Washington

HFF Arranges Sale of Three Aegis Seniors Housing Communities on West Coast

by Amy Works January 22, 2019

BELLEVUE AND KIRKLAND, WASH., AND APTOS, CALIF. — HFF has arranged both the sale of and acquisition financing for three Class A seniors housing communities totaling 253 units on the West Coast. The sale structure essentially added a joint-venture partner, with Áegis Living as the seller and a venture between Blue Moon Capital Partners and Áegis affiliates as the buyer. The price was not disclosed. The portfolio offers a blend of assisted living and memory care units and has a combined average occupancy of nearly 95 percent. The two Seattle-area properties in the portfolio are Áegis of Bellevue in Bellevue, which consists of 68 assisted living and 18 memory care units, and Áegis Lodge of Kirkland in Kirkland, which consists of 70 assisted living and 17 memory care units. The Northern California property, Áegis of Aptos, is located in Aptos, an oceanside community approximately eight miles east of Santa Cruz and less than 40 miles south San Jose. The HFF investment advisory team representing the seller included David Fasano, Ryan Maconachy, Chad Lavender, Ross Sanders, Mark Wintner and Christopher Ross. HFF’s debt placement team representing the borrower was led by director Sarah Anderson.

January 22, 2019

Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $70M Development Financing for 241 Affordable Seniors Housing Units in Lacey, Washington

by Amy Works January 21, 2019

LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities. The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI). KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.

January 21, 2019

Acquisitions Mixed-Use Office Restaurant Retail Washington Western

HFF Secures $32.5M Acquisition Financing for Old Rainier Brewery Mixed-Use Campus in Seattle

by Amy Works January 18, 2019

SEATTLE — HFF has arranged $32.5 million in financing for the acquisition of the Original Rainier Brewery, a mixed-use campus located at 5624-6004 Airport Way South in Seattle’s historic Georgetown neighborhood. Tom Wilson and Zachary Kersten of HFF secured a three-year, floating-rate loan with two one-year extension options with a debt fund for the borrower, ScanlanKemperBard. The borrower plans to make improvements to the property. Originally built in the early 1990s as a brewery for Seattle Brewing and Malting Co., the property eventually housed Rainier Beer and is a designated landmark. The campus encompasses four separate buildings — the Bottling Plant, the Malt House, the Warehouse and the General Office — and two land parcels. The assets feature natural light, exposed brick, original flooring, historical detailing and unique layouts. At the time of financing, the property was 92 percent leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Co., Frans Chocolate and Kyoto Art and Antiques.

January 18, 2019

Acquisitions Colorado Office Top Stories Washington Western

Unico Sells 11-Property Office Portfolio in Seattle, Denver for $710M

by Kristin Harlow January 18, 2019

SEATTLE AND DENVER — Real estate investment and operating firm Unico Investment Group LLC has sold 11 office assets totaling 1.8 million square feet in Seattle and Denver for $710 million. Broad Street Principal Investments LLC, an affiliate of Goldman Sachs, was the buyer. The portfolio includes 10 creative office assets and one parking garage. The collection of properties is 85 percent leased to more than 190 tenants. Since 2014, Unico has invested $87 million in capital improvements for the properties. Some of the fully repositioned assets include the iconic Smith Tower in Seattle’s Pioneer Square, 1505 Fifth Ave. in Seattle’s central business district (CBD) and the DC Building in Denver’s CBD. The 27-building portfolio also includes new-construction buildings such as the Circa Building, which is located along Denver’s Platte Street. The Class A asset received the Mayor’s Design Award for Sustainability in 2018. Unico will retain a stake in the portfolio and will continue to operate and manage the properties on behalf of the new partnership. “We look forward to working with Goldman Sachs to fully complete the property repositions and new development opportunities still embedded within the portfolio,” says Jonas Sylvester, Unico president. Jason Flynn and Paul Nelson …

January 18, 2019

Acquisitions Office Washington Western

CBRE Negotiates $29M Sale of 97,191 SF Flex Property in Issaquah, Washington

by Amy Works January 16, 2019

ISSAQUAH, WASH. — CBRE has arranged the sale of Sammamish Park Place, an office and flex property located at 22011 SE 51st in Issaquah. Eden Prairie, Minn.-based Onward Investors sold the asset to Costa Mesa, Calif.-based Rich Uncles NNN REIT for $29 million. Costco occupies the 97,191-square-foot property, which is situated on 4.6 acres adjacent to Costco’s International Headquarters and several other Costco-leased buildings. The two-story building recently underwent significant capital improvements for new tenant build-out, totaling $3 million. Renovations included two new HVAC rooftop units, refurbished VAV boxes, upgraded HVAC controls, window sealing, landscaping, parking lot sealing and striping. Additionally, a new lobby was included in the remodel, as well as tenant improvements throughout the building, including the opening of the floor plates for future flexibility. Tom Pehl and Lou Senini of CBRE’s Seattle office represented the seller in the transaction. Additionally, John Lo of CBRE’s Debt and Structured Finance team arranged acquisition financing for the buyer.

