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Schnitzer West & Heritage Bank August 2, 2010

Posted by Sean Tufts in Articles, Retail News, Sale.
Tags: , , , , , ,

There were two noteworthy articles that came out over the weekend as Schnitzer West closed on the sale of two class A buildings and Heritage Bank completed the purchase of Cowlitz Bank.  The sale of the Advanta Office Commons and Equinox Apartments by Schnitzer West make a lot of sense in the current environment.  The Equinox was originally built as condos with a “for sale” strategy and the company, which is not known as multi-family owners, was forced to convert to apartments to salvage the deal.  The Advanta sale includes 600,000 leased to Microsoft on a long-term lease.  Trophy assets, such as these, are still commanding top dollar.  Talk of another sale of Schnitzer’s trophy properties, the Bravern, are still looming.

Heritage Bank has been eyeing the purchase of Cowlitz Bank for a couple of years and with the help of the FDIC appear to have secured a great deal.  The FDIC will retain ownership of just over 1/3 of Cowlitz Banks’s bad assets, mostly in the form of non-performing real estate loans.  Cowlitz is the eight local bank to collapse since the start of the recession with more to come.

Click here for a link to the Schnitzer Seattle Times article and here for the PSBJ article about Heritage.



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