SEATTLE — The special committee of the Board of Directors of Nordstrom (NYSE: JWN) has confirmed receipt of a proposal from Erik and Pete Nordstrom, members of the Nordstrom family, and El Puerto de Liverpool to acquire all of the outstanding shares of the Nordstrom, other than shares held by members of the Nordstrom family and Liverpool, for $23 per share in cash. If accepted, the deal would take the publicly traded company private. The proposal would be financed through a combination of rollover equity and cash commitment by members of the Nordstrom family and Liverpool and $250 million in new bank financing, with the existing indebtedness of the company to remain outstanding. There is no assurance that the company will pursue this transaction, and Nordstrom does not intend to disclose further developments regarding the proposal until further disclosure is determined to be appropriate or necessary. Morgan Stanley & Co. and Centerview Partners are acting as financial advisors to the special committee, and Sidley Austin LLP and Perkins Coie LLP are acting as legal counsel. Seattle-based Nordstrom’s stock price closed at $22.60 per share on Thursday, Sept. 5, up from $14.90 one year prior.
KIRKLAND, WASH. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland. The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington. In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced plans to develop and convert the existing community into a 50-unit independent living community to be named Parkshore Juanita Bay. The property represents a concept as a satellite community consisting solely of independent living with residents receiving a healthcare benefit through the broader Transforming Age network of communities or another community of their choosing. The Washington State Housing Finance Commission issued the bonds, which will mostly be used to pay for the acquisition, development and construction.
SAMMAMISH, WASH. — Security Properties has acquired SKY Sammamish, an apartment community located along 228th Avenue in the Seattle suburb of Sammamish, for $70.2 million. Built in 2018, SKY Sammamish offers 159 apartments. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this transaction, Security Properties now owns 28 assets and more than 6,400 units in the greater Seattle marketplace.
REDMOND, WASH. — MainStreet Property Group has obtained a $32.6 million refinancing loan for Porch + Park, a multifamily property at 16050 Cleveland St. in downtown Redmond, a suburb east of Seattle. Seth Heikkila and Steve Petrie of JLL Capital Markets arranged the floating-rate loan through First Citizens Bank. Completed in 2022, Porch + Park features 106 studio, one-, two- and three-bedroom apartments and 9,178 square feet of ground-floor retail space. Apartments offer floor-to-ceiling windows, eco-friendly shower heads, work-from-home nooks, stainless steel appliances and luxury finishes. Community amenities include a rooftop deck and a 20-hour gym with Tempo Mirror, row machines, yoga spaces and a boxing area.
SUMNER, WASH. — Davis Property & Investment (DPI) has completed the disposition of Sumner North 140, an industrial property in Sumner, approximately 30 miles south of Seattle. An undisclosed buyer acquired the asset for $10.5 million, or $173.94 per square foot. Constructed in 2017 through a joint venture between DPI and Highmark Investments, Sumner North 140 is a 60,375-square-foot build-to-suit facility for Penny’s Salsa with extensive freezer, cooler and food processing improvements. The building offers 3,500 square feet of office space, 30-foot clear heights, 1,600 amps of three-phase 480-volt power, 20 dock-high doors, two on-grade doors and a 120-foot truck court.
WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.
OLYMPIA, WASH. — Marcus & Millichap has brokered the sale of Arts Industrial Park, an industrial property in Olympia, about midway between the Seattle/Tacoma area and the Pacific Coast. A partnership sold the asset to a value-add syndicator buyer for $4.8 million. Located at 6221 Rich Road SE, Arts Industrial Park features 63,500 square feet of industrial space. The buyer plans to spend $1 million on renovations and improvements to the property. Matthew Herman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the transaction.
PASCO, WASH. — Bluerock Real Estate and Security Properties have completed the disposition of Navigator Villas, an apartment property located at 6212 N. Road 68 in Pasco. Terms of the transaction were not released. Pasco is located along the Columbia River southeast of Seattle and southwest of Spokane. Built in 2013, Navigator Villas offers four two-bedroom duplexes and 172 townhomes averaging 985 square feet. Each unit features black appliances, vinyl tile flooring, gas fireplaces, air conditioning and an in-unit washer. Situated on 10.7 acres, the community features a clubhouse, resort-style pool, 24-hour fitness center, playground and 352 parking spaces. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the sellers in the transaction. Jim Flinn and Justin Fitchett of CBRE arranged long-term agency financing on behalf of the undisclosed buyer.
LACEY, WASH. — Glencrest Group has purchased Meadowscape Apartments in Lacey for $40.9 million. The property was acquired as part of the bankruptcy proceedings of Tacoma-based Harbor Custom Development. Located at 7641 3rd Way SE, Meadowscape features 177 units in a mix of studio, one- and two-bedroom apartments with high ceilings, modern finishes, in-unit laundry and private patios and balconies. Community amenities include a heated pool, barbecue area, dog run and oversized clubhouse with fitness center, entertainment lounge, business center and package lockers. At the time of sale, Meadowscape was 50 percent leased.
AUBURN, WASH. — Cushman & Wakefield has brokered the sale of Auburn Park 167, an industrial park at 3703 and 3941 I Street NW in Auburn, approximately 20 miles south of Seattle. Terms of the transaction were not released. Situated on 17.6 acres, the 385,986-square-foot Auburn Park 167 features two industrial warehouses with a variety of bay sizes, 30-foot clear heights and grade/dock-high loading doors. Currently, Auburn Park 167 is 100 percent leased. Bryce Aberg, Jeff Chiate, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s national industrial investment advisory group represented the seller in the transaction.