Washington

Mesa West Capital Funds $52M Loan for Purchase of Joseph Arnold Lofts in Seattle

by Amy Works December 10, 2019

SEATTLE — Mesa West Capital Partners has provided $52 million in first mortgage debt to a joint venture between Rise Properties Trust and Cigna Investment Management. The funds will be used for the purchase and repositioning of Joseph Arnold Lofts, an apartment community in Seattle. Built in 2013, “The Joe” features 131 units in a mix of studio, one- and two-bedroom with floor-to-ceiling windows. Community amenities include a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas. The sponsor has a moderate renovation program planned for the property that will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the lounge/game room, improvements to the lobby and new landscaping. Joshua Westerberg of Mesa West Capital originated the financing for the sponsor.

December 10, 2019

Acquisitions Office Top Stories Washington Western

The Roxborough Group Acquires Metro Seattle Office Portfolio for $73.6M

by Alex Patton December 6, 2019

REDMOND, WASH. — San Francisco-based investor The Roxborough Group LLC has acquired Quadrant Willows, a 248,041-square-foot, Class A office complex in Redmond, an eastern suburb of Seattle. The purchase price was $73.6 million, according to the Seattle Daily Journal of Commerce. The four buildings of Quadrant Willows are located along Willows Road in the tech-dominated Redmond submarket. The seller, Equus Capital Partners Ltd., acquired the complex in 2016 and has since completed $850,000 worth of renovations. “We were able to assemble an attractive four-building portfolio, through two separate acquisitions, in one of the most dynamic office markets in the country and take the occupancy from a combined 78 percent at acquisition to 100 percent at the time of sale,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office. Redmond benefits from Microsoft’s 8 million-square-foot corporate headquarters and the Eastlink Light Rail transit line. “The Redmond submarket is one of the most dynamic Eastside submarkets with 21.5 percent rent growth over the past 24 months. Vacancy, including Microsoft, is at 4.4 percent with overall Eastside vacancy at 4.3 percent,” says Joe Lynch, executive managing director of Newmark Night Frank (NKF), which represented the Equus in the …

December 6, 2019

Acquisitions Retail Washington Western

Weingarten Realty Investors Buys 187,388 SF Covington Esplanade Shopping Center in Metro Seattle

by Amy Works December 4, 2019

COVINGTON, WASH. — Weingarten Realty Investors has acquired Covington Esplanade, a daily needs-focused shopping center located in Covington, a suburb 25 miles southeast of Seattle. Situated on 15.3 acres at 27027 S.E. 185th Ave., Covington Esplanade features 187,388 square feet of retail space spread across seven separate parcels with uniform facades. At the time of sale, the property was 97.7 percent leased to a variety of tenants, including The Home Depot, Red Robin Gourmet Burgers and Brews, NorthWest Family Dental Care, IHOP, Bank of America, Verizon and Starbucks Coffee. Nick Kassab and Bryan Ley of JLL Retail Capital Markets represented the undisclosed seller in the deal. The price was not disclosed.

December 4, 2019

Acquisitions Multifamily Washington Western

Cederlind Real Estate Sells El Matador Apartments in Tukwila for $7.4M

by Amy Works December 4, 2019

TUKWILA, WASH. — Cederlind Real Estate has completed the sale of El Matador Apartments, a multifamily property located at 14828 Military Road South in Tukwila. James Lee of Lee El Matador LLC, a local private investor, purchased the apartment community for $7.4 million. Situated four blocks from the Tukwila Link Light Rail station, El Matador Apartments features 44 for-rent residential units and a swimming pool. Additionally, the property is located in close proximity to interstates 5 and 405 and Sac-Tac International Airport. Joe Levin of Colliers International represented the seller, while Ted Sipila of Kidder Mathews represented the buyer in the deal.

December 4, 2019

Acquisitions Retail Washington Western

NKF Brokers Sale of 8,660 SF Wallingford Bartell Drugs Building in Seattle

by Amy Works December 4, 2019

SEATTLE — Newmark Knight Frank (NKF) has arranged the sale of the Wallingford Bartell Drugs Building, a standalone retail building located in Seattle. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank’s Retail Investments Team represented the undisclosed seller in the deal. Terms of the transaction, including the name of buyer and acquisition price, were not released. Located at the corner of North 45th Street and Burke Avenue North, the single-tenant property features 8,660 square feet of retail space.

December 4, 2019

Acquisitions Multifamily Washington Western

Rise Properties Trust Buys Salix Juanita Village Mixed-Use Asset in Washington for $101.5M

by Amy Works December 2, 2019

KIRKLAND, WASH. — Canada-based Rise Properties Trust has acquired Salix Juanita Village, a mixed-use property located at 9740 NE 119th Way in Kirkland. An undisclosed seller sold the asset for $101.5 million. Rise plans to reposition the 211-unit property, which features 20,891 square feet of retail space. Including Salix Juanita Village, Rise has acquired nine properties with a total capitalization of $588 million this year. The company owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest. Seattle-based Thrive Communities will manage the property. JLL negotiated the transaction.

December 2, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Arranges $4.3M Sale of Self-Storage Facility in Silverdale, Washington

by Amy Works November 27, 2019

SILVERDALE, WASH. — Marcus & Millichap has arranged the sale of Affordable Self Storage, a self-storage facility in Silverdale. A limited liability company sold the property to a Washington-based limited liability company for $4.3 million, or $143 per rentable square foot. Located on 7979 Provost Road NW on 1.3 acres, Affordable Self Storage features 30,325 square feet of self-storage space. Christopher Secreto of Marcus & Millichap represented the seller and secured the buyer in the deal.

November 27, 2019

Acquisitions Multifamily Washington Western

IPA Brokers $18.8M Sale of Willowcrest Apartments in West Seattle

by Amy Works November 26, 2019

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willowcrest, an apartment property in West Seattle. Investco sold the property to Raymond Capital Advisors for $18.8 million, or $251,000 per unit. Built in 1988 on two acres, Willowcrest features 75 units in a mix of one- and two-bedroom apartments averaging approximately 780 square feet. All units have a wood-burning fireplace, full-size washer and dryer, and private patio or balcony. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in deal.

November 26, 2019

Acquisitions Multifamily Washington Western

Rise, Aegon Real Assets Buy Two Multifamily Properties in Metro Seattle Totaling $161.3M

by Amy Works November 25, 2019

KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.

November 25, 2019

Acquisitions Industrial Washington Western

Gensco Acquires 110,000 SF Industrial Building in Washington for $16.5M

by Amy Works November 22, 2019

EVERETT, WASH. — Gensco, a wholesale distributor and manufacturer of HVAC equipment and supplies, has purchased an industrial facility located in Everett. Galt, a private investment group, sold the property for $16.5 million, or just under $150 per square foot, an in off-market transaction. Built in 1976 on five acres, the building features 110,000 square feet of industrial space. The standalone facility is located at 710 132nd St. The property was formerly known as The McKesson Building. Matt Hagen and Matt Henn of Kidder Mathews represented the seller, while Laura Fox, Jason Bloom and Todd Gauthier, also of Kidder Mathews, represented the buyer in the deal.

November 22, 2019

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