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/873170
C A L I F O R N I A & H A WA I I 36 • September 2017 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T / A L A S K A MRM CAPITAL BUYS THE PLAZA AT NORTH CREEK IN BOTHELL BOTHELL, WASH. — MRM Capi- tal has purchased the Plaza at North Creek, a 194,074-square-foot office campus in the Seattle submarket of Bothell, for an undisclosed sum. The flagship campus is located at 18911 and 19015 North Creek Parkway, about 13 miles northeast of Down- town Seattle. The Plaza at North Creek is 80.7 per- cent leased to tenants like Allstate and SNC-Lavalin. It has a 10-year histori- cal average occupancy of 92 percent HFF's Nick Kucha and Dave Otis represented both the buyer and un- named seller in this transaction. JLL INCOME PROPERTY TRUST BUYS JORY TRAIL AT THE GROVE IN PORTLAND FOR $75 MILLION PORTLAND, ORE. — JLL Income Property Trust has purchased the 324- unit Jory Trail at the Grove apartment complex in Portland for $75 million. The Class A community is situated along Interstate 5 in the submarket of Wilsonville. Jory Trail is situated near major em- ployers like Xerox, Mentor Graphics, Rockwell Collins and Tyco. The acqui- sition is in line with JLL's strategy to invest in high-quality apartment as- sets in strong-performing areas that boast a combination of top incomes and school districts. CAPITAL ONE CLOSES $12 MILLION HUD REFINANCING FOR 128-BED SKILLED NURSING FACILITY NEAR PORTLAND GRESHAM, ORE. — Capital One has provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a 128-bed skilled nursing facility in the Portland suburb of Gresham. Regency Gresham was built in 1960 and expanded in 1976. The owners re- cently converted four-person rooms and semi-private rooms to private ones. The sponsors will use proceeds of the loan to extend their renovation program to other areas of the facility, modernize the building's infrastruc- ture, improve common area appear- ance, and enable additional therapy services. Joshua Rosen originated the trans- action. NELSON BROTHERS ACQUIRES 184-BED COMMUNITY NEAR WASHINGTON STATE UNIVERSITY PULLMAN, WASH. — Nelson Broth- ers Professional Real Estate LLC has acquired College Crest Apartments, a 184-bed student housing community located near Washington State Uni- versity in Pullman. The garden-style community offers two-, three- and four-bedroom units. Highland Realty Capital Inc. served as the broker for the transaction. Calmwater Capital provided $7.6 mil- lion in senior debt for the acquisition of the property and for renovations, to include unit upgrades and the conver- sion of 39 three-bedroom units into four-bedroom units. The credit facility a$5.6 million senior secured term loan and a more than $2 million delayed draw term loan for capital expendi- tures. GRANITE INVESTMENT GROUP ACQUIRES TWO-PROPERTY MEMORY CARE PORTFOLIO IN PORTLAND PORTLAND, ORE. — Granite Invest- ment Group has acquired Tabor Crest, a two-property memory care com- pany in East Portland, for an undis- closed price. One of the facilities was complet- ed in 2016 and was leased up in six months. The second was acquired by the sellers in 2004 and underwent im- provements to the facility and opera- tions. Avalon Health Care Group will op- erate the 60-unit portfolio. Congressional Bank provided a bridge loan as part of the transaction. Housing and Healthcare Finance will process the permanent HUD loan. Based in Irvine, Calif., Granite is a privately held investment manage- ment firm. WITHAM HILL OAKS APARTMENTS IN CORVALLIS SELLS FOR $56 MILLION CORVALLIS, ORE. — The 420-unit Witham Hill Oaks Apartments in Cor- vallis has sold to an unnamed buyer for $56 million. The community is lo- cated at 4275 NW Clubhouse Place. The 50-building property was built in three phases in 1968, 1977 and 1998. Witham Hill contains one- to three- bedroom units, with amenities like a fitness center, clubhouse, basketball court, children's playgrounds, pool, spa, laundry facilities and covered parking. It's situated less than two miles from the Oregon State University campus, near major employers like Hewlett-Packard and Good Samaritan Regional Medical Center. CBRE's Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Witham Hill Oaks Apartments LLC, in this transaction. CARROLL'S CREEK LANDING NEAR SEATTLE SELLS FOR $60 MILLION SEATTLE — The Carroll's Creek Landing apartment complex in the Seattle submarket of Marysville has sold to JRK Property Holdings for $60 million. The community is located at 18111 25th Ave. Carroll's Creek was built in 2002. It features two- to four-bedroom units. Community amenties include a wel- come center, a basketball half-court, a clubhouse with a fireside lounge and a barbeque and picnic area. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia repre- sented the seller, Maryland-based Gateway Trident LLC, in this transac- tion. The Plaza at North Creek is 80.7 percent leased to tenants like Allstate and SNC-Lavalin. Photo credit: Red Studio ROOFLIFTERS USA RAISES ROOF AT DIMOND MALL IN ANCHORAGE FOR NEW DAVE & BUSTERS ANCHORAGE, ALASKA — Rooflifters USA has completed a 25,200-square- foot roof raising that will allow Dave & Busters to open at the Dimond Mall in Anchorage. The mall modified the space and raised the roof about six feet. The larger height allows tenants like movie theaters, big box retailers and climbing wall facilities to occupy spaces that most traditional retail locations are unable to initially accommodate. The actual roof raising was done overnight. It's part of a massive reconfiguration for the Dimond Center remodel and expansion project. The 44,000-square- foot Dave & Buster's is slated to open in 2018. Dimond Mall in Anchorage, Alaska.