$30.35M acquisition financing sourced for industrial portfolio in Seattle
JLL Capital Markets arranged funds for the 213,000-square-foot Commodore Way Portfolio
SEATTLE, January 20, 2021 – JLL Capital Markets announced today that it has arranged $30.35 million in acquisition financing for the Commodore Way Portfolio, an industrial site consisting of three buildings and a parking lot totaling 213,000 square feet in Seattle, Washington.
JLL represented the borrower, ScanlanKemperBard Co., to secure the floating-rate bridge loan through a national debt fund.
With the funds, the borrower plans to redevelop the existing buildings into best-in-class industrial warehouse facilities. Capital improvements will include an office buildout, rollup doors, new roofing, updated systems and cosmetic improvement.
The portfolio is located at 2500 W. Jameson St. and 2501, 2421, 2331 W. Commodore Way, well positioned near one of Seattle’s most prominent industrial-field submarkets, which has approximately 7 million square feet of industrial inventory. Additionally, the property sits just four miles from Seattle’s Central Business District, one mile from the Port of Seattle and near the BNSF Railway’s Balmer Yard.
The JLL Capital Markets team representing the borrower was led by Tom Wilson and Zach Kersten.
“We were very pleased with the options that the capital markets provided on this opportunity,” said Kersten. “We look forward to watching SKB transform this project into a best-in-class facility in a very attractive submarket for tenants.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.