Western Real Estate Business

JUN 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 18 • June 2018 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T CBRE ARRANGES $11.3 MILLION IN FINANCING FOR APARTMENT COMPLEX RICHLAND, WASH. — CBRE Capital Markets' Debt & Structured Finance team has secured $11.3 million in fi- nancing for The Commons at Inno- vation Center, an apartment complex located at 2894 Salk Ave. within the Tri-Cities Research District of Rich- land. The borrower is The Commons Apartments LLC. Built in 2017, the 95,102-square-foot apartment com- plex features four, three-story resi- dential buildings with a clubhouse/ leasing office, fitness facility and an outdoor patio with swimming pool, hot tub, outdoor gas fireplace and grill area. The property features 150 units in a mix of studio, one- and two-bed- room layouts, averaging 634 square feet. David Stinebaugh of CBRE's Seattle office arranged the long-term, fixed-rate loan, which was financed with Freddie Mac's lease-up refinanc- ing program. Tri-Cities Research Dis- trict is a 1,700-acre research park with major property owners such as Bat- telle, U.S. Department of Energy, the Port of Benton and Washington State University. MARCUS & MILLICHAP NEGOTIATES SALE OF 1,546-BED STUDENT HOUSING PORTFOLIO IN IDAHO REXBURG, IDAHO — Marcus & Mil- lichap has arranged the sale of an eight-property student housing port- folio located in Rexburg. A Seattle- based firm sold the 1,546-bed port- folio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rock- land; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birch- wood; and the 406-bed Birch Plaza. Although the affiliated school was not named, the small city of Rexburg is home to Brigham Young University Idaho. Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller and procured the buyer in the deal. ALLIANT CREDIT UNION CLOSES $9 MILLION REFINANCING FOR OFFICE PROPERTY IN PORTLAND PORTLAND, ORE. — Alliant Credit Union has closed a $9 million refi- nancing for a newly constructed office property located in Portland's Eastside submarket. The loan replaces the con- struction financing. The 33,351-square- foot property features energy-efficient construction, which is expected to re- sult in LEED Platinum certification. Prior to the receipt of certificate of oc- cupancy, the property was 95 percent pre-leased. The borrower was not disclosed. Casey Davidson of HFF re- ferred the transaction to Alliant. HUNT MORTGAGE PROVIDES $5.1 MILLION REFINANCING FOR MULTIFAMILY PROPERTY FEDERAL WAY, WASH. — Hunt Mortgage Group has arranged a $5.1 million loan for the refinancing of Ce- dar Gardens Apartments, a multifam- ily property located at 2110 S.W. 337th Place in Federal Way. The borrower is Robert LaFountaine, a local real estate owner/operator. Built in 1980, the property comprises five, two-story buildings totaling 49 apartment units. Glenn Gioseffi of Kidder Mathews ar- ranged the Freddie Mac Small Balance loan, which features a five-year term, 30-year amortization schedule and a hybrid-adjustable interest rate. A hy- brid-adjustable rate mortgage (hybrid ARM) is where a loan's interest rate is fixed for an established amount of time and then transitions to an adjust- able rate. Cedar Gardens was 98 per- cent occupied at the time of financing. NEWMARK ARRANGES $11.8 MILLION REFINANCING FOR APARTMENT COMMUNITY BOZEMAN, MON. — Newmark has secured $11.8 million in perma- nent financing for Creekside Apart- ments in Bozeman. The new apart- ment building includes 72 residential units. Demetri Koston of Newmark's Spokane, Wash., office arranged the financing for the undisclosed bor- rower. The non-recourse loan features five years of interest-only payments followed by a 30-year amortization schedule. ANDOVER/CORFAC BROKERS SALE OF INDUSTRIAL BUILDING IN WASHINGTON'S PUGET SOUND REGION FEDERAL WAY, WASH. — The An- dover Co./CORFAC International has arranged the sale of an industrial property located at 2835 S. 344th St. in Federal Way, about 22 miles south of Seattle. Khalsa Gurmat Center pur- chased the 10,578-square-foot build- ing from Federal Way Campus LLC for an undisclosed price. Brian Bru- inink, Mike Hemphill and Jim Bisset of Andover/CORFAC represented the seller, while Jeff Crane, also with Andover/CORFAC, represented the buyer in the deal. SPIRE REAL ESTATE ACQUIRES 68,766 SF OFFICE BUILDING IN BELLEVUE BELLEVUE, WASH. — Spire Real Estate has purchased Swift Gate- way, a multi-tenant office building located in Bellevue. The three-story, 68,766-square-foot building was reno- vated in 2016. