PORTLAND, ORE., AND SEATTLE — Pacific Union Investors has purchased a nine-property, garden-style apartment portfolio totaling 2,195 units in the Seattle and Portland metropolitan areas. Terms of the transaction were not released. The Washington assets include The Gates of Redmond and Olde Redmond Place in Redmond, Madison Sammamish in Sammamish and Crystal Creek in Vancouver. The Oregon communities include Golf Creek and Meridian at Murrayhill in Beaverton, Orenco Gardens and The Jones in Hillsboro and Forest Rim in Tualatin. Built between 1982 and 2013, the communities offer comprehensive amenity sets, green space with an average density of 16.7 units per acre, and units averaging 900 square feet. This acquisition expands Pacific Union Investors’ Northwest portfolio to 4,915 units across 23 properties.
PUYALLUP, WASH. — Los Angeles-based Hyperion Realty Capital, formerly known as Portal Investment Management, has purchased Meridian Place Shopping Center in Puyallup. Terms of the transaction were not released. Built in 1979, Meridian Place offers 127,429 square feet of retail space. Current tenants include Grocery Outlet and Michaels. Sean Tufts and Kevin Adatto of CPX handled the deal.
EVERETT, WASH. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail building located at 1031 SE Everett Mall Way in Everett. An Orange County, Calif.-based private investor company sold the asset to a Seattle-based private investor for $2.8 million. Pacific Dental Services and Coldwell Banker occupy the two-tenant 3,816-square-foot building, which was built in 1975 and renovated in 2017. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with ParaSell, represented the seller, while Michael Finch of CenturyPacific represented the buyer in the deal.
EVERETT, WASH. — Woodinville, Wash.-based Formost Fuji, a manufacturer in the packaging industry, has purchased a manufacturing and industrial building located at 905 80th St. SW in Everett. MTorres America sold the asset for $20 million. Situated on 14.9 acres, the property features a 65,344-square-foot building with capacity for warehouse expansion of up to 32,000 square feet. MTorres America, an aerospace manufacturing company, previously occupied the building. Zach Vall-Spinosa and James Leptich of Kidder Mathews represented the buyer in the deal.
MUKILTEO, WASH. — Sienna Technologies has acquired an industrial property located in the Harbour Pointe neighborhood of Mukilteo, approximately 25 miles north of Seattle. UMC Inc., a medical contractor, sold the asset for $8.2 million. Zach Vall-Spinosa and Ryan Foster of Kidder Mathews represented the buyer in the deal. Located at 11611 49th Place W., the property features 36,000 square feet of standalone industrial flex space on two acres. Based in Woodinville, Sienna Technologies manufactures aluminum nitride ceramics, including some used for electric propulsion in space exploration appliances.
LAKEWOOD, WASH. — Sage Homes Northwest has acquired a three-community multifamily portfolio from a private local owner for $20.4 million in an off-market transaction. The portfolio includes: Garden Park Apartments, a 49-unit property at 12802-12878 Lincoln Ave. SW Colonial Court Apartments, a 41-unit asset at 9120 Lawndale Ave., 9104 Newgrove Ave. SW and 9119 Kenwood Ave. SW Evergreen Court Apartments, a 40-unit community at 12805-12809 47th Ave. SW The buyer plans to perform value-add upgrades to the properties, which were built in the 1960s and 1970s, to bring the assets up to market-rate value. Brandon Lawler, Jerrid Anderson and Dylan Simon of Kidder Mathews’ Simon and Anderson team represented the buyer in the transaction.
TACOMA, WASH. — Cushman & Wakefield and Greystone have jointly closed a $44 million loan for the for the refinancing of Koz on MLK Way, a newly built apartment community in Tacoma. Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, an affiliate of Koz Development, in the financing. Greystone provided the Fannie Mae DUS loan. Located on Martin Luther King Junior Way, the six-story property features 161 apartments in a mix of studio, one-, two- and three-bedroom units averaging 395 rentable square feet. On-site amenities include a furnished courtyard space with barbecues and lounge seating; laundry facilities, including in-unit washers/dryers; and private balconies on select units. Additionally, the property features 6,370 square feet of ground-floor retail space.
RENTON, WASH. — Providence has completed the disposition of the two-building Southgate Campus and four-building Valley Office Park in Renton. Seattle Children’s Hospital acquired the assets for a total of $84 million. Totaling 484,039 square feet, the portfolio includes: Southgate I, a 114,186-square-foot building at 2201 Lind Ave. SW Southgate II, a 160,853-square-foot property at 2001 Lind Ave. SW Valley Office Park, a 209,000-square-foot asset at 1801 Lind Ave. SW Valley Office Park is the current local headquarters of Providence and includes a Pacific Medical Group multi-specialty clinic. Garth Hogan, Kevin Shannon and Cavan O’Keefe of Newmark represented the seller in the transaction.
EVERETT, WASH. — CBRE has arranged the sale of Greentree Plaza, a shopping center located at 305-505 SE Everett Mall Way in Everett. ACF Property Management sold the retail center to Transnational Management for $23.7 million. Built between 1998 and 2004, Greentree Plaza offers 83,035 square feet of retail space. At the time of sale, the property was 96 percent leased to 18 tenants, including Chipotle, Starbucks Coffee, Sportsman’s Warehouse, Jamba Juice, Visionworks, Bank of America, Subway and Supercuts. The plaza shares a parking lot with a Target store, which was not included in the sale. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.
RENTON, WASH. — Clarion Partners has completed the disposition of Renton Logistics Center, a Class A industrial building located at 2501 E. Valley Road in Renton. An institutional buyer acquired the asset for an undisclosed price. Brett Hartzell and Paige Morgan of CBRE National Partners in the Pacific Northwest represented the seller in the deal. Built in 1996, the 459,349-square-foot, cross-dock facility features 30-foot clear heights, 75 dock-high doors, trailer parking, heavy power, recent upgrades to ESFR and energy-efficient lighting. At the time of sale, three tenants fully leased the property: Graybar, Swire Coca-Cola and Sealed Air.