Washington

Mill-Creek-Medical-Pavilion-Mill-Creek-WA

Coast Equity Partners Sells 26,126 SF Mill Creek Medical Pavilion in Metro Seattle

by Amy Works October 22, 2018

MILL CREEK, WASH. — Coast Equity Partners has completed the sale of Mill Creek Medical Pavilion (MCMP), a medical office building in Mill Creek, a suburb north of Seattle. A private investor acquired the property for $9.5 million. Located at 16030 Bothell Everett Highway, MCMP features 26,126 square feet of medical office space. Built in 1983 and renovated in 2011, the property is fully leased to a variety of healthcare providers, including outpatient services for family medicine, physical therapy, vision care, psychiatry and dentistry. Chris Bodnar and Lee Asher of CBRE’s Denver office, along with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare Properties, represented the seller.

October 22, 2018

Deer Ridge Memory Care, Puyallup, Washington

Development Multifamily Seniors Housing Washington Western

Koelsch Communities Plans $15M Memory Care Community Puyallup, Washington

by Jeff Shaw October 18, 2018

PUYALLUP, Wash. — Koelsch Communities has unveiled plans for Deer Ridge Memory Care, a 52-unit standalone memory care community in Puyallup, approximately 35 miles south of Seattle. Deer Ridge will total roughly 42,000 square feet, with an estimated project cost of $15 million. The community will stand on a four-acre site that is under contract to close for approximately $2 million later this year. Koelsch plans to break ground in April of 2019, with an anticipated opening in June of 2020. Koelsch is developing the project in partnership with RJ Development. Koelsch will also operate the community following completion, and Koelsch Construction is acting as general contractor. Judy Koelsch and David Goularte of JSK Design will handle interior design work on the project.

October 18, 2018

Development Loans Multifamily Student Housing Washington Western

Fields Holdings Receives $64M Construction Loan for Student Housing Tower Near University of Washington

by Amy Works October 17, 2018

SEATTLE — Quantum Capital Partners has secured $64 million in construction financing for The M, a 24-story student housing development located near the University of Washington in Seattle. The property — developed by Los Angeles-based Fields Holdings — will offer studio, one-, two-, three- and four-bedroom units alongside 4,350 square feet of ground-floor retail and one level of subterranean parking. Shared amenities will include study rooms, a recreational lounge, fitness center, theater, indoor basketball court, roof-top deck, bicycle parking and a door man. A timeline for development has yet to be announced.

October 17, 2018

Company News Washington Western

Microsoft Co-Founder, Real Estate Developer and Philanthropist Paul Allen Dies at 65

by Amy Works October 16, 2018

SEATTLE — Paul G. Allen, co-founder of Microsoft and founder of investment and project management firm Vulcan Inc., which includes its real estate development arm, has died at age 65. Allen passed away Monday from symptoms of non-Hodgkin’s lymphoma. Born in 1953 in Seattle, Allen attended school in the Seattle area and founded Microsoft, along with Bill Gates, in 1975. Almost 10 years later, he resigned from Microsoft and began focusing on philanthropic interests and commercial real estate development and investments, as well charity efforts across the Pacific Northwest. In 1986, Allen and his sister, Jody Allen, founded Vulcan Inc., as a vehicle for real estate, investment, entertainment and philanthropy efforts. The company has built more than 7.8 million feet of office, life sciences, residential and mixed-use projects since 1998. Included in Vulcan’s development portfolio is South Lake Union, the hub of Amazon in Seattle; the Allen Institute of Brain Science; and the Allen Institute of Cell Science, and combined these properties comprise 80 percent of the company’s development efforts. As owner of the Seattle Seahawks since 1997, Allen invested $140 million toward the construction of CenturyLink Field. Additional commercial properties that Vulcan and Allen contributed to include Museum of …

