Saturday, September 21, 2019

$113 million sale of Historic Medical Dental Building in Seattle, WA completed by JLL

Medical Dental Building, Central Business District, Seattle, WA

SEATTLE, WA JLL announcedit has closed the $113 million sale of the historic Medical Dental Building, an approximately 300,000-square-foot, office/medical building located in the dynamic Seattle central business district.

JLL marketed the property on behalf of the seller, Goodman Real Estate, Inc., and procured the buyer, Menashe Properties, Inc.

Kevin Freels
The 18-story landmark building was constructed in two phases in 1925 and 1950, renovated in 2008 and recently received over $25 million in building upgrades, including new lobby finishes and the creation of a Winter garden common area.  

The property includes a diverse roster of over 130 professional tenants, primarily private medical and dental practices and office space.  

Bartell Drug Co., the country’s largest and oldest family owned pharmacy headquartered in Seattle, anchors the Medical Dental Building with a 12,606-ground floor retail store. 

 Additional major tenants include Deltek, Inc. and The Polyclinic.  The property is located within Seattle’s key retail corridor, adjacent to Nordstrom’s flagship store and a five-minute walk from Amazon’s world headquarters campus.

Jordan Menashe
“The Medical Dental Building is a perfect legacy asset for us and yet another stepping stone for the next generation of Menashe Properties,” said Jordan Menashe, CEO.

 “The iconic Medical Dental Building is in an A+ location in the heart of booming Downtown Seattle with South Lake Union only steps away.  

"Our focus will be on providing a personal experience defined by quick decision making and a willingness to make deals with open arms with tenants of any size. 

"We truly appreciate Kevin Freels and Logan Greer of JLL for presenting this unique off-market opportunity to us and recognize our acquisition as a value-add play in a high demand area with little vacancy.”

Logan Greer

The JLL Capital Markets team representing the seller was led by Directors Kevin Freels and Logan Greer, and Senior Managing Directors Michael Leggett and Gerry Rohm. 

“Seattle is the third tightest office market in the country; rents continue to increase due to the limited supply of space combined with the immense influx of technology tenants,” Freels added.  

Damon McCartney
“The Medical Dental Building serves a unique purpose for our Downtown market and provides convenient access to health care for the many downtown employees.”

Menashe Properties is excited to work hand in hand with the Broderick Group – Seattle Office as its exclusive brokerage team for the Medical Dental Building. 

 The Property leasing team is represented by Damon McCartney, Maverick Olivares and Ryan Nelson. 

 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 advisory, debt placement, equity placement or a recapitalization. 

Maverick Olivares

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About Goodman Real Estate, Inc.

Founded in 1980 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately held real estate investment company specializing in multifamily and commercial real estate.

Ryan Nelson
  Headquartered in Seattle, Washington, GRE maintains a diversified portfolio of quality commercial property investments across the United States and Canada. 

 With its managed assets valued more than $2.5 billion, this portfolio spans the spectrum of risk-adjusted investments: multi-family construction; hotels and resorts; office and retail buildings; land development and structured investments.  

GRE is a company with deep roots in the Pacific Northwest with values reflected through local charitable giving and commitment to local issues.  For more information,  please visit

Gerry Rohm
About Menashe Properties, Inc.

Menashe Properties, Inc. was founded over 40 years ago and is a privately held family office committed to excellence in commercial real estate investment and management.

  The company’s primary focus has been in the Pacific Northwest although the company has grown substantially over the last few years with acquisitions of quality office properties in Colorado and Washington.  

Menashe Properties, Inc. prides itself on its attention to detail in professionally maintaining and improving its properties, sustaining close tenant relationships and providing exceptional customer service. 

 The company is well positioned for continued growth in the office, industrial or retail sectors. For more information on Menashe Properties, Inc., visit or contact Jordan Menashe.

Michael Leggett
About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019.

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.


 Kristen Murphy
 JLL Director, Public Relations 
Phone: +1 617 848 1572

JLL arranges financing for $44 million multi-housing development in American Fork, Utah

Mike White
SALT LAKE CITY, UT  JLL announced it has arranged high-stack (80%+ LTC) construction financing for the development of The MillPond Apartments, a 214-unit, Class-A, $44 million multi-housing property in the Salt Lake community of American Fork, Utah.

JLL worked on behalf of the borrower, Rockworth Companies, to place the three-year, limited-recourse construction loan with one of the largest debt funds in the country. It was the fund’s first-ever financing in Utah and was closed within 65 days.

The JLL Capital Markets team representing the borrower was led by Managing Director Mike White.

“This project was so well-conceived, located and sponsored, that the capital-provider broke a $50-million funding minimum for their first construction loan in Salt Lake City,” White said. 

Downtown American Fork, UT
“JLL’s comprehensive supply-demand research confirmed North Utah County’s multi-housing market as one of the top investment opportunities in the country. Once they visited SLC, the fund 100% agreed with that conclusion.”

The MillPond Apartments will comprise 11 three-story buildings with wood-frame construction that house a mix of one-, two- and three bedrooms units averaging 906 square feet. 

Units will feature a patio or balcony, in-unit washer and dryer, nine-foot ceilings, oversized tub, high-quality cabinetry and luxury wood-style flooring.

The Meadows, a 2.1-million-square-foot retail and entertainment center in American Fork, UT
 Community amenities will include a clubhouse with a fitness center, business center, changing rooms, outdoor heated swimming pool with a sun deck, Whirlpool spa, fire pit, barbecue and picnic area, dog park and a bike repair facility.

Located at 80 North 1020 West, the site is adjacent to the entrance to Interstate 15, which is the main arterial between Salt Lake City and Provo. It’s also across from The Meadows, a 2.1-million-square-foot retail and entertainment center anchored by some of the largest national retailers in the country. 

Silicon Slopes, a large concentration of corporate tech firms and one-third of a mile from the American Fork Front Runner Light Rail Station

The TOD property is six miles from Silicon Slopes, a large concentration of corporate tech firms and one-third of a mile from the American Fork Front Runner Light Rail Station. 

American Fork is a high-growth market in the Greater Salt Lake Area about half-way between Salt Lake City and Provo.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.


 Kimberly Steele, JLL Digital Content/PR Specialist 
Phone: +1 713 852 3420