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/818922
C A L I F O R N I A 32 • May 2017 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T CAPITOL HILL PARTNERS BUYS CARROLL AND KENSINGTON APARTMENTS SEATTLE — Capitol Hill Partners has acquired the 58-unit Carroll and Kens- ington Apartments in Seattle for an undisclosed sum. The community is located at 305 Bellevue Ave E. The ac- quisition includes two mid-rise build- ings with shared parking. The Carroll and Kensington Apartments were built in 1908 and 1994, respectively. The historic Carroll Apartments were upgraded in 2003 with seismic retro- fitting. Marty Leith of ARA Newmark represented the seller, Family Apart- ments LLC, in this transaction. JLL ARRANGES SALE OF 821,564 SF SHOPPING CENTER IN SPRINGFIELD SPRINGFIELD, ORE. — JLL has ar- ranged the sale of Shoppes at Gate- way, an 821,564-square-foot shopping center located in Springfield. Target, Walmart Neighborhood Market, Cabela's, Kohl's, Cinemark and Sears anchor the center, which is also home to Marshalls, Ross Dress for Less, Petco, Ulta Beauty, Hobby Lobby and Ashley Furniture. David Monahan and Geoff Tranchina of JLL represented the seller, Rouse Prop- erties LLC, in the disposition of the property to an affiliate of Balboa Re- tail Partners. RIVERWOOD APARTMENTS AND TOWNHOMES IN GRANTS PASS SELLS FOR $15.1 MILLION GRANTS PASS, ORE. — The 136-unit Riverwood Apartments and Town- homes in Grants Pass has sold to Mactrust LLC for $15.1 million. The community is located at 1625 SE N Street. Riverwood was completed in stages between 1989 and 1992. The LLC plans to continue renovating the property. The seller was Camelot 16 LLC. The transaction was executed by HFO Investment Real Estate. MODERA GOOSE HOLLOW APARTMENTS IN PORTLAND SELLS FOR $47.5 MILLION PORTLAND, ORE. — The 134-unit Modera Goose Hollow apartments has sold to an unnamed buyer for $47.5 million. The community is lo- cated at 2004 SW Jefferson Street. It was built in 2016. The property sits across the street from a MAX light rail system train station. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and the seller, a partnership of Mill- creek Trust and a Global Real Estate Investment Manager, in this transac- tion. UNION INVESTMENT BUYS HILTON GARDEN INN IN DOWNTOWN SEATTLE FOR $90 MILLION SEATTLE — Union Investment has purchased the 222-room Hilton Gar- den Inn in Downtown Seattle for $90 million. The hotel is located at 1821 Boren Ave. This is the Hamburg-based real estate investment manager's first acquisition on the West Coast. AMERICAN BANK BUILDING IN PORTLAND TRADES FOR $53 MILLION, UNDERGOES RECAPITALIZATION PORTLAND, ORE. . — ScanlanKem- perBard Companies (SKB) has sold the historic American Bank Building in Portland's central business district for $53 million. The 15-story creative office building is located at 621 SW Morrison Street. The American Bank Building was built in 1914.The property was 61 per- cent leased to tenants like Wells Fargo and The Department of Justice. SKB was represented by HFF's Nick Kucha. The firm also recapitalized the property with Lionstone Investments, arranging a four-year, floating-rate loan through CIT Bank for the new partnership. MADISON MARQUETTE TO REDEVELOP PACIFIC PLACE IN DOWNTOWN SEATTLE SEATTLE — Madison Marquette is set to begin the redevelopment of Pacific Place, a 339,000-square-foot retail cen- ter located in Downtown Seattle. Barney's New York and Tiffany & Co. anchor the four-story center, which is also home to tenants includ- ing AMC Theatres, Barnes & Noble, Kate Spade New York, lululemon ath- letica and Victoria's Secret. The multi- million dollar renovation — designed by architectural firm Gensler — will include remodeling the center's com- mon areas and the addition of a new entrance, and new shopping and din- ing space. The project is scheduled to begin in the fourth quarter of 2017, with the first phase opening in fall 2018. BERKELEY POINT CAPITAL PROVIDES $250.5 MILLION LOAN FOR ACQUISITION OF MULTIFAMILY PORTFOLIO IN WESTERN REGION WASHINGTON, OREGON, COLORA- DO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifami- ly portfolio located in the Western U.S. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Fred- die Mac's Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the prop- erties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac's production cap. Charlie Haggard and Kevin Mig- nogna of Berkeley Point Capital ar- ranged the financing. LANCASTER POLLARD ARRANGES $5.3 MILLION FANNIE MAE FINANCING FOR COMMUNITY MILWAUKIE, ORE. — Lancaster Pol- lard has arranged a $5.3 million Fan- nie Mae loan for BPM Senior Living. The loan provides capital for Royal- ton Place, a 70-unit assisted living and memory care community in the Port- land suburb of Milwaukie. The financing is part of the owner's plan to replace the existing third-party operator, instead taking over manage- ment of the community itself. Matt Lindsay led the transaction for Lancaster Pollard, aided by Doug Harper. STAPLES LEASES SPACE AT INTERSTATE CROSSROADS DISTRIBUTION CENTER PORTLAND, ORE. — Staples has leased 263,413 square feet of industri- al space at Interstate Crossroads Dis- tribution Center (ICDC) in Portland. The center is situated in the Portland's Airport Way industrial submarket at 16441 NE Cameron Blvd. Staples will use the facility for the warehousing and distribution of con- sumer goods. ICDC was represented by Paul Breuer and Jerry Matson of the Port- land office of Colliers International. The Hilton Garden Inn hotel in Downtown Seattle has 222 rooms, including six exclusive suites, across 153,000 square feet of usable space. The 134-unit Modera Goose Hollow apartments sits across the street from a MAX light rail system train station.