KENT, WASH. — Bridge Industrial is expanding its presence in the Pacific Northwest with the acquisition of a 13-acre site at 7730 S. 202nd St. in Kent. The site will eventually house Bridge Point Kent 180, a Class A industrial facility spanning 180,000 square feet. An aluminum smelting plant previously occupied the site, which requires significant environmental remediation due to nearly 40 years of contamination. Bridge plans to demolish the existing structure and conduct extensive cleanup before commencing construction on Bridge Point Kent 180 in the first quarter of 2024. The facility is scheduled for completion by the first quarter of 2025. Bridge Point Kent 180 will cater to a range of tenants, including ecommerce, logistics and cold storage users. The facility will feature 36-foot clear heights, multiple loading doors, trailer parking and car parking. Bridge’s continued expansion in the Seattle region reflects the strong demand for modern, sizable industrial facilities in this market, according to the company.
SPOKANE, WASH. — CEP Multifamily has acquired Regal Ridge, a 97-unit, garden-style community in Spokane’s South Hill neighborhood. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli and Philip Assouad of Institutional Property Advisors brokered the deal. The property traded for $21.5 million. The seller was not disclosed. According to Apartments.com, Regal Ridge was built in 1997 and offers two- or three-bedroom units. Amenities include a pool, clubhouse, playground and recycling services.
TACOMA, WASH. — Colliers has brokered the sale of a self-storage property located at 8233 S. Hosmer in Tacoma. Hosmer Self Storage LLC sold the property, spanning 46,265 square feet and consisting of 454 storage units, to Merit Hill Capital. The price was not disclosed. The facility offers a range of storage unit sizes, including drive-up units and options for indoor vehicle storage. The Colliers de Jong | Becher Self Storage Team represented the seller in the negotiation process.
SEATTLE — SecureSpace has acquired Northlynn Mini-Storage in the Lynnwood area of Seattle. The facility is located at 15620 Highway 99. It contains a total of 57,700 net rentable square feet. The ground-floor units consist of drive-up and interior units, with two dozen rentable parking spaces. SecureSpace plans a substantial renovation to enhance the appeal of the facility for the 134,000 residents residing within a three-mile radius. The property will be rebranded as SecureSpace Self Storage Lynnwood, becoming the eighth store under that brand in the Seattle MSA.
BELLEVUE, WASH. — T&T Supermarkets has announced plans to open a 76,000-square-foot store in Bellevue, roughly 10 miles east of Seattle. Scheduled to open next summer at Marketplace at Factoria, the store will mark the first U.S. location for the brand. John Booth of Kidder Mathews represented T&T in the leasing negotiations.
SEATTLE — Senior Living Investment Brokerage (SLIB), a Chicago-based firm, has arranged the sale of three communities in the Pacific Northwest. The facilities offer a combined 93 units and 105 beds, and were built between 1991 and 1995. The buyer is a private owner-operator group out of Texas. The seller, price, names and locations were not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Matt Alley of SLIB handled the transaction.
BELLEVUE, WASH. — A Intracorp and equity partner HAL Real Estate have purchased a site that houses a vacant, 60,423-square-foot office building in Bellevue for $18 million. The site is located at 3190 160th Ave. SE in the Eastgate neighborhood. The building was constructed in 1982 and was previously leased to Washington Department of Ecology for several decades. Official plans for the site have not yet been announced, but the buyer may execute shorter-term leases at the existing office building until a redevelopment strategy is finalized. Pat Mutzel of Cushman & Wakefield’s Private Capital Group, in collaboration with Jeffrey Cole, Jeff Chiate, Bryce Aberg, Mike Adey, Nico Napolitano and Zach Harman of the firm’s West Coast Capital Markets Group, represented the seller, a private, high-net-worth investment group. Mutzel also advised the sale of the property in December 2019 for a price of $16.3 million.
WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.
SEATTLE — Simon Property Group (NYSE: SPG) has broken ground on Residence Inn by Marriott at Northgate Station, a hotel in Seattle. This will be the first hotel at Northgate Station, a mixed-use, transit-oriented development. The hotel will join the newly upgraded Northgate Sound Transit light rail station and Kraken Community Iceplex, the official training facility for the Seattle Kraken NHL team and regional hub for ice sports in the Pacific Northwest. Further details were not disclosed. Simon Property Group is a REIT focused on retail and mixed-use properties.
SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.