Washington

CBRE Arranges Sale, Financing of Eight-Building Flex Portfolio in Redmond, Washington

by Amy Works May 16, 2018

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.

May 16, 2018

Loans Retail Washington Western

KeyBank Originates $25.9M in Financing for Retail Center in Marysville, Washington

by Amy Works May 10, 2018

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.

May 10, 2018

Acquisitions Industrial Washington Western

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

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