Retail Portfolio Trades for $59M

SEATTLE, WA—Three separate investors have acquired a 311,582-square-foot, three-property retail portfolio in Washington from an unnamed seller. Tourmaline Capital purchased the Surprise Lake Square, a 134,795 square foot retail property in Milton, WA, for $19.5 million; Stockbridge Capital Group bought the Everett Village Center, a 120,912 square foot retail center in Everett, WA, for $22.5 million; and RPAI purchased Coal Creek Marketplace, a 55,875 square foot retail center in Newcastle, WA, for $17.6 million. Paul Sleeth and Billy Sleeth of Colliers International represented the seller in the transaction.

SALES

SEATTLE, WA—Urban Renaissance Group has acquired the Rosen Building, a 60,000-square-foot biotechnology office building occupied by the University of Washington School of Medicine, for $42 million from Vulcan Real Estate. The investor was attracted to the property because of the long-term tenancy. It acquired the property with debt secured through Washington Federal.

SEATTLE, WA—PMF Investments has purchased the Homeport Building and Marina, an office development on Lake Washington, for $28 million from Westwater Development. As one of the few office marina properties, it attracted strong interest and generated multiple offers from international buyers. As a result, the sale set a record cap rate and price per square foot.

TEMECULA, CA—Ridge Crest has purchased a 20-acre vacant land site from Waypoint for an undisclosed amount. The land is adjacent to the master planned communities Wolf Creek and Temecula Creek. The property is unentitled, but is zoned for office as well as residential, pending city approvals. Matt Weaver, Al Apuzzo, Patrick Miller and Taylor Cook of Lee & Associates North San Diego County office represented both the buyer and the seller in the transaction.

LEASES

BOTHELL, WA—Applied Speciation & Consulting has signed a 17,817-square-foot lease renewal at KBS REIT's North Creek Parkway Center in Bothell, WA. The six-building office campus is located in the 52-acre North Creek business park, and is home to a diverse tenant mix of office, laboratory and warehouse users.

FINANCING

SAN DIEGO, CA—Carmel Mountain Ranch Town Center, a 172,272-square-foot retail property in San Diego, has secured a $30 million loan to refinance existing debt. The fully amortized loan has a 25-year term and was funded through a life company.

IRVINE, CA—Capital Real Estate Ventures has secured a $7.25 million loan to refinance Schiefer & Sons Building, a 15,221-square-foot mixed-use office and retail building. Bank of America funded the 10-year fixed-rate loan. HFF senior managing director Kevin MacKenzie and associate director Greg Brown secured the funds on behalf of the borrower.

LOS ANGELES—An unnamed investor has secured a $6.5 million loan for the purchase of the Huntington Marina, a 45,596-square-foot office property. The non-recourse loan has 87% loan-to-cost and a two-year interest only term. Joe Giordani, a VP at NorthMarq Capital, secured the funds on behalf of the borrower, and closed the loan in a speedy 30 days.  

EMPLOYMENT

SAN DIEGO, CA—Allison Simpson has joined CBRE as senior director of the occupier advisory and transactions group in San Diego. In this role, she will lead the tenant representation group, where she will be responsible for executing business strategies and forging relationships with clients. She joins the firm from Pacific Building Group, where she was the director of business development.

LOS ANGELES—Jarrett L. Fugh has joined the law firm Squire Patton Boggs as partner in its global real estate and corporate practices and will be based in the Los Angeles and San Francisco offices. Fugh has a special focus on acquisition, financing, development and leasing, especially in the hospitality and resort sectors. He joins the firm from Duane Morris.

SAN DIEGO, CA—Melanie Ziemniak joins BNBuilders as project manager, where she will take on one of the company's largest developments, a 60,000-square-foot lab/office building for Alexandria Real Estate Equities. A 25-year veteran, Ziemniak has worked on several major developments in San Diego for Sharp Healthcare, Palomar Pomerado Health, Skyline Hills Branch Library and UCSD. She is one of several personnel additions to BNBuilders in recent months.