Washington

CBRE Arranges $22.8M Refinancing for Trailhead at the Preserve Apartment Complex in Bremerton, Washington

by Amy Works November 5, 2024

BREMERTON, WASH. — CBRE, on behalf of Sage Homes Northwest, has arranged a $22.8 million loan for the refinancing of Trailhead at Preserve, a new apartment complex located at 1970 N.E. Fuson Road in Bremerton. Built in May 2024, Trailhead at Preserve offers 109 studio, one- and two-bedroom apartments and private access to nature trails at the Illahee Preserve. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE Capital Markets’ Debt & Structured Finance in Seattle represented the borrower in securing a full-term, interest-only bridge loan with a prominent debt fund lender to refinance the borrower’s existing construction loan.

November 5, 2024

Market Reports Office Washington Western Western Market Reports

Puget Sound Office Market Sees Positive Signs of Recovery

by John Nelson November 4, 2024

— By Leah Masson, senior director, Cushman & Wakefield — The real estate landscape in the Puget Sound region is shaped by a dynamic contrast between the Eastside and Downtown Seattle. The Eastside continues to thrive, particularly with its robust tech activity. Major developments, such as the Eight, Skanska’s 540,000-square-foot project, is nearing full occupancy, underscoring the area’s strong demand. OpenAI is actively seeking space on the Eastside, with expectations of more artificial intelligence groups to follow. It’s worth noting that the Eastside is not plagued by the safety issues that have been a concern for Downtown Seattle. The anticipated 2025 opening of the light rail is set to drive even more growth in the area. Downtown Seattle is also experiencing an uptick in leasing activity, with active tenants expanding in terms of both square footage and lease term lengths. Since 2021, professional services groups, such as law and engineering firms, have been the primary drivers of leasing, but there is now a welcome return of tech companies to the Seattle market. New AI-focused tenants are beginning to emerge, moving out of coworking spaces and seeking permanent office locations in the city. However, Downtown Seattle continues to face significant challenges, …

November 4, 2024

Industrial Market Reports Washington Western Western Market Reports

Dynamics Shift in Seattle’s Industrial Real Estate Market

by John Nelson October 28, 2024

— By R.J. Vara, first vice president of investments, Marcus & Millichap’s The Vara Group — The Seattle industrial market is undergoing a transitional phase marked by rising vacancies, fluctuating demand and evolving investment dynamics. There was a robust surge from 2020 to 2022, which saw nearly 19 million square feet of industrial space absorbed and more than $8.4 billion in transaction volume. However, the market experienced a reversal in 2023, with roughly 2 million square feet of previously absorbed space becoming available. This shift, driven by decreased container traffic at local ports, rising interest rates and elevated inflation, has continued into 2024, with speculative construction projects contributing to elevated vacancy rates. As of mid-year, Seattle’s industrial vacancy rate has increased by about 2 percent year over year, reaching 7.7 percent. This has surpassed the national average of 6.6 percent. The rise in vacancies is primarily attributed to the completion of new distribution facilities, with spaces of more than 100,000 square feet now available in double digits. Delivery numbers are expected to fall to their lowest level since 2017, but investors are beginning to explore opportunities in the southern regions. Regarding investment activity, Seattle’s industrial sales volume has notably increased …

October 28, 2024

Acquisitions Multifamily Washington Western

LaSalle Investment Management Sells 280-Unit Stonemeadow Farms Apartments in Bothell, Washington for $93.1M

by Amy Works October 24, 2024

BOTHELL, WASH. — LaSalle Investment Management has completed the disposition of Stonemeadow Farms, an apartment community in Bothell, a suburb of Seattle. An undisclosed buyer acquired the asset for $93.1 million. Situated on 29 acres at 23028 27th Ave. SE, Stonemeadow Farms offers 280 apartments spread across 20 residential buildings. Originally constructed in 1999, the garden-style property underwent renovations from 2014 to 2018. Each apartment features private balconies, wood-style flooring, deep soaker-style bathtubs, stainless steel appliances, Shaker-style cabinets, mosaic and subway tile backsplashes, black quartz countertops and undermount kitchen sinks. Community amenities include a 24-hour fitness center, clubhouse with a kitchen and lounge, resort-style pool and an outdoor terrace with firepits and barbecue areas. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal. JLL also represented the buyer in the transaction.

October 24, 2024

Northwest-Coporate-Park-Building-11-Portland-OR

Acquisitions Industrial Oregon Washington Western

EQT Exeter Buys Three-Building Pacific Northwest Industrial Portfolio for $49.9M

by Amy Works October 23, 2024

KENT, WASH. AND PORTLAND, ORE. — EQT Exeter has acquired a three-building, 312,604-square-foot industrial portfolio in Kent and Portland from an institutional investor for $49.9 million. The portfolio consists of Kent 36 & 39, a 63,500-square-foot distribution building and a 42,022-square-foot small-bay industrial building in Kent, as well as Northwest Corporate Park Building 11, a 207,082-square-foot distribution building in Portland. Brett Hartzell, Paige Morgan, Andrew Stark, Stuart Skaug and Cara Nolan of CBRE represented the undisclosed seller in the transaction.

