Seattle
Kennedy Wilson Acquires Turnwater M-F Asset for $21M
Kennedy Wilson is continuing its aggressive expansion policy in the Pacific Northwest with yet another multifamily purchase. The company invested roughly $21 million in the acquisition of the 100 percent stake in a South Seattle asset. The company is the new owner of the Tabula Rasa property in Turnwater, Thurston County, which it acquired from a financial institution that had been the lender on the property.
Bluetooth’s Home in Kirkland Acquired in $30M Deal
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, CA, 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.
Swift Real Estate Pays $8.5M for 811 SW Naito Parkway in HFF-Arranged Deal
A Portland, OR 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 a total fee of $8.55 million. The HFF team in charge of the transaction consisted of director Nicholas Kucha and senior managing director Michael Leggett.
Kennedy Wilson Expands Pacific Northwest Portfolio with $127M in Acquisitions
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 made by the buyer includes equity and a financing component sourced from Freddie Mac.
German Investor Acquires The Station at Othello Park for $75M; Portland-Area Apartment Complex Trades Hands in HFF-Arranged Deal
The Pacific Northwest’s residential market continues to see a large amount of interest from inverstors in its multifamily market, as the overall real estate market continues its progression. This 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.
$400M Week for Pacific Northwest: Madison Marquette Acquires Pacific Place Mall, Pebblebrook Buys The Nines Hotel
The Pacific Northwest’s commercial market has 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. The Pacific Place Mall in Seattle and The Nines Hotel in Portland were the two properties acquired by Madison Marquette and Pebblebrook Hotel Trust respectively.
Portland’s Block 300 Receives LEED Gold Certification as Leasing Continues at Newly Renovated Asset
Block 300 in Portland, one of the most high-profile office properties in the Pacific Northwest city has recently completed a major milestone. The property was awarded with LEED Gold certification for Existing Buildings: Operations & Maintenance by the United States Green Building Council. The certification is a result of the recent modifications brought to the asset, a recent renovation process having been carried out at the facility by the owning joint venture between JPMorgan, Starwood Capital Group, and Kaufman Jacobs.
Vulcan, Plus Investment Target South Lake Union, Bellevue with Nearly 2,000 New Residential Units
Nearly 2,000 residential units might be added to the Puget Sound’s already well-populated development pipeline. Developers Vulcan Real Estate and Plus Investment USA have lined up large residential projects in South Lake Union and Bellevue, respectively, according to recent reports. The fast pace of job creation, a growing tech market appeal and a constant flow of new residential development projects have turned such parts of the greater Seattle area into white-hot markets.
TruAmerica Multifamily Purchases Third M
TruAmerica Multifamily recently closed the purchase of a multifamily complex located in the Seattle suburb of Renton in a deal worth a total of $28.7 million. The L.A.-based real estate investment firm has further expanded its metro Seattle portfolio with the purchase of the Montclair Heights, after completing two other residential acquisitions in the market over the past six months.
Provenance Hotels, Thayer Lodging JV to Buy Hotel 1000 in Seattle
Provenance Hotels has entered a joint venture with Thayer Lodging Group to acquire the 120-key Hotel 1000 in downtown Seattle for what the Wall Street Journal reports to be $63 million.