Feb 15, 2024
We won't know the price or new owner's name until the deal closes at the end of this month, but Rosario Resort announced that it will shutter itself for much of February for renovations before changing hands. The Barto family acquired the 83-acre Orcas Island waterfront property back in 2008, then paying about $55 million. It was listed last year by Scott Cameron and Wes Falkenborg at Land Advisors Organization. The reported asking price was $15 million. The family said this week, “The new owner plans a substantial upgrade, beginning with the historic Moran Mansion.” That grand home is over a century old. The resort also includes a spa, restaurant, 65 rooms and various amenities for guests.
Broderick Group announced its recent hiring of Kyla To, who becomes director of operations and marketing. The firm said in a press release, “Kyla knows the art of building lasting relationship, project management and thinking creatively through sales enablement and marketing tactics. She looks forward to leveraging her background while ensuring the highest levels of excellence, quality, and service for the benefit of Broderick Group's valued clients.”
Completed almost exactly one year ago by developer Sound West Group, Marina Square is the large new mixed-use project on Bremerton's downtown waterfront, overlooking the city's marina. Now that its retail and 270 apartments are up and running, it's time to refinance the project and retire the old construction loan. JLL announced that it recently secured $79 million in refinancing from TPG Real Estate Credit. The effort was led by Tom Wilson, Steve Petrie and Seth Heikkila. The latter said in a statement, “Over the next several years, market dynamics in Bremerton are forecasted to outperform relative to most of the country, driven in large part by exciting new developments with the Puget Sound Naval Shipyard and Naval Base Kitsap. This will only further drive demand for high-quality multi-housing rental assets like Marina Square.” As for the 9,158 square feet of retail, JLL says that a deli, the Market at Marina Square, is now open, and that a YMCA and restaurant are coming.
Senior housing operator Emerald Communities announced the recent promotion of its Denisa Feddersen, who moves from her prior role as corporate controller to become VP and CFO. Emerald's Lisa Hardy said in a statement, “Denisa has proven to be a highly valued leader for the finance team, successfully leading the budget processes for Emerald Communities, Emerald Heights and Heron's Key. We are proud to promote Denisa and excited to watch her thrive in her new role.”
As the DJC reported earlier this month, the fairly new 104-unit Duo apartments in University Place sold for nearly $30.5 million. The seller was builder/developer SEB Development, and the buyer was a private investor group. Now Berkadia has shed a bit more light on the Pierce County deal. Its Michael Manolides, Robert Doxsee, Michael Basinski and Brad Williamson secured a $21.5 million loan for the buyer. The lender was Bayview, of Coral Gables, Florida. Manolides said in a statement, “Despite the volatility in the capital markets and the unique nature of the in-progress lease-up, Berkadia was able to find a non-recourse, fixed-rate loan, which greatly reduced the sponsor's interest rate risk over the near term.”
Feb 08, 2024
The Reserve at Woodinvill
As the DJC reported last month, CapRock Partners of California paid over $34 million for an industrial building at The Reserve at Woodinville, thus making its debut in our market. It now has an industrial portfolio of some 30 million square feet. The new owner said this month that its brokers were Michael Kendall, Gian Bruno, Kenny Patricia, Matt McGregor and Bill Condon at Colliers. CapRock's Bob O'Neill said in a statement, “The Puget Sound area is a dynamic economic region, and we are excited to raise the CapRock banner here.” Separately, PCCP said that it supplied a $25 million loan for the deal, which was arranged by JLL's Greg Brown, Peter Thompson and Kaden Eichmeier. PCCP's Dorian Farhang said, “This institutional-quality asset was acquired at a discount to replacement cost, and is located in the Eastside industrial market, which is currently the top-performing submarket within the Puget Sound industrial area.”
Kidder Mathews announced a new addition to its industrial broker ranks. That would be Tyler Nicholes, who makes the move from Marcus & Millichap. His new title will be VP. He said in a statement, “I am thrilled to be joining the Kidder Mathews office. Their platform has proven to provide unparalleled opportunities for professional growth and business development, while working alongside industry-leading veterans with a wealth of knowledge and relationships.”
JLL announced that its Sam Ziemba is moving from his perch in Bellevue to Seattle, where he'll become a senior director in capital markets. He joined the firm four years ago. He'll be working with Mark Katz, who said in a statement, “We are incredibly excited to be the only office investment sales advisory team in Seattle that combines a national office leader with a senior professional who has spent their entire professional life in the Seattle market.” Ziemba added, “Having spent the bulk of my career on the leasing side of the business, I'm really looking forward to a new challenge on the sale side, particularly at such a pivotal turning point for the office market.” He has nearly two decades in the field.