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.
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 …
SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Sprague & Sullivan Storage, a self-storage facility located in Spokane Valley. Dean and Elizabeth Grafos sold the asset for an undisclosed price. The name of the buyer was not released. Thomas Parsons and Adam Schlosser of The LaClaire Group of Marcus & Millichap represented the sellers in the transaction. The 126,710-square-foot facility offers drive-up self-storage units, outside uncovered boat/RV parking, Budget truck rentals and portable metal containers for off-site rental.
SEATTLE — Knighthead Funding has originated two separate loans totaling $29.8 million in first mortgage debt structured by a micro-unit apartment asset and a student housing property in Seattle. In the first financing, Knighthead provided an affiliate of Barcelo Homes with a $25.2 million loan secured by a 178-unit micro studio apartment project in Seattle’s Roosevelt neighborhood. Community amenities include a courtyard, lounge, fitness center, rooftop deck, bike storage, common laundry area and controlled access entry. The financing takes out the existing construction loan. Additionally, Knighthead provided a $4.6 million loan to Vekst Development. The loan was secured by a new 28-unit studio apartment development located four blocks from the University of Washington. The financing will allow the sponsor to complete a rooftop deck and list items on the newly constructed four-story building.
TUKWILA, WASH. — Sortis Holdings Inc. (SOHI), a Portland-based private equity firm, has provided equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, approximately 10 miles south of Seattle. Sortis invested capital from its $100 million Sortis Opportunity Zone Fund alongside project sponsor Bryan Park, a Puyallup, Wash.-based developer that has developed, owns and operates more than 5,000 senior living apartments in Washington. Nonprofit operator Sustainable Housing for Ageless Generations (SHAG) will operate the community. “By 2050, the population of individuals who are 65 and older in the U.S. is projected to double, yet rising rents and lack of supply have reduced the availability of affordable, high-quality housing in desirable locations for this population,” says Paul Brenneke, Sortis founder. “We believe delivering a high-quality project with attractive investment returns while simultaneously providing an affordable housing option to low-income seniors is a win-win.” The two-phase project is situated on approximately 5.8 acres. Phase II comprises 204 apartment units exclusively for seniors, six live/work units, approximately 8,300 square feet of commercial/retail space and structured parking. Once Phase II is complete in late 2020, the combined project will be the third-largest senior living development in Washington, according to …
BELLEVUE, WASH. — A joint venture between Schnitzer West and RMA has completed the disposition of Bellevue 520 Corridor Office Portfolio, two multi-tenant office assets located in Bellevue. Swift Real Estate Partners acquired the portfolio for $59 million. Totaling 185,930 square feet, the assets are known as Bel-Kirk 520 and Centra Office Park. At the time of sale, the portfolio was 93 percent leased. Situated on 7.2 acres at 11120 and 11130 NE 33rd Place, Bel-Kirk 520 consists of two two-story buildings offering a total of 94,221 square feet. Built in 1988, the property underwent a renovation in 2016 and features indoor and outdoor work spaces and an Avanti Market. Located at 11808 and 11820 Northrup Way, Centra Office Park consists of two three-story office buildings totaling 91,709 square feet on 4.7 acres. Built in 1983 and renovated in 2016, the property features an Avanti Market, outdoor plaza with seating areas, new monument signage and a renovated lobby. Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Bill Delacy of Newmark Knight Frank (NKF) represented the seller, while the buyer was self-represented in the deal. David Milestone and Brett Green, also of NKF, represented the buyer in securing new acquisition …
KENT AND AUBURN, WASH. — Colliers International has arranged the sale of two industrial parks in southern King County. TA Realty acquired the assets from a local Puget Sound private investor for $22 million. Totaling four buildings on 6.3 acres, the properties are Pacific West Business Center in Kent and White River Corporate Park in Auburn. Built in 1979 and located at 18852-18872 72nd Ave. South, Pacific West Business Center features 60,530 square feet of industrial space on a 3.3-acre campus. At the time of sale, the asset was fully leased to nine tenants. Located at 2200-2222 W. Valley Highway North, White River Corporate Park offers a total of 60,852 square feet of warehouse space spread across two buildings. Built in 2004, the property was fully leased to five tenants at the time of sale. Bill Condon and Matt McGregor of Colliers International handled the transaction.
FEDERAL WAY, WASH. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a newly constructed retail building located at 164 SW Campus Drive in Federal Way. A Kirkland, Wash.-based buyer acquired the property from an affiliate of Henderson, Nev.-based Covenant Real Estate Group for $3.7 million. Situated on 1.2 acres, the 4,980-square-foot freestanding building is located at the signalized entrance to the WinCo Foods-anchored shopping center. The two-tenant building is occupied by a 2,104-square-foot Starbucks Coffee and a 2,876-square-foot Pacific Dental Services-supported dental office. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, while Scott Clements of Seattle-based Orion Commercial Partners represented the buyer in the deal.
PORT ANGELES, WASH. — Crystal Investment Property (CIP) has arranged the sale of All View Motel, an independent economy motel located in Port Angeles on Washington’s Olympic Peninsula. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not disclosed. Built in the 1930s, the single-story motel features 20 guest rooms in a mix of standard rooms with mini-fridges and microwaves and family suites with complete kitchens. Additionally, the property features a 1,400-square-foot owner/manager quarters with private laundry room, fenced front yard and storage area. Visible from Highway 101, All View Motel is situated close to downtown and the ferry port, and is less than a mile from the main entrance to Olympic National Park.
KENT, WASH. — Menashe Properties has completed the disposition of Creeksides at Centerpoint, an office campus located in Kent. An undisclosed buyer acquired the asset for $39 million. The three-building campus features 218,650 square feet of office space. At the time of sale, the asset was 97.6 percent leased to a diverse roster of local, regional, national and government tenants, including Blue Nile and the State of Washington. Logan Greer and Kevin Freels of JLL Capital Markets, along with Scott Sulman and Michael George of NAI Puget Sound Properties, represented the seller in the deal.