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Aug 02, 2018
The 248-unit Marq on Martin, at 8545 Litt Dr S.E. in Lacey, sold to Security Properties in June for $54.5 million. Holliday Fenoglio Fowler said it secured acquisition financing for the buyer. The 12-acre complex has 10 buildings; the average unit size is 831 square feet. Brokers weren't announced. HFF said it secured a 10-year, fixed-rate loan (with five years of interest only) through Freddie Mac's CME Lease-Up Program. HFF's team was led by Charles Halladay, Scott Gilson and Robert Bova. Security Properties owns over 4,000 units in the region.
Colliers said Sam Ziemba and Derek Heed have leased all 110,250 square feet at Gateway I in Bellevue. In 2015, Talon Private Capital bought the four-story 1985 building at 11400 S.E. Eighth St. for $38.75 million. Colliers took over the leasing in February. Tenants include Mainspring Wealth Advisors, DCI Engineers, Seattle Pacific Mortgage, MultiCare Health Systems, Evergreen Management Capital, Nichirei USA and TENW.
Benaroya Co. has a new tenant at South Hill Business + Technology Center in Puyallup. SEFNCO Communications, which makes and installs wire and fiber products, is taking 15,810 square feet for its new headquarters, with 90 employees. Matthew Hagen of Kidder Mathews represented SEFNCO. John Bauder of CBRE represented Benaroya. Benaroya began developing the 86-acre complex a decade ago, which it originally acquired for $30 million.
Capitol Hill Housing said Robert Schwartz is the new chair of its board of directors. The nonprofit is developing 110 units at Capitol Hill Station, and partnering with Seattle Central College on about 82 units on the site of the landmarked Eldridge Tire Co. building. CHH currently has about 48 buildings in its portfolio, housing over 2,000 people.
Jul 26, 2018
NorthMarq Capital said Bob Spiro secured $32.3 million in refinancing for the 234-unit Sawyer Trail Apartments in the Pierce County town of Frederickson. Financing was through NorthMarq's Fannie Mae DUS program (delegated underwriting and servicing). The owner wasn't named. Tarragon is expanding the complex, adding about 162 units.
Boutique law firm McKean Smith has signed a lease at Gramor Development's The Waterfront Vancouver complex in Vancouver, Washington. The firm took 3,600 square feet on the fifth floor of the 70,000-square foot Murdock Building, now under construction. Colliers brokered the deal. Terms were not announced. The 32-acre, $1.5 billion project will have 3,300 residential units, 250,000 square feet of retail/commercial space and 1.25 million square feet of Class A offices. A hotel is also planned. Gramor is based in Tualatin, Oregon, and acquired most of the site in 2008 with unnamed partners. Construction began in 2015.
Seattle developer Avenue 55 has hired Spencer Holcomb, an intern with the company who recently graduated from Gonzaga University. Avenue 55 is redeveloping the Ness Cranes property in Ballard to create West Woodland Business Center. It's also planning an industrial building on Compton Lumber's site in the Duwamish area.
Oakpointe Communities is developing 2,200 acres near Black Diamond for Ten Trails. The subdivisions will be built by Rudd Development, Ichijo Technological Homes, Conner Homes and Lennar. Model homes are open for viewing. Ten Trails could total 6,000 homes by 2030, along with one million square feet of commercial space. Phase I, with about 350 homes, is now underway.