Washington

Waterton Provides $69.2M Senior Construction Loan for Apartment Development in Vancouver, Washington

by Amy Works January 10, 2025

VANCOUVER, WASH. — Waterton, in partnership with Strathcona Capital, has provided a $69.2 million senior construction loan for the development of 12th & Main, a seven-story mid-rise apartment building in Vancouver. The borrower, Oregon-based Pahlisch Commercial, started construction in December 2024 on the project that is slated for completion in 2027. Totaling 198 units, 12th & Main will offer studio, one- and two-bedroom floor plans and an amenity package including a 24-hour fitness center, rooftop lounge with river views, dog wash station, game room, remote work offices, electric vehicle charging stations and a steam shower and sauna. Additionally, the property will include 21,359 square feet of ground-floor commercial space. Pahlisch Commercial will occupy roughly half of the ground-floor space as its headquarters office.

January 10, 2025

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 131-Unit Seniors Housing Community in Spokane, Washington

by Amy Works January 9, 2025

SPOKANE, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Moran Vista Senior Living, a 131-unit seniors housing community located in Spokane. Originally built in 1997 and renovated and expanded in 2008, the property features independent living, assisted living and memory care residences. A regional owner-operator acquired the community from a Pacific Northwest-based seller. The buyer’s portfolio comprises roughly 20 properties throughout Washington and Arizona. Jason Punzel of SLIB brokered the transaction.

January 9, 2025

Acquisitions Multifamily Washington Western

Pathfinder Partners Acquires 105-Unit Sundance Multifamily Community in Milton, Washington

by Amy Works January 8, 2025

MILTON, WASH. — San Diego-based Pathfinder Partners has purchased Sundance, a 105-unit apartment property in Milton, a suburb south of Seattle, from SEB Inc. The purchase price was $28.1 million, or $268,000 per unit. Located at 210 27th Ave., Sundance offers 18 one-bedroom/one-bath units, 42 two-bedroom/one-bath units, 24 two-bedroom/two-bath units and 21 three-bedroom/two-bath units ranging from 725 square feet to 1,160 square feet spread around nine three-story residential buildings. Units include washers/dryers, nine- and 10-foot ceilings on the upper floors, electric fireplaces, private decks or patios and walk-in closets. Onsite amenities include a pool, hot tub, community picnic area with barbecue grills, a playground and 24 detached garages, as well as a community building with a clubhouse, leasing office and fitness center.

January 8, 2025

Acquisitions Office Retail Washington Western

Jay Bhullar Buys Historic Colman Building in Seattle

by Amy Works January 3, 2025

SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.

January 3, 2025

Acquisitions Retail Washington Western

CBRE Negotiates $13.9M Sale of Multi-Tenant Retail Property in North Seattle

by Amy Works January 3, 2025

SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.

January 3, 2025

Acquisitions Industrial Washington Western

CBRE Negotiates $64.2M Sale of 315,422 SF Industrial Portfolio Near Seattle

by Amy Works January 2, 2025

KENT, WASH. — CBRE has negotiated the $64.2 million sale of the 315,422-square-foot Seattle Industrial Portfolio. The names of the seller and buyer were not released. Brett Hartzell, Paige Morgan, Andrew Stark and Andrew Hitchcock of CBRE National Partners represented the undisclosed the seller. The portfolio includes two industrial facilities: Kent Valley DC II at 6111 S. 228th St. and Kent Valley DC IV at 6205-6305 S. 231St. The distribution buildings were constructed between 1995 and 1997 and offer 30-foot clear heights and a high dock-door count.

January 2, 2025

Company News Retail Top Stories Washington Western

Nordstrom Family, Liverpool to Take Namesake Department Store Chain Private in $6.25B Deal

by John Nelson December 24, 2024

SEATTLE — Nordstrom Inc. (NYSE: JWN) has signed a definitive agreement with the Nordstrom family and Mexican omnichannel retailer El Puerto de Liverpool SAB de CV (Liverpool) in a deal that will take the fashion department store giant private. The all-cash transaction is valued at $6.25 billion. Erik, Pete and Jamie Nordstrom, along with other members of the Nordstrom family, and Liverpool plan to acquire all the outstanding common shares of Nordstrom that they do not already beneficially own. The deal would give the Nordstrom family a majority ownership stake (50.1 percent) in the Seattle-based retailer, with Liverpool owning 49.9 percent of the company. “For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” said Erik Nordstrom, CEO of Nordstrom, in a prepared statement. “Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.” Under the terms of the agreement, Nordstrom common shareholders will receive $24.25 in cash for each share of Nordstrom common stock they hold, which represents a premium of approximately 42 percent to the unaffected closing common …

December 24, 2024

Acquisitions Industrial Washington Western

PCBP Properties Buys 80,150 SF Industrial Property in Puyallup, Washington for $12.5M

by Amy Works December 19, 2024

PUYALLUP, WASH. — PCBP Properties Inc. has acquired an industrial property located at 403 N. Levee Road in Pullayup for $12.5 million. Brett Hartzell, Paige Morgan and Andrew Stark of CBRE National Partners West represented the undisclosed seller in the deal. The 80,150-square-foot last-mile manufacturing and logistics facility is located 15 minutes from the Port of Tacoma, Washington, and 35 minutes from downtown Seattle. The property has undergone recent renovations, including roof repairs, exterior painting, asphalt, landscaping and updates to the office space with new carpet and paint. The property is fully insulated and features 21 trailer stalls, eight dock-high and three grade-level doors.

December 19, 2024

Acquisitions Multifamily Washington Western

SCS Development Co. Sells Copper Ridge Apartments in Renton, Washington for $70.7M

by Amy Works December 18, 2024

RENTON, WASH. — SCS Development Co. has completed the sale of Copper Ridge Apartments, a multifamily asset in Renton, to Timberlane Partners for $70.7 million, or $217,538 per unit. Completed in 1983 and 1985, Copper Ridge offers 325 apartment units spread across two- and three-story residential buildings, as well as a clubhouse, heated swimming pool, three laundry facilities and a children’s playground. The community’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units feature wood-burning fireplaces, and all units have private decks or balconies off the living rooms. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

December 18, 2024

Acquisitions Multifamily Washington Western

AvalonBay Communities Sells AVA Ballard Multifamily Property in Seattle for $105.5M

by Amy Works December 16, 2024

SEATTLE — AvalonBay Communities has completed the sale of AVA Ballard, a multifamily asset located at 5555 14th Ave. NW in Seattle’s Ballard neighborhood, to an undisclosed buyer for $105.5 million. Built in 2013, AVA Ballard offers 265 studio, one- and two-bedroom apartments averaging 717 square feet. Units feature quartz countertops, stainless steel appliances, plank hardwood-style flooring and washers and dryers. Community amenities include a rooftop lounge, barbecues and a dog run; a clubroom with media lounge, arcade games and lounge seating; a fitness studio; inner courtyards with barbecues, fire pits and lounge seating; rentable storage units; and electrical vehicle charging, as well as 12,000 square feet of ground-floor retail space. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the transaction.

December 16, 2024

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