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February 27, 2014
Marcus & Millichap Capital Corp., a subsidiary of Marcus & Millichap Real Estate Investment Services, promoted Raymond Allen to director in its Seattle office. Allen has been with Marcus & Millichap since 2011. Before that he was a vice president with Capital Real Estate Finance. Marcus & Millichap also promoted David Campbell and Colton Smith to directors of the Palo Alto, Calif., and Salt Lake City offices. Marcus & Millichap Capital Corp. advises clients on financing of apartments, office and industrial buildings and other properties.
CamWest, a Toll Bros. company, has opened The Enclave at Newport Hills, a 10-home community in Bellevue's Newport Hills neighborhood. Prices range from $700,000 to $720,000. The largest homes have five bedrooms, three bathrooms and three-car garages. The project is within walking distance of two parks. Toll Bros. is based in Horsham, Pa. and bought Kirkland-based homebuilder CamWest in 2011. Toll Brothers has 19 projects throughout the region, primarily on the Eastside.
The Washington chapter of NAIOP will hold it's first women's luncheon at 11:30 a.m. March 12 at Fairmont Olympic Hotel, 411 University St. The event will celebrate accomplishments of women in commercial real estate. Angela Park, executive director of consulting firm Mission Critical, is the keynote speaker. Park has more than 25 years experience and worked at the White House managing sustainable communities policies during the Clinton administration. For more information, or to register, visit: bit.ly/1cQsRhy
The Seminar Group will hold a meeting called Stormwater Law and Regulation in Washington State at 9 a.m. June 25 at City University of Seattle, 521 Wall St. the all-day meeting will cover permitting and environmental issues and how other cities are handling stormwater policies. For more information or to register, visit: bit.ly/1ewCmim
February 20, 2014
Jim Potter's Footprint Investments LLC hired Cathy Reines as president and CEO. Reines has more than 25 years of experience in finance. She has been a partner at both a large national accounting firm and a smaller firm. Reines will work on projects outside the Northwest. Footprint develops micro-apartments, and has projects in Seattle and Portland, as well as Denver, Oakland, Detroit and New Jersey.
Kim Herman, executive director of the Washington State Housing Finance Commission, received an award from the Council for Affordable and Rural Housing for public servants who provide low-income housing in rural areas. Herman was instrumental in founding the commission and has been executive director for more than 30 years. He also led the U.S. Department of Housing and Urban Development's Rural Assistance Initiative in Washington and was executive director of the Yakima Housing Authority. The commission has used revenue bonds and tax credits to finance more than 275,000 low-income units statewide.
Broker sold 155 units worth more than $44 million in 2013 at Suncadia, a mountain resort 80 miles east of Seattle. It was the best sales year since 2008. Crews began construction on 57 new homes in 2013, up from 36 in 2012. In 2013 Suncadia started a Featured Builder program that speeds up planning and construction. Suncadia Real Estate Sales Co., the resort's broker, has sold 1,420 plots, homes and condos since 2003.
Law Seminars International will its hold 20th annual Advanced Conference on commercial real estate purchases and sales April 7 and 8 at the Red Lion Hotel on Fifth Avenue. Topics include due diligence and environmental work before closing a sale, structuring and negotiating major deals, and enforcing purchase and sale agreements. Program chairs are Jennifer D. Cobb of Jameson Babbitt Stites & Lombard and Susan A. Shyne of Van Ness Feldman. For more information, or to register, visit: bit.ly/1huchIs
February 13, 2014
Lowe Enterprises Real Estate Group hired Suzi Morris as senior vice president in charge of Pacific Northwest operations. She will be in charge of the 24-story, 169-unit condo project at 1321 Seneca St. on First Hill that Lowe Enterprises is doing with Swedish pension fund Alecta. It is scheduled to break ground later this year. Morris has worked as development director for Alliance Residential and senior investment manager of multifamily development for Schnitzer West. She has helped develop more than 1,450 multifamily units in the region. Lowe Enterprises is based in Los Angeles and has developed, acquired or managed more than $21 billion in real estate assets.
Jon B. Willis of Issaquah-based Global Property Strategies will chair the Counselors of Real Estate Pacific Northwest chapter this year. Peter K. Shorett, an executive vice president at Kidder Mathews, is vice chair. The chapter covers Alaska, Idaho and Washington. The Counselors of Real Estate is a Chicago-based organization with members in real estate, finance and legal fields who provide advice on complex property and land use issues.