October 16, 2018

Acquisitions Retail Washington Western

Highlands REIT Sells 260,627 SF Shopping Center in Washington for $38.3M

by Amy Works October 15, 2018

LONGVIEW, WASH. — Chicago-based Highlands REIT has completed the sale of Triangle Center, a community shopping center in Longview, approximately 50 miles north of Portland, Ore. A San Diego-based private buyer acquired the property for $38.3 million. Built in 2004, the 260,627-square-foot property was 98 percent leased at the time of sale. Tenants include Winco Foods (not included in the transaction), Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, ULTA Beauty, Big 5, Office Depot, Five Guys Burgers & Fries, Great Clips and GameStop. The shopping center is situated on 36.9 acres of land at 1015 Ocean Beach Highway. Jimmy Slusher, Kirk Brummer, James Tyrell, Dino Christophilis, Alex Martinac and Philip Voorhees of CBRE represented the seller in the transaction. Additionally, CBRE’s Debt & Structured Finance team led by Shaun Moothart and Danielle Priore advised the buyer in procuring debt financing for the acquisition.

October 15, 2018

Industrial Loans Washington Western

iBorrow Provides $10.2M Loan for Industrial Building in Metro Seattle

by Amy Works October 8, 2018

ARLINGTON, WASH. — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $10.2 million loan for an industrial building in Arlington, approximately 45 miles north of Seattle. The borrower group plans to use the proceeds to fund the value-add component of the property. The 244,590-square-foot property, which features 16,108 square feet of office space, was 84 percent leased at the time of financing.

October 8, 2018

Industrial Loans Washington Western

KeyBank Arranges $60M in Financing for 11 Industrial Buildings in Seattle

by Amy Works October 5, 2018

SEATTLE — KeyBank Real Estate Capital has secured a $60 million first-mortgage loan for SoDo Portfolio, an group of industrial properties in Seattle. The name of the borrower was not released. Encompassing 12.7 acres, the portfolio totals 11 buildings offering mixed-use industrial space. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing, which features a five-year term. A life company provided the funds.

October 5, 2018

Development Loans Multifamily Washington Western

State Farm Provides $21M Construction Financing for Multifamily Project in Seattle

by Amy Works October 5, 2018

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $21 million in financing for the development of Ivy Apartments in Seattle. Mike Wood and Colin Ceithaml of NBS Financial represented the borrower, Interbay Apts LLC, in the financing. State Farm Life Insurance provided the fixed-rate construction/perm loan, which is structured with a 12-year term and a 30-year amortization. Upon completion, Ivy Apartments will bring 93 residential units to Seattle’s Interbay submarket. The seven-story 82,965-square-foot building will feature 47 parking stalls and 23 storage units. Construction is slated to begin in November.

October 5, 2018

Acquisitions Multifamily Washington Western

Griffis Residential Purchases 880-Unit Multifamily Portfolio in Metro Seattle

by Amy Works October 3, 2018

RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing. Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average size of 846 square feet. The property is within walking distance of a variety of amenities and employment opportunities, including The Landing, a lifestyle retail center, and Boeing’s 737 airplane manufacturing facility. Additionally, the community is adjacent to Southport, an under-construction mixed-use project that will feature hospitality, office and recreational space.

October 3, 2018

Development Multifamily Seniors Housing Washington Western

Wolff Co. Completes 135-Unit Seniors Housing Property in Lacey, Washington

by Amy Works September 28, 2018

LACEY, WASH. — Scottsdale, Ariz.-based The Wolff Co. has completed Revel Lacey, a seniors housing community located at 211 Hoh St. SE in Lacey. The community will celebrate its grand opening on Saturday, Oct. 13. The three-story community features 135 studio, one- and two-bedroom independent living residences, as well as two guest suites. On-site amenities include a full-service salon and spa, fitness center, movie theater and chef-driven dining experiences in a modern-American restaurant and pub created by Chef Beau MacMillan. The Wolff Co. is currently developing senior living communities throughout the United States, with plans to expand its portfolio by investing $300 million to $400 million annually in the development of additional communities.

September 28, 2018

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