SEATTLE — A joint venture between Staley Point Capital and Bain Capital Real Estate has acquired 2424 8th Avenue South, a warehouse property located in Seattle’s SODO neighborhood. The price was $31.6 million, or $351 per square foot. The 90,000-square-foot facility features 42 dock-high doors and is within 10 miles of the region’s most significant distribution hubs, including SeaTac International Airport and the BNSF and Union Pacific railway yards. Winston & Strawn LLP served as legal counsel to Staley Point Capital for the transaction. Newmark represented the undisclosed seller and JLL Capital Markets will arrange financing for the transaction.
BELLEVUE, WASH. — An affiliate of New York-based Abacus Capital Group has purchased The Ridgedale Apartment Homes, a multifamily property located at 14111 SE Sixth St. in Bellevue. A Calabasas, Calif.-based company sold the asset for $144 million. Originally constructed in 1970 and fully renovated in 2017, The Ridgedale features 25 two-story buildings on a 13.4-acre site. The property features 334 units in a mix of one-, two- and three-bedroom layouts with an average size of 865 square feet. Community amenities include a fitness center, clubhouse, two swimming pools and 520 parking spaces. Eli Hanacek, Jon Hallgrimson, Kyle Yamamoto and Byron Rosen of CBRE represented the seller in the transaction.
TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units (consisting of 50 apartments and 41 villas) and a new dining venue, as well as renovations to multipurpose and meeting rooms, administrative offices and the entrance to the health center. In addition to funding the project, the bonds will refinance bonds from 2013 and repay a loan used for pre-development expenses.
SEATTLE — LPC West and Invesco Real Estate have acquired Cascadian, a nine-story office building located in Seattle’s life sciences corridor. Located at the intersection of South Lake Union, Capitol Hill and the central business district, Cascadian features 211,000 rentable square feet and potential ground-floor retail. The buyers plan to convert the property into a life sciences space. The redeveloped property will also feature a 7,300-square-foot rooftop terrace, on-site parking and transit accessibility. Terms of the acquisition were not released.
TACOMA, WASH. — Bridge Industrial has purchased a 160-acre land assemblage for the development of Bridge Point Tacoma 2MM, a 2.5 million-square-foot industrial project. Texas-based BNSF Railway Co. sold the 19 land parcels for $158 million. The site has been vacant and in disrepair for several years, and Bridge has committed to maintaining the remediations performed prior to its acquisition and any future required remediation for its proposed development. Located at 5802 S. Burlington Way, Bridge Point Tacoma 2MM will span four buildings and feature approximately 20 acres of trailer storage space. The buildings will offer 40-foot clear heights and expansive truck courts, with tenant spaces ranging from 100,000 square feet to 1.5 million square feet. Bridge plans to break ground on the campus in August 2022, with completion slated for summer 2023. Todd Clarke, Matt Murray, Matt McLennan and Ty Clarke of Kidder Mathews represented Bridge Industrial in the transaction.
KENT, WASH. — Marcus & Millichap has arranged the sale of The Blvd, an apartment community in Kent. The property traded hands for $28.2 million. The names of the seller and buyer were not released. Situated on seven acres at 2138 S 272nd St., The Blvd features 136 apartments in a mix of 15 studio units, 69 one-bedroom units and 52 two-bedroom units. The property totals 106,850 square feet of net rentable area. George Miller of Marcus & Millichap represented the seller in the deal.
Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington
BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.
SEATTLE — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $14.3 million bridge loan to Labor Temple, a landmark office building located at 2800 First Ave. in Seattle’s Belltown neighborhood. Originally built in 1942 and expanded in 1955, the building now totals 40,000 square feet and sits on half-block site with high-end offerings designed for modern office tenants. The property features a roof deck, courtyard, private meeting rooms on each floor, a fitness center and 67 office suites. The property was landmarked in 2008. FAUL, a Seattle-based real estate owner and developer, acquired Labor Temple in December 2020.
KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.
SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle. Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel. George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property owners.