Washington

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

Acquisitions Loans Montana Multifamily Seniors Housing Washington Western

Ziegler Arranges $42.6M Acquisition Financing for Three-Property Seniors Housing Portfolio in Northwest

by Amy Works November 18, 2020

BOZEMAN, MONT., AND SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national seniors housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties feature a combined 36 independent living units and 204 assisted living units. Post-acquisition, Radiant’s portfolio totals 18 communities spanning across six states in the Pacific Northwest.

November 18, 2020

Company News Healthcare Washington Western

Amazon Enters Pharmacy Market Offering Online Ordering, Two-Day Delivery for Prescription Drugs

by Amy Works November 18, 2020

SEATTLE — Amazon (NASDAQ: AMZN) has launched two pharmacy offerings — Amazon Pharmacy and Amazon Prime prescription savings benefit — enabling customers to purchase and complete prescription medication transactions, as well as access savings on medications when paying without insurance, through the Amazon website or its mobile app. Starting this week, customers age 18 or older will have access to Amazon Pharmacy services in 45 states, excluding Hawaii, Illinois, Kentucky, Louisiana and Minnesota. The pharmacy service will accept most forms of insurance and offer discounts on generic and brand-name medications when paying without insurance. As of close on Tuesday, Nov. 17, Amazon shares rose 0.15 percent to $3,135.66. However, stocks of national pharmacies tumbled following the company’s announcement. CVS/pharmacy dropped 8.6 percent, Walgreens lost 9.6 percent and Rite Aid dipped 16.3 percent. Additionally, GoodRx, which helps customers find the best prices on medications, slid 22.5 percent.

November 18, 2020

Acquisitions Industrial Washington Western

CenterPoint Acquires 51,281 SF Rail-Served Industrial Property in Tacoma, Washington

by Amy Works November 16, 2020

TACOMA, WASH. — CenterPoint Properties has added an industrial property located at 2021 Marc St. in Tacoma to its existing 28-acre Port of Tacoma portfolio. Terms of the transaction were not released. CenterPoint has plans to reposition the 51,281-square-foot building, which sits on seven acres, and offer it for lease. The property is served by railroad and features a secured yard and a 1,500-square-foot office space. CenterPoint owns two adjacent properties on Lincoln Avenue and Marc Street. The assets are a half-mile from the Port of Tacoma deep-water container terminals and offer easy access to State Route 167 and interstates 5 and 270. Raymond Schuler of Kidder Mathews represented the undisclosed seller, while Christian Mattson and Billy Moultrie of Lee & Associates represented CenterPoint in the transaction.

November 16, 2020

Acquisitions Multifamily Washington Western

EJF Capital, Holland Partner Group Purchase Two Multifamily Buildings in Washington State for $62.5M

by Amy Works November 10, 2020

VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space. Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces. The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas. KeyBank provided financing for the project.

November 10, 2020

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