Below is GlobeSt.com's bi-weekly update on the middle markets throughout the North West region. Here's a look at the latest news, announcements and deals that you may have missed from areas including: Alaska, Washington, Oregon, Idaho, and Northern California.
DEALTRACKER
BELLEVUE, WA—Hunt Mortgage Group has partnered with Freddie Mac to refinance a mixed-use property located in Bellevue, WA, within the Seattle MSA. The loan provided by Hunt Mortgage Group was in the amount of $44 million. Soma Tower Phase II is a high-rise class A mixed-use property situated on 0.44 acres of land. The property has 125-units and is comprised of one, 18-story building containing 15 stories of residential over three stories of commercial space. Soma Towers also offers 369 parking spaces in a subterranean parking garage. Hunt Mortgage Group also recently provided a $7 million Freddie Mac Small Balance Loan to refinance a mixed-use multifamily and commercial property located in Seattle. Tempo Apartments is a 32-unit multifamily property with 2,974 square feet of ground floor commercial space. The property is located at 2015 West Dravus St. The new loan has a 20-year term and the borrower is Tempo Apartments LLC, backed by key principals Ted and Joy Markow. The property was acquired in 2007 and development was completed in the summer of 2008.
SEATTLE—Vista Investment Group acquired the Seattle Mart, a 82,000-square-foot showroom facility in Seattle for $14.6 million. This is the first investment for Vista in Washington, where they plan to invest up to $150 million in the next 24 months. Kidder Mathews commercial real estate brokers, Andy Miller and Evan Lugar represented the seller, Lift Real Estate Partners, a private commercial real estate company, in the transaction. Originally built in 1929, the building became part of Seattle's history as Boeing's first headquarters, Plant One. In 2015 it was completely renovated to take full advantage of the concrete, brick and beam character and leased to the Seattle Mart. The 3.57 acre site is strategically located at 200 SW Michigan Street in the dynamic Georgetown neighborhood south of the Seattle CBD.
SEATTLE—McCormick Communities LLC, a company jointly-formed by Kirkland-based developer MainStreet Property Group and Winward Real Estate Services recently revealed the sale of 172 home sites in the 800-acre McCormick Master Planned Community. This sale officially 're-launches' the community and represents its Phase I development plan, where new construction at the community has begun. McCormick was initially launched in the mid-1980s and since then, 800 homes and the golf course were built. Development stopped during the recession and McCormick Communities purchased the site in late 2015.
PORTLAND—JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT recently acquired Jory Trail at the Grove, a premier 324-unit apartment complex that is 95% leased. The class A apartment property is located in the Portland, OR suburb of Wilsonville. The purchase price was approximately $75 million. Wilsonville is a thriving suburb of Portland that features a robust apartment market, low market vacancy and no multifamily units under construction or planned in the submarket. The suburb is conveniently located along the I-5, providing access to some of greater Portland's major employment centers and is home to Xerox, Mentor Graphics, Rockwell Collins and Tyco. Wilsonville, which has attracted a growing population of affluent families, also offers an exceptional public school system that Niche.com and US News & World Report have ranked as a top school system both locally and nationally. Wilsonville's strong employment base and high barriers to entry should result in continued strong demand and future rent growth.
PORTLAND—American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., has acquired Roseburg Medical Office Building in Roseburg, OR. Built in 2002, the approximately 62,000-square-foot Roseburg Medical Office Building is currently 100% triple net leased to Mercy Medical Center Inc. and Centennial Medical Group with an average remaining lease term in excess of nine years and annual rent escalators between 2% and 3%.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
