Tag Archives: commercial real estate

Commercial real estate roundup: Church sells development land in Silverdale

newlifePrime Silverdale development land in changed hands in August when Newlife church sold its 8-acre property on Clear Creek Road to The JWJ Group of Silverdale for $3.75 million.

Newlife bought the parcels in 2008 with plans for a Central Kitsap campus. The church is now building a worship and training center in the former Silverdale Regal Cinemas building.

The Clear Creek sale was among a number of high profile commercial real estate transactions completed in August and September. Some we’ve already written about, like the sale of undeveloped land in College Marketplace and the former American Marine Bank headquarters on Bainbridge.

But there were still plenty of deals to catch up on. Here’s a look at other major commercial sales from August and September with details from the county assessor’s office and additional sources:

College Marketplace, Poulsbo — $8.22 million

Sale date: Aug. 31

Sold by: MUFG Union Bank to Olhava Investment Group LLC

Description: More than 60 acres of development land in Poulsbo’s College Marketplace master plan area, zoned for a mix of business park, commercial and residential uses.

Notes:  The buyer was Hotel Concepts of Seattle, which plans a 110-room hotel on five acres near Home Depot. Land not needed for the hotel is back on the market. Union Bank took over the land in a foreclosure sale last year.

Clear Creek land, Silverdale — $3.75 million

clear-creekSale date: Aug. 16

Sold by: Newlife Church on the Peninsula to The JWJ Group LLC

Description: Two parcels totaling 8.6 acres west of Clear Creek Road, just north of Greaves Way and The Trails at Silverdale shopping center. 

Notes:  Newlife bought this property in 2008 with plans to build a campus there. The church is now building a center near the Silverdale YMCA.

Former American Marine Bank, Bainbridge — $3.65 million

columbia-bankSale date: Aug. 22

Sold by: Columbia State Bank to Old Mill Place Propertiess LLC

Description: Original American Marine Bank headquarters at 249 Winslow Way. Constructed in the 1940s. Now home to Columbia Bank.

Notes:  The property was purchased by islander George Lobisser as an investment. The Columbia Bank branch will remain in place.

Peninsula Glen Apartments, Poulsbo — $2.84 million

peninsula-glenSale date: Aug. 3

Sold by: Ronald and Linea Montplaisir to Pen Glen LLC 1

Description: An apartment complex on five acres on Hostmark Street, east of North Kitsap High School.

Notes:  The same buyer purchased the neighboring Woodcreek apartments, and has plans to add 24 units to the combined properties. 

Sonic Drive-in, Poulsbo — $2.6 million

poulsbo-sonic_Sale date: Sept. 8 

Sold by: Columbia Property Managers LLC to SB Poulsbo LLC

Description: A newly-constructed fast food restaurant on 1 acre at the intersection of Viking Avenue and Highway 305. 

Winslow Way building, Bainbridge — $2.5 million

winslow-waySale date: Sept. 29

Sold by: DLG Leasing LLC to Michael and Darden Burns LLC

Description: An 11,660-square-foot commercial building on 1 acre at 253 Winslow Way West. 

Notes: Home to Seattle Children’s Bainbridge Bargains Boutique.

Olympic Place II, Poulsbo — $1.87 million

olympic-iiSale date: Sept. 26

Sold by: Roben Family Limited Partnership to James Lane C LLC

Description: A 34,000-square-foot commercial building and parking lot on 3 acres at 1050 NE Hostmark Street, east of Highway 305. 

Notes:  Built in 1984, according to a listing.

Hardware building, Kingston — $1.8 million

henerySale date: Aug. 25

Sold by: Kingston Center LLC to HH & Sons LLC

Description: A 14,400-square-foot building on 1 acre on Highway 104, next to the Food Market

Notes:  Home to Henery Hardware. It appears the Henery family just bought the building from owners of the shopping center.

Former Sound Publishing plant, Bainbridge — $1.45 million

soundSale date: Sept. 13

Sold by: Sound Publishing Properties Inc. to Day Road Industrial Park LLC

Description: Two commercial buildings on 4.5 acres in the Day Road industrial area. 

Notes:  The main building once housed Sound Publishing printing presses and the Bainbridge Review newsroom. Now home to Salisbury Woodworking.

Former Frontier Bank, Silverdale — $1.4 million

frontierSale date: Aug. 9

Sold by: MUFG Union Bank to SKBA LLC

Description: A 14,000-square-foot bank building on 1 acre at the corner of Silverdale Way and Myhre Road.

