Washington

Continental Properties Reacquires 31-Story Met Tower in Seattle for $216.1M

by Alex Tostado October 3, 2019

SEATTLE — Continental Properties LLC has acquired Met Tower, a 366-unit residential building in Seattle it helped develop in 2001, for $216.1 million. The seller was Seattle-based Westlake Tower Associates, according to multiple media reports. Bellevue, Wash.-based Continental developed the 31-story tower in a joint venture with Bentall and sold the building in 2003 for $105 million, or $287,000 per unit. Bentall was looking to get out of the multifamily real estate business at the time, leading to the sale, according to the Seattle Daily Journal of Commerce. In an interview with the DJC, Claudio Guincher of Continental said what was once considered the outskirts of Seattle’s central business district, is now “on the 50-yard line.” “We are across the street from Amazon,” Guincher added. Met Tower is located at 1942 Westlake Ave., directly across from Amazon’s Doppler building, which serves as the company’s headquarters, housing 3,800 employees. The multifamily community offers studio, one-, two- and three-bedroom floor plans averaging 894 square feet. Communal amenities include a business center, conference room, fireplace lounge with full kitchen, billiards room, library, fitness facility, aerobics room, indoor pool, whirlpool spa, sauna and locker rooms with steam rooms. The property also features 10,000 square …

October 3, 2019

Acquisitions Multifamily Washington Western

Kidder Mathews Arranges $25.7M Sale of Vista Del Rey Apartment Complex in Tacoma, Washington

by Amy Works September 27, 2019

TACOMA, WASH. — Kidder Mathews has negotiated the sale of Vista Del Rey, a multifamily property located at 319 N. Tacoma Ave. in Tacoma, a city approximately 35 miles south of Seattle along the banks of the Puget Sound. VDR Investments Homes, led by Rose Stanek-Norbe of Tyroda LLC, acquired the asset from an undisclosed seller for $25.7 million. Situated in Tacoma’s Stadium District, the 17-story Vista Del Rey features 130 apartments. Also included in the sale was the adjoining 0.67-acre land parcel that could accommodate an additional 130 residential units. Targa Property Management will manage the property. Tyler Stanek of Kidder Mathews represented the buyer in the transaction.

September 27, 2019

Acquisitions Multifamily Washington Western

Bell Partners Enters Metro Seattle Market with $96M Purchase of 3040 Apartments

by Amy Works September 26, 2019

REDMOND, WASH. — Bell Partners, on behalf of its Fund VI investors, has entered the metro Seattle market with the acquisition of 3040 Apartments, a multifamily property in Redmond. An undisclosed seller sold the asset for $96 million. The buyer plans to rename the property Bell Overlake. Developed this year, the asset feature 243 apartments. Units features quartz countertops, plank flooring, large closets and in-unit washers/dryers. Select units have lofts, patios or balconies and views of the surrounding mountains. Community amenities include a rooftop deck, fitness center with separate yoga studio, pet spa, courtyard with barbecue area and fire pits, and garage parking with electric charging stations. The community is located within walking distance of Microsoft’s global headquarters campus and convenient access to the Seattle Transit Link light rail expansion.

September 26, 2019

Development Multifamily Top Stories Washington Western

Joint Venture Breaks Ground on 44-Story Residential Tower in Downtown Seattle

by Alex Tostado September 26, 2019

SEATTLE — A joint venture between Holland Partner Group and North America Sekisui House LLC (NASH) has broken ground on 2019 Boren, a planned 44-story, 410-unit multifamily tower in downtown Seattle. Located at 2019 Boren Ave., the 484-foot tower will also offer three floors of commercial space as well as a ground-floor performing arts hall and art gallery created exclusively for Cornish College of the Arts, located across the street. “This started with a meeting with the leadership of Cornish College of the Arts in May of 2016 to think about what might be possible with this incredible location in the heart of Seattle,” says Tom Parsons, executive managing director of Vancouver, Wash.-based Holland Partner Group. “Cornish is a vital part of our community, and we have really enjoyed being on this journey with them. The groundbreaking is a significant milestone for all of us and we couldn’t be any more excited about what’s to come,” adds Parsons. The building will serve as the gateway to the Cornish College of the Arts campus, according to Raymond Tymas-Jones, president of the college. “The gallery and performing arts space, inside and outside, will create an environment for learning that provides a public …

September 26, 2019

Acquisitions Office Washington Western

Goodman Real Estate Sells 300,000 SF Medical Dental Building in Seattle for $113M

by Amy Works September 19, 2019

SEATTLE — Goodman Real Estate has completed the sale of the Medical Dental Building, a historic office/medical office building located in Seattle’s central business district. Menashe Properties acquired the asset for $113 million. Constructed in two phases in 1925 and 1950, the 18-story landmark building was renovated in 2008 and recently underwent more than $25 million in building upgrades, including new lobby finishes and the creation of a winter garden common area. A diverse roster of over 130 professional tenants, including Seattle-based Bartell Drug Co., Deltek and The Polyclinic, occupy the building. Kevin Freels, Logan Greer, Michael Leggett and Gerry Rohm of JLL Capital Markets represented the seller in the deal.

