Recent Investment Property Closings
We closed several transactions in June and wanted to provide a little bit of the backstory on each of these deals.
Meadowdale Work Lofts
$7,330,000 | 6.70% CAP
As part of our marketing we contacted owners of similar properties around the Northwest. We received multiple offers and secured the buyer within a week of going to market. The buyer owned a work loft property in Renton and was a natural fit.
As always, it takes a entire team to get a transaction closed. We would like to thank the following people who played a major role in facilitating this transaction.
Paula Adams & Brian Henderson — Chicago Title
Michael Linde — Northwest Building Inspections
Dave Willeiksen & Neil Maris — Banner Bank
Jody Petersen — Meadowdale Work Lofts
Burlington Retail Center
$3,690,000 | 5.56% CAP
We worked with a buyer to find an off-market property in Burlington, Washington. We negotiated the valuation of a four tenant retail center with Chipotle, BECU, Cricket Wireless & Soccer City.
We would like to thank everyone who helped facilitate this transaction.
Rick Brooke, Nick Lyon & Brenda Smith — Q10 Capital
Chantale Stiller & Terri Nugent — First American Title
Eric Nelson — Landmark Property Management
LB Day — Symetra Life Insurance Company
Jason Loeb — Windermere
MultiCare Urgent Care Marysville
$2,450,000 | 5.70% CAP
This transaction has been over a year in the making. The MultiCare Clinic is part of a larger development with Sonic Drive-In and Popeyes. We brought the property to market in 2016 before construction had started. A local private equity buyer had an upcoming 1031 exchange and we were able to time the exchange with the closing of the property. The building is a build to suit for MultiCare and is scheduled to open September 1st. Our team represented the buyer and seller.
The transaction team included:
Laura Lau & Moniqueje Schmitt-Johnson — First American Title
Janese Patterson — IPX1031
$1,150,000 | 6.76% CAP
This was an off-market property. We represented the seller and worked with our Portland office to find a buyer. The buyer was in a 1031 exchange and this property was a perfect fit for their criteria and timing.
Rebecca Liddell & Ryan O’Leary — Kidder Mathews
Kimberly Yates — Fidelity National Title
Imants Holmquist — Holmquist + Gardiner, PLLC
Debbie Yates — Exchange Facilitator Corporation