Aug 12, 2010

GVA Kidder Mathews

Marty Leith, first vice president, partner, at GVA Kidder Mathews was elected a shareholder of the firm. Leith joined the firm in 2000. Leith, who works in the Bellevue office, specializes in multi-family and investment sales, and has completed more than $230 million in transactions.

Merrill Gardens partnership

Toledo-based Health Care REIT and Merrill Gardens of Seattle are forming an $817 million partnership to own and operate a portfolio of 38 senior housing and care communities mostly on the West Coast. Health Care REIT will own an 80 percent partnership interest, and Merrill Gardens will own the remaining 20 percent and manage the communities. The deal broadens Merrill's relationship with Health Care REIT, Merrill's long-time capital partner, according to Merrill President Bill Pettit. The Merrill family will continue to own and operate Merrill Gardens, so there will be no change in day-to-day operations for residents and staff members resulting from the new agreement. “We look forward to the potential for future growth with Health Care REIT both within the existing portfolio and through new acquisition and development opportunities,” he said in a prepared statement. The partnership will own and operate 13 communities that Health Care REIT now owns and operates and 25 other communities that Merrill Gardens and its affiliates own. Health Care REIT's consideration for its 80 percent interest will be a combination of cash and the pro rata assumption of $249 million of secured debt. The transaction is anticipated to close in September.

Chateau Woods

Los Angeles-based Mesa West Capital provided an affiliate of Pacific Property Co. and JP Morgan Investment Management with $12.5 million in first mortgage financing for acquisition and lease up of Chateau Woods, a new, 114-unit multifamily property in Woodinville. Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital arranged the financing. Fairfield Residential developed the project about 18 months ago as luxury condos, with prices ranging from around $300,000 to more than $500,000. Public records indicate Pacific Property foreclosed on the project and took the property back through a trustee's sale in June. King County assesses the value of the property at just under $19 million. Mesa West Capital Director Ronnie Gul said his firm was drawn to the project's high quality and proximity to Microsoft, Nintendo and Google. Gul said his firm has confidence in the Eastside multifamily market. Chateau Woods has a fitness center, spa, courtyards and underground parking.

Aug 05, 2010

GVA Kidder Mathews

Office properties specialist Joel Shabel joined GVA Kidder Mathews' Tacoma brokerage division as an associate vice president. He was with Colliers International and completed more than $40 million in commercial real estate transactions.

NAIOP Tacoma boat tour

NAIOP's fourth-annual boat tour of Commencement Bay and the Port of Tacoma is Aug. 12. The three-hour cruise starts at 1 p.m. at Gate 8 at 1129 Dock St. Jack Hedge, the port's new director of real estate and industrial development, will lead the tour and will discuss development plans. Cost ranges from $35 to $50. Register at naiopwa.org.

Kennedy buys $69M shopping center

On behalf of Multi-Employer Property Trust, Seattle-based Kennedy Associates bought the 230,000-sqaure-foot Springbrook Prairie Pavilion shopping center in Naperville, Ill., for $69 million from the Bond Cos. It is the first LEED gold retail property in the Chicago area. The center is 96 percent leased. Anchors are Whole Foods, Nordstrom Rack and Cost Plus World Market. Kennedy has more than $2 billion in LEED-certified assets under management. MEPT is a real estate equity fund that buys institutional-quality U.S. real estate. MEPT has more than $3.78 billion in net assets.

LEED gold for Hines building

Hines officials say its Bank of America Fifth Avenue Plaza in Seattle received LEED gold certification for existing buildings.

The 42-story tower also has an Energy Star rating of 100, which means it performs in the top 1 percent of commercial office buildings nationwide in terms of energy efficiency.

Hines said the 1.2 million-square-foot building is 55 percent more energy efficient and saves $1.33 in energy costs per square foot per year when compared to the national average.

Hines installed low-flow fixtures and whole building water metering; purchased low-mercury lamps; started recycling and green cleaning programs; installed workstation lighting controls; and launched Green Office for Tenants, which involves occupants in sustainability programs.