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The developer purchased the 140,000 square-foot former orphanage property with plans to build market-rate, affordable and senior housing and educational facilities.

Palmer Capital represented both VMG and Ellis Partners and secured $32.2 million of financing for the transaction from Umpqua Bank's commercial banking division.

The 108,500-square-foot building on 4.67 acres is currently 89% occupied by a single tenant on a short-term lease at a below-market rental rate.

The resort property, located less than 85 miles from Seattle, sits on the crest of the Cascade Range within two national forests—the Mt. Baker-Snoqualmie National Forest on the west side and the Wenatchee National Forest on the east.

Maxx Properties plans to undertake what it terms will be a comprehensive modernization program including improvements to the clubhouse, all common areas and full unit renovations.

McCormick, a long-time industrial real estate specialist based out of Irvine, CA, most recently served as SVP – national accounts for real estate development and investment firm Rockefeller Group International.

Booming healthcare and technology sectors are bolstering demand for office space throughout the market, keeping vacancy tight, with companies including Amazon and Google expanding footprints.

“The Grandstand offers new ownership tremendous headroom given the significant rent spreads achieved by nearby, fully renovated communities,” says Shea Campbell, a senior vice president at CBRE.