Notes:  One of several Frontier Bank branches acquired by Union Bank when Frontier failed.

Lighthouse restaurant, Port Orchard — $1.39 million

b0017143761-187742Sale date: Sept. 8

Sold by: 429 Bay Street LLC to Kashi 201 Williams LLC

Description: A 9,250-square-foot restaurant at 429 Bay Street on the Port Orchard waterfront. 

Notes:  New owner Ali Kashi plans to open a Cheers Bar & Grill in the landmark restaurant building in January.

Robinswood Apartments, Kingston — $1.34 million

robinswoodSale date: Sept. 14

Sold by: 17th On High LLC to Kim Pax LLC

Description: An apartment complex at 10434 Highway 104 next to Reliable Storage.

Sunnyslope land, South Kitsap — $600,000

Sale date: Aug. 31

Sold by: Davies Pearson PC (trustee) to Assemblies of God Loan Fund

Description: Four parcels totaling about 26 acres on Victory Drive, near the intersection of Sunnyslope Road and Highway 3, and a duplex on Jones Drive in Port Orchard.

Notes:  This was a forced sale. The land was formerly owned by South Kitsap Family Worship Center.

CLICK HERE TO SEE MY COMMERCIAL REAL ESTATE ROUNDUP FOR APRIL THROUGH JULY.

Apartment rents keep climbing in Kitsap

b0016037975-446099Average rent for apartments in Kitsap climbed to $1,186 in the third quarter of 2016, marking the 10th-straight quarter rents have increased in the county.

Per-unit rent at large apartment complexes has risen $109 since the start of the year, according to Tom Cain of Apartment Insights Washington.

Port Orchard and Bremerton reported the largest rent increases in the West Sound region in the third quarter.

Vacancy rates remained low in Kitsap, with 4.35 percent of units available.

The market was tightest in Port Orchard where just 3.32 percent of apartment were vacant, while Silverdale’s vacancy rate jumped to 5.21 percent.

Cain said a balanced rental apartment market typically has a vacancy rate of 5 percent.

Here’s a graphic showing apartment rental trends in Kitsap:

Commercial real estate roundup: South Kitsap timberland sells for $9M

b0012744021-852179A massive swath of South Kitsap changed hands this summer.

In June a buyer paid $9.25 million to McCormick Land Company for nearly 2,000 acres of timberland south of McCormick Woods.

The deal highlighted a busy spring and summer for commercial land transactions in Kitsap County. Below is a roundup of other high-profile sales recorded from April through July, with details from assessor’s documents and additional research.

This list doesn’t include the $20 million sale of the Silverdale Ridge apartments, which I reported on earlier this year.

Keep in mind these are property transactions, and the businesses occupying these properties may not have changed hands.

McCormick timberland — $9.25 million

Sale date: June 22

Sold by: McCormick Land Company LLC to Bar MH Timber WA LLC.

Description: More than 1,800 acres of timberland divided into 166 tax parcels, located south of McCormick Woods and east of Bremerton National Airport.

Notes:  McCormick Land Company also recently sold off its residential development land surrounding McCormick Woods.

I’m working to get in touch with the buyers of the timberland to find out what their plans are.

Best Western, Bainbridge Island — $7.25 million

bestwestern

Sale date: June 29

Assessed value: About $4 million

Sold by: Bainbridge Island Commons LLC. to BB Hotel LLC.

Description: A four story, 51-room hotel on 2.7 acres at 350 NE High School Road.

Notes:  BB Hotel LLC. has a Honolulu mailing address. Continue reading

Jimmy John’s planned for new Silverdale building

constuction

Jimmy John’s is bringing its “freaky fast” sandwich service to Silverdale.

The restaurant chain was the first tenant confirmed for a 4,200-square-foot commercial building now under construction next to the AMC in Silverdale. 

jjLogoLargeProperty manager Jeff Coombe said the structure should be finished by the end of the year. Jimmy Johns is expected to open in early 2017.

The building will have room for at least one other retail tenant, Coombe said.

Silverdale will be the second Kitsap County franchise location for Jimmy John’s. The same franchisee group opened a shop at the corner of Burwell Street and Park Avenue in Bremerton in 2013.

The future home of Jimmy John’s in Silverdale is being constructed in a parking lot at Clear Creek Office Plaza. Coombe said the existing building in the plaza just underwent a $1 million remodel and has space available for new tenants.

