Seattle
Resmark JV Announces Luxury Townhomes in South Bellevue
Although Expedia’s announcement that it will be moving to the Seattle waterfront has given Bellevue’s real estate market somewhat of a shock, investors continue to express interest in the city. A joint venture between The Resmark Companies and local development group Windward Real Estate Services is working on the development of Factoria, an infill luxury townhome community located in south Bellevue.
LOCA Development on Portland’s Central Eastside Receives $74M in Construction Financing
U.S. Bank recently announced that it has closed on a $74 million construction loan with developer Killian Pacific for a Portland development project. A Central Eastside site that has stood unoccupied by nothing but a herd of goats, is now finally set to be developed. Killian is finally ready to commence construction of the LOCA mixed-use development at the site that is currently known by Portland residents as the “Goat Blocks”.
Expedia Acquires Office Campus on Seattle Waterfront, Prepares to Relocate from Bellevue
Expedia, Inc. recently provided the Bellevue real estate market with quite a blow as the company announced that it is relocating, following the purchase of a new campus. One city’s loss is another’s gain as the company announced the acquisition of Amgen’s multi-building office property in Seattle. According to recent announcements, Expedia will complete its relocation to Seattle’s waterfront by 2018. The travel company reportedly paid $228.9 million for the property, with the transaction expected to close by the end of the current quarter.
Starwood, Kemper Complete Agreement Bringing W Hotels to Bellevue Collection
We knew the Kemper Development Company’s The Bellevue Collection project would be expanded with a new hotel. It was recently revealed that the hospitality property would be operated by Starwood Hotels & Resorts Worldwide Inc. The two companies are set to debut the W Hotels brand, part of the $1.2 billion project, during spring 2017.
Holland Partner Group Acquires SLU Development Site Near Amazon’s Denny Triangle Campus
A new development project Is set to hit an already bustling area of Seattle. Holland Partner Group, a development company that mostly operates in the Pacific Northwest, recently acquired a high-profile development site in South Lake Union for a reported amount of $20.1 million. The new owner of the site is ready to propose a major residential development in the Denny Triangle, an area of Seattle that has been energized in recent years by Amazon’s ambitious high-rise office campus project.
Seattle’s Tallest Tower Set to Hit Market Later This Year
With the price of Seattle real estate continuing to grow, some entities are considering offloading even their most prized assets in order to ensure large cash-ins. It appears that this is the strategy that Beacon Capital Partners has set for one of its Seattle properties, namely the Columbia Center. It has been reported that the Boston-based private equity real estate company has employed the services of Eastdil Secured for the upcoming sale of the city’s tallest skyscraper. According to Finance & Commerce, the formal marketing process should commence during the following interval.
Seattle, Portland Experience Major Home Price Growth
The Pacific Northwest has seen its real estate market soar over the past few years with good employment numbers and development driving the two major cities anchoring the area: Seattle and Portland. The housing market is now experiencing growth in both cities, with home prices soaring over the past few quarters.
Apartment Complex Trades Hands Near Nike World HQ, Intel Campus
A joint venture between PCCP, LLC and Security Properties recently completed the acquisition of a Beaverton, OR multifamily asset. The purchase was made through Security’s Security Properties Multifamily Fund II, for a total of $39 million. The acquisition is part of a recent shopping spree completed by Security, with eight assets being purchased recently.
Hines Acquires Large Office Asset in High-Performing Bellevue
Civica Office Commons in Bellevue, WA was recently acquired by international real estate firm Hines in a deal worth approximately $205 million. The Bellevue office market has consistently over-performed over the past few years, with top assets here being currently sought after at cap rates lower than the five percent mark. With completions also set to go upwards in 2015, and absorption rates climbing as well, the area’s office market is ripe for investment.
Publix Hotel Building to be Redeveloped as Multifamily Property
Financing is now in place for the redevelopment of a Seattle multifamily property as Berkadia recently announced that it has provided construction funding for the Publix Apartments. The financing provider, a joint venture of Berkshire Hathaway and Leucadia National Corporation, worked on behalf of Publix, LLC to secure around $26 million. The company is converting a former hotel into a market-rate housing community in the Seattle’s Historic International District. The financing was arranged by Vice President Rob Affleck of Berkadia’s Camas, Washington office.