Washington

MG Properties Acquires LIV Bel-Red Apartments in Bellevue for $191M

by Amy Works December 10, 2020

BELLEVUE, WASH. — San Diego-based MG Properties Group has purchased LIV Bel-Red Apartment Homes in Bellevue. Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson, sold the asset for $191 million. The buyer has rebranded the multifamily property as Vue 22 Apartments. Completed in 2015 and situated in the Bel-Red submarket, Vue 22 features 451 residences. The property is located to the east of Seattle, between downtown Bellevue and downtown Redmond, Wash. David Young, Corey Marx, Chris Ross and Jordan Louie of JLL Capital Markets represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer. MG Properties Group has purchased seven communities in the past 12 months, totaling more than 2,000 units and $715 million in combined value.

December 10, 2020

Loans Multifamily Washington Western

Terrydale Capital Arranges $9.4M Loan for Multifamily Development in Tacoma, Washington

by Amy Works December 9, 2020

TACOMA, WASH. — Terrydale Capital has arranged a $9.4 million construction loan for the development of an 82-unit apartment building located in Tacoma. The borrower is a first-time ground-up investor. Culby Culbertson of Terrydale Capital’s Dallas office secured the loan, which features a 7.75 percent rate, interest-only structure for 18 months, 75 percent loan-to-cost ratio and no pre-payment penalty.

December 9, 2020

Acquisitions Office Washington Western

Innovatus Capital Partners Acquires Overlake 520 Office Campus in Bellevue, Washington

by Amy Works December 4, 2020

BELLEVUE, WASH. — Innovatus Capital Partners has purchased Overlake 520, an office complex near State Route 520 and the Overlake Transit Center Rapid Ride in Bellevue. Terms of the transaction were not released. Situated adjacent to Microsoft’s headquarters, the campus consists of two low-rise buildings offering a total of more than 145,500 rentable square feet of office space. The property features ample parking, large floor plates and a variety of tenant amenities, including an outdoor lounge, on-site market and fitness center. At the time of sale, the property was 100 percent leased to seven tenants primarily in the technology consulting industry with a weighted average lease term of five years. The previous owner completed a series of capital improvements to the property, which was constructed in 1985. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services at the building. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.

December 4, 2020

Loans Office Washington Western

McBride Capital Arranges $19M in Acquisition Financing for Tacoma Rhodes Center Office Complex in Tacoma

by Amy Works December 3, 2020

TACOMA, WASH. — McBride Capital has secured $19 million in bridge financing for the purchase of The Tacoma Rhodes Center, an office complex in Tacoma. The two-building property features 160,000 leasable square feet and a 538-stall parking garage. The three-year, non-recourse, floating-rate debt facility includes future funding for tenant improvements, leasing commissions and capital expenditures. Danny Natsch of McBride Capital placed the loan on behalf of an undisclosed buyer with a national bridge lender.

December 3, 2020

Acquisitions Multifamily Washington Western

Sack Properties Acquires 114-Unit Chateau Woods Apartments Near Seattle

by Amy Works December 1, 2020

WOODINVILLE, WASH. — Sack Properties has purchased Chateau Woods, a 114-unit multifamily property located in Woodinville, approximately 20 miles northeast of Seattle. BPM Real Estate Group sold the asset for $45.7 million, or $401,316 per unit. Built in 2008, Chateau Woods features 59 one-bedroom units and 55 two-bedroom units, with an average unit size of 978 square feet and 36 percent of the units include a den. The elevator-served property features a resident clubhouse, 24-hour fitness center, bike storage and outdoor courtyards with dining and barbecue areas. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Pacific Northwest Institutional Property Advisors represented the buyer. Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino of JLL Capital Markets arranged financing for the buyer.