Issaquah-based Lake Washington Partners has started a 750,000-square-foot distribution center in Reno's Spanish Springs Business Center for SanMar Corp., a Seattle-based retail supplier. It is scheduled to open at the end of the year. United Construction Co. of Reno is the general contractor. Lake Washington Partners wants to develop another building at Spanish Springs with 800,000 square feet, and is looking for a tenant. Lake Washington Partners will spend $3 million to renovate a building in Sparks, Nev., that SanMar will vacate when it moves to Spanish Springs.
The 20th annual Vancouver Real Estate Forum is Feb. 20 at Vancouver Convention Centre West. The conference will open with an overview of the economy and real estate conditions by Sonya Gulati, senior economist at TD Economics. Seminars will include office and residential activity in Vancouver, development in the suburbs, changing demographics and what investors want today. For more information, or to register, visit: bit.ly/1nufHbw
A Bellingham-based real estate brokerage called eXp Realty International Corp. has opened an office in Louisiana. The company hired Louise Kennedy as managing broker in New Orleans. Representatives of eXp said it is the first cloud-based global real estate brokerage. The company is active in 29 states and in the Canadian province of Ontario.
February 6, 2014
CBRE has hired leading retail real estate broker Susie Detmer as well as Stacy Reid and Inger Johnson from Cushman & Wakefield | Commerce. Detmer has more than 30 years of experience and has been executive director at Cushman & Wakefield since 2005. Reid has 11 years of experience in commercial real estate in the Pacific Northwest, and Johnson has been with Cushman & Wakefield for the last four years. Cushman & Wakefield | Commerce was recently sold to a division of NorthMarq Cos. CBRE has more than 300 offices worldwide.
Developer, land use strategist, teacher and author Christopher B. Leinberger will speak at the University of Washington's College of Built Environments Dean's Distinguished Lecture series at 6:30 p.m. Feb. 12 at Architecture Hall. Leinberger is chair of the Center for Real Estate and Urban Analysis at George Washington University, and president of Locus Responsible Real Estate Developers and Investors. The event is free. For more information, or to register, visit: bit.ly/1gMQ73Q
The city of Seattle will hold a low-income housing forum on Feb. 13 at Seattle City Hall, 600 Fourth Ave. From noon to 4:30 p.m. there will be an overview of low-income housing policies here and in other cities as well as two panel discussions. The public can give feedback at an event from 6 to 8 p.m. The forum is part of an ordinance passed last year that calls for reviewing programs to see how the city can get more low-income units.
January 23, 2014
Industrial Property Trust bought West Valley Distribution Center, a 97,000-square-foot building at 6858 S. 190th St. in Kent, for $7.9 million, according to a filing with the Securities and Exchange Commission. The seller is listed as West Valley Distribution Associates I LP. The building is 100 percent leased to Bassett Furniture Direct, Metropolitan Gymnastics, Allied Manufacturing and TransCold Distribution. It will be managed by Kennedy Property Management. Industrial Property Trust is a Denver-based real estate investment trust that focuses on markets near major distribution hubs with high barriers to entry.
Peak Capital Partners, a Provo, Utah-based multifamily investment company, bought The Villas at Bridge Creek, 103 low income apartments at 2011 Brandt Road in Vancouver. Terms were not disclosed. The seller is a partnership between Insite Housing Partners of Seattle and Hearthstone Housing Foundation of Newport Beach, Calif. The building is 96 percent full. Peak Capital plans an exterior renovation. It owns 30 apartment buildings valued at more than $500 million.
The Washington chapter of NAIOP will explore urbanization of the Puget Sound region and what it means for real estate at a breakfast event at 7:30 a.m. Feb. 26 in the Grand Hyatt Seattle. Dylan Simon of Colliers International will moderate a panel discussion with Martha Barkman of Mack Urban, Alison Jeffries of Red Propeller and Scott Shapiro of Eagle Rock Ventures. For more information or to register visit: bit.ly/KHr1UR
January 16, 2014
McAvoy Real Estate, a condo sales firm, hired Stephanie Brown to be a sales coordinator. She was an executive assistant with Nyhus Communications, and worked for Vulcan Real Estate and Urban Realty Group on such projects as 2200 Westlake, Olive 8 and the Seattle Seahawks facility. McAvoy specializes in downtown condos such as Olive 8 and Four Seasons Private Residences.
Tacoma City Council is looking to fill two vacancies on the Community Redevelopment Authority Board. The 10-member board gives loans to a variety of clients including low-income families, low-income housing developers, businesses and nonprofits. Board members serve two-year terms. Experience in construction or development is required. Applications are due Feb. 14. For more information, or to apply, visit: cityoftacoma.org/cbcapplication or contact Linnea Meredith at 253-591-5178.