Washington

Patrinely Group, Dune Real Estate Partners Buy Development Site for Office Tower in Downtown Bellevue, Washington

by Amy Works January 28, 2022

BELLEVUE, WASH. — Patrinley Group, in partnership with affiliates of Dune Real Estate Partners, has acquired a fully entitled development site for a 484,000-square-foot office tower in downtown Bellevue. The joint venture purchased the 0.9-acre site with an advanced building design from an affiliate of FANA Group of Cos. Terms of the transaction were not released. Located at the southeast corner of NE Fourth and 106th Avenue NE, the 21-story FOUR106 office building will feature 480,000 square feet of office space and 6,500 square feet of street-level retail space. Additionally, the tower will offer a fully equipped fitness center with shower and locker facilities, tech capabilities, hands-free elevators and hands-free restrooms. The property has also been designed to meet LEED Gold standards. Construction is slated to commence this spring, with delivery scheduled for fourth-quarter 2024. FOUR106’s project team includes CollinsWoerman, Gensler, Mortenson Construction and DCI. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group will handle leasing for the completed project. Kevin Shannon, Ken White and Tim O’Keefe of Newmark represented the seller in sale of the site. Bill Fishel, Tom Wilson and Rachael Lewis of JLL arranged financing for the project.

January 28, 2022

Development Multifamily Washington Western

Cypress Equity Investments Completes 186-Unit Hailey Apartments in Tacoma, Washington

by Amy Works January 26, 2022

TACOMA, WASH. — Los Angeles-based Cypress Equity Investments (CEI) has completed the construction of Hailey, a multifamily property in Tacoma. Located at 1210 Tacoma Ave. South, Hailey features 186 apartments in a mix of studio, open one-bedroom, one-bedroom and two-bedroom floor plans with custom cabinetry, quartz countertops, stainless steel appliances, tiled backsplashes and in-unit washers/dryers. The property offers a rooftop deck with harbor and mountain views, a second-floor outdoor terrace, fitness center, community barbecue facilities, bike storage, lounge seating, barbecue stations and fire pits. Studio19 Architects served as architect and Gig Harbor-based The Rush Cos. served as general contractor for the project. Construction began in late 2017 and the community received its certificate of occupancy in October 2021.

January 26, 2022

Acquisitions Multifamily Washington Western

MIG Real Estate Purchases 152-Unit BluWater Multifamily Property in Everett, Washington

by Amy Works January 26, 2022

EVERETT, WASH. — MIG Real Estate has acquired BluWater, a multifamily property located at 11311 19th Ave. SE in Everett. BluWater is the fifth Seattle-area multifamily community managed by MIG. Terms of the transaction were not released. Built in 1991, BluWater features seven three-story buildings offering a total of 152 one-, two- and three-bedroom apartments with eight-foot ceilings. Amenities include a clubhouse, leasing center, indoor/outdoor swimming pool with sauna, fitness center, children’s playground, multiple walking paths and playgrounds. MIG plans to renovate BluWater including apartment interiors, refreshing the buildings’ exterior paint, expanding the clubhouse and leasing center, and enhancing common area amenities. Giovanni Napoli and Phillip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

January 26, 2022

Acquisitions Loans Multifamily Washington Western

PCCP Provides $75M Acquisition, Repositioning Loan for The Post Apartments in Downtown Seattle

by Amy Works January 17, 2022

SEATTLE — PCCP has provided a $75 million senior loan to Griffis Residential for the acquisition and repositioning of The Post, a 16-story multifamily community located at 888 Western Ave. in downtown Seattle. Situated in the Seattle Central Business District, Waterfront and Pioneer Square submarkets, The Post features 208 apartments with quartz countertops, vinyl-plank flooring, steel appliances, floor-to-ceiling windows and views of downtown Seattle, Elliott Bay and the Olympic Mountains. Community amenities include a rooftop deck with grilling areas and a reflection pool, multiple rooftop lounges, a media room, dog run, yoga studio, library and fitness center.

