X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-Nitze-Stagen has increased its mortgage on Starbucks Center to $66 million. The lender is and was Teachers Annuity and Insurance Association, a major lender to the commercial real estate industry. Prior to the refinance, which closed last week, Nitze-Stagen was four years into a 10-year, $50-million loan from Teachers.

At nearly 2 million sf, Starbucks center is one of the largest multi-tenant buildings west of the Mississippi River. Blending retail, office, warehousing, manufacturing and distribution functions, it is home to 50 tenants including Starbucks, which keeps its world headquarters in the building.

The interest rate on the 10-year loan is not being released by the parties involved, but generally speaking, long-term fixed rate loans are currently being secured at between 6% and 7%. The loan was sourced by Mike Taylor of Churchill Real Estate Inc. and Hans Siebert of Churchill Mortgage Corp. There was no information immediately available regarding what Nitze-Stagen would do with the extra cash.

The original industrial structure was built in 1912 by Union Pacific railroad to lure Sears to Seattle. Two years later, the catalog company built an 800, 000-sf facility that then was the largest building west of Chicago. In 1925 Sears opened a retail store at the site, and it is currently the oldest continuously operated Sears store in the world. Further additions were made in 1945, 1956, 1965, and 1974 to get it to nearly 2 million sf.

The building suffered significant damage in the Feb. 2001 earthquake, but Nitze-Stagen has since repaired the building, including a new brick façade on the main building. The current vacancy rate at Starbucks Center was not immediately available.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.