TACOMA, WA—The Seattle office of Cushman & Wakefield has brokered the sale of a 58-acre former sawmill in Tacoma, WA. The seller was Interfor, a Vancouver, B.C.-based lumber company. The buyer was Industrial Property Trust, which purchased the property to develop the IPT Tacoma Logistics Center, which will include two industrial buildings totaling approximately 1.1 million square feet. Tony Kusak, SIOR, Senior Director at Cushman & Wakefield Commerce in Seattle, was the lead broker on the transaction. “The sale of this property makes way for a new, approximate 1.1 million square foot industrial development for warehousing and manufacturing companies to come into Tacoma, create jobs and provide tremendous opportunity,” Kusak said. Scheduled for delivery in the first quarter of 2018, the new IPT Tacoma Logistics Center will have direct access to the Port of Tacoma, the Port of Seattle and the Seattle/Tacoma metro areas and will be located within Foreign Trade Zone #86. Aside from being near two parcel hubs, two freight hubs and an intermodal facility, this has always been an ideal location to draw a competitive and capable labor force.

PORTLAND—Bixby Land Co., headquartered in Newport Beach, CA, has purchased CDK Plaza in Portland for $33.4 million, extending the firm's value add office repositioning strategy in the Pacific Northwest. The firm plans $7.5 million in upgrades to the two-building project, including a significant redesign of the expansive courtyard and plaza areas at the main entrance to the project.

SEATTLE—JLL has arranged the sale of the Hilton Bellevue in Seattle. Wig Properties purchased the 353-key property. EVP James Stockdale led the JLL team on the transaction. The Hilton Bellevue features two food and beverage outlets, nearly 60,000 square feet of flexible event space, a 24-hour fitness center and a heated, outdoor swimming pool. The hotel is located minutes from downtown Bellevue and adjacent to Interstate 405, which provides guests with direct access to the greater Puget Sound region and downtown Seattle.

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.

NEWS & NOTABLES

SEATTLE—American Classic Homes has expanded its real estate capabilities with the introduction of a new multifamily division: SeaLevel Properties. With a focus on building and acquiring multifamily and mixed-use developments in Seattle and the Puget Sound Region, the new division will be led by former ACH executives and experienced multifamily experts John Shaw and Kyle Weeks. Weeks previously worked at Vulcan Real Estate and Shaw at Mack Urban. Under their leadership, SeaLevel already has more than 800 new multifamily homes underway.

DEALTRACKER

SEATTLE—Marcus & Millichap has retained the exclusive listing to market for sale a new 15,971-square-foot 24-hour CVS/pharmacy in Seattle's Queen Anne neighborhood. The price is $19.5 million. “The flight to safety in high-street retail in hyper-core markets like Seattle continues across domestic lines,” says Preet Sabharwal of Marcus & Millichap's Manhattan office. “Quality credit single-tenant net-lease real estate has continued its longstanding appeal to the private capital buyer and certainly continues to attract the broadest buyer pool, including international capital and pension funds.” Sabharwal, along with Daniel Corcoran, also in Manhattan, is representing the seller. Joel Deis, regional manager of Marcus & Millichap's Seattle office, is the firm's broker of record in the state of Washington. The property is located on the ground floor of a brand new 34-unit luxury apartment complex at 11 West Mercer St. in Seattle, two blocks west of the Seattle Center on the signalized, hard-corner intersection of West Mercer Street and Queen Anne Avenue. Nearly 40,000 vehicles pass through the intersection each day and 223,000 people with an average annual household income of $100,000 live within a three-mile radius. Major tenants in the vicinity include Bank of America, Safeway, Starbucks, Taco Bell, Chase Bank, Key Bank, FedEx, and UPS.

ELLENSBURG, WA—Cohen Financial has closed a $7.775 million Fannie Mae loan to refinance the University Court Apartments, a 100-unit multifamily property located adjacent to Central Washington University in Ellensburg, WA. Built in 1998, the property features garden-style two-bedroom, two-bathroom units and is predominantly leased to Central Washington University students. The property was 100 percent occupied when the loan closed.

TACOMA, WA—The Seattle office of Cushman & Wakefield has brokered the sale of a 58-acre former sawmill in Tacoma, WA. The seller was Interfor, a Vancouver, B.C.-based lumber company. The buyer was Industrial Property Trust, which purchased the property to develop the IPT Tacoma Logistics Center, which will include two industrial buildings totaling approximately 1.1 million square feet. Tony Kusak, SIOR, Senior Director at Cushman & Wakefield Commerce in Seattle, was the lead broker on the transaction. “The sale of this property makes way for a new, approximate 1.1 million square foot industrial development for warehousing and manufacturing companies to come into Tacoma, create jobs and provide tremendous opportunity,” Kusak said. Scheduled for delivery in the first quarter of 2018, the new IPT Tacoma Logistics Center will have direct access to the Port of Tacoma, the Port of Seattle and the Seattle/Tacoma metro areas and will be located within Foreign Trade Zone #86. Aside from being near two parcel hubs, two freight hubs and an intermodal facility, this has always been an ideal location to draw a competitive and capable labor force.

PORTLAND—Bixby Land Co., headquartered in Newport Beach, CA, has purchased CDK Plaza in Portland for $33.4 million, extending the firm's value add office repositioning strategy in the Pacific Northwest. The firm plans $7.5 million in upgrades to the two-building project, including a significant redesign of the expansive courtyard and plaza areas at the main entrance to the project.

SEATTLE—JLL has arranged the sale of the Hilton Bellevue in Seattle. Wig Properties purchased the 353-key property. EVP James Stockdale led the JLL team on the transaction. The Hilton Bellevue features two food and beverage outlets, nearly 60,000 square feet of flexible event space, a 24-hour fitness center and a heated, outdoor swimming pool. The hotel is located minutes from downtown Bellevue and adjacent to Interstate 405, which provides guests with direct access to the greater Puget Sound region and downtown Seattle.