Nov 29, 2019
Bellefield Office Park is a 15-building complex with about 500,000 square feet.
JLL announced the $110 million refinancing of Bellefield Office Park for owners Lionstone Investments and Talon Private Capital. JLL's Colby Mueck, Tom Wilson and Laura Sellingsloh secured the loan from Bank of America. The 56-acre, 15-building complex has about 500,000 square feet. Talon renovated the complex from 2013-2017 at a stated cost of around $15 million, and it's now about 96% leased. Current ownership paid about $120 million in 2014 for the complex, which ran into trouble following the recession. Prior owners were Whitehall Street Real Estate (an entity of Goldman Sachs) and, following a loan default, Walton Street Capital. Talon has led the repositioning effort for the new ownership. CBRE leases the space at Bellefield, which will be less than a mile from East Main Station, where light rail service will begin in 2023.
Kidder Mathews announced that its Patricia Loveall was recently selected by national organization Connect Media as one of its Women in Real Estate Awards honorees. A local industry veteran and SIOR member, she's been involved in the sale and leasing of more than 20 million square feet of office and industrial space, according to KM, with land sales totaling over 1,000 acres. Her clients have include Weyerhaeuser, Paccar, Univar USA and Unisource. Also in the Seattle's group of 10 honorees were Ada Healey of Vulcan Real Estate, Lori Hill of Unico Properties, Anne Marie Koehler and Erika Koehler of NKF, Lauren Menashe of Menashe Commercial and Lauren Noecker of NBP Capital.
The Urban Land Institute is seeking new students for its Center for Leadership (formerly the Center for Sustainable Leadership). Carol Murray leads the mentorship program. Applications are due by Jan. 3. Details and info: northwest.uli.org.
Kidder Mathews announced the recent purchase of Sacramento, California-based Management Consulting Group. That firm, led by industry veteran Sallie Merker, provides asset, advisory and management for a portfolio of about 735,000 square feet. It includes office, industrial and retail.
Separately, KM also announced this week that it'll manage part of the Link Industrial Properties portfolio. That chunk of Link's overall 355 million-square-foot U.S. portfolio wasn't detailed in size, but it spans three states: Washington, Oregon and Nevada. Link is the relatively new industrial platform for Blackstone, which this year has acquired industrial properties in SeaTac, Tukwila and Mukilteo for about $50 million. Link doesn't have a local office.
The Washington state chapter of CCIM (Certified Commercial Investment Member) announced its new president and board for 2020. Gary Hunter of Westlake Associates will serve as president. Joining the board will be Kelly Richardson of Rowley Properties, Suria Elbeitar of Pentavirate Global Investments, Leigh Wang of Bank of America and Christopher Bornhoft of Windermere Real Estate. Separately, the organization named two new members: Karen Fairall of Rush Property Management and Claire Matten of Sterling CRE Advisors.