Washington

Port of Everett Acquires Kimberly-Clark Mill Property for $33M in Everett, Washington

by Amy Works November 4, 2019

EVERETT, WASH. — The Port of Everett has purchased the 58.4-acre Kimberly-Clark mill property situated on the waterfront in Everett. Kimberly-Clark Worldwide sold the asset, including another site north of the mill property, for $33 million. Kimberly-Clark closed the former pulp mill located on the site in 2012. In July, the City of Everett acquired the north portion of the property; therefore, this sale represents the remainder of Kimberly-Clark’s Everett waterfront holdings. The site includes a 360,000-square-foot warehouse and more than 2,500 lineal feet of waterfront on the East Waterway, which opens to the Puget Sound. The sale property is located between the Port of Everett terminal and Naval Station Everett, a federally secured maritime complex. Port of Everett plans to develop three-quarters of the property into maritime use, with the remaining used for aquatic management and public access. Dave Speers and Matt Henn of Kidder Mathews, along with Eric Dienstbach of Binswanger, represented the seller in the deal.

November 4, 2019

Acquisitions Multifamily Seniors Housing Washington Western

Alliant Capital Completes 295-Unit Seniors Housing Community at Former Shopping Center Near Seattle

by Amy Works November 4, 2019

LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.

November 4, 2019

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $3.5M Sale of St. Martin’s Center Retail Property in Washington

by Amy Works November 4, 2019

LACEY, WASH. — Marcus & Millichap has arranged the sale of St. Martin’s Center, a retail asset located in Lacey. A limited liability company sold the property to an undisclosed buyer for $3.5 million. Located at 1225 Ruddell Road SE, the property features 35,942 square feet of retail space. Nicholas Bushong of Marcus & Millichap’s Portland, Ore., office represented the seller in the deal.

November 4, 2019

Acquisitions Multifamily Washington Western

Shelter Holdings Sells 298-Unit Issaquah Terrace Apartments Near Seattle for $125M

by Amy Works November 1, 2019

ISSAQUAH, WASH. — Shelter Holdings has completed the disposition of Issaquah Terrace, a garden-style apartment community located at 906 NE Lilac St. in Issaquah, about 17 miles east of Seattle. An undisclosed buyer acquired the property for $125 million. Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace features 298 units in a mix of apartments and townhomes. Community amenities include onsite fitness center, swimming pool and barbecue facilities. Shelter Holdings developed the property in 2015. Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne of Colliers International handled the off-market transaction.

November 1, 2019

Development Multifamily Washington Western

Nitze-Stagen, Pinnacle Partners to Develop Canton Lofts Apartment Project in Seattle

by Amy Works October 28, 2019

SEATTLE — Developer Nitze-Stagen and Pinnacle Partners, an Opportunity Zone investment firm, have broken ground on Canton Lofts in Seattle’s historic Pioneer Square. The project is the city’s first Opportunity Zone development. The $30 million development will feature 80 units with transit accessibility and provide affordable, one-bedroom studios.

October 28, 2019

Nexus-Canyon-Park-Research-Center-Bothell-WA

Life Sciences Loans Office Washington Western

JLL Arranges $19.9M Refinancing for Suburban Seattle Biotech/R&D Facility

by Amy Works October 24, 2019

BOTHELL, WASH. — JLL has secured $19.9 million in refinancing for Nexus Canyon Park Research Center, a life science, flex and R&D property in Bothell, a suburb of Seattle. The borrower is San Diego-based Nexus Properties. Located at 21720 23rd Drive SE, the two-story Nexus Canyon Park Research Center features 152,050 square feet of space. Constructed in 1999, the facility recently underwent a partial conversion into flex industrial space. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta of JLL arranged the loan for a national lender on behalf of the borrower.

October 24, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Brokers $12.7M Sale of Self-Storage Facility in Washington

by Amy Works October 21, 2019

NORTH BEND, WASH. — Marcus & Millichap has negotiated the sale of Eastside Self Storage, a 50,055-square-foot self-storage facility in North Bend. An out-of-state institutional buyer acquired the property for $12.7 million, or $253 per rentable square foot. Located at 1410 Boalch Ave. NW, the facility features 361 self-storage units spread across 6.1 acres. The asset was built in 2005. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, a Washington-based limited liability company, and secured the buyer in the deal.

October 21, 2019

Acquisitions Multifamily Washington Western

IPA Arranges $21M Sale of Green River Village Apartment Complex in Metro Seattle

by Amy Works October 18, 2019

AUBURN, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Green River Village, a multifamily property located in Auburn. Green River Auburn LLC acquired the asset from an undisclosed seller for $21 million, or $143,835 per unit. Completed in 1976, Green River Village is situated on 3.1 acres and features 146 apartments. The property is also located approximately three miles from Green River Community College and four miles from Auburn Station. Sidney Warsinske, Ryan Dinius, Philip Assouad and Giovanni Napoli of IPA represented the seller and procured the buyer in the deal. Ray Allen and Seth Heikkila of IPA Capital Markets arranged financing for the buyer. The loan provided a structured bridge solution to fund 75 percent of both acquisition and planned renovations set to take place over the next 24-month loan term at a 5.25 percent interest-only rate of payment.

October 18, 2019

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $10.5M Sale of The Montage Apartment Building in Seattle

by Amy Works October 17, 2019

SEATTLE — Marcus & Millichap has directed the sale of The Montage, a multifamily property located in Seattle. A limited liability company sold the property to a local investment company for $10.5 million in a 1031 exchange. Located at 1422 Boylston Ave., The Montage features 23 condominium units that have been operated as rental units since the property was constructed in 2007. George Miller and Spencer Clark of Marcus & Millichap represented the seller, while Christopher Hardman, also of Marcus & Millichap, represented the buyer in the deal.

October 17, 2019

Acquisitions Office Washington Western

Marcus & Millichap Brokers $8.2M Sale of Soundview Park Office Property in Washington

by Amy Works October 16, 2019

GIG HARBOR, WASH. — Marcus & Millichap has arranged the sale of Soundview Park, an office property located in Gig Harbor. Soundview Park Inc. sold the property to Gig Harbor-based Donkey Creek Holdings for $8.2 million. Located at 5775 Soundview Drive, the asset features 51,527 square feet of space spread across three office buildings and one flex building. The four buildings are fully occupied by professional service and retail tenants. The property also has a pad site for future development, as well as ample parking. The asset was built in phases from 1990 to 1993 by the seller. Stren Lea, Tyler Nicholes and Matthew Herman of Marcus & Millichap’s Seattle office represented the seller, while Lisa Tallman of First Western Properties represented the buyer in the transaction.

October 16, 2019

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