Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/595440
C A L I F O R N I A 14 • November 2015 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T KEMPER DEVELOPMENT RECEIVES $220 MILLION REFINANCE FOR EDDIE BAUER BUILDING IN BELLEVUE BELLEVUE, WASH. — Kemper De- velopment Company has received $220 million to refnance the Ed- die Bauer Building in Bellevue. The 538,705-square-foot ofce building is situated within the Bellevue Collec- tion on the corner of NE 8th and Bel- levue Way NE. The Class A building is fully leased to Eddie Bauer and Microsoft Corpo- ration. The Bellevue Collection con- tains retail, ofce, hotel and residen- tial properties. It features more than 250 retail brands, dozens of restau- rants, more than 1 million square feet of Class A ofce space and more than 1,000 hotel rooms. Financing was provided by TIAA- CREF. Kemper Development was rep- resented by Dave Karson, Alex Her- nandez and Chris Moyer of Cushman & Wakefeld Equity. URBAN UNION OFFICE DEVELOPMENT IN SEATTLE RECEIVES $88 MILLION SEATTLE — Urban Union, a 291,000-square-foot ofce development in Seattle, has received an $88 million construction loan. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story bou- tique ofce building featuring 284,357 square feet of ofce space, 6,725 square feet of ground-foor retail space and a 392-space subterranean parking ga- rage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be di- vided into smaller meeting spaces. The development is scheduled for completion in March 2016. The devel- oper is Schnitzer West. The loan was arranged by HFF's Michael Tepedi- no, Jennifer Keller and Tom Wilson through Blackstone Real Estate Debt Strategies and Bank of the Ozarks. SKYLARK ASSISTED LIVING IN ASHLAND SELLS FOR $10.8 MILLION ASHLAND, ORE. — Skylark Assisted Living, a 75-unit assisted living and 34-bed memory care facility in Ash- land, sold for $10.8 million. Located in East Portland, Hawthorne Gardens was built in 2007 and was 88 percent occupied at the time of the sale. Sky- lark Assisted Living, located within the Mountain Meadows age-restricted community, opened in 1997. Skylark was 90 percent occupied at the time of the sale. Dan Mahoney and Tony Cassie, directors of Marcus & Mil- lichap's National Seniors Housing Group in Portland, represented the sellers and procured the buyer in this transaction. HFF SECURES $24.8 MILLION FINANCING FOR RETAIL CENTER IN WASHINGTON VANCOUVER, WASH. — Holli- day Fenoglio Fowler (HFF) has ar- ranged $24.8 million in proceeds to fnance Hazel Dell Towne Center, a 264,191-square-foot retail center locat- ed in Vancouver, Washington. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Com- mercial Realty LLC, to place the fve- year, foating-rate loan with East West Bank. Tenants at the 84 percent leased center include Kohl's, Bed Bath & Be- yond, Petco, Ofce Depot, Party City, Payless ShoeSource and Supercuts. SPRING GARDEN APARTMENTS IN PORTLAND SELLS FOR $4.4 MILLION PORTLAND, ORE. — The 44-unit Spring Garden apartments in Port- land has sold to Trion Properties for $4.4 million. The community is locat- ed at 2222 SW Spring Garden Street. It was built in 1967. Clay Newton and Jordan Matthews of Kidder Matthews represented both the buyer and seller in this transaction.