Washington

Intercontinental Real Estate Divests of Two Multifamily Communities in Seattle’s Ballard Neighborhood for $41.5M

by Amy Works October 3, 2022

SEATTLE — Intercontinental Real Estate has completed the disposition of two apartment properties totaling 155 units in the Ballard neighborhood of Seattle. An undisclosed buyer acquired the assets for $41.5 million. Located at 6559 15th Ave. NW, Belay features 104 studio, one- and two-bedroom units with an average size of 521 square feet. Noba, located at 8022 15th Ave. NW, offers 51 one-bedroom apartments with an average unit size of 557 square feet. Noba was built in 2012 and Belay was constructed in 2013. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the seller in the transaction.

October 3, 2022

Development Multifamily Seniors Housing Washington Western

Emerald Communities Starts Expansion Project at Emerald Heights CCRC in Redmond, Washington

by Amy Works September 27, 2022

REDMOND, WASH. — Emerald Communities has started construction of an expansion project at Emerald Heights, a continuing care retirement community (CCRC) in the Seattle suburb of Redmond. The new building, named Courtyard, will rise three stories and feature 42 independent living units ranging in size from 826 square feet to 1,726 square feet. Dean Kelly of the architecture firm Rice Fergus Miller, who worked on Emerald Heights’ previous expansion in 2014, led the design of the new building. The Courtyard will total 70,638 square feet plus a 35,703-square-foot underground parking structure. GLY Construction is building the expansion, which is scheduled for completion in late 2023.

September 27, 2022

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of 30-Room Packwood Lodge in Washington State

by Amy Works September 26, 2022

PACKWOOD, WASH. — Crystal Investment Property (CIP) has arranged the sale of Packwood Lodge, a select-service hotel located at 13807 US-12 in Packwood. Terms of the transaction were not released. The 30-guest room Packwood Lodge includes extensive capital improvements, 21 updated guest rooms or suites and nine detached cabins. The property features a lobby with a breakfast area, office, laundry room, owner’s quarters and a hotel-adjacent leased restaurant. Rooms and suites include flatscreen TVs, mini fridges, microwaves, coffee makers and high-speed wireless internet. The cabins, completed in 2019, feature kitchenettes, dining areas, jacuzzi tubs and outdoor decks. Joseph Kennedy of CIP, along with the CIP team, represented the buyer and seller in the transaction.

September 26, 2022

Acquisitions Loans Office Washington Western

Pearlmark Receives $7M Mezzanine Loan for Northview Center Office Building in Lynnwood, Washington

by Amy Works September 21, 2022

LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.

September 21, 2022

Acquisitions Development Life Sciences Washington Western

LPC West, Intercontinental Real Estate Buy Site for Nine-Story Life Sciences Development Near Seattle’s Space Needle

by Amy Works September 16, 2022

SEATTLE — LPC West has partnered with Intercontinental Real Estate Corp. to acquire a development site for a nine-story life sciences building near Seattle’s Space Needle. Located on the border of the South Lake Union and Uptown neighborhoods, the building will total approximately 195,000 square feet and will cater to the needs of the city’s flourishing life sciences sector. Currently in the early design stages, the Class A building will feature views of the Space Needle, Climate Pledge Arena and the Puget Sound. Additionally, the site offers full transit accessibility with access to the Seattle Center Monorail, metro transit routes and Highway 99.

September 16, 2022

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $24.1M Sale of Tanara Villa Apartments in Tacoma, Washington

by Amy Works September 16, 2022

TACOMA, WASH. — Marcus & Millichap has arranged the sale of Tanara Village, a multifamily community in Tacoma. A private seller in a 1031 exchange sold the property to a limited liability company for $24.1 million, or $185,769 per unit. Built in 1969, Tanara Village features 130 apartments spread across five buildings. The community offers four laundry rooms, a recreation room, dog park and 113 parking stalls. The apartments are all one-bedroom/one-bath, 114 of which are 550 square feet and 16 are 600 square feet. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller and procured the buyer in the transaction.

September 16, 2022

Company News Development Retail Top Stories Washington Western

Starbucks Plans to Open 2,000 New Stores by 2025, Invest $450M in Existing US Locations

by Katie Sloan September 15, 2022

SEATTLE — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the United States. The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ hometown of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up stores and drive-thru-only and delivery-only locations. “When we think about our existing store portfolio and our investments, they must deliver in a few critical areas,” said John Culver, group president for North America and chief operating officer. “Reducing the level of complexity and making work easier for our partners; enabling stronger engagement and connection between our partners and the customers they serve; and delivering experiential convenience.” Starbucks also plans to expand its mobile order offerings via the company’s app, allowing customers to know when their order is ready and making the process of mobile ordering easier and more efficient during peak hours. Mobile ordering will also be extended to the …

September 15, 2022

Acquisitions Multifamily Washington Western

Newmark Arranges $65.5M Sale of BLIS Apartments in Bainbridge Island, Washington

by Amy Works September 14, 2022

BAINBRIDGE ISLAND, WASH. — Newmark has negotiated the sale of BLIS Apartments, a multifamily property located on Bainbridge Island, just across Elliot Bay from Seattle. Sound West Group sold the asset to Cairn West for $65.5 million. Marty Leith of Newmark represented the seller in the deal. Located at 747 Hanami Lane LE, BLIS Apartments features 114 residences comprising 107 apartments and seven loft townhomes. Units offer large laundry rooms, luxury vinyl plank flooring, quartz countertops, USB wall chargers, stainless steel appliances, undermount sinks and walk-in closets. Built in 2019 on 1.4 acres, the community features a courtyard terrace, controlled entry access, fitness center, grilling stations, rooftop deck, electric vehicle charging stations, community spaces and a conference room.

September 14, 2022

Acquisitions Multifamily Washington Western

OpenPath Investments Divests of Pointe East Apartment Homes in Fife, Washington for $31.7M

by Amy Works September 13, 2022

FIFE, WASH. — OpenPath Investments has completed the disposition of Pointe East Apartment Homes, an apartment community in Fife. 11 Capital LLC acquired the property for $31.7 million, or $256,048 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1986, Pointe East features 124 apartments, a leasing office, fitness center, outdoor courtyard with barbecue areas and a children’s playground. All apartments offer wood-burning fireplaces, extra storage spaces, private decks or patios, and a walk-in closet or dual closets in the main bedroom. The unit mix includes 37 one-bedroom units and 87 two-bedroom apartments.

September 13, 2022

Acquisitions Industrial Washington Western

Fortress Investment Buys Cutwater Boat Factory in Auburn, Washington for $9.5M

by Amy Works September 9, 2022

AUBURN, WASH. — Fortress Investment has acquired the former Cutwater Boat factory in Auburn from JJL LLC for $9.5 million. Situated on 4.5 acres at 47 37th St. NE, the property features 27,000 square feet. The buyer was able to separate the deal with a leaseback on half of the property, while it works toward developing the other half of the property for a future tenant. Matt Murray of Kidder Mathews represented the buyer and seller in the transaction.

September 9, 2022

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