VANCOUVER, WASH. — Norris & Stevens has arranged the acquisition of The Timbers, an office complex located at 9120 N.E. Vancouver Mall Loop in Vancouver. An undisclosed buyer purchased the property for $6.1 million in a 1031 exchange. Built in 1978 as a theatre complex, the 32,502-square-foot property was converted into a multi-tenant office complex in 2006. At the time of sale, the property was 98 percent occupied by 16 tenants, including DaVita-Total Renal Care, Mission International, Home Instead Senior Care and Columbia Commercial Properties. Thomas McDowell and Raymond Duchek of Norris & Stevens represented the buyer, while Steve Mack of MAJ Commercial Real Estate represented the undisclosed seller in the deal.
SEATTLE — LaSalle Investment Management has purchased 202 Westlake, an office building located in Seattle’s South Lake Union neighborhood, for an undisclosed price. Developed in 2013, the six-story, 131,000-square-foot property is a multi-tenant building that caters to technology and life science users. Amazon occupies the building’s entire office component. The balance of the property is leased to four ground-floor retail tenants, including Chipotle Mexican Grill, Umpqua Bank, Kigo Kitchen and Homegrown. On-site amenities include subterranean parking, bike storage, showers, lockers and quick-service food retailers.
BOTHELL, WASH. — Colliers International has brokered the sale of The Romero Professional Building, a medical office property located at 19110 Bothell Way NE in Bothell, a northeastern suburb of Seattle. LAIT Bothell LLC sold the property to Bothell RE Venture LLC for $3 million, or $307.88 per square foot. Built in 1987, the property features 9,744 square feet. Current tenants are Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller, while Derek Heed and Gregg Riva, also of Colliers, represented the buyer in the off-market transaction.
BELLEVUE, WASH. — Colliers International has arranged the sale of Olympic Medical Center, an office property located at 1310 116th Ave. NE in Bellevue, a western suburb of Seattle. Healthcare Realty acquired the property from BH Properties I LLC for $7.7 million. Radiology Consultants of Washington, Center for Diagnostic Imaging, Overlake Arthritis, Lab Corp and Acute Pain Therapies occupy the 15,274-square-foot property, which was built in 1978. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller in the deal.
IRVINE, CALIF. — MBK Real Estate has agreed to acquire a nine-property seniors housing portfolio in California, Washington and Arizona for $382 million. The Irvine-based investor is a subsidiary of Tokyo-based Mitsui & Co., and the parent company of MBK Senior Living. The seller is West Living LLC, a California-based owner-operator. Although the specific properties were not disclosed, West Living only lists 10 properties on its website. The portfolio totals 1,200 units and features an annual combined net operating income of $21 million. MBK plans to implement renovations to the properties. The acquisition is expected to close in June. MBK already owns a portfolio of 25 properties totaling 2,600 units, also all geographically centered in the West.
LYNNWOOD, WASH. — CA Senior Living has started construction of a 122-unit expansion at Quail Park of Lynnwood, a seniors housing community in the Seattle suburb of Lynnwood. The project will add 96 assisted living apartments, as well as 26 independent living units split among 13 duplex cottages. Sixteen of the new assisted living apartments will be enhanced units that provide high-acuity assisted living services to residents in need of more direct and frequent care. The expansion will nearly double the community’s existing 130 units. The first new units are scheduled to come on line in September 2019. CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, formed a joint venture with Living Care Lifestyles and an affiliate of Goldman Sachs to purchase the 15-acre community in 2017. The sellers were affiliates of Living Care Lifestyles, which continues to operate the property.
BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …
SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Origin Apartments, a seven-story multifamily property located at 12311 32nd Ave. NE in Seattle’s Lake City neighborhood. JB Matteson acquired the property for $53 million, or $346,405 per unit. Kim Grant of IPA represented the buyer in the deal. The seller was not disclosed. Constructed in 2017, the property features 153 units in a mix of studio, one- and two-bedroom apartments averaging 750 square feet. Community amenities include a rooftop deck, an outdoor dog park and gated underground parking.
REDMOND, WASH. — CBRE Capital Markets has brokered the sale of Redmond East Business Campus, an eight-building office and flex portfolio located near downtown Redmond. A closed-end fund managed by Kennedy Wilson acquired the asset for an undisclosed price. Thomas Pehl and Lou Senini of CBRE’s Seattle office represented the undisclosed seller in the deal. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged $34.5 million in balance-sheet bank financing for the buyer. A national financial services company provided the seven-year, non-recourse, full-term, interest-only, floating-rate acquisition financing. Located at 6724-6565 185th Ave. NE and 18758-18640 NE 67th Court, Redmond East is a 292,100-square-foot, institutional quality property currently 98 percent leased to nine tenants.
MARYSVILLE, WASH. — KeyBank Real Estate Capital has originated $25.9 million in CMBS first-mortgage financing for The Marketplace at Smokey Point, located at 2615 172nd St. in Marysville. Completed in 2016, the 185,352-square-foot retail center comprises 10 single-story buildings. Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, Party City, Tuesday Morning and Fitness Evolution are current tenants at the 19-tenant property. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and 30-year amortization schedule. The undisclosed borrower will use loan proceeds to refinance existing debt.