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Bluetooth’s Home in Kirkland Acquired in $30M Deal

23 Aug 2014, 5:27 am

By Alex Girda, Associate Editor

The building that houses Bluetooth’s current headquarters was sold this week in a deal worth approximately $31.5 million. Buyer American Realty Advisors out of Glendale, Calif., paid the purchase fee to former owner Talon Private Capital for the Kirkland office building. Known as Waterfront Place, the property claimed a record-breaking per-square-foot price for the area, with the Puget Sound Business Journal reporting a rate of $604 per square foot.

Waterfront Place offers a total of 51,841 square feet of space over three stories plus two floors of below-grade parking. The asset was completed back in 2008, and approximately a third of the space is currently leased out to global wireless company Bluetooth. The building features brick veneer cladding with metal and wood accent panels on the exterior, while the interior offers tenants Class A finishes. The midsize office building also offers HVAC, two high-speed hydraulic elevators, a security card system at the entrances as well as the garage, and smoke and heat detectors. Offices have a 12-foot-six-inch ceiling height; a recent building improvement is the addition of a large private outdoor plaza and exterior deck on the third floor.  

Located on the shore of Lake Washington, the property charges a per-square-foot rate of approximately $40, which is considerably higher than the Kirkland average, which currently stands at around $35 per square foot. Seller Talon Private Capital recorded a profit of $10 million compared to four years ago, when the company acquired Waterfront Place for $21.5 million.

Image courtesy of  waterfrontplaceyb.com

Swift Real Estate Pays $8.5M for 811 SW Naito Parkway in HFF-Arranged Deal

18 Aug 2014, 4:01 am

By Alex Girda, Associate Editor

A Portland, Ore., office property was recently traded in a deal brokered by Holiday Fenoglio Fowler. ATC Partners LLC, a full-service real estate firm from San Francisco, worked with HFF to sell the property to Swift Real Estate Partners for $8.55 million.

Located at 811 SW Naito Parkway, on the edge of the city’s central business district, the asset offers a total of 49,946 square feet of office space that also includes an underground parking garage that can accommodate as many as 28 vehicles, as well as an adjacent parking lot with 17 stalls. Nearby transportation options include the MAX light rail line, as well as I-5 and I-84. The six-story, 1982-built office building went through a major renovation last year. The building features unobstructed views of nearby Mount Hood, the Willamette River and Tom McCall Waterfront Park.

Seller ATC Partners is a value-add real estate company that has been on the scene since 1992. Over the past seven years, it has added 811 assets to its portfolio. Although it is currently involved in a sale, the company has been through something of a shopping spree, having invested around $75 million over the last year and a half. The new owner of the assets, Swift Real Estate Partners, is an independent and vertically integrated real estate investment firm that focuses on buying and turning around office and industrial properties on the West Coast.

The HFF team in charge of the transaction consisted of director Nicholas Kucha and senior managing director Michael Leggett.

 Image courtesy of atcpartners.com

Kennedy Wilson Expands Pacific Northwest Portfolio with $127M in Acquisitions

9 Aug 2014, 4:47 am

By Alex Girda, Associate Editor

Kennedy Wilson recently expanded an already substantial multifamily portfolio in the Pacific Northwest, as the company acquired three properties in the greater Seattle area. The $127 million investment included equity and a financing component sourced from Freddie Mac.

The three properties are located in Olympia, Kent and University Place and total 1,212 residential units. The communities will bring Kennedy Wilson’s portfolio to a total of 19,547 units, with 5,016 of the units located in the Pacific Northwest region. The buyer invested $45 million in equity and assumed $85 million in financing, fixed at 4.25 percent.

Montair at Somerset Hill is a 396-unit residential community that includes one-, two- and three-bedroom apartments, with an average unit size of 933 square feet. Located in the Turnwater area of the city, the community offers views of nearby Puget Sound, Mount Rainier and the Capital Dome. The area includes a strong job market, good schools, high median home values, strong local retail and access to recreational amenities.

Rock Creek Landing in Kent totals 576 units, including studio units and one-, two- and three-bedroom residences, with an average size of 786 square feet. Located at the heart of the Kent Valley Employment Center and in the vicinity of the 20-acre retail lifestyle center that is Kent Station, the residential community benefits from an upward-trending local job market and easily accessible high-end retail.

