SEATTLE — Greenbridge Investment Partners has completed the renovation of Georgetown Squared (G2), a five-story office building in the Georgetown neighborhood of Seattle. The building is located at 5601 Sixth Ave. South. G2 is currently 76 percent occupied. Notable tenants include Iridio Studios, Builders Capital, Andersen Construction, Archbright, Darigold, Girl Scouts of Western Washington, Leukemia & Lymphoma Society and Netfortris. The American Lung Association will soon move into G2. G2 was originally built as a showroom for the adjacent Seattle Design Center. The renovations include new floor-to-ceiling windows, bringing natural light and panoramic views of the Seattle skyline and Mt. Rainier into the building. It also includes a new exterior monument sign, refreshed concrete and tile flooring, new and refurbished elevators, and atrium seating. Tenant amenities include a gym, contemporary conference center, on-site parking and new restaurant concepts that will open in 2018.
SEATTLE — Colliers International has arranged the sale of Prexy Apartments, a 70-bed student housing community located near the University of Washington in Seattle’s University District. The property offers studio, one- and two-bedroom units. Shared amenities include a rooftop lounge and smartphone application-controlled thermostats, locks and lighting. Dylan Simon, Jerrid Anderson and Dorothy Jackman of Colliers International represented the seller, Daly Partners, in the disposition of the property to Ordos Udon LLC.
SEATTLE — Harborview Capital Partners has arranged five loans totaling $14.7 million for a 127-unit multifamily portfolio in Seattle. The Freddie Mac loans provided cash-out to the borrower and feature interest rates below 4 percent. Harborview’s Jeffrey Fuchs closed the loans.
LACEY, WASH. — Dermody Properties has purchased Meridian Campus Corporate Park, a 777,579-square-foot industrial park in the Seattle submarket of Lacey, for an undisclosed sum. The park is located at 9107, 9127 and 9225 Polaris Lane. Meridian Campus Corporate Park contains three Class A buildings that feature 30-foot clear heights. The acquisition also includes 18 acres of land where Dermody plans to develop a new distribution building. The new facility will contain 318,028 square feet with a 36-foot clear height and 80 trailer parking stalls. Construction is expected to begin this November. CBRE’s Monte Decker and Andrew Hitchcock will market the property for lease. Dermody acquired the park from the California State Teachers’ Retirement System (CalSTRS).
FULLERTON, CALIF., AND VANCOUVER, WASH. — Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers on the West Coast for a total of $96.5 million. The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, and Riverstone Marketplace, a 108,323-square-foot, grocery-anchored shopping center in Vancouver. Fullerton Crossroads was built in 1971 at 3200–3362 E. Yorba Linda Blvd. It was renovated in 1996 and 2005. The center is 98 percent leased to tenants like Ralphs, Kohl’s, JoAnn Fabric & Craft and Daiso Japan. Riverstone Marketplace is located at 19215 and 19221 S.E. 34th St. and 3415, 3425 and 3505 S.E. 192nd Ave. in the Fisher’s Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor. ROIC represented itself in this stock transaction, while JLL’s Geoff Tranchina represented the seller, the Uhlmann Family Trust. “The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high-quality, West Coast retail real estate,” says Tranchina. “These unique tax-deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities and provide liquidity flexibility in the …
KIRKLAND, WASH. — Capital Pacific has arranged the $9.1 million sale of Totem Lake Center, a 7,600-square-foot shopping center in Kirkland, 11 miles northeast of Seattle. Capital Pacific arranged the transaction on behalf of the seller, Madison Development Group, and the buyer, a private family trust. Completed this year, Totem Lake Center is fully leased to MultiCare and Mattress Firm.
GIG HARBOR, WASH. — Emerald Communities has opened Heron’s Key, an 18-acre continuing care retirement community (CCRC) in the Seattle suburb of Gig Harbor. Development costs were estimated at $145 million. Ziegler provided bond financing for the project and construction began in June 2016. The community offers a total of 275 units: 184 independent living apartments, 10 independent living cottage homes, 36 assisted living apartments and 45 private skilled nursing beds. Independent living homes range from 729 to 1,800 square feet. Heron’s Key offers an financing plan that includes a one-time, 75 percent-refundable entrance fee. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities, a Seattle-based operator.
TACOMA, WASH. — Berkeley Point Capital has provided a $9.3 million FHA 232/223(f) refinancing for Spring Ridge Assisted Living & Memory Care, a 63-unit seniors housing community in the Seattle suburb of Tacoma. The loan replaces the existing debt on the property, which was for the acquisition, renovation and expansion of the property. Tom White led the transaction out of Berkeley Point’s Bethesda, Md., office. The loan features a 3.45 percent interest rate and an 80 percent loan-to-value ratio.
EVERETT, WASH. — Brixton Capital has purchased Everett Mall, a 490,949-square-foot shopping center located in Everett, 28 miles north of Seattle. Everett Mall is home to a mix of national, regional and local tenants including Regal 16 Cinemas, LA Fitness, Burlington Coat Factory, Sears, Party City and Ulta Beauty. The seller and sales price were not disclosed.
SILVERDALE, WASH. — Carter Validus Mission Critical REIT II has acquired Silverdale Healthcare Facility, a 26,127-square-foot medical office building, for $9.6 million. The building is situated in Silverdale, just west of Seattle. The facility was built in 2005. Notable tenants include Surgery Center of Silverdale and Retina Center Northwest. The weighted average remaining lease term is 9.96 years. The property provides outpatient surgical care across multiple specialties including general surgery, orthopedics, ocular and facial plastic surgery, and ophthalmology.