Tag Archives: commercial sales

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.

Port will discuss sale of Bremerton waterfront property Tuesday

Parkignlot_7988144_ver1.0_640_480Port of Bremerton commissioners will discuss the terms of an agreement Tuesday to sell a premier waterfront development property above Bremerton Marina.

According to port CEO Jim Rothlin, the commission is weighing a $4.5 million offer from development firm Sound West Group to purchase the Washington Avenue property. By law, the port can’t sell the land for less than fair market value.

Sound West partner Mike Brown told me the firm is interested in creating a mixed-use development on the 2-acre site.

The port bought the land from Kitsap Consolidated Housing Authority in 2009 for $3.5 million to provide parking for the marina. The district put the property on the market last year with an asking price of $5 million. bremerton-property

Port CEO Jim Rothlin said the goal of the sale would be to pay off the debt from the purchase while still maintaining parking for boaters.

“At the time of the purchase the port’s intent was always to see development occur there at some point that would help increase growth and economic development for the community,” Rothlin said prior to a Nov. 8 public hearing on the potential sale.

“But the priority was really to make sure we secured parking for the marina and were able to pay off debt on that property as well.”

South Kitsap resident Roger Gay was the only member of the public to offer comment. He urged commissioners to be upfront with the public about the process and the potential impact development of the property might have on the marina.

“You need to have those answers no ahead of time as much as possible,” Gay said.

Port commissioners vowed to only agree to a sale if parking for the marina was preserved.

The commission will review a purchase and sale agreement for the property at its regular meeting, scheduled for 6 p.m. Tuesday at Bremerton National Airport. Approval of the port’s 2017 budget also is on the agenda.

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

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.

Bank foreclosing on Poulsbo commercial land

union.bank.foreclosure
Click to enlarge

A bank has begun the process of foreclosing on a 13-acre commercial property near Poulsbo’s Central Market.

MUFG Union Bank filed a complaint in Kitsap Superior Court earlier this month seeking to foreclose on the property and appoint a receiver.

The undeveloped land is located on the east side of 10th Avenue, just south of Central Market (see inset image).

The property is owned by the Hern family, former owners of the Courtesy Auto chain of dealerships on Viking Avenue.

According to court documents, the Herns borrowed $10.3 million from Frontier Bank in 2009. Frontier failed a year later and Union Bank acquired its assets. Union Bank is seeking compensation for $11.24 million in unpaid loan principal, interest and other fees.

All of the Courtesy Auto properties were sold off in recent years. The 10th Avenue parcel is the Hern’s last Poulsbo property.

Zoned commercial as part of the city’s Highway 305 Corridor district, the land has an assessed value of $977,000.

Union Bank is the same institution that forced the sale of undeveloped commercial parcels in Poulsbo’s College Marketplace last year. The bank took ownership of the land after no other bids were entered.

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

Gerber Collision buys Clifford’s Auto Body

cliffordsOne of Bremerton’s oldest auto body shops was just bought by a fast-growing chain.

Gerber Collision & Glass completed a $550,000 purchase of Clifford’s Auto Body, at 327 Montgomery Ave. on Friday, according to Chris Horn of Strategy Real Estate, who brokered the deal.

Clifford’s has been in business in Bremerton since 1933 and on Montgomery Avenue since 1956. Horn said owner Howard Froggatt will stay on as manager at Gerber during the transition and plans to open a smaller shop in another location.

The Bremerton shop is the 20th Washington location for Illinois-based Gerber.

“The Bremerton location complements our existing locations in the Seattle area and will allow us to serve new customers and our insurance partners in this western suburb,” Tim O’Day, president of Gerber parent company The Boyd Group, said in a news release.

The Boyd Group is the largest operator of non-franchised auto body shops in North America by number of locations.

Information on the Bremerton shop is available on the Gerber website.