Stone Pointe, in University Place, totals 240 units and offers a similar variety of layouts, with one-, two- and three-bedroom residences having an average size of 894 square feet. Located in the upscale University Place neighborhood of Pierce County, it is near a number of high-end schools, retail and dining options. The area features the site of the upcoming 2015 U.S. Open: the Chambers Bay Golf Course.

Image courtesy of montairatsomersethillliving.com


German Investor Acquires The Station at Othello Park for $75M; Portland-Area Apartment Complex Trades Hands in HFF-Arranged Deal

28 Jul 2014, 3:42 am

By Alex Girda, Associate Editor

The Pacific Northwest’s residential market continues to see a large amount of interest from investors. Last week, a transit-oriented community in South Seattle and a garden-style apartment complex in Clackamas, near Portland, traded hands in deals worth a combined $90 million.

The Station at Othello Park

Universal Investment, an entity based in Frankfurt, Germany, paid $74.8 million for The Station at Othello Park. The seller was a partnership of USAA Real Estate and local developer Steven Rauf. The 351-unit property is located in South Seattle, at 4219 S. Othello St. near Sound Transit’s Othello Link light-rail station. The Station is a transit-oriented residential community that offers a complete resident amenity package, including retail, a common courtyard with a garden, a community room, a fitness facility, an art & grand staircase, as well as a skydeck with 360-degree views of nearby Mt. Rainier.

Meanwhile, in Clackamas, Oregon, Wood River Properties sold Sunnyside Place, a garden-style community, to buyer Hamilton Zanze for $14.1 million. The deal was arranged by an HFF team including director Ira Virden and senior real estate analyst Kerry Hughes. Financing for the acquisition was also provided by a team of HFF representatives led by managing director Tom Wilson and director Charles Halladay. The debt placement team arranged $10.58 million via a floating- to fixed-rate acquisition loan through Freddie Mac’s CME Program. HFF will service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program.

Located at 13300 SE 122nd Ave. on a 5.97-acre site, Sunnyside Place offers one-, two- and three-bedroom units, with an average size of 1,025 square feet. At the time of the transaction, the 108-unit property had an occupancy rate of 95.4 percent. The resident amenity package at the property includes a swimming pool, hot tub, fitness center, playground and common clubhouse.

Image courtesy of thestationatothellopark.com

$400M Week for Pacific Northwest: Madison Marquette Acquires Pacific Place Mall, Pebblebrook Buys The Nines Hotel

19 Jul 2014, 2:56 am

By Alex Girda, Associate Editor

The Pacific Northwest’s commercial market had one of its best weeks by the numbers, as two properties in Portland and Seattle traded hands in deals worth a combined total of nearly $400 million. Madison Marquette acquired the Pacific Place Mall in Seattle, while Pebblebrook Hotel Trust picked up The Nines Hotel in Portland.

image courtesy of https://www.facebook.com/PacificPlaceSeattle

Madison Marquette paid developer Pine Street Development $271 million for the Pacific Place retail center. Totaling around 350,000 square feet of space, the five-level regional shopping center has been active since it was constructed in 1998. The property had been on the market since January. According to Bloomberg Businessweek, $14 million of the sale proceeds are set to go to the United Way of King County, due to the involvement of Matt Griffin, a partner in Pine Street Development and chairman of the United Way campaign.

At the time of the transaction, the shopping center had an occupancy rate of 90 percent, with anchor tenants Barnes & Noble and AMC Theatres and upscale retailers such as Barneys New York, Tiffany & Co. and Kate Spade rounding out the tenant roster.

The Nines Hotel, image courtesy of www.thenines.com

Pebblebrook Hotel Trust completed yet another acquisition in the Pacific Northwest with its purchase of The Nines Hotel in Portland. The buyer paid $127 million for a fee simple condominium interest in the facility, which occupies floors six through 15 at the 1909-built historic property located at 525 SW Morrison St. In 2008, the property underwent a comprehensive $140 million adaptive reuse renovation and was reopened as The Nines Hotel.

The new owner is set to invest $6 million to $8 million worth of capital in the updating of the hotel’s guestrooms and common areas, a process reportedly set to begin during the fourth quarter of 2015. The LEED Silver-certified facility offers 331 rooms, ranging in size between 365 and 628 square feet. Despite the change in ownership, the hotel will continue to be operated by Sage Hospitality and Sage Restaurant Group, maintaining its association with Starwood’s Luxury Collection brand.

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