SEATTLE — Regency Centers Corp. has acquired Roosevelt Square, a 150,000-square-foot, multi-level shopping center in Seattle. The Puget Sound Business Journal reports TH Real Estate, an affiliate of Nuveen, sold the asset for $68.3 million. Whole Foods Market anchors the center, which was fully leased at the time of sale to tenants such as Dania Furniture, Umpqua Bank, Starbucks Coffee, Mattress Firm and Bartell Drugs Store.
CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.
SPOKANE, WASH. — The Wolff Company has started construction of Revel Spokane, a 132-unit independent living community in Spokane. The development is slated to open in 2018. This project is the seventh senior living community developed by Wolff since 2016. The Arizona-based private equity firm intends to invest $300 million to $400 million annually in the development of independent living communities, in addition to purchasing existing communities.
SEATTLE — Takenaka Corp. has purchased Tilt49, a 290,573-square-foot office building in Seattle, for $268.5 million. The Class A building is located at 1812 Boren Ave. in the Denny Triangle area of the city. Tilt49 is triple-net leased to Amazon through 2033. The newly constructed project includes 1,646 square feet of retail leased to Mighty-O Donuts. NKF represented the seller, a joint venture between Principal Real Estate Investors and Touchstone. The firm’s Kevin Shannon, Ken White, Rob Hannan, Tim O’Keefe and Michael Moll executed the transaction. The 11-story creative office property is nearby more than 100 restaurants, 3,000 hotel rooms, 28,000 urban residential units and public transit. The Denny Triangle submarket has experienced a 51 percent increase in average asking lease rates over the past three years, according to NKF. Tilt49 sold for $924 per square foot. This is approximately about $40 per square foot more than the recently sold Midtown 21 office property, which is situated adjacent to Tilt49 and also leased to Amazon. “The buyer [was sourced] via an ad hoc Asia/Pacific roadshow to four countries,” Shannon says. “As a result, we identified a strong buyer and achieved record-setting pricing for a Seattle office property. Takenaka is a …
RENTON, WASH. — KeyBank’s Commercial Mortgage Group has arranged $49.1 million in financing for the 359-unit Regency Woods Apartment Homes in Renton. The community is located at 1650 Eagle Ridge Drive South. Regency Woods was built between 1967 and 1969. It was renovated in 2010. The seven-year loan features a 30-year amortization schedule. It was used to refinance existing debt. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the loan.
SEATTLE — Peregrine Realty Partners has purchased North Creek Parkway Center, a 205,554-square-foot flex industrial/office park in the North Creek submarket east of Seattle, for $36.5 million. The six-building center is located at 11804-18916 North Creek Parkway. Almost half of North Creek Parkway Center’s tenants have leased space in the park for 10 plus years, including anchor Alder Biopharmaceuticals. HFF represented both the buyer and seller, an affiliate of KBS Capital Advisors, in this transaction.
ISSAQUAH, WASH. — Kennedy Wilson (KW) has purchased the 343-unit Atlas apartment complex in the Seattle suburb of Issaquah for $135 million. The community is located at 1036 7th Ave. NW. Atlas features a mix of studio, one- and two-bedroom units ranging from 513 square feet to 1,239 square feet across five mid-rise buildings. The brand-new community includes a fitness center and exercise studio, co-working pods, lounge areas, fire pit, and large outdoor courtyard with seating and barbecue grills. Atlas was one of four properties acquired through a 1031 exchange with proceeds generated from the recent sale of Summer House, a wholly owned, 615-unit apartment community in Alameda, Calif. KW invested $52 million of equity and secured a 10-year, interest-only loan for $84 million at a fixed-rate of 3.86 percent.
SEATTLE — Kennedy Wilson (KW) has purchased four multifamily properties in the Pacific Northwest. The portfolio contains a total of 996 units. Prices were not disclosed. The transaction includes the 210-unit Latitude in Happy Valley, Ore., and the 264-unit Heatherwood in Gresham, Ore. It also includes two multifamily assets in the greater Seattle and Portland areas containing a total of 522 units. KW purchased the assets through a 1031 exchange. The firm recently sold the 615-unit Summer House in Alameda, Calif., for $231 million and Gardner House, a 75,600-square-foot office building in Dublin, Ireland, for $73 million. The sales are expected to generate a profit of $130 million for KW.
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.