September 19, 2019

Development Industrial Washington Western

Bridge Development Partners Buys Land Site in Metro Seattle for Industrial Development

by Amy Works September 18, 2019

SUMNER, WASH. — Bridge Development Partners has purchased a 3.8-acre land site at 3113 142nd Ave. East in Sumner, a suburb of Seattle, for an undisclosed price. The company plans to develop Bridge Point Sumner South, an industrial building, on the site. Slated for delivery in third-quarter 2020, Bridge Point Sumner South will feature 82,591 square feet of space, divisible down to 30,000 square feet; LED interior and exterior wall pack lighting; ESFR fire protection; 32-foot clear ceiling heights; two drive-in doors; 14 exterior docks; a 125-foot truck court; and parking for 63 cars. Thad Mallory, Taylor Huff, Cam Warren and Blake Bentz of Newmark Knight Frank brokered the deal for Bridge and will serve as leasing agents for the project.

September 18, 2019

Acquisitions Development Hospitality Washington Western

The Hotel Group to Manage Hilton Garden Inn Redmond Under Construction in Washington

by Amy Works September 18, 2019

REDMOND, WASH. — The Hotel Group has added the Hilton Garden Inn Redmond, a hotel currently under construction in Redmond, to its management portfolio. Slated to open in first-quarter 2020, the hotel will be the company’s seventh Hilton-branded hotel in the Pacific Northwest. The six-story property will feature 177 guestrooms with Hilton Garden Inn’s signature bedding, in-room hospitality centers with Keurig Coffee and miniature refrigerators, guest laundry and complementary Wi-Fi. The hotel also features more than 2,400 square feet of flexible meeting space including outdoor areas, as well as Fork + Spoke, an on-site restaurant.

September 18, 2019

Development Mixed-Use Top Stories Washington Western

Alexandria Real Estate Equities to Develop 800,000 SF Mixed-Use Technology Campus in Seattle

by Kristin Harlow September 18, 2019

SEATTLE — The City of Seattle has selected Alexandria Real Estate Equities Inc. (NYSE: ARE) to develop an approximately 800,000-square-foot mixed-use campus known as the Mercer Mega Block. The life sciences and technology-driven project will be built on the last large, undeveloped site — nearly three acres — in Seattle’s Lake Union submarket. Alexandria won the bid for the project by agreeing to pay $143.5 million for the land and to address homelessness, according to the Puget Sound Business Journal. The Seattle City Council approved the development plan on Monday night. The newspaper reports that total project costs could reach $305 million. Plans call for two 13-story office and laboratory towers as well as a 30,000-square-foot community center. Alexandria also intends to develop on-site affordable housing, a farm-to-table restaurant, ground-floor retail space and a pedestrian-only walkway on 8th Avenue surrounded by public spaces with outdoor seating. “We envision our Mercer Mega Block development as a mission-critical campus that can drive the cross-pollination of life science and technology, spur world-class innovations to improve the human condition and significantly enhance the surrounding neighborhood,” says Joel Marcus, executive chairman and founder of Alexandria. The company also says it has strong confidence in the …

September 18, 2019

Acquisitions Retail Washington Western

Matthews Real Estate Negotiates $8.3M Sale of Albertsons-Occupied Asset in Millwood, Washington

by Amy Works September 17, 2019

MILLWOOD, WASH. — Matthews Real Estate Investment Services has negotiated the sale of a retail property located at 8851 E. Trent Ave. in Millwood, a suburb of Spokane. An undisclosed buyer acquired the asset for $8.3 million in an off-market transaction. Situated on 3.7 acres within a major shopping center, the property features 46,798 square feet of retail space and was built in 1991. Albertsons currently occupies the property on a 20-year lease. Additional tenants at the shopping center include Dairy Queen, Banner Bank, Redbox, Taco Time, Papa Murphy’s Take ‘N’ Bake, Scollard’s Dry Cleaning and Starbucks Coffee. Aron Cline of Matthews Real Estate Investment Services handled the transaction. Barrington Capital Corp. provided acquisition financing for the deal. The name of the seller was not released.

September 17, 2019

Acquisitions Office Top Stories Washington Western

Kennedy Wilson, Security Benefit Life Insurance Acquire Office Campus in Metro Seattle for $227M

by Alex Tostado September 12, 2019

BELLEVUE, WASH. — A new joint venture between Kennedy Wilson (NYSE: KW) and Security Benefit Life Insurance Co. has acquired Sunset North, a 464,000-square-foot, three-building office campus in Bellevue for $227 million. The property’s three buildings, which are certified LEED Silver, were constructed between 1999 and 2000. They were 99 percent leased at the time of sale to 10 long-term tenants with a weighted-average lease term of eight years. Sunset North is located near the intersection of Interstates 405 and 90, three miles southeast of downtown Bellevue and 10 miles east of downtown Seattle. The joint venture acquired the property with $77 million of equity and a $150 million, 10-year acquisition loan with a 3.25 percent fixed interest rate. The lender was not disclosed. The joint venture targets real estate investment opportunities in the Western United States. “Sunset North is an ideal first acquisition for our joint venture,” says Matt Windisch, executive vice president of Kennedy Wilson. Security Benefit is a Kansas-based insurance company that has been in business for more than 127 years. Kennedy Wilson owns, operates and manages multifamily and office properties in the Western U.S., United Kingdom and Ireland. Kennedy Wilson’s stock price closed Wednesday at $22.63 …

September 12, 2019

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