Washington

Wells Fargo Wealth Management Buys 94,739 SF Industrial Complex in Metro Seattle

by Amy Works May 9, 2018

SEATAC, WASH. — Wells Fargo Wealth Management has purchased Olympic Industrial Park, a two-building, 94,739-square-foot industrial complex located in SeaTac, a suburb of Seattle. Avenue 55, on behalf of an undisclosed 1031 exchange buyer, sold the asset for $12.9 million. At the time of sale, the 75,588-square-foot property located at 19111 Des Moines Memorial Drive was fully leased to a variety of tenants, including Alaska Airlines/Horizon Air, Seattle Air Cargo and BlueStar Refreshment Services. Built in 1983, the building features 26 loading dock doors, seven grade levels and 20-foot clear heights. The second building, located at 1200 S. 192nd St., is a 20,548-square-foot office property built in 1983 and renovated in 2015. At the time of sale, International Rescue Committee, Carmichael International Service, Argent Express Group and Sea & Air Transport occupied the property. Scott Alan and Patrick Mullin of Colliers International represented the seller in the deal.

May 9, 2018

Development Multifamily Seniors Housing Washington Western

Capitol Seniors Housing Completes Renovations of Four Communities in Seattle

by Amy Works May 2, 2018

SEATTLE — Capitol Seniors Housing, a Washington, D.C.-based private equity firm, has completed renovations to four of its independent living and assisted living communities in the Seattle metro area. MBK Senior Living, based in Irvine, Calif., operates all four properties. The communities include Northgate Plaza, Mountlake Terrace, The Creekside and Island House. Renovations included the addition of wine/coffee bistro areas, activity spaces, fitness rooms, game rooms and libraries. Interior work included new furniture, fixtures, flooring, paint, cabinets and lighting upgrades. Community exteriors received fresh paint and landscaping. Residential suite renovations included new paint, flooring, quartz countertops, stainless steel appliances and light fixtures.

May 2, 2018

Loans Multifamily Washington Western

CBRE Arranges $11.3M in Financing for Apartment Complex in Richland, Washington

by Amy Works May 1, 2018

RICHLAND, WASH. — CBRE Capital Markets’ Debt & Structured Finance team has secured $11.3 million in financing for The Commons at Innovation Center, an apartment complex located at 2894 Salk Ave. within the Tri-Cities Research District of Richland. The borrower is The Commons Apartments LLC. Built in 2017, the 95,102-square-foot apartment complex features four three-story residential buildings with a clubhouse/leasing office, fitness facility and an outdoor patio with swimming pool, hot tub, outdoor gas fireplace and grill area. The property features 150 units in a mix of studio, one- and two-bedroom layouts, averaging 634 square feet. David Stinebaugh of CBRE’s Seattle office arranged the long-term, fixed-rate loan, which was financed with Freddie Mac’s lease-up refinancing program. Tri-Cities Research District is a 1,700-acre research park with major property owners such as Battelle, U.S. Department of Energy, the Port of Benton and Washington State University.

May 1, 2018

Acquisitions Multifamily Seniors Housing Washington Western

JCH Brokers $7.4M Sale of Seniors Housing Community in Central Washington State

by Amy Works April 27, 2018

WENATCHEE, WASH. — JCH Senior Housing Investment Brokerage has arranged the sale of Riverwest Senior Living, a 65-unit independent living and assisted living community in the Central Washington city of Wenatchee. A group of seniors housing industry veterans sold the property to a 1031 exchange buyer for $7.4 million. The deal also included the placement of a new operator, simplifying the asset transfer. Jim Hazzard and Nick Stahler were JCH’s lead agents on the transaction.

