Washington

Bridge33 Capital Divests of 166,800 SF Skagit Valley Square Retail Property in Mount Vernon, Washington

by Amy Works April 28, 2022

MOUNT VERNON, WASH. — Bridge33 Capital has completed the disposition of Skagit Valley Square, a retail power center located at 102-310 E. College Way in Mount Vernon. Transnational Management acquired the asset for $18.4 million. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was backfilled with a new tenant roster: Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree. More than 140,000 square feet was leased up in an 18-month period.

April 28, 2022

California Development Industrial Washington Western

CA Industrial Plans Five Developments on West Coast Totaling $272M

by Amy Works April 22, 2022

CALIFORNIA AND WASHINGTON — CA Industrial, the dedicated industrial and logistics arm of CA Ventures, has unveiled plans for five new developments totaling $272 million in project costs for properties across the West Coast. The company plans to develop more than 670,000 square feet of industrial space across the markets, marking its entrance into California and Washington. CA Industrial will finance these development costs in part with capital from Centris Industrial, the external REIT for CA Industrial. The five California and Washington developments include: The repositioning and stabilization of a 58,991-square-foot building situated on nine acres at 1551 Atlantic St. in Union City, Calif. The project is in partnership with DWS. A partnership between CA Industrial, Four Stones Real Estate and American Realty Advisors will develop a 175,500-square-foot speculative facility in Watsonville, Calif. CA Industrial has partnered with a global asset manager to develop a 202,400-square-foot speculative facility in Richmond, Calif. Realterm and CA Industrial will develop a 132,300-square-foot Class A warehouse in La Puente, Calif. In partnership with Transwestern, the company will develop a 97,000-square-foot Class A warehouse on 20 acres in Covington, Wash.

April 22, 2022

Acquisitions Office Washington Western

Innovatus Capital Partners Acquires Triton Towers Office Campus in Renton, Washington

by Amy Works April 21, 2022

RENTON, WASH. — Innovatus Capital Partners has purchased Triton Towers, a trio of seven-story office buildings in Renton. Terms of the transaction were not disclosed. Triton Towers features more than 400,000 square feet of Class A office space. At the time of sale, Tower Three was fully occupied, Tower One had 24,413 rentable square feet available, and Tower Two had 48,650 rentable square feet available. The property offers two conference centers, an exercise facility with showers and lockers, outdoor picnic areas, a full-time day porter service, bike storage and free surface parking. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services for the asset.

April 21, 2022

Development Loans Multifamily Washington Western

CBRE Arranges $85.5M Construction Loan for Ion Multifamily Development in Shoreline, Washington

by Amy Works April 21, 2022

SHORELINE, WASH. — CBRE has secured an $85.5 million construction loan for the development of Ion, a 252-unit apartment community in Shoreline. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Capital Markets Debt & Structured Finance team arranged the loan for AAA Management, the developer. Located at 345 NE 149th St., Ion will feature seven stories of residential space above three levels of subterranean parking with 241 parking spaces. Tenant amenities will include a fitness facility, rooftop deck and bike storage. Completion is slated for April 2024, with an opening scheduled for July 15, 2024.

April 21, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Arranges $58.3M Sale of Two Multifamily Buildings in West Seattle

by Amy Works April 20, 2022

SEATTLE — Kidder Mathews has brokered the sale of a portfolio of apartment properties located in the Junction neighborhood of West Seattle. The communities sold for a combined price of $58.3 million. The names of the seller and buyer were not released. The portfolio includes an 80-unit building that opened in 2016 and a 62-unit building that opened in 2020. The properties are located at Junction Flats at 4433 42nd Ave. SW and Junction Landing at 4417 42nd Ave. SW. Jerrid Anderson, Brandon Lawler and Dylan Simon of the Simon and Anderson Team at Kidder Mathews’ Seattle headquarters represented the seller and directly sourced the buyer in the transaction.