$38M apartment transaction tops recent commercial sales

madison
Wellington apartments, Silverdale

A Los Angeles corporation bought two Silverdale apartment complexes in September for a combined $69.5 million.

Those transactions topped the list of commercial sales in Kitsap County in for August and September (you can see my July roundup here).

A total of 35 commercial parcels sold in August for a combined $10.23 million, according to county assessor’s records. In September, 12 parcels sold for $74.3 million, buoyed by the Silverdale apartment transactions.

Here’s a look at some of the notable commercial sales from August and September:

Wellington apartments, Silverdale — $38.25 million

wellington
Click to enlarge

Sale date: Sept. 24

Assessed value: $19.99 million

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

Description: A roughly 231,000-square-foot, 17-building apartment complex on 11.3 acres off Randall Way, accessed by Kensington Lane.

Notes: Formerly called Madison the Wellington. Built in 1988.

Ridgetop apartments, Silverdale — $31.25 million

ridgetop
Click to enlarge

Sale date: Sept. 24

Assessed value: $18.12 million

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

Description: A roughly 200,000-square-foot, 25-building apartment complex on 12.5 acres off Ridgetop Boulevard, accessed by Voyager Lane and Shipside Lane.

Notes: Formerly called Madison Ridgetop. One of several large complexes of Ridgetop Boulevard. Built in 1989.

Woodcreek apartments, Poulsbo — $3 million

Click to enlarge
Click to enlarge

Sale date: Sept. 8

Assessed value: $1.53 million

Sold by: Woodcreek Associates to Poulsbo 40 LLC.

Description: A 14-building apartment complex on 4.8 acres of Hostmark Street, across from Poulsbo Middle School.

Notes: Built in 1984. Buyer is based in San Diego.

Twelve Trees building, North Kitsap — $2.23 million

twelve.trees
Click to enlarge

Sale date: Aug. 11

Assessed value: $1.64 million

Sold by: Jackson Brothers LLC. to Grundsund Property Co.

Description: A 21,000-square-foot building in Twelve Trees Business Park off Pioneer Way.

Notes:  Headquarters for international marine apparel and gear company Grundéns. It appears Grundéns just bought the building. Continue reading

Silverdale self-storage building tops July commercial sales

The $5 million sale of a Silverdale Self Storage building in July headlined a relatively quiet month in commercial property sales.

All told, 21 commercial parcels sold in July for a combined $9 million, according to assessor’s records.

Here’s a look at a few notable transactions:

Silverdale Self Storage building  — $5 million

Sale date: July 8

Assessed value: Not available

Sold by: Mickelberry Center II, LLC. to Three Lake Bellevue Partnership

Description: One unit of the Mickelberry Center commercial center, facing Levin Road, next to Bed Bath & Beyond.

Bethel Center building — $630,000

piperberrySale date: July 24

Assessed value: $905,000

Sold by: First Citizens Bank & Trust Co. to Scobey Investments, LLC.

Description: An 8,400-square-foot building at the northwest corner of Bethel Road and Piperberry Way.

Notes: First Citizens Bank took possession of the building last year when the previous owners turned over the deed to avoid foreclosure.

First Citizens was the successor of Venture Bank, which was closed by regulators in 2009. The bank still owns an adjacent building formerly home to Tommy C’s and Sk8Town.

 Zimmer Construction yard, Kingston  — $575,000

Sale date: July 27

Assessed value: $507,500

Sold by: Carl Zimmer to Leeward Industries Inc.

Description: A 5.5-acre property and 5,000-square-foot building east of Minder Road and south of Bond Road in Kingston.

Former Triton Marine, Chico  — $575,000

Sale date: July 30

Assessed value: $388,000

Sold by: Triton Marine Construction Corp. to Dana and Donna Pieze

Description: A 1-acre property with a 3,600-square-foot shop and 5,000-square-foot shop at 2179 Chico Way NW.

Notes: Triton moved to the Port of Bremerton’s Olympic View Industrial Park last year.