January 17, 2022

Development Industrial Loans Northmarq Washington Western

Northmarq Arranges $28.1M Construction Loan for Tacoma Central Logistics Project in Washington

by Amy Works January 7, 2022

TACOMA, WASH. — Northmarq has arranged a $28.1 million construction loan for the development of Tacoma Central Logistics at 1950 S. State St. in Tacoma. Scott Moline and Bob Spiro of Northmarq secured the three-year, interest-only loan through the firm’s relationship with a national bank for the undisclosed borrower. Totaling 248,000 square feet, the speculative building will feature 36-foot clear heights, 183 auto stalls, four grade-level doors, 56 dock doors and 50 trailer parking stalls. The Tacoma News Tribune previously occupied the site, but the former building was demolished.

January 7, 2022

Acquisitions Multifamily Washington Western

Virtu Investments Purchases Cerasa Apartments in Bellevue for $109M

by Amy Works January 6, 2022

BELLEVUE, WASH. — Evergreen Point Development has completed the disposition of Cerasa, a multifamily property located at 10961 NE 2nd Place in Bellevue. Virtu Investments acquired the asset for $109 million, or $707,792 per unit. Completed in 2019, Cerasa features 154 apartments, including top-floor penthouses with 11-foot to 14-foot ceilings. Community amenities include a clubhouse, resident lounge with fireplace and gated underground parking garage with electric car charging stations. Philip Assouad and Giovanni Napoli of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 6, 2022

Acquisitions Industrial Washington Western

Fortress Investment Purchases Seven-Acre Industrial Property in Auburn, Washington for $22M

by Amy Works January 4, 2022

AUBURN, WASH. — Fortress Investment has acquired a seven-acre industrial property in Auburn from MK Holdings for $22 million in an off-market transaction. Matt Murray and Matt McLennan of Kidder Mathews brokered the deal. Located at 904 W. Main St., the land includes a 24,000-square-foot building. Utility Trailer Sales of Washington Co. occupies the property.

January 4, 2022

Loans Multifamily Seniors Housing Washington Western

Blueprint Arranges Refinancing of 160-Bed Seniors Housing Portfolio in Washington State

by Jeff Shaw January 3, 2022

KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the cash-out refinancing for a pair of Green Lake Senior Living Communities, located in the tri-cities area of Washington State. The two communities totaling approximately 160 beds were purchased during COVID as value-add communities from a pair of national operators looking to transition away from operating older, Class C communities. Green Lake Senior Living, a Washington-based owner-operator already in this market, was able to quickly and drastically improve performance through hands-on management and presence at the communities, in conjunction with fully adopting the state’s Medicaid program to make quality care attainable for a wider subset of the local population. VIUM, a national debt fund affiliated with Merchant’s Bank of Indiana, was chosen as the lender. The refinancing was structured to provide meaningful cash out today, an earnout for additional proceeds once the communities are fully stabilized, and a path to a non-recourse execution through HUD.

January 3, 2022

Acquisitions Multifamily Washington Western

Wolff Co. Sells 207 East Apartment Community in South Puget Sound

by Amy Works December 20, 2021

EDGEWOOD, WASH. — The Wolff Co. has completed the disposition of 207 East, a multifamily property located at 207 Meridian Ave. in Edgewood, to Security Properties for an undisclosed price. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Pacific Northwest Multifamily represented the seller in the deal. Built in 2020, 207 East features 288 apartments in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 892 square feet. The 14-building property spans 16 acres and features a resort-style pool, spa and sundeck, multiple clubhouse lounges, a community kitchen with espresso bar, a 24-hour fitness center, a yoga studio and co-working pods.

December 20, 2021

Acquisitions Office Washington Western

Marcus & Mililchap Brokers Sale of 7,275 SF Office Building in Bothell, Washington

by Amy Works December 20, 2021

BOTHELL, WASH. — Marcus & Millichap has arranged the sale of Thrasher’s Corner Professional Center, an office property in Bothell. A private investor sold the asset to another private investor for $2 million. John Marks, Stren Lea and Matthew Herman of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal. Located 1729 208th St. SE, the 7,275-square-foot property was fully occupied at the time of sale. Built in 1987, the property serves a variety of professional tenants and prominent local dental clinic anchors the asset.

December 20, 2021

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