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured a five-year, $14.5 million ac- quisition loan with a 30-year amor- tization schedule on behalf of Spire. Newmark will service the non-re- course financing. CAPITOL SENIORS HOUSING COMPLETES RENOVATIONS OF FOUR COMMUNITIES IN SEATTLE SEATTLE — Capitol Seniors Housing, a Washington, D.C.-based private eq- uity firm, has completed renovations to four of its independent living and assisted living communities in the Se- attle metro area. MBK Senior Living, based in Irvine, Calif., operates all four properties. The communities include Northgate Plaza, Mountlake Terrace, The Creekside and Island House. Renovations included the addition of wine/coffee bistro areas, activ- ity spaces, fitness rooms, game rooms and libraries. Interior work includ- ed new furniture, fixtures, flooring, paint, cabinets and lighting upgrades. Community exteriors received fresh paint and landscaping. Residential suite renovations included new paint, flooring, quartz countertops, stainless steel appliances and light fixtures. NKF CAPITAL MARKETS BROKERS SALE OF 100,022 SF OFFICE PROPERTY PORTLAND, ORE. — NKF Capi- tal Markets has arranged the sale of the historic Towne Storage, an office property located in Portland's Central Eastside submarket. CBRE Global In- vestors acquired the 100,022-square- foot property for an undisclosed price. Autodesk Inc., an investment-grade credit tenant, occupies property. Nick Kucha and James Childress of NKF Capital Markets represented the sell- er, Westport Capital Partners. KEYBANK ORIGINATES $25.9 MILLION IN FINANCING FOR RETAIL CENTER MARYSVILLE, WASH. — KeyBank Real Estate Capital has originated $25.9 million in CMBS first-mortgage financing for The Marketplace at Smokey Point, located at 2615 172nd St. in Marysville. Completed in 2016, the 185,352-square-foot retail center comprises 10 single-story buildings. Hobby Lobby, Dick's Sporting Goods, Ulta Beauty, Party City, Tuesday Morning and Fitness Evolution are current tenants at the 19-tenant prop- erty. Josh Berde of Key's Commercial Mortgage Group arranged the non-re- course, fixed-rate financing with a 10- year term and 30-year amortization schedule. The undisclosed borrower will use loan proceeds to refinance ex- isting debt. WELLS FARGO WEALTH MANAGEMENT BUYS 94,739 SF INDUSTRIAL COMPLEX IN METRO SEATTLE SEATAC, WASH. — Wells Fargo Wealth Management has purchased Olympic Industrial Park, a two-build- ing, 94,739-square-foot industrial complex located in SeaTac, a suburb of Seattle. Avenue 55, on behalf of an undisclosed 1031 exchange buyer, sold the asset for $12.9 million. At the time of sale, the 75,588-square-foot property at 19111 Des Moines Memo- rial Drive was fully leased to a variety of tenants, including Alaska Airlines/ Horizon Air, Seattle Air Cargo and BlueStar Refreshment Services. Built in 1983, the building features 26 load- ing dock doors, seven grade levels and 20-foot clear heights. The second building, located at 1200 S. 192nd St., is a 20,548-square-foot office property built in 1983 and renovated in 2015. At the time of sale, International Res- cue Committee, Carmichael Interna- tional Service, Argent Express Group and Sea & Air Transport occupied the property. Scott Alan and Patrick Mul- lin of Colliers International represent- ed the seller in the deal. COLLIERS BROKERS $14.5 MILLION SALE OF INDUSTRIAL PORTFOLIO TUKWILA AND KENT, WASH. — Colliers International has arranged the sale of a two-building industrial portfolio located in Tukwila and Kent, two southern suburbs of Seattle. LBA Realty purchased the portfolio from a private investor for $14.5 million. The portfolio includes the 72,882-square- foot Andover Park East, located at 720-790 Andover Park E. in Tukwila, and the 30,000-square-foot Allied Building, located at 19130 84th Ave. S. in Kent. Bill Condon and Matt Mc- Gregor of Colliers represented the seller and procured the buyer in the deal. Located in Richland, The Commons at Innovation Center features 150 apartments in a mix of studio, one- and two-bedroom layouts. Autodesk Inc. occupies the 100,022-square-foot Towne Storage, an office building in Portland.

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