Western Real Estate Business

SEP 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 34 • September 2018 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T TRION PURCHASES MULTIFAMILY COMMUNITY FOR $10.5 MILLION ALOHA, ORE. — Trion Properties has acquired Springbrook Gardens, a multifamily property located at 6300 SW 188th Court in Aloha, a suburb of Portland. A private seller sold the property for $10.5 million in an off- market transaction. Built in 1971, the property features 84 apartments in a mix of one- and two-bedroom floorplans spread across 21 four-plex buildings. Trion Properties plans to complete strategic value-add renova- tions to the asset, including upgrades to kitchen cabinetry and appliances, unit flooring, bathroom cabinetry and countertops, as well as renovations to exterior landscaping and outdoor amenities. Liz Tilbury and Ben Mur- phy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal. Continental Partners arranged a $5.4 million acquisition loan for the borrower. COMPASS COMMERCIAL ARRANGES SALE OF OFFICE BUILDING BEND, ORE. — Compass Commer- cial has brokered the sale of an office building located on 0.4 acres at 40 NW Greenwood Ave. in Bend. How- ard Friedman, Jay Lyons and Grant Schultz of Compass Commercial Real Estate Services represented the undis- closed buyer and undisclosed seller in the deal. The transaction was valued at $1.6 million. SECURITY PROPERTIES BUYS 248-UNIT MULTIFAMILY COMMUNITY LACEY, WASH. — HFF has secured an undisclosed amount of financing for The MARQ on Martin, a multifamily community located at 8545 Litt Drive SE in Lacey. Security Properties, the borrower, used the loan to acquire the property, which was completed ear- lier this year. Charles Halladay, Scott Gilson and Robert Bova of HFF ar- ranged a 10-year, fixed-rate loan with five years of interest-only payments through Freddie Mac for the borrow- er. HFF will service the securitized loan. The MARQ on Martin features 248 units in a mix of studio, one- and two-bedroom layouts offering stain- less steel appliances, in-unit washers/ dryers, and walk-in closets. Commu- nity amenities include a swimming pool, spa, sundeck and lounging area, courtyard, an outdoor grilling and dining area, a 24-hour fitness center, and a clubhouse with fireplace, bil- liards and entertainment kitchen. KOELSCH COMMUNITIES COMPLETES $17 MILLION MEMORY CARE COMMUNITY EDMONDS, WASH. — Koelsch Com- munities has completed Cedar Creek Memory Care Community, a 60-unit memory care community in the Seat- tle suburb of Edmonds. Project costs were just over $17 million. Wells Fargo provided $13 million in financ- ing, and the remainder came from private investors. Cedar Creek was designed with what Koelsch calls "historical surprises." The commu- nity features several rooms designed to look like the 1950s, including a Ju- lia Child-style kitchen, a garage fea- turing a classic car and a great room designed to look like the interior of a traditional log cabin. More than 50 percent of the rooms were reserved prior to the opening of Cedar Creek. Koelsch Communities operates 29 seniors housing properties in eight states, with nine new communities in development. COLUMBIA PACIFIC ADVISORS TO ACQUIRE HAWTHORN RETIREMENT GROUP SEATTLE — Columbia Pacific Advi- sors, a Seattle-based investment firm, has agreed to acquire Vancouver, Wash.-based seniors housing owner- operator Hawthorn Retirement Group for an undisclosed price. Hawthorn owns, develops and operates commu- nities located across 20 U.S. states and two Canadian provinces. Hawthorn currently operates 55 communities, with another 24 communities under construction or in pre-development. In addition to the real estate portfo- lio, the acquisition will include Haw- thorn's management and construction businesses. The principal owners of Hawthorn — Bart Colson, Brad Col- son, Norm Brenden and Pat Kennedy — have all known and worked with Columbia Pacific co-founder Dan Baty for many years. Bill Colson and Dan Baty were the primary owners of Holiday Retirement prior to its sale to Fortress Investment Group in 2007. Bart Colson and Brad Colson are Bill's sons, and Bart was Holiday's COO for 10 years prior to the sale to Fortress. Norm Brenden and Pat Kennedy were also high-ranking executives at Holi- day. LINCOLN PROPERTY CO. BUYS 103,494 SF OFFICE BUILDING FOR $58.7 MILLION SEATTLE — Lincoln Property Co. has purchased 501 Eastlake, an office property located in Seattle's South Lake Union submarket. LBA Re- alty sold the five-story property for $58.7 million, or $568 per square foot. Built in 2002, the 103,494-square-foot property features an on-site athletic facility and walkable amenities. At the time of sale, the building was 79 percent leased to a variety of tenants, including the regional headquarters of Capital One. Kevin Shannon, Nick Kucha, Michael Moll, Tim O'Keefe and James Childress of NKF Capital Markets represented the seller in the transaction. C O M M E R C I A L R E A L E S T A T E D E B T , E Q U I T Y & S E R V I C I N G Consistency. Comfort. Confidence. At NorthMarq, the senior-level professionals who handle your loan from the outset remain focused and involved in your needs through closing and beyond. Direct access to a high-caliber team deeply familiar with your loan means faster, more efficient transactions, clearer communication and better support for the entire life of your loan. WESTERN REGION ALBUQUERQUE DENVER L AS VEGAS LOS ANGELES PHOENIX SAN DIEGO SALT L AKE CIT Y SAN FRANCISCO SE AT TLE Connect with your local expert @ northmarq.com/offices High-touch service from the highest-caliber professionals... Always. NORTHMARQ CAPITAL, LLC – NEVADA LIC. #3728 At the time of sale, 501 Eastlake in Seattle was 79 percent occupied by a variety of office tenants.

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