December 1, 2020

Acquisitions Office Top Stories Washington Western

Hudson Pacific, CPP Investments Agree to Acquire Amazon-Leased Office Tower in Downtown Seattle for $625M

by John Nelson December 1, 2020

SEATTLE — Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 36-story office tower anchored by Amazon in Seattle. The companies plan to form a joint venture to purchase the 668,000-square-foot property located at 1918 8th Ave. for $625 million. CPP Investments will own a 45 percent interest in the joint venture, while Hudson Pacific will own 55 percent and act as general partner and as property, leasing and construction manager. The seller was not disclosed, but multiple media outlets report J.P. Morgan Chase has owned the property since 2011 when affiliates bought the asset from developer Schnitzer West LLC. The property is 98 percent leased with an average remaining lease term of 10 years. Amazon is the largest tenant and occupies a majority of the building, which the Seattle-based e-commerce giant dubs the Blackfoot building. The LEED Platinum-certified tower features a multi-level lobby, great room, central conferencing facility and large fitness center. The office tower is situated in downtown Seattle’s Denny Triangle neighborhood near Hill7, an office tower that Hudson Pacific and CPP Investments purchased in 2016. The property is also near Washington 1000, an office development that Hudson Pacific …

December 1, 2020

Acquisitions Industrial Washington Western

CenterPoint Adds 126,000 SF Last-Mile Industrial Facility to Its Seattle-Area Portfolio

by Amy Works November 30, 2020

AUBURN, WASH. — CenterPoint has acquired an industrial property located at 1701 Pike Street in Auburn. Terms of the transaction were not released. Located approximately 15 miles from Seattle-Tacoma International Airport and the Port of Tacoma, the 126,000-square-foot property features 26-foot clear heights, 20 dock-high loading positions and three points of access. CenterPoint plans to make the property available for lease after a full repositioning, including an office refresh. The building is currently occupied under a short-term lease that expires in December 2021. Tony Miltenberger and Matt Wood of KBC Advisors and Matt Murray of Kidder Mathews brokered the transaction and will market the property as available for lease.

November 30, 2020

Acquisitions Industrial Washington Western

CenterPoint Properties Acquires 57,107 SF Distribution Facility Near Seattle

by Amy Works November 25, 2020

TUKWILA, WASH. — CenterPoint Properties has purchased an industrial facility located at 365-369 Upland Drive in Tukwila. Terms of the off-market sale-leaseback transaction were not released. Situated on 2.4 acres, the 57,107-square-foot distribution facility features secure parking, a 100-foot truck court, an 11,509-square-foot office space, 24-foot clear heights, six dock-high doors and two drive-in doors. Chris Corr of Kidder Mathews brokered the transaction. The seller was not disclosed.

November 25, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $3.3M Acquisition of Clover Meadow Apartments in Lakewood, Washington

by Amy Works November 24, 2020

LAKEWOOD, WASH. — Kidder Mathews has brokered the purchase of Clover Meadows Apartments, a multifamily property located at 12517 47th Ave. in Lakewood. Michael Delaney of Sound Investments acquired the asset from an undisclosed seller for $3.3 million in an off-market transaction. Brandon Lawler, Dylan Simon and Jerrid Anderson of The Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the buyer in the transaction. Built in 1968, Clover Meadows features 26 garden-style apartments on 1.6 acres.

November 24, 2020

Loans Multifamily Student Housing Washington Western

Highland Realty Capital Secures $41M Financing for 976-Bed Student Housing Community Near Washington State

by Amy Works November 19, 2020

PULLMAN, WASH. — Highland Realty Capital has secured a $41 million bridge loan for The Ruckus, a 976-bed student housing community located near Washington State University in Pullman. The company secured financing — $2 million of which will be used to convert 89 four-bedroom units into three-bedroom units with bed-to-bath parity — through a Los Angeles-based debt fund on behalf of the borrower, NB Private Capital (NBPC). “Bed-to-bath parity is always an issue, and with COVID-19, it became an obvious upgrade for us to make,” says Blake Wettengel, president of NBPC.

November 19, 2020

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