January 16, 2019

Acquisitions Office Top Stories Washington Western

CIM Group Buys Historic Office Building in Downtown Seattle for $151M

by John Nelson January 15, 2019

SEATTLE — CIM Group, a real estate owner and operator based in Los Angeles, has purchased the historic Dexter Horton Building in downtown Seattle. The seller and sales price were not disclosed, but the Puget Sound Business Journal is reporting that Great Eagle Holdings Ltd. sold the 15-story office building for $151 million. The 335,000-square-foot Art Deco structure occupies a full city block at 710 2nd Ave. near the historic Pioneer Square area and Elliott Bay. The office building’s tenant roster includes companies in the technology, government, nonprofit, media, healthcare and professional services industries. Built in 1924, the historic building was renovated in 2002 and again in 2015, resulting in the addition of a penthouse lounge, rooftop deck, bike storage, shower and locker rooms and an indoor dog lounge. The property is named after Dexter Horton, the founder of the first bank in the city of Seattle. The office building was originally home to the Bank of Dexter Horton, which is Bank of America’s oldest bank in the Puget Sound region. The office building features ground-floor retail space fronting 3rd Avenue leased to Pegasus Coffee, Working Washington and SEIU 775, a local healthcare workers union. The transit-oriented property is situated …

January 15, 2019

Development Office Washington Western

Demolition Underway for Microsoft’s 3 MSF Campus Renovation in Redmond, Washington

by Amy Works January 14, 2019

REDMOND, WASH. — Demolition began on Jan. 8 for Microsoft’s multibillion-dollar overhaul of its corporate headquarters campus in Redmond and includes the decommissioning and demolition of 13 buildings. In mid-2018, the company announced its plans to renovate its campus and build nearly 3 million square feet of new workspace on 72 acres at its current campus in Redmond. Construction of the new buildings is expected to begin soon, with completion slated for 2022. The project team includes architecture firms LMN, NBBJ, WRNS Studio and ZGF Architects; general contractors Skanska, Balfour Beatty, GLY and Sellen; and lead landscaping architect Berger Partnership with OLIN. CBRE, JLL and OAC Services are serving as project managers for the redevelopment. Once complete, the modernized campus will include: • 18 new buildings, ranging from 180,000 square feet to 200,000 square feet, clustered in four distinct villages • Accessibility features to enhance mobility and ease of access for all employees • Buildings that are four to five stories in height • Atriums and courtyards for improved daylighting and direct connections to the outdoors • Sustainable design strategies • A gateway to serve employees and visitors arriving via Sound Transit’s Redmond Technology Center light rail station • A …

January 14, 2019

Development Office Retail Washington Western

City of Seattle Approves Development of 1.2 MSF Urban Visions Office Campus

by Amy Works January 7, 2019

SEATTLE — Urban Visions has received permit approval from the City of Seattle for S, an office and retail campus project located on a seven-acre land parcel adjoining Seattle’s Pioneer Square and Chinatown districts. Designed by NBBJ, S will feature five buildings offering large, flexible office floorplates, rooftop decks on each building and outdoor terrace spaces on every floor, as well as ground-floor retail space. The development is located directly east of CenturyLink Field and at the hub of the region’s Link light rail transportation network. Jesse Ottele, Cavan O’Keefe, Daniel Seger and David Marks of Newmark Knight Frank are representing the developer. With permit approval, Urban Visions is able to commence construction as early as the first quarter of 2020.

January 7, 2019

Development Multifamily Washington Western

LMC Opens 226-Unit Smart-Home Apartment Community in Seattle

by Amy Works December 21, 2018

SEATTLE — LMC has opened Axle, an eight-story apartment community fully integrated with smart-home technology located at 3230 16th Ave. West in Seattle’s Interbay neighborhood. Axle, which is pursuing LEED Gold certification, features 226 smart apartments. The community’s smart homes feature an Amazon Echo integrated into a Sonos Play:1, a Ruckus access-point device for superior Wi-Fi coverage and Lutron Pico Remote for dimming lights and controlling smart-home speakers. Additionally, residents will receive a Sonos Play:1 upon move-in. All units also feature Lutron roller shades, which can be controlled through a smartphone, a Pico remote or by voice activation through Alexa. The property consists of one- and two-bedroom apartments, with den and townhome layouts available, ranging in size from 539 to 1,454 square feet. Interiors feature quartz countertops, designer lighting, high-end stainless steel appliances, hardwood-style plank flooring, full-size washers and dryers, ceramic tile tub surrounds, lighted mirrors and under-cabinet lighting. Community amenities include a sky lounge with full kitchen, dining area with fireplace and large communal room with two oversized televisions; a co-working lounge; club-inspired 24-hour fitness center; rooftop deck with barbecues and lounge areas; a pet park and pet wash station; and a large bike and gear maintenance facility. LMC, …

December 21, 2018

Loans Multifamily Washington Western

Newmark Arranges $21.7M in Financing for Birch Hills Apartments in Pullman, Washington

by Amy Works December 19, 2018

PULLMAN, WASH. — Newmark has secured $21.7 million in permanent financing for Birch Hills Apartments, a multifamily property located at 2200 N.E. Westwood Drive in Pullman. The newly constructed property features 281 units in a mix of one-, two- and three-bedroom layouts. Demetri Koston of Newmark’s Spokane, Wash., office structured the 12-year, fixed-rate loan with a bank based in the Pacific Northwest. The initial four years of the loan were structured as interest-only payments, followed by a 30-year amortization schedule.

December 19, 2018

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