October 23, 2024

Acquisitions Industrial Washington Western

EQT Exeter Acquires LogistiCenter @ Oxbow Industrial Facility in Seattle for $81.5M

by Amy Works October 21, 2024

SEATTLE — EQT Exeter Real Estate Income Trust has purchased LogistiCenter @ Oxbow, a distribution facility in Seattle, for $81.5 million. Brett Hartzell and Paige Morgan of CBRE National Partners West represented the seller in the transaction. The seller was not disclosed, but the property was listed as a previous project on Dermody Properties’ website. Situated on 45.1 acres at 2871 S. 102nd St., LogistiCenter @ Oxbow offers 202,464 square feet of industrial space. Built in 2021, the property features low 10 percent coverage, 36-foot clear heights, 135-foot truck courts and a full drive-around capacity. The property was built as a build-to-suit for Amazon, according to Dermody Properties.

October 21, 2024

Market Reports Retail Washington Western Western Market Reports

Bellevue Retail Booms Again

by John Nelson October 21, 2024

— By Jacob Pavlik, research manager, Colliers — A 10-mile drive east of Seattle, Bellevue is the top destination for urban retail activity in the Puget Sound. High incomes, healthy daytime employment and the most active office leasing market in the Pacific Northwest means not much more is needed to make a retail space thrive. That is, except reasonable fit-out costs for new space. The Bellevue CBD has seen significant new construction for office buildings (with lots of ground-floor retail opportunities), delivering 3.3 million square feet over the past year alone. Unfortunately, sky-high construction pricing and office market financing challenges have made it difficult to get retail leases done in new buildings. Second-generation spaces in the submarket are the reasonable but diminishing alternative. Second-generation spaces are filling up faster than they become available. The demand is partially from tenants whose buildings were torn down for redevelopment. Given the cost of fitting out a space in a brand-new building elsewhere in the Bellevue CBD, second-generation space is the most lucrative alternative. First-generation space, which delivers as a cold shell without HVAC, plumbing or dry wall, can cost upward of $400 per square foot to build out. Landlords tend to offer $100 …

October 21, 2024

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $47.5M Bridge Loan for Seniors Housing Community in Metro Seattle

by Amy Works October 17, 2024

SILVERDALE, WASH. — Live Oak Bank has provided a $47.5 million bridge loan for the refinancing of an undisclosed seniors housing community located in Silverdale, roughly 25 miles northwest (approximately 70 miles by vehicle) of Seattle. Built in 2022, the property comprises 172 independent living, assisted living and memory care units. The borrower is a Florida-based owner of seniors housing communities. The financing features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to retire the existing debt, with $4 million in potential future earnout proceeds.

October 17, 2024

Acquisitions Multifamily Washington Western

TMR Acquires 182-Unit Multifamily Property in Lacey, Washington

by Amy Works October 11, 2024

LACEY, WASH. — TMR Investments has purchased The Village at Union Mills, an apartment property located at 8146 Sweetbrier Lane SE in Lacey. Terms of the transaction were not released. The Village at Union Mills offers 182 apartments. TMR has budgeted $4.1 million to execute a value-add repositioning strategy for the property. The planned investments include enhancements to the fitness center, clubhouse and outdoor amenity spaces, the addition of electric vehicle charging stations and rebranding. Planned interior unit renovations include the addition of stainless steel appliances, stone countertops and contemporary lighting and hardware.

October 11, 2024

Acquisitions Multifamily Washington Western

Northmarq Brokers $13.1M Sale of Aldercrest Apartments in Seattle’s First Hill District

by Amy Works October 9, 2024

SEATTLE — Northmarq has negotiated the sale of Aldercrest Apartments, a multifamily property located at 303 10th Ave. in Seattle. An entity doing business as 303 10th Ave LLC acquired the asset for $13.1 million. Situated within the city’s First Hill district, Aldercrest Apartments offers 47 studio, one- and two-bedroom floorplans with nine-foot ceilings, bay windows and in-unit washers and dryers. Community amenities include landscaped grounds, controlled access, gated/assigned underground parking and 24-hour emergency maintenance. Tyler Smith, Steve Fischer, Joe Kinkopf, Brendan Greenheck, Taylor Wymna and Matt Johnson of Northmarq’s Seattle Multifamily Investment Sales team represented the undisclosed seller in the transaction.

October 9, 2024

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