Los Angeles-based investor Industrial Realty Group
(IRG) spotted a rare opportunity to acquire the iconic
Weyerhaeuser campus, located just south of Seattle,
last year. Home to an architecturally renowned office
building and tech center, the 425-acre property of
mostly undeveloped land zoned commercial is unrivaled
in the region. The opportunity ahead for IRG to
repurpose the property to better meet the needs of the
community is exciting to envision for any developer.
Through complex circumstances, including an extremely
short timeline to close, IRG was in need of a lender
who understood the value of the project and could get
the job done. Columbia Pacific
Advisors (CPA) recognized the
value and in just two weeks
its real estate lending strategy
funded a $50 million loan that
allowed IRG to close the deal.
“Our team was able to execute
quickly,” said Billy Meyer,
Managing Director of the
real estate lending strategy
at CPA. “Our flexibility and
sophistication within our debt fund allows us to
execute where other lenders are unable.” CPA’s
multi-disciplinary team who operate various fund
strategies and an extensive professional network
allowed the firm to quickly gain comfort with the
asset, the sponsorship group and execution strategy.
The CPA lending team reached out to both their internal
and external network to gain further insights into the
value and viability of the property. In an effort to better
understand the community’s hopes for the land, they
met with the local city officials including the mayor.
“We understand that well-developed relationships
are the key to closing deals,” Meyer said.
The immediate proximity of the site to the ports
of Seattle and Tacoma, the ease of access to the
Interstate-5 corridor and the market scarcity of
industrial land are a few characteristics which
compelled IRG and CPA to pursue the opportunity.
IRG relied on CPA’s depth of experience
and insights from their partners to quickly
understand the value of the property, allowing
IRG to capitalize on this rare opportunity.
“The former Weyerhaeuser
building, now known as The
Greenline, and its surrounding
assets are absolutely stunning,”
said Tom Messmer, Vice
President of IRG. “There is a
perfect balance between what
is man-made and the natural
it. The team at Columbia
Pacific Advisors made our site
acquisition possible and provided the financing needed
to secure this unique property in the Pacific Northwest.”
Columbia Pacific Advisors’
bridge loan helps their client
seize a rare opportunity
the key to
About Columbia Pacific Advisors
Our success begins with our people – their insights, experience, and
diligence enable everything we do. The Columbia Pacific Advisors team
has broad experience in the asset classes where we invest. The firm
manages strategies in real estate investment, real estate lending and
opportunistic investment. The firm, based in Seattle, was founded in
2006 by Alex Washburn, Stan Baty and Dan Baty.
With a privately held and managed portfolio in excess of 100 million
square feet, Industrial Realty Group, LLC is among the country’s largest
owners of commercial and industrial properties. IRG, a Los Angeles
based company, owns and operates more than 150 major projects and
developments in 28 states.
The Greenline, formerly the Weyerhaeuser campus in Federal Way, WA