Washington

Pathfinder Partners Acquires 125-Unit Multifamily Property Near Seattle for $18M

by Amy Works July 3, 2018

FIFE, WASH. — Pathfinder Partners has purchased Astoria Apartments, a 125-unit multifamily community located at 5700 23rd St. in Fife, a city in the Seattle-Tacoma metro area, for $18 million. Built in 1982, the property features 12 two-story residential buildings comprising 68 one-bedroom/one-bath units, 53 two-bedroom/one-bath units and four three-bedroom/two-bath units. Each unit has a private entry, fully equipped kitchen, fireplace and a patio or balcony. On-site amenities include a leasing office, resident clubhouse, fitness center, children’s playground area, outdoor patio seating, dog park, indoor pet wash station and covered parking. Pathfinder plans to implement an interior renovation program on the un-renovated units, as well as the enhancement of currently renovated units, the addition of washers/dryers to all units and upgrades to the landscape, hardscape and common-area amenities. Giovanni Napoli and Phil Assouad of Kidder Mathews represented the buyer and undisclosed seller in the transaction.

July 3, 2018

Acquisitions Multifamily Washington Western

Security Properties Buys 248-Unit Multifamily Property Near Olympia for $54.5M

by Amy Works June 29, 2018

LACEY, WASH. — Security Properties, along with a university endowment, has acquired Marq on Martin, a multifamily property located at 8545 Litt Drive SE in Lacey, a suburb of Olympia. An undisclosed seller sold the property for $54.5 million. Constructed in 2017, the property consists of 248 apartment units across 10 residential buildings. Situated on 12 acres, the property features a mix of one- and two-bedroom floor plans with an average unit size of 831 square feet. With this acquisition Security Properties now owns 18 assets totaling more than 4,000 units in the Puget Sound marketplace. Security Properties Residential, an affiliate of Security Properties, will manage the property.

June 29, 2018

Development Multifamily Seniors Housing Washington Western

Alliance Residential Launches Active Adult Brand, Breaks Ground on Seniors Housing Community Near Seattle

by Amy Works June 29, 2018

TUKWILA, WASH. — Alliance Residential Co., one of the largest multifamily developers and managers in the country, has broken ground on Marvelle at Southcenter, an active adult community in the Seattle suburb of Tukwila. The 166-unit community marks the launch of Alliance’s active adult brand, Marvelle. The developer noted that baby boomer demand has been strong at its standard multifamily communities, leading it to start building age-restricted properties. Besides the age restrictions, the Marvelle community will also offer 13,000 square feet of indoor amenity space, more than double the common space at its standard apartment complexes. It is also a transit-oriented development and located near the Southcenter area’s many restaurants, retail shops and medical facilities. Urbal Architecture designed the seven-story, 235,828-square-foot property. Apartments range from 500 square feet to more than 1,200 square feet. The community is scheduled to open in fall 2019.

June 29, 2018

Acquisitions Retail Washington Western

Marcus & Millichap Negotiates $3.1M Sale of Retail Property in Seattle

by Amy Works June 21, 2018

SEATTLE — Marcus & Millichap has brokered the sale of a retail property located at 5201 Ballard Ave. NW in Seattle. A limited liability company acquired the property from a private investor for $3.1 million. Built in 1905, the two-story building features 10,540 square feet of retail space. Brian Mayer and Clayton Brown of Marcus & Millichap’s Seattle office represented the seller, while Mayer also represented the buyer in the transaction.

June 21, 2018

Acquisitions Office Washington Western

Swift Real Estate Partners Acquires 145,578 SF Office Property in Metro Seattle for $45.4M

by Amy Works June 11, 2018

BELLEVUE, WASH. — Swift Real Estate Partners has purchased Oakhurst Center, a two-building office property located at 14335 and 14475 NE 24th St. in Bellevue. Barings, on behalf of an institutional investor, sold the property for $45.4 million. At the time of sale, the 145,578-square-foot property was 79 percent occupied and leased. Kevin Shannon, Nick Kucha, Ken White, Tim O’Keefe, Mike Schreck, Michael Moll, James Childress and Bill DeLacy of NKF Capital Markets represented the seller, while the buyer was self-represented in the deal.

June 11, 2018

Acquisitions Office Washington Western

Norris & Stevens Negotiates $6.1M Purchase of Office Complex in Vancouver, Washington

by Amy Works June 11, 2018

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.

June 11, 2018

Acquisitions Office Washington Western

LaSalle Buys 131,000 SF Office Building in Seattle

by Amy Works June 8, 2018

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.

June 8, 2018

Acquisitions Healthcare Office Washington Western

Colliers Brokers $3M Sale of Medical Office Property in Metro Seattle

by Amy Works May 31, 2018

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.

May 31, 2018

Acquisitions Office Washington Western

Colliers Negotiates $7.7M Sale of Medical Office Property in Metro Seattle

by Amy Works May 30, 2018

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.

May 30, 2018

Acquisitions Arizona California Multifamily Seniors Housing Washington Western

MBK to Acquire Nine-Property Seniors Housing Portfolio in West for $382M

by Amy Works May 29, 2018

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.

May 29, 2018

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