WASHINGTON AND OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired the properties. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.
VANCOUVER, WASH. — EJF Capital and Holland Partner Group (HPG) are developing Block 10, a mixed-use property located in downtown Vancouver. Situated on a one-acre opportunity zone, the project will feature 110 apartments, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail space and 113 parking spaces. Twenty percent of the multifamily units will be set aside as workforce housing. Building amenities, which will be shared between office users and residents, will include a fitness center, co-working space, bike room and amenity deck on the third level. Holland Construction, HGP’s construction division, expects to break ground this month, with completion slated for spring 2022. Bank of the West is providing construction financing for the development.
TACOMA, WASH. — Unico Properties and Pinnacle Partners have unveiled development plans for Washington Building Apartments, an adaptive reuse of the 1925-built historic building in downtown Tacoma. Demolition work is slated to begin in July followed by 21 months of construction, set to start before the end of the year. The 18-story development, scheduled for completion in early summer 2022, will feature 156 vintage apartments and a rooftop amenity deck. The project will be redeveloped as part of a single-asset joint venture between Unico and Pinnacle Partners’ respective Qualified Opportunity Zone Funds (QOZF), which acquired the asset in May. Unico is developing the $60 million project on behalf of its and Pinnacle Partners’ QOZF investors.
BELLEVUE, WASH. — Skanska has unveiled plans for The Eight, an office tower located at the intersection of NE Eighth Street and 108th Avenue NE in downtown Bellevue. Totaling 540,000 square feet, the 25-story office building will offer large, flexible floor plates, seven alternating indoor/outdoor balconies, 7,000 square feet of open public space and 12,000 square feet of ground-floor retail space, as well as a 1,200-square-foot retail pavilion. Tenant amenities at The Eight will include a dedicated floor for tenant event spaces; a health and wellness center with an outdoor patio; an outdoor deck with seating; bicycle commuter facilities; and electric car and bike charging. Skanska acquired the land for The Eight in July 2018 and currently is finalizing design for final administrative design review and approval from the City of Bellevue.
SEATTLE — Local developer Wright Runstad & Co., in partnership with Intercontinental Real Estate Corp., has broken ground on 400 University @ Rainier Square. The 10-story, Class A office building will be located at the southwest corner of University Street and Fourth Avenue in downtown Seattle. Totaling 122,000 square feet, the development will feature 110,000 square feet of office space above 12,000 square feet of street-level restaurant and lounge space. Additional features will include a subgrade mezzanine level, a 6,000-square-foot rooftop deck, third-floor terrace, bike storage, locker rooms with showers and dedicated tenant parking. The plans also include an underground concourse that connects to the Washington Athletic Club, Seattle Hilton, Union Square and the Washington State Convention Center. Upon completion in July 2021, the NBBJ-designed building will complete Rainier Square, a 1.2 million-square-foot mixed-use project Wright Runstad developed. Jeffery Weber and Jason Flynn of Eastdil Secured’s San Francisco office arranged the secured the joint venture partnership. Greg Inglin and David Abbott of Colliers International represent the office leasing team.
REDMOND, WASH. — LMC, a wholly owned subsidiary of Lennar Corp., has broken ground on LMC Marymoor, a 450-unit luxury apartment community in Redmond, a suburb of Seattle. The three-building project will feature 37,000 square feet of retail space. The first move-ins are slated for early 2022. The development is situated on 70th Street, just northeast of the 640-acre Marymoor Park. Residents will be steps from a Whole Foods Market and less than a mile from Redmond Town Center, a retail destination with more than 110 shops and restaurants. Public transportation access will be available through the SE Redmond Link Light Rail Station, which is currently under construction. LMC Marymoor will consist of studio, one-, two- and three-bedroom floor plans ranging from 450 to 1,400 square feet. Amenities will include a pool, hot tub, fitness center, coworking lounge, community gardens and play areas. A sky lounge will open to a large rooftop deck. The project will feature artwork from several local artists, including a mural wrapping the entire northern building. Redmond is known for its tech sector, being the home of Microsoft and Nintendo. Amazon, Google, Facebook and SpaceX also have large presences in the area. “Redmond continues to be …
TACOMA AND EVERETT, WASH. — San Francisco-based Gantry has arranged $24.8 million in financing for two properties located in Washington’s Puget Sound region. Mike Wood of Gantry’s Seattle office secured the financing for both properties through two correspondent life insurance companies The firm arranged a three-year, $17 million bridge loan for the Brewery Blocks, a multifamily property in Tacoma. The newly built community features 49 apartments and 31,000 square feet of commercial space. Wood secured the loan for the borrower, Horizon Commerce Partners, with a West Coast-based life insurance company. Additionally, Wood arranged a $7.8 million loan for two buildings at Seaway Business Park in Everett. The loan includes five years of interest-only payments. Built in 2003, the two industrial buildings are located at 1330 and 1500 Industry St. and offer a total of 112,475 square feet. Building G consists of 46,590 square feet and Building H features 65,885 square feet. The properties offer 24-foot clear heights and reinforced concrete construction.
SEATTLE — Milestone Properties has acquired Queen Anne Gardens, a multifamily property located at 1250 Fifth Ave. N. in Seattle. A private investor sold the asset for $9 million, or $746 per square foot. Built in 1991, Queen Anne Gardens features 38 apartments. Dan Swanson of Kidder Mathews represented the buyer in the deal.
SEATTLE — Terreno Realty Corp. has completed the $15.9 million redevelopment of an industrial property located on Sixth Avenue South in Seattle. The redeveloped property consists of a newly renovated, 51,000-square-foot distribution facility on approximately 1.7 acres two miles from downtown Seattle. The asset is adjacent to Seattle’s Port and SoDo districts. Additionally, Terreno has executed a lease for 100 percent of the property with a leading manufacturer of electric vehicles.
WOODINVILLE, WASH. — CBRE has arranged the sale of Woodinville Mall, a retail property located at 17414 139th Ave. NE in Woodinville. Leona G. Himmelspach sold the property to an undisclosed buyer for $13.4 million. Situated on 93,681 square feet of land, Woodinville Mall features 24,739 square feet of retail space spread across six buildings. At the time of sale, 19 tenants occupied the property, including Allstate Insurance, Goodyear and Seattle Optometric Physicians. Dino Christophilis of CBRE’s Seattle office represented the seller in the deal.