The owner of the plaza property also owns the neighboring AMC parcel. The theater is enjoying an uptick in business after receiving $4 million in improvements, Coombe said.

The Randall Way/Kitsap Mall Boulevard corridor has been hopping with construction this year. 

Newlife church broke ground on a new center at the site of the former Regal cinema in May. A self-storage center is taking shape on the hillside west of Randall.

Kitsap Mall is expanding to make room for a Dick’s Sporting Goods store, set to open this fall.

Commercial real estate roundup: Bainbridge development sells for $17 million

hildebrandA Bainbridge Island mixed-use development and a Port Orchard Walgreens building were among the prominent commercial properties that changed hands during a busy first quarter of 2016.

All told, 102 commercial parcels sold in January, February and March for a combined $111.1 million, according to county assessor’s records. 

Sales of large apartment complexes, including Santa Fe Ridge, Bremerton Gardens and Admiral Manor, accounted a large portion of that total. I detailed those sales in a recent rundown of apartment transactions.

Below is a look at some of the notable commercial sales of the year so far, plus a couple from the end of December that didn’t make my last roundup.

Madison Square, Bainbridge — $17.5 million

hildebrand.map

Sale date: March 9

Assessed value: $13.9 million

Sold by: Madison Square LLC. to LBG Bainbridge LLC.

Description: Seven tax parcels on Hildebrand Lane, south of the Island Village shopping complex. Buildings include a mix of retail, office and apartments.

Notes: The seller is a corporation headed by islander Michael Burns. LBG Bainbridge LLC is a subsidiary of Lord Baltimore Group Ltd., and lists a Vancouver, B.C. mailing address.

The same buyer also purchased the adjacent Camelia apartments for $4.6 million this year, and bought a commercial cluster in Poulsbo which I describe below, all from Burns.

Liberty Center, Poulsbo — $5.93 million

liberty.centerSale date: March 9

Assessed value: $5 million

Sold by: Liberty Centre LLC. to LBG Bainbridge LLC.

Description: Three buildings with a combined 30,000 square feet of space on 2 acres on the northeast corner of Liberty Road and Highway 305.

Notes: See notes above. Major tenants include John L. Scott and Key Bank.

Grow apartments, Bainbridge — $5.2 million

grow_cooperext3
Courtesy Grow Community

Sale date: Feb. 4

Assessed value: $973,560

Sold by: Bainbridge Community Development to Clarke Properties LLC.

Description: Two tax parcels at the southeast corner of Wyatt Way and Grow Avenue where the “Cooper” rental apartments were constructed as part of the Grow Community project.

Three-story, 10-unit buildings were slated for each parcel, according to city planning documents.

Walgreens building, Port Orchard — $5.18 million

walgreens

Sale date: Feb. 11

Assessed value: $3.26 million

Sold by: McCandless Port Orchard LLC. to Lease Fund II LLC.

Description: A 15,000-square-foot pharmacy building on 1.8 acres at the northeast corner of Lund Avenue and Bethel Road.

Notes: Across the street from the Bethel Junction shopping center, which also sold recently.
Continue reading

Big apartment complexes are selling in Kitsap

2Q==Kitsap’s rental housing market is hot and investors have taken notice.

At least eight large apartment complexes sold in the past year for a combined $174 million, according to county records.

One Los Angeles investment group, Benedict Canyon Equities, appears to have acquired four apartment complexes in Silverdale for more than $30 million each. My calls to Benedict Canyon were not returned.

Here’s a rundown of major apartment sales since the start of 2015, ranked by sale price:

TreeTops, Silverdale — $40.25 million

treetopsSale date: Dec. 11, 2015

Assessed value: $20.2 million

Sold by: Treetops Investors LLC. to Tahoe Lane Apartments LLC.

Location: 1206 NW Tahoe Lane, off Ridgetop Boulevard NW.

Notes: Benedict Canyon Equities is the listed taxpayer.

Wellington, Silverdale — $38.25 million

wellingtonSale date: Sept. 24, 2015

Assessed value: $19.99 million

Sold by: GFS Wellington LLC. to Gemini Wellington Fee Owner LLC.

Location:  3435 NW Kensington Lane, off Randall Way.

Notes: This property is part of TruAmerica’s portfolio. TruAmerica has its headquarters at the same address as Benedict Canyon Equities.

