SEATTLE — Colliers International has arranged the purchase of The Portal, a multifamily property located at 743 N. 35th St. in Seattle’s Fremont neighborhood. A local family office acquired the property for $21.3 million, or $690 per net rentable square foot. The name of the seller was not released. Recently completed, The Portal features 54 apartments and was sold pre-stabilization, closing 90 days after the seller received the certificate of occupancy. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers Pacific Northwest Multifamily Advisor team represented the buyer in the transaction.
Washington
Talon Private Capital Buys Leasehold of 601,081 SF Microsoft-Occupied Office Campus in Bellevue, Washington
by Amy Works
BELLEVUE, WASH. — Talon Private Capital, along with an undisclosed institutional real estate manager, has acquired the leasehold interest in Advanta Edge Campus, an office park located in the Interstate 90 Corridor of Bellevue. Microsoft Corp. fully occupies the 601,081-square-foot campus through September 2023. Designed by CollinsWoerman, Advanta Edge Campus has undergone $174.5 million in capital improvements since its development in 2018 by Schnitzer West. Microsoft has funded more than $120 million of out-of-pocket capital to enhance the building’s electrical and mechanical infrastructures, telecommunications backbone, interior finishes and build-out to a level well beyond typical Class A office standards. Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll, Rachel Hones, Tim O’Keefe and Joe Lynch of Newmark represented the undisclosed seller in the transaction. The acquisition price was not released.
SEATTLE — Taylor Street Capital Partners has arranged $3.5 million in cash-out refinancing for an apartment community located in downtown Seattle. Taylor Street secured a non-recourse, 10-year, fixed-rate note with all reserve requirements waived for the out-of-state borrowers. The borrowers own the 23-unit asset and were looking to replace a previous note with a long-term, low-interest-rate solution to maximize cash flow and provide funding for additional capital improvements at the property.
TACOMA, WASH. — A fund sponsored by CBRE Global Investors has purchased Portside 55, three industrial buildings located 30 miles south of downtown Seattle in the Port of Tacoma. Terms of the sale were not released. Totaling 428,010 square feet, the park was 100 percent leased at the time of sale. The property comprises the 155,100-square-foot Building A and the 51,900-square-foot Building B, both located at 1514 Taylor Way, and the 221,010-square-foot Building C located at 3401 Lincoln Ave. The buildings feature 30-foot to 32-foot clear heights, 50-foot by 50-foot column spacing, large truck courts, a total of 91 dock doors, 289 parking stalls, an ESFR fire suppression system, heavy power and LED lighting. Additionally, the site offers the potential for railcar service. Portside 55 sits on nearly 20 acres that is under a ground lease with the Port of Tacoma through 2067, with an extension through July 2092.
KIRKLAND, WASH. — Terreno Realty has purchased Parmac Industrial Park, located at 10822-10858 117th PL NE in Kirkland. An investment group, which owned the property for more than 30 years, sold the asset for $33.7 million, or $266 per square foot. At the time of escrow, a mix of wholesalers, distributors and sports/recreational tenants fully occupied the 126,721-square-foot property. A seven-acre lot with future expansion potential was included in the transaction. Leroy Lutu of Marcus & Millichap represented the seller and procured the buyer in the deal.
JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio
by Amy Works
SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset, all leased to a mix of national and credit-worthy tenants across various retail sectors. Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.
SEATTLE — Dwight Capital has closed a $55 million bridge loan for U Place Apartments in Seattle’s University District. The name of the borrower was not released. Built in August 2020 on a 32,633-square-foot site, U Place features 243 apartments and 19,450 square feet of ground-floor retail space. Units feature in-unit washers/dryers, private balconies, floor-to-ceiling windows and keyless Bluetooth room entry. The community offers a fitness center, community room and rooftop deck with 360-degree views. Josh Sasouness of Dwight Capital originated the transaction.
Fourth Avenue Capital Buys Calabria Apartment Building in Issaquah from Pacifica Cos. for $9M
by Amy Works
ISSAQUAH, WASH. — Fourth Avenue Capital, a local apartment investor, has acquired Calabria, a multifamily property located at 2000 NW Talus Drive in Issaquah. San Diego-based Pacifica Cos. sold the asset for $9 million, or $450,000 per unit. Constructed in 2009, the property features 20 condominium-quality apartment units, with 10 being three-bedroom townhome units. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team at Kidder Mathews represented the seller.
SEATTLE — Gantry has arranged $12.5 million in financing for a single-tenant office property in Seattle’s South Lake Union submarket. Located at 1144 Eastlake Ave. E, the seven-story building features 82,000 square feet of rentable space. The property was built in 2002. Seattle Cancer Care Alliance fully occupies the building. Mike Wood and Alex Saunders of Gantry’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and previous Gantry client. The 10-year loan refinanced existing obligations. State Farm provided the capital on a full-term interest-only basis at an interest rate below 2.5 percent.
NorthMarq Secures $45M in Joint-Venture Equity for Tacoma Plaza Multifamily Project in Washington
by Amy Works
TACOMA, WASH. — NorthMarq has arranged $45 million in joint-venture equity between Trent Development and Bridge Investment Group for the development of Tacoma Plaza, an apartment community in Tacoma. Situated on 1.3 acres at 1502 Fawcett Ave., Tacoma Plaza will feature 368 apartments in a mix of studio, one- and two-bedroom units with private balconies and large windows. The community will offer two rooftop decks, two private courtyards and a dog spa. Completion is slated for 2023. Seattle-based Studio 19 Architects designed the project, while Gig Harbor-based Rush Commercial Construction is general contractor. Jake Leibsohn and Ron Peterson of NorthMarq secured the joint-venture equity.