Aug 16, 2018
Chicago-based Bridge Development Partners hired Spencer Mayes as senior vice president to oversee all Pacific Northwest development activities, including entitlement, design and construction, and help the firm expand in Seattle and Portland industrial markets. He makes the move from Schnitzer West. Bridge opened an office here in January, and recently developed and sold a Burien cold storage facility for $57.5 million. Since its founding in 2000, Bridge has acquired and developed more than 22 million square feet of industrial space valued at more than $2.75 billion.
Thrive Communities has hired Andi Pratt as director of business development. She was with MG2. Thrive is the property management arm of the Canadian REIT Rise Properties Trust, which just bought the 135-unit Modera Capitol Hill for almost $69 million. Including the Rise portfolio, Thrive manages nearly 60 communities across Puget Sound.
The company offers shared office space in the Pioneer Building.
Level Office, which owns and operates shared office spaces including the historic Pioneer Building, has rebranded itself as Novel Coworking. The Chicago-based startup's founder, Bill Bennett, said in a statement, “We've grown from one to 23 locations nationwide, and over time we've come to realize that our narrative isn't just our own. In fact, the constant flow of innovative clients into our space means our identity is always novel.” Novel has 1.6 million square feet in 23 locations including Boulder, Chicago, Dallas, Denver and Minneapolis.
Transit oriented development (TOD) is all the rage, and NAIOP will use the University District as a case study for its September breakfast meeting. Light rail has already reached Husky Stadium, and will begin service to U District Station and points north in 2019. Developers are furiously at work on high rises in the U District. One of the announced speakers is the University of Washington's Mike McCormick, part of the UW capital planning and development team. Other speakers are TBD. The event takes place at 7 a.m. Wednesday, Sept. 19 at Hyatt Olive 8, 1635 Eighth Ave. Details and registration: naiopwa.org.
Aug 09, 2018
Lewis County said that Benaroya Co. can start building Benaroya Pacific Northwest Regional Logistics Center near Winlock, west of Interstate 5 and a little south of Chehalis. Lewis County calls it “the largest remaining undeveloped contiguous land available in the Pacific Northwest.” It is cleared for 5 million square feet of development. The site is SEPA-approved, and a $1.5 million measure for utility extension was approved during the last state legislative session. Larry Benaroya said in a statement, “We think this site is a great opportunity for future industrial development due to its convenient central location between Portland and Seattle, and the fact that SEPA has been completed and utilities are now available to the site.” CBRE's Brett Hartzell is marketing the property.
Local firm Dow Hotel Co. hired Jackie Lee as VP of hotel investments to add more small, boutique properties to Dow's portfolio, and expand into new segments and markets. She was with Interstate Hotels & Resorts. Dow owns, operates and invests in hotels, for brands including Marriott, Hilton and Hyatt.
The New York-based lender, investor and advisor Greystone hired Bryan Foxley as a managing director in Kirkland. The 33-year industry veteran makes the move from Intervest. Greystone is active in health care and multifamily finance, with platforms including Fannie Mae, Freddie Mac, CMBS and FHA.
Norris, Beggs & Simpson Financial Services' Mike Wood and Colin Ceithaml have secured $22 million in financing for Stream Dexios, an 86-unit apartment project planned for the corner of 1600 Dexter Ave. N. The construction and permanent loan came from State Farm Life Insurance Co. The Stream team is NK Architects and Compass General Construction. A master use permit was issued in April. No start date has been announced, but completion is anticipated in 2019.