Iconic Richland, Washington Office Property Offers Investors Significant Value-Add Potential

RICHLAND, Wash. (Feb. 26, 2018) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Loan and Asset Sales Group is marketing the leasehold interest in Tri-Cities Professional Center, a 160,526-square-foot, two-building office property in Richland, Washington. Will Sledge and Kyle Kaminski of Mission Capital are marketing the property on behalf of the seller, a CMBS special servicer, while Derrick Stricker of NAI Tri Cities will serve as the showing broker. The property is being marketed on RealINSIGHT Marketplace. The bidding window for the property opens on March 6 and closes on March 8.

The Class-B property includes one five-story office building and one seven-story office building, which have an aggregate occupancy rate of 20 percent. The 9.74-acre property is subject to a ground lease with the city of Richland, which expires in 2042 and has two 15-year extension options.

“The Tri-Cities Professional Center is well-situated within the Richland CBD and poses a very intriguing opportunity for value-add investors,” said Sledge. “The city, which currently owns the leased-fee interest, will likely be open to selling its interest to the buyer, and the property is expected to sell at a significant discount to replacement cost. There’s a great deal of upside in this offering and it will be particularly attractive to local property owners who already have a working relationship with the city.”

The property is located within walking distance of the Uptown Shopping Center, which features a variety of dining and retail options.

Added Kaminski: “We also expect to receive interest from opportunistic investors seeking to convert the property into residential or hospitality use. Its prime location near several major roadways makes it easily accessible to the entire Tri-Cities metro, which has a population of approximately a quarter-million people. With a seller eager to divest of the property for a reasonable price, buyers have the unique ability to acquire an asset with significant potential at a very low basis.”

 

 

About Mission Capital Advisors

Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York, Florida, Texas, California and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.www.missioncap.com.

Walker & Dunlop provided the non-recourse loan secured by the 320-key Sheraton Bay Point Resort



February 03, 2018

The owner of a 320-key Sheraton hotel in Panama City Beach got a $42 million loan secured by the renovated property.

An affiliate of Torchlight Investors, LLC, the owner of the Sheraton Bay Point Resort, got the non-recourse loan from Walker & Dunlop Commercial Property Funding.

In June 2016, the sponsor acquired the Sheraton Bay Point Resort, located along Saint Andrews Bay at 4114 Jan Cooley Drive in Panama City Beach.

After the acquisition, the hotel underwent a multi-million-dollar renovation program that upgraded guestrooms, banquet facilities, building exteriors and the hotel’s lobby as well as 120 on-site golf villas.

Amenities include an 18-hole golf course designed by Jack Nicklaus, three outdoor swimming pools, four restaurants, five clay courts for tennis, a 12,000-square-foot spa and a private beach with its own wait staff. The property manager is Crescent Hotels & Restaurants.

The debt and equity finance team at Mission Capital Advisors, LLC, arranged the $42 million loan from Walker & Dunlop. The team included Jonathan More, Ari Hirt, Steven Buchwald and Justin Hunt. – Mike Seemuth

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