Santa Fe Ridge, Silverdale — $37.5 million

santa.feSale date: Jan. 29, 2016

Assessed value: $21.75 million

Sold by: SK Santa Fe Ridge LLC to Santa Fe Ridge Apartments LLC.

Location: 1410 NW Santa Fe Lane,  off Ridgetop Boulevard.

Notes: Benedict Canyon Equities is the listed taxpayer.

Madison at Ridgetop, Silverdale — $31.25 million

madisonridgetopsSale date: Sept. 24, 2015

Assessed value: $18.12 million

Sold by: GFS Ridgetop LLC. to Gemini Ridgetop Fee Owner LLC.

Location: 11150 Voyager Lane NW, off Ridgetop Boulevard NW.

Notes: This property is part of TruAmerica’s portfolio. TruAmerica has its headquarters at the same address as Benedict Canyon Equities.

Bremerton Gardens, Bremerton — $13 million

9k=Sale date: March 9, 2016

Assessed value: $12.67 million

Sold by: Bremerton Stephanus I LLC. to Bremerton Fee Owner LLC.

Location: 4038 Mountain View Drive, off lower Wheaton Way in Manette

Notes: The new owner is an affilliate of New Standard Equities of Los Angeles. They plan major renovations.

Admiral Manor, Bremerton — $5.83 million

B0012880399--834114Sale date: Jan. 22, 2016

Assessed value: $5.49 million

Sold by: Admiral Manor LLC. to Project S12 LLC.

Location: 145 Bloomington Ave., off Burwell Street.

Notes: The owner is an affiliate of The Stratford Company of Seattle. They plan major renovations.

Camelia, Bainbridge Island — $4.57 million

cameliaSale date: March 9, 2016

Assessed value: $2.19 million

Sold by: Ihland Apartments LLC. to LBG Bainbridge LLC.

Location: 235 Camelia Loop NE, just southeast of the library off Madison Avenue.

Notes: The new owner appears to be an affiliate of a Vancouver, B.C. company. (Corrects a HQ location I listed earlier.)

Woodcreek, Poulsbo — $3 million

woodcreekSale date: Sept. 8

Assessed value: $1.53 million

Sold by: Woodcreek Associates to Poulsbo 40 LLC.

Location: 2160 NE Hostmark Street, across from Poulsbo Middle School.

Notes: New owner is based in San Diego. This complex was originally subsidized by a federal loan, but was recently converted to market rate apartments.

UPDATE: This post was updated to reflect that the Wellington and Ridgetop apartments are owned by TruAmerica.

Assessed values are for the 2016 tax year. Check back this week for a roundup of major commercial real estate sales from the first quarter of 2016.

Bremerton Gardens apartments sell for $13M

2Q==

A Los Angeles-based real estate company purchased the Bremerton Gardens apartments for $13 million, according to a Friday news release.

The 20-acre, 182-unit Parkside Drive complex was listed for sale two years ago. The transaction closed Monday, according to public documents.

The buyer, New Standard Equities, plans to spend $3.5 million upgrading the grounds and World War II-era buildings.

9k=Planned improvements include new paths, signage, landscaping and gazebos. New façades will “evoke the vibe of a 1940s village,” according to the release. Interior updates will include hardwood flooring, new cabinetry, appliances, paint and countertops.

New Standard Equities executives were attracted to Bremerton’s strong military employment base.

“Furthermore, this property is in a prime, irreplaceable location, offering residents beautiful, unobstructed views of Puget Sound,” CEO Edward Ring said in the release. “It is also near great dining and entertainment, and a short walk to the ferry.”

Bremerton Gardens includes 113 one-bedroom apartments, 63 two-bedroom apartments, five three-bedroom apartments. The complex is served by 242 parking spaces and features a laundry center and dog park.

Redwood-Kairos Real Estate Partners supplied joint venture equity for the transaction, according to the release. Freddie Mac provided financing through CBRE, and Jim Jensen and Kenny Dudunakis of Berkadia represented both buyer and seller in the sale.

Bremerton landlords are enjoying a hot rental market this year. The apartment vacancy rate for Bremerton was about 2.6 percent at the end of 2015. The average apartment rent in Kitsap increased 15 percent in 2015, according to Apartment Insights Washington.

Bremerton Gardens wasn’t the first major apartment complex to change hands this year. In January a Seattle real estate firm bought Bremerton’s Admiral Manor apartments for $5.83 million.

