TACOMA, WASH. — Dalfen Industrial has purchased Tacoma Supply Chain Center, a three-building industrial park in Tacoma. Terms of the off-market transaction were not released. The newly developed property features 711,855 square feet of industrial space and close proximity to Interstate 5, State Route 512 and the Port of Tacoma. Over the last 12 months, Dalfen Industrial has acquired and developed more than $1.5 billion of industrial properties in key metros across the United States.
SEATTLE — Vulcan has purchased a fully entitled, 1.4-acre development site at 1600 132nd Ave. NE in Seattle’s Bel-Red corridor. Summerhill Apartments Communities sold the plot for an undisclosed price. The buyer plans to develop a 270,000-square-foot multifamily property on the site. The property is entitled with permits for an eight-story, 249-unit residential building. Construction could start early as fourth-quarter 2021, for completion in fourth-quarter 2023. Runberg Architecture Group is architect of record.
VANCOUVER, WASH. — CBRE has arranged the sale of Hazel Dell Towne Center, a 264,000-square-foot retail power center located at 8801 N.E. Hazel Dell Ave. Transnational Management acquired the property from a partnership managed by Pine Tree for $28.8 million. Built between 2005 and 2007 on 23 acres, Hazel Dell Towne Center is occupied by 21 local and national retailers. At the time of sale, the property was 87 percent leased. Tenants include Kohl’s, Office Depot, Petco, Party City, Gold’s Gym, Craft Warehouse, America’s Best and Massage Envy. Philip Voorhees, Jimmy Slusher and James Tyrrell of CBRE’s National Retail Partners (West), along with Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners (Northwest), represented the seller in the deal.
UNION GAP, WASH. — Hanley Investment Group Real Estate Advisors has brokered the acquisition of a single-tenant retail building located at 1403 E. Washington Ave. in Union Gap. A Florida-based private investor sold the property to a Southern California-based buyer for $3.3 million. PetSmart occupies the 19,677-square-foot property, which was built in 2000, on a net-lease basis. Jeff Lefko and Bill Asher of Hanley Investment, in association with ParaSell, represented the buyer in the deal.
BELLEVUE, WASH. — Hines and a subsidiary of funds managed by Oaktree Capital have purchased Main Street Flats, a multifamily complex located at 1050 Main St. in Bellevue. According to the King County records, the property traded hands for $23.2.5 million. The name of the seller was not released. Developed by Alamo Manhattan in 2015, Main Street Flats features 425 apartments in a mix of studio, one- and two-bedroom layouts, a rooftop terrace, fitness center, resident lounge and 12,000 square feet of ground-floor retail space. The acquisition follows Hines’ recently announced Main Street Place, a 6.75-acre mixed-use development in downtown Bellevue. The project is slated to open in 2023.
KENT, WASH. — Marcus & Millichap has brokered the sale of Glacier West Self Storage and Napa Auto Parts Store, located at 1415 and 1407 Central Ave. S in Kent. The transaction includes a 45,400-square-foot self-storage facility and a 6,000-square-foot NAPA Auto Parts Store. A limited liability company sold the asset to an undisclosed buyer for $10.7 million. Built in 2001 on three acres, the 10-building self-storage facility features 134 climate-controlled units and 183 drive-up units without climate control. Christopher Secreto of Marcus & Millchap’s Seattle office represented the seller in the transaction.
SEATTLE, WASH. — Ready Capital has closed $14.5 million in financing for the acquisition, renovation and stabilization of an apartment community located in the West Seattle submarket of Seattle. Upon purchase, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors and refine curb appeal at the 75-unit, Class B property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.
BELLEVUE, WASH. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open in late fall 2021. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden of Bellevue upon opening.
TUKWILA, PUYALLUP AND PORT TOWNSEND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the acquisition of a three-property retail portfolio in Tukwila, Puyallup and Port Townsend. A private, Pacific Northwest-based investor acquired the portfolio from an undisclosed seller for $7.9 million. Jiffy Lube occupies each of the properties on long-term, net-lease basis. Brian Leisbsohn and Raymond Vara of The Leibsohn Group of Marcus & Millichap’s Seattle office procured and represented the buyer in the deal.
PORTLAND, ORE., AND VANCOUVER, WASH. — Talonvest Capital has arranged a $16 million loan for Get Space. The life insurance company-backed, 10-year loan is secured by two self-storage facilities in Portland and Vancouver. The loan provided the borrower permanent financing prior to economic stabilization at the properties. The properties offer a total of 122,000 rentable square feet and 1,257 storage units in a mix of climate-controlled and non-climate-controlled units. The Vancouver property was built in 2018, while the Portland location was expanded and renovated in 2018. Erich Pryor, David DiRienzo, Jim Davies and Tom Sherlock of Talonvest Capital handled the financing.
