Washington

Colliers Negotiates $7.3M Acquisition of Marco Apartments in North Seattle

by Amy Works November 29, 2021

SEATTLE — Colliers has arranged the purchase of The Marco, a multifamily property located in the Roosevelt submarket of North Seattle. An undisclosed seller sold the asset for $7.3 million. Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman of Colliers represented the buyers, a local syndication group, in the transaction. Located at 9100 Roosevelt Way NE, The Marco features 25 apartments. The property was originally built in 1970 and is currently renting as market-rate apartments. Fourteen of the 25 units have been renovated over the last two years.

November 29, 2021

Acquisitions Multifamily Washington Western

Security Properties Divests of Panorama House Apartments in Downtown Seattle for $120M

by Amy Works November 24, 2021

SEATTLE — Security Properties has sold Panorama House, a multifamily community in Seattle, to an undisclosed buyer for $120 million. Located at 1100 University St., the 18-story Panorama House features 179 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as four penthouse homes on the upper level each featuring at least one private courtyard. The property also includes a 1,300-square-foot fitness center, regulation-sized bocce ball and shuffleboard courts, a demonstration kitchen, resident lounges, an outdoor pool and three levels of underground parking. At the time of sale, the property was 99 percent leased. The property offers panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union and Elliot Bay. Originally built in 1962, Panorama House underwent an $18 million renovation in 2016. Updates included new lighting, cabinetry, appliances and fixtures installed within the apartments. Additionally, floorplans were renovated to open kitchens to the living area and new fiber-optic high-speed data and cable wiring was installed. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the seller in the deal.

November 24, 2021

Acquisitions Industrial Washington Western

Realterm Acquires 274,000 SF Tacoma Gateway II Industrial Property Near Seattle

by Amy Works November 24, 2021

TACOMA, WASH. — Realterm has purchased Tacoma Gateway II from a partnership between Panattoni Development Co. and Crow Holdings Capital for an undisclosed price. Located at 12005 Steele St. South in Tacoma, Tacoma Gateway II is a newly developed, 274,000-square-foot distribution building with dock-high and grade-level loading, 36-foot clear heights and more than 200 trailer parking stalls on an adjacent 4.7-acre yard. Unis, a third-party logistics company, fully occupies the property, which was completed in July 2021. Brett Hartzell of CBRE’s National Partners Group and Shawn Childs and Monte Decker of CBRE’s Tacoma and Seattle offices represented the seller in the transaction.

November 24, 2021

Acquisitions California Company News New York Northeast Top Stories Washington Western

Sycamore Partners Management Acquires 30,000-Acre Wine Producer for $1.2B

by Katie Sloan November 18, 2021

NEW YORK CITY — Private equity firm Sycamore Partners Management has acquired Ste. Michelle Wine Estates for $1.2 billion. The transaction is the largest private equity purchase of a wine business in the U.S., according to Bank of the West, which led financing for the acquisition. Altria Group Inc. was the seller, according to reports by Bloomberg. Ste. Michelle Wine Estates is the third-largest premium winery in the U.S. with over 30,000 acres of vineyards spread across three states. Some of the company’s popular brands include Chateau Ste. Michelle, 14 Hands, Patz & Hall, Northstar, Erath and Stags Leap. Chateau Ste. Michelle is one of the largest brands in the Pacific Northwest, located roughly 18 miles northeast of Seattle in Woodinville, Wash. The winery — which produces 60 percent of Washington’s annual wine sales — also owns 3,900 acres of vineyards in the Columbia Valley of Eastern Washington, including Canoe Ridge Estate and Cold Creek. New York City-based Sycamore Partners specializes in consumer, distribution and retail-related investments. The firm has approximately $10 billion in aggregate committed capital. Bank of the West, headquartered in San Francisco, is one of the largest commercial lenders to the wine industry in the U.S. —Katie Sloan

November 18, 2021

Ready-Capital-100-Apt-Portfolio-Seattle-WA

Loans Multifamily Washington Western

Ready Capital Closes $14.9M Acquisition Loan for Two-Property Multifamily Portfolio in Seattle

by Amy Works November 17, 2021

SEATTLE — Ready Capital has closed $14.9 million in acquisition, renovation and lease-up financing for a two-property, 100-unit multifamily portfolio in Seattle. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance and upgrade common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

