Washington

El-Matador-Apts-Tukwila-WA

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail
Salix-Juanita-Village-Kirkland-WA

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.

FacebookTwitterLinkedinEmail
Affordable-Self-Storage-Silverdale-WA

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.

FacebookTwitterLinkedinEmail
Willowcrest-Seattle-WA

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.

FacebookTwitterLinkedinEmail
Colby-Creek-Everett-WA

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.

FacebookTwitterLinkedinEmail
The-McKesson-Building-Everett-WA

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.

FacebookTwitterLinkedinEmail
Augusta-Apts-Seattle-WA

SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.

FacebookTwitterLinkedinEmail
Orion-Seattle-WA

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.

FacebookTwitterLinkedinEmail
Bellefield-Office-Park-Bellevue-WA

BELLEVUE, WASH. — JLL has secured $110 million loan for the refinancing of Bellefield Office Park, a 15-buliding campus in Bellevue, a city 10 miles east of Seattle across Lake Washington. The borrowers are Lionstone Investments and Talon Private Capital. Situated on 56 acres at 1150-1180 114th Ave SE, Bellefield Office Park’s 15 buildings offer a combined total of 513,385 square feet. The buildings were renovated between 2013 and 2017 and offer a variety of tenant amenities including a new fitness center, conference facilities, dry cleaning pick-up services and electric car charging stations, as well as monthly on-site mechanic service. At the time of financing, the property was 96 percent leased to a diverse tenant roster of investment-grade credit and nationally recognized tenants. Colby Mueck, Tom Wilson and Laura Sellingsloh of JLL Capital Markets arranged the loan for the borrowers through Bank of America.

FacebookTwitterLinkedinEmail