April 27, 2018

Acquisitions Industrial Washington Western

Andover/CORFAC Brokers Sale of Industrial Building in Washington’s Puget Sound Region

by Amy Works April 23, 2018

FEDERAL WAY, WASH. – The Andover Co./CORFAC International has arranged the sale of an industrial property located at 2835 S. 344th St. in Federal Way, about 22 miles south of Seattle. Khalsa Gurmat Center purchased the 10,578-square-foot building from Federal Way Campus LLC for an undisclosed price. Brian Bruinink, Mike Hemphill and Jim Bisset of Andover/CORFAC represented the seller, while Jeff Crane, also with Andover/CORFAC, represented the buyer in the deal.

April 23, 2018

Acquisitions Office Washington Western

Spire Real Estate Acquires 68,766 SF Office Building in Bellevue, Washington

by Amy Works April 20, 2018

BELLEVUE, WASH. – Spire Real Estate has purchased Swift Gateway, a multi-tenant office building located in Bellevue. The three-story, 68,766-square-foot building was renovated in 2016. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured a five-year, $14.5 million acquisition loan with a 30-year amortization schedule on behalf of Spire. Newmark will service the non-recourse financing.

April 20, 2018

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of Super 8 Hotel in Port Angeles, Washington

by Amy Works April 20, 2018

PORT ANGELES, WASH. – Crystal Investment Property (CIP) has brokered the sale of a Super 8 hotel located at 2104 E. First St. in Port Angeles. An undisclosed buyer acquired the 63-key hotel. The fully staffed, turn-key hotel features a large lot with ample truck and RV parking. Joseph Kennedy of CIP represented the buyer and undisclosed seller in the sale. The acquisition price was not released.

April 20, 2018

Loans Office Washington Western

Newmark Secures $15M Acquisition Loan for 71,329 SF Office Building in Bellevue, Washington

by Amy Works April 19, 2018

BELLEVUE, WASH. – Newmark has arranged $15 million in acquisition financing for Mercer Pointe, a single-tenant office building located within the Bellevue Office Park in Bellevue. The borrower is Spire Real Estate, a subsidiary of Vancouver-based Nicola Crosby Wealth Management. OfferUp.com occupies the 71,329-square-foot, Class A building. OfferUp is an online, mobile marketplace that gives consumers a platform to buy and sell products locally. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured the 25-year, fully amortizing, full-recourse loan, which will be serviced by Newmark.

April 19, 2018

Acquisitions Industrial Washington Western

Colliers Brokers $14.5M Sale of 102,882 SF Industrial Portfolio in Metro Seattle

by Amy Works April 19, 2018

TUKWILA AND KENT, WASH. – Colliers International has arranged the sale of a two-building industrial portfolio located in Tukwila and Kent, two southern suburbs of Seattle. LBA Realty purchased the portfolio from a private investor for $14.5 million. The portfolio includes the 72,882-square-foot Andover Park East, located at 720-790 Andover Park E. in Tukwila, and the 30,000-square-foot Allied Building, located at 19130 84th Ave. S. in Kent. Bill Condon and Matt McGregor of Colliers represented the seller and procured the buyer in the deal.

April 19, 2018

Loans Multifamily Washington Western

Hunt Mortgage Provides $5.1M Refinancing for Multifamily Property in Metro Seattle

by Amy Works April 19, 2018

FEDERAL WAY, WASH. – Hunt Mortgage Group has arranged a $5.1 million loan for the refinancing of Cedar Gardens Apartments, a multifamily property located at 2110 S.W. 337th Place in Federal Way. The borrower is Robert LaFountaine, a local real estate owner/operator. Built in 1980, the property comprises five two-story buildings totaling 49 apartment units. Glenn Gioseffi of Kidder Mathews arranged the Freddie Mac Small Balance loan, which features a five-year term, 30-year amortization schedule and a hybrid-adjustable interest rate. A hybrid-adjustable rate mortgage (hybrid ARM) is where a loan’s interest rate is fixed for an established amount of time and then transitions to an adjustable rate. Cedar Gardens was 98 percent occupied at the time of financing.

April 19, 2018

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