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Seattle & Northwest  + Seattle  + Office  | 

Continental Handles Acquisition Loan for Redmond Asset

ALCO Investment Company acquired Redmond Heights Center, a 126,545 square-foot industrial/office flex property in Redmond from Wakefield Redmond Heights. The deal was facilitated through $18.75 million in financing arranged by Continental Partners.

The 10-year fixed, non-recourse loan, was rate-locked at 3.25% with a 30-year amortization schedule and stepdown prepayment. The loan is sized to 1.40x debt service coverage ratio at the start rate, equating to a 60% loan-to-value on current rents.

Continental Partners’ Carl Riggins arranged the permanent financing on behalf of the Kent, WA-based buyer.

The property is currently fully leased to 13 tenants and is located in the rapidly growing Eastside Puget Sound market, which is experiencing extremely high demand for office space, noted Riggins. He added, “This acquisition presented the sponsor with an opportunity to benefit from the increasing appetite for office space throughout greater Seattle. This particular property has the unique appeal of consisting of industrial space as well.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition
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