April 20, 2022

Acquisitions California Multifamily Seniors Housing Washington Western

Merrill Gardens, NHI Acquire Six-Property Independent Living Portfolio in California, Washington

by Amy Works April 19, 2022

CALIFORNIA AND WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, Calif.; 98 units Truewood by Merrill, Roseville; Roseville, Calif.; 117 units Truewood by Merrill, West Covina; West Covina, Calif.; 110 units Truewood by Merrill, Vancouver; Vancouver, Wash.; 103 units NHI was already the owner of the communities and leased them to third-party operators. The acquisition brings in Merrill Gardens as the new operator under a joint-venture structure rather than a lease.

April 19, 2022

Acquisitions Development Life Sciences Top Stories Washington Western

BioMed Realty Acquires Life Sciences Development Site in Seattle for $127M

by Taylor Williams April 18, 2022

SEATTLE — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired a life sciences development site in Seattle. The sales price was $127 million, according to The Puget Sound Business Journal. BioMed plans to develop 616,000 square feet of life sciences space at the site, which is known as Denny Park South and comprises two adjacent parcels totaling 1.6 acres in South Lake Union/Denny Triangle neighborhood. The location is also near a variety of healthcare facilities and research institutions, notes Jon Bergschneider, president of West Coast markets at BioMed Realty. “The South Lake Union/Denny Triangle cluster is flush with renowned research institutes like the University of Washington School of Medicine, Gates Foundation, Fred Hutchinson Cancer Research Center and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” he says. Following this development, BioMed’s life sciences portfolio in Seattle, which includes the recently completed flagship Dexter Yard project in South Lake Union, will total approximately 1.8 million square feet. A tentative construction timeline for the Denny Park South project was not disclosed. The acquisition of Denny Park South follows BioMed’s purchase of T6 Innovation Center, located at …

April 18, 2022

Development Multifamily Washington Western

Ethos Breaks Ground on 160-Unit Moraine Apartment Project in Tacoma, Washington

by Amy Works April 11, 2022

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on The Moraine, a multifamily property in Tacoma. The eight-story, 115,000-square-foot podium building will include 160 apartments, a fitness center, media room, roof deck with communal kitchen and billiards room. The project has a voluntary target of 25 percent minority and disadvantaged business participation during construction, a target to recycle 70 percent of the construction waste stream, and the building will have both onsite solar panels and a green roof. The units are designed to provide market-rate affordability by way of efficient floor plans, and 20 percent of the units will be available to those earning no more than 80 percent of area median income as part of the tax exemption program of Pierce County. The project team includes Portland-based Works Progress Architecture, Walsh Construction Co. and Ethos Commercial Advisors.

April 11, 2022

Acquisitions Industrial Net Lease Washington Western

Marcus & Millichap Brokers Sale of 47,983 SF Net-Leased Industrial Property in Yakima, Washington

by Amy Works April 8, 2022

YAKIMA, WASH. — Marcus & Millichap has arranged the sale/leaseback of Franz Bakery, a net-leased property in Yakima. A Seattle-based limited liability company acquired the distribution facility for $3.2 million. Clayton Brown, Peter Nisbet and Ruthanne Romero of the Brown Retail Group team of Marcus & Millichap’s Seattle office represented the seller, a limited liability company, while Brown also represented the buyer in the transaction. Located at 31 N. 4th Ave., the 47,983-square-foot property is used as a Franz Bakery distribution center.

April 8, 2022

Acquisitions Industrial Self-Storage Washington Western

SecureSpace Buys 32,661 SF Stadium Storage in Everett, Washington

by Amy Works April 6, 2022

EVERETT, WASH. — SecureSpace has purchased Stadium Storage, a self-storage facility located at 8407 Broadway Ave. in Everett. The buyer plans to rebrand the property as SecureSpace Everett. The four-story property offers 32,661 square feet of 100 percent climate-controlled units and 79 rentable parking spaces. Built in 2016, the property is 96 percent occupied. SecureSpace plans to expand the property to increase visibility of the 2.5-acre site. The newly rebranded property will offer free WiFi throughout and a contactless rental process. Terms of the transaction were not released.

April 6, 2022

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