transaction were not released. BH Properties’ Pacific Northwest regional operations will move into the 74,660-square-foot building at 101 Yesler Way. Olympic Block comprises the historic six-story Lippy Building, originally built in 1902, and the nine-story addition that was added in 1986.

April 12, 2024

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