RENTON, WASH. — San Francisco-based Sack Properties has purchased Fairwood Landing, a garden-style multifamily property located at 14121 SE 177th St. in Renton, from CES Properties for $61 million. Built in 1981, Fairwood Landing features 195 apartments. Sack Properties plans to renovate and modernize the community. Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews’ represented the buyer in the deal. Kidder Mathews was the only brokerage firm involved in the transaction.
SEATTLE — CBRE, on behalf of Swift Real Estate Partners, has placed $32.5 million in financing for 425 Pontius, an office building located in Seattle’s South Lake Union neighborhood. The borrower acquired the property in March 2022. Swift Real Estate Partners will use the financing for the acquisition and renovation of the four-story, 75,000-square-foot office building. The property features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 and underwent a lobby renovation in 2018. Swift plans to reposition the asset into creative office space and renovate the exterior and make cosmetic upgrades to the lobby, elevators and common areas. Mike Walker and Brad Zampa of CBRE’s San Francisco office, alongside Jeff Henderson in the Seattle office, arranged the four-year, floating-rate loan through an undisclosed West Coast-based bank. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller, a local private partnership, in the sale of the property in March.
VANCOUVER, WASH. — Los Angeles-based MJW Investments has acquired Avenue 66, a multifamily community in Vancouver, in an off-market transaction. The seller and sales price were not released. Built in 2016, the garden-style property features 56 apartments in a mix of one- and two-bedroom floor plans. The average unit size is 840 square feet. MJW Investments plans to make light improvements to unit interiors, clubhouse and other common areas. Affinity Property Management will oversee operations and the renovation of the property. Banc of California provided acquisition financing.
SEATTLE — Denver-based EverWest Real Estate Investors has purchased MUIR Apartments, a mixed-use multifamily property in downtown Seattle, for $54.5 million. Dylan Simon, Winslow Lee and Jerrid Anderson of the Simon and Anderson Team of Kidder Mathews’ Seattle office represented the undisclosed seller and sourced the buyer in the deal. Completed in 2019, MUIR Apartments features 130 apartments and a rooftop deck. The property takes its name from Camp Muir, a refuge on the ascent to Mount Rainier’s peak.
SEATTLE — Barings and Schnitzer West LLC have sold Madison Centre, a 37-story office tower in downtown Seattle, for $730 million. The buyer was Boston Properties Inc. (NYSE: BXP). Completed in September 2017 and currently 93 percent leased, Madison Centre spans 760,971 rentable square feet and features 480 parking stalls. Amenities include a rooftop terrace, great room, conference center, boardroom, library and a fitness center operated by the Washington Athletic Club. Certified LEED Platinum, the building features HVAC purification systems and touchless entry. “The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period,” says Ben Green, managing director with Barings, which developed Madison Centre in partnership with Schnitzer West. Located at the intersection of Fifth Avenue and Madison Street, the office tower is located five blocks south of Seattle’s retail core, one block west of the Interstate 5 freeway and four blocks southeast of a Link light rail station. Kevin Shannon, Nick Kucha, Ken White and Mike Moll of Newmark brokered the sale. “This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” says Shannon, co-head, …
CALIFORNIA, OREGON AND WASHINGTON — Gantry has arranged $130 million in permanent financing for a six-property, Trojan Storage-owned self-storage portfolio spread across California, Oregon and Washington. Totaling 600,000 square feet, the portfolio includes three newly completed, pre-stabilized facilities and three recently acquired facilities. Andy Bratt and Amit Tyagi of Gantry secured the financing for Trojan Storage. The loan features a 10-year term at a fixed rate and a significant interest-only period later transitioning to a 30-year amortization schedule. The newly constructed facilities are in Commerce, Glendale and San Jose, Calif., and the recently acquired assets are in Salinas, Calif., Portland, Ore., and Vancouver, Wash.
EVERETT, WASH. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator. A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance.
MARYSVILLE, WASH. — Crescit Capital Strategies has closed a $21.8 million fixed-rate bridge loan for the acquisition of a shopping center located in Marysville. A private seller sold the asset to a private buyer for an undisclosed price. Crescit originated the four-year loan with a one-year extension option. The lender was not disclosed. The grocery-anchored property features 220,000 square feet of retail space.
SEATTLE — JLL Capital Markets has arranged $60 million in construction financing for Gridline Apartments, a multifamily property currently under construction in Seattle. SRM Development and its partners are the borrowers. An affiliate of an international real estate investment company provided the funds. Kaden Eichmeier and Steve Petrie of JLL Capital Markets arranged the financing for the borrower. Located at 1421 Harvard Ave., Gridline Apartments will feature 178 residences.
CHENEY AND SPOKANE, WASH. — Colliers has brokered the sales of two industrial buildings for a total consideration of $62 million. Bill Condon and Matt McGregor of Colliers oversaw the two separate transactions. In the first deal, Bridge Investment Group acquired a 306,000-square-foot building located at 9212 W. Hallet Road in Cheney for $40.4 million. The Class A industrial facility was fully leased to a long-term, high-credit tenant at the time of sale. In the second deal, Dogwood Industrial Properties purchased a 111,000-square-foot facility at 15909 E. Marietta Ave. in Spokane for $21.6 million. The Class A property is fully leased to four long-term tenants, including Keystone Automotive.