Regal Cinemas headlines fall commercial sales

regal.cinema

The $3.1 million sale of the Regal Cinemas in Silverdale to Newlife Church was among the notable commercial transactions closed in Kitsap County during the last three months of 2015.

olhava_1445221426904_25394155_ver1.0_640_480By far the largest, however, was the foreclosure sale for 42 vacant parcels in Poulsbo’s College Marketplace.

MUFG Union Bank, which forced the sale, took ownership of the properties for a recorded sales price of $8.17 million.

A total of 85 commercial parcels changed hands in the fourth quarter of 2015 for a combined $23.6 million, according to county assessor’s records.

Here’s a look at some of the high profile transactions:

College Marketplace parcels, Poulsbo — $8.17 million

1019_OlhavaSale_KSSale date: Oct. 29

Assessed value: About $21 million

Sold by: Hacker & Willig Inc (Trustee) to MUFG Union Bank

Description: 42 tax parcels in the College Marketplace development in Poulsbo, adjacent to Walmart and Home Depot.

Notes:  Previous owner was Olhava Associates Limited Partnership of Edmonds. Olhava defaulted on loans issued by Frontier Bank.

Union Bank was the successor to Frontier Bank, which was closed in 2010. The College Marketplace properties are still listed for sale.

Regal Cinemas, Silverdale — $3.1 million

regal.cinemasSale date: Nov. 12

Assessed value: $2.95 million

Sold by: Eastgate Theatre Inc. to New Life Church on the Peninsula

Description: A 15,000-square-foot cinema on 2.6 acres at 9923 Poplars Ave.

Notes:  Newlife Church plans to turn the building into an education and worship center. The cinema will continue to operate into early 2016. Continue reading

Port puts prime Bremerton waterfront parcel on market

Parkignlot_7988144_ver1.0_640_480

port.propertyA “for sale” sign went up last week at a coveted waterfront property overlooking Bremerton Marina.

The 1.6-acre parcel, owned by the Port of Bremerton, was listed by CBRE for $5 million. The land is also available for lease.

The port bought the property from Kitsap Consolidated Housing Authority in 2009 for $3.5 million.

The hillside parcel provides parking for marina tenants and the port turns a profit renting additional parking stalls. But with views of Sinclair Inlet and easy access to the ferry, the property has long been ogled by developers as a potential site for a hotel, apartments or condos.

Bremerton Mayor Patty Lent made her preference clear in an interview last fall.

“I’m hoping we can have a third hotel,” Lent said. “Because of our expanded conference center, and the vitality of our city, we could accommodate another hotel.”

The trick for the port will be finding a way to lease or sell the land while maintaining parking for the growing number of marina tenants. Boaters use about half of the 120 parking spaces in the busy summer months.

Kitsap’s top commercial property sales of 2014

0729_KSLO_bethel copyResidential real estate sales surged in Kitsap County last year. The same was true for commercial sales, according to assessor’s records.

Across the county, 302 commercial parcels changed hands in 2014, about 13.5 percent more than in 2013. A total of 198 were sold in single-parcel sales, 18.5 percent more than in 2013.

Those sales included some high profile properties. Below I’ve listed the 20 biggest commercial real estate transactions of 2014 by sales price.

A couple of notes before we get started:

— We’re talking about sales of property, not the business tenants associated with the property.

— Most the sellers and buyers were generic holding companies. You can plug the names into the state’s corporation search to get more details.

1. Arbor Terrace Apartments, Port Orchard

Sale date: Dec. 22

Sale price: $28.6 million

Sold by: Heritage Communities LLC. to Sea 1800 Sydney Avenue LLC

Notes: Two parcels totaling about 18 acres and 280 units.

2. Bay Pointe Retirement Center, Bremerton

Sale date: June 16

Sale price: $21.9 million

Sold by: AEWSH Bay Pointe Senior Housing to ARCH BPBRMWA01 LLC

Notes: A 3.3 acre retirement center in West Bremerton.

3. Bethel Junction, Port Orchard

Sale date: July 22

Sale price: $20.8 million

Sold by: Tavitac Bethel LLC. to Bethel Garp LLC.

Notes: A two-parcel, 157,500-square-foot shopping center that includes a Safeway (soon to be Haggen), Starbucks and other businesses. Sold to a San Diego investment group. Earlier blog post here. Continue reading