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Federal Way City Council Approves Performing Arts/Conference Center Project in Unanimous Vote

8 Jun 2014, 4:42 am

By Alex Girda, Associate Editor

Federal Way is set to see a new development initiative, as the city council recently decided to authorize construction of a new performing arts and conference center in the city’s downtown. The measure passed through a unanimous vote this past week, most likely as a direct result of a study conducted by the Mayor’s Blue Ribbon Panel, which showed that the proposed facility would accelerate the development of the area. The estimated cost of the performing arts development project stands at around $32 million.

When constructed, the 700-seat, multipurpose facility will reportedly create a new, more dynamic environment in downtown Federal Way, the investigation revealed. According to the Mayor’s Panel, the development process would generate around $59 million in spending and about 338 new jobs. And the ongoing operations would generate approximately $3.2 million in new spending each year.

The auditorium would also create a new cultural hotspot in South King County, allowing touring acts and performance series to reach an area of the state that has not had access to those types of events. Set to offer a total of approximately 43,500 square feet of space, the building will be located on a four-acre, elevated plot of land in the vicinity of the Federal Way Transit Center and would offer views of Mt. Rainier. The performing arts center will also double as a conference center, with the capability to host local and regional business retreats and workshops. The development initiative will also include a hotel that would be developed by a private entity.  

The site had been owned by the city since 2010, when it used state funds in a purchase deal worth approximately $5 million. The city council then authorized a conceptual design phase, and in 2013 went on to the project design phase, the development of the pro forma and the application for land use permits.

Image courtesy of federalwaypacc.org

Essex Property Trust Expands Seattle-Area Portfolio with Purchase of Collins on Pine

31 May 2014, 4:23 am

By Alex Girda, Associate Editor

In the latest real estate transaction involving a Seattle-area apartment property, Essex Property Trust acquired a high-end residential asset in the Pike/Pine neighborhood for $29.6 million. The upscale community Collins on Pine was in high demand, according to the Puget Sound Business Journal, but the seller, a limited liability company controlled by Metropolitan Homes Corp., selected Essex Property Trust.

Collins on Pine is a 76-unit luxury residential building that offers a number of upper-tier amenities, including a resident lounge with full demonstration, a rooftop barbecue area, a storage area, a bicycle storage space, as well as a fire pit with outdoor TV. The building also offers on-site maintenance and package receiving, a valet dry cleaning service and the Collins Concierge service, providing house cleaning, and other services are available online. The 76 residential units include studio apartments as well as one- and two-bedroom residences. Rent rates at the building range between $1,450 for a studio and $3,705 for the larger, two-bedroom apartments.

Located at 1601 13th Ave., in one of the more vibrant areas of Seattle and a current hotbed for multifamily investment, Collins on Pine is proximite to the nearby Cal Anderson Park and the fine dining options found throughout Capitol Hill. Essex Property Trust has added the asset to a number of other communities it owns in greater Seattle, including Vox Apartments at 1527 15th Ave., Joule Apartments at 523 Broadway E., and The Cairns, at 422 Yale Ave. N.

Image courtesy of essexapartmenthomes.com 

Hines, Oaktree Acquire Triton Towers in Renton

24 May 2014, 3:15 am

By Alex Girda, Associate Editor

One of Renton’s best-known office assets recently traded hands: A partnership of Hines and a real estate fund managed by Oaktree Capital Management purchased Triton Towers. The buyer reportedly paid a fee of around $60 million for the property, making it one of the largest deals to be completed in the area.

Triton Towers is an office campus located on a 19-acre site on the southern shore of Lake Washington. The campus comprises three seven-story steel and concrete buildings that offer a total of 407,107 square feet of office space. The class A office campus offers great proximity to three major freeways – I-405, I-5 and Highway 167 – and is also close to the Sea-Tac Airport.

The campus offers access to a number of parks and the city’s urban trail system, in proximity to public transportation, dining, shopping and cultural venues. Renton has created a name for itself as the world headquarters of Boeing Commercial Airplanes, with a large part of the city’s economy relying on the 278-acre manufacturing facility located in the area.

Ty Bennion, a managing director with Hines, said the international real estate company “could not be more excited about this asset,” which he called “the best located and most distinctive property in the entire Puget Sound region.” Meanwhile, Oaktree Managing Director Mark Jacobs underlined the company’s position in reference to the deal as “pleased to add a high-quality asset such as Triton Towers to our real estate holdings and continue to look for opportunities to grow our portfolio in the Pacific Northwest.”

Portland Residential Community Trades Hands for $50M

18 May 2014, 4:54 am

By Alex Girda, Associate Editor

A California-based multifamily investment firm recently acquired a Portland asset. According to investment brokerage firm HFO Investment Real Estate, the Monterey Springs Apartments in Clackamas County traded hands for $51.25 million. HFO was in charge of arranging the transaction on behalf of both the buyer and the seller, a private equity group from the Midwest.

Monterey Springs Apartments is a 390-unit multifamily property located in the immediate vicinity of Clackamas Town Center. The residential community is located on a 12-acre lot and includes 21 residential buildings, as well as two distinct community facilities. Residents at the property benefit from landscaping features such as a private lake, a water feature, a fitness center, resident covered parking, a cyber café, a common clubhouse and a year-round pool/spa, just 20 minutes away from the city’s core.

According to a press statement announcing the transaction, HFO Investment Real Estate used its extensive network of national investors, and was able to find a number of potential buyers looking to invest in the growing Portland market. The Portland multifamily market has seen a higher pace of deals during recent weeks, with the Pacific Northwest as a whole proving to be a solid investment area for companies active in the residential sector.

HFF, Berkadia Complete Financing Deals for Pacific Northwest Properties

10 May 2014, 4:14 am

By Alex Girda, Associate Editor

Pacific Northwest property owners and real estate investors are completing financing deals for properties as the area continues to develop in an attempt to boost their chances at securing promising properties or improving assets in their existing portfolios. Berkadia Commercial Mortgage LLC and Holiday Fenoglio Fowler LLC both recently arranged financing deals for properties in the region, in Seattle and Portland, respectively.

Berkadia arranged $14.7 million in bridge financing for a mixed-use property at 954 East Union St. in Seattle. The six-story building will open this fall in the immediate proximity of the First Hill Street Car line. The mixed-use property offers 6,000 square feet of ground-level retail space, as well as 79 residential units comprising studios and one- and two-bedroom units.

Handled by Berkadia Commercial Mortgage Senior Vice President Louis Weisman and Hendricks-Berkadia Managing Broker Tim Ufkes, the loan features two six-month extension options and a 79 percent loan-to-cost ratio. The entity owning the asset will use the proceeds for coverage of construction costs and preparation for upcoming financing or a sale move.

The Portland property involved in a recent financing deal is the Woodlark Building in the city’s downtown area. The borrower in this case was a joint-venture between NFN Investments LLC and Arthur Mutual Investments. HFF arranged the $5 million acquisition financing deal used in the purchase of the historic property.

Located at 813-817 SW Adler, at the corner of SW Ninth Avenue, the Woodlark Building was originally completed in 1912, with a number of renovations and a host of improvements carried out at the facility over the past century in an attempt to maintain its relevance. The eight-story property, totaling 43,887 square feet of space, has a current occupancy rate of 91 percent, with a variety of office and retail tenants.

Featured image: author Another Believer via Wikimedia Commons

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