November 17, 2021

Acquisitions Office Washington Western

Marcus & Millichap Arranges Sale of 25,399 SF Beach View Plaza Office Building in Oak Harbor, Washington

by Amy Works November 15, 2021

OAK HARBOR, WASH. — Marcus & Millichap has brokered the sale of Beach View Plaza, an office property located in Oak Harbor. A private investor sold the asset to an undisclosed buyer for $3.7 million. Brian Mayer and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in the deal. Located at 275 SE Pioneer Way, the property features 25,399 square feet of office space. At the time of sale, Beach View Plaza was 92.4 percent occupied with 62.9 percent of the property leased to Washington State government entities and 27.3 percent to People’s Bank. Prior to closing, Washington State Department of Social & Health Services extended its lease for five years.

November 15, 2021

Development Mixed-Use Multifamily Office Restaurant Retail Washington Western

Legacy Partners, Lionstone Investments Break Ground on 623-Unit Mixed-Use Redevelopment in Downtown Redmond, Washington

by Amy Works November 12, 2021

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.

November 12, 2021

Development Multifamily Washington Western

Legacy Partners, USAA Real Estate Open 306-Unit Maris Apartments in West Seattle

by Amy Works November 11, 2021

SEATTLE — Legacy Partners, along with its equity partner USAA Real Estate, has opened Maris, a multifamily property located at 4722 Fauntleroy Way SW in West Seattle. The partnership broke ground on the 306-residence project in June 2019. Maris features two standalone buildings offering a mix of studio, open one-bedroom, one-bedroom and two-bedroom floor plans. The apartments feature A/C ports, hardwood-style flooring, quartz countertops, gas and electric cooktops and an energy-efficient kitchen appliance package. Additionally, many of the units include air conditioning with smart thermostats. Designed by Seattle-based Encore Architects, Maris offers 261 parking spaces, 10,000 square feet of ground-floor retail space, co-working space and conference rooms, a fitness studio, bike storage and electric vehicle charging stations. The community also features rooftop outdoor and resident lounges with a kitchen bar, grilling station and fire pits.

November 11, 2021

Acquisitions Hospitality Washington Western

SPI Hospitality Buys Five-Property Woodspring Suites Hotel Portfolio in Washington for $88M

by Amy Works November 2, 2021

REDMOND, TUKWILA, RICHLAND, LAKEWOOD AND VANCOUVER, WASH. — Dallas-based SPI Hospitality has acquired five Woodspring Suites properties in Washington for a total of $88 million. West77 Partners sold the portfolio for $88 million. The 596-room, extended-stay hotel portfolio includes Woodspring Suites Redmond at 7045 180th Ave. NE in Redmond, Woodspring Suites Tukwila at 15637 W. Valley Highway in Tukwila, Woodspring Suites Richland at 1370 Tapteal Drive in Richland, Woodspring Suites Lakewood at 11329 Pacific Highway in Lakewood and Woodspring Suites Vancouver at 200 NE 104th Ave. in Vancouver. The Redmond and Tukwila properties were completed in 2018, the Richland and Lakewood assets opened in late 2020 and the Vancouver hotel is slated to open in November. Matthew Behrens, Chris Burdett and Jordan Caudill of CBRE Hotels represented the seller in the transaction.

November 2, 2021

Acquisitions Industrial Washington Western

Marcus & Millichap Negotiates $14.2M Sale of Oakridge Business Park One in Redmond, Washington

by Amy Works November 2, 2021

REDMOND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the sale of Oakridge Business Park One, an industrial property in Redmond. A local investor acquired the property from an undisclosed seller for $14.2 million. Located at 17965 NE 65th St., Oakridge Business Park One features 41,900 square feet of industrial space. At the time of sale, the property was fully leased to a single tenant on a long-term lease. The buyer plans to eventually redevelop the asset. Brian Leibsohn and Raymond Vara of The Leibsohn Group in Marcus & Millichap’s Seattle office represented the seller and procured the buyer in the deal.

November 2, 2021

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