Feb 01, 2018

HFF discloses hand in Vance deal

Photo by William Wright Photography [enlarge]

Joseph Vance Building

As reported earlier this month, the Joseph Vance Building and its small companion, the Sterling Building, sold for $43 million. Brokers were not divulged at the time. Now Holliday Fenoglio Fowler has announced that its team of Dave Otis, Michael Leggett, Gerry Rohm and Logan Greer represented the seller, the Jonathan Rose Cos. HFF also procured the buyer, a joint venture of GreenOak and Brickman. And HFF also arranged $35.5 million in financing for the buyer. Casey Davidson and Peter Smyslowski arranged the debt placement. HFF says the two buildings total 130,786 square feet.

IREM invites you to Tacoma

Wallace

The Institute of Real Estate Management is holding its 2018-2019 commercial real estate forecast in Tacoma this year. The lunch event is set for 11:30 a.m. Tuesday, Feb. 20 at C. I. Shenanigans (3017 Ruston Way). The featured speaker will be Bob Wallace of Wallace Properties, who will be interviewed afterward by Phillip Combs of Stephen C. Grey & Associates. Details and registration: irem27.org.

See the new trends in single-family

Commercial real estate does sometimes include the single-family sector, too. For that reason, some may care to attend the annual Seattle Home Show. The event runs from Saturday, Feb. 17, through Sunday, Feb. 25 at the CenturyLink Field Event Center. On display will be tiny houses and other new industry trends and designs. Live music, a wine tasting area and appraiser Dr. Lori from the History Channel's “The Curse of Oak Island” are also among the attractions. Find more details at SeattleHomeShow.com.

Jan 25, 2018

Greystar adds to Seattle team

Carro

Joan Carro has joined Greystar's Seattle office as senior managing director, the company announced. An industry veteran in the multifamily sector, she moves from Essex Property Trust. She will run the Greystar's statewide property management operations. In a statement, the company's Michael Clow said, “We are excited to welcome Joan to our team as we continue to grow our service platform in the region. Joan brings a breadth of operations, third-party and fee-management experience to her new role at Greystar, in addition to a keen understanding of the market.”

NSE buys Lynnwood complex

Green Leaf Cedar Park apartments

New Standard Equities of Los Angeles has announced the fourth-quarter acquisition of the 120-unit Green Leaf Cedar Park apartments in Lynnwood for $24 million. The complex will be renovated, repositioned and renamed as the Duet, the company said. NSE describes the deal as a joint venture syndication. The company's Lamarr Wright will oversee renovations, with NSE acting as its own contractor. Speaking of NSE's West Coast investments in general, NSE founder Edward Ring said, “Unemployment has remained low ... and interest rates, despite the recent uptick, are relatively low. Multifamily remains an attractive asset class, particularly in supply-constrained, high-barrier-to entry infill markets bordering Los Angeles, San Diego and Seattle.”

Unico partners with Costigan

Costigan

Unico Properties has announced the acquisition of owner's rep Costigan Integrated, which now becomes a subsidiary of the larger company. Unico's Jonas Sylvester said in a statement, “The Costigan team has a well-earned reputation as a leading owner's rep and services firm which the Unico team is excited to leverage. We have worked alongside CI for years and there is a tremendous amount of trust, respect, and values alignment between our two companies.” The two firms have previously collaborated on KEXP headquarters at Seattle Center, Emerald Landing and University Village. Jackie Costigan added, “Unico's approach to teamwork, collaboration and sustainability aligns with ours and the new partnership is a natural progression from our past work together.”

Bridge opens Seattle office

Carlucci

Chicago-based Bridge Development Partners announced the opening of a new Seattle office. Leading it will be Justin Carlucci, who moves from DCT Industrial. He will oversee acquisition and development in Washington and Oregon. He said in a statement, “I'm excited to join Bridge, one of the most active and nimble industrial developers in the U.S. Bridge has the experience and financial wherewithal to close on, and develop, the most complex opportunities.” Privately held Bridge is already active in our region. Last year it sold a new cold storage facility that it developed in Burien 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.

HFF finances $28M Oregon deal

Forest Hills Apartments in Eugene

The new Seattle office of Holliday Fenoglio Fowler has secured $28 million in financing for the Forest Hills Apartments in Eugene. Scott Gilson and Charlie Watson led the HFF debt placement team. To refinance existing debt, Horizon Realty Advisors — a Seattle partnership that owns the 248-unit complex — secured a 10-year, 3.96 percent fixed-rate, interest-only loan with Freddie Mac's CME Program. HFF will service the debt. Gilson said in a statement, “This deal was very competitively quoted but, ultimately, the client decided to move forward with the Freddie Mac Green Up proposal. The client was able to secure a very low interest rate.”

Pyatt Broadmark names new partner

Bryan Graf has been promoted to partner at Pyatt Broadmark Management, the company announced. He was previously a lending manager for the real estate financing firm, which serves the greater Pacific Northwest. He came to Pyatt Broadmark five years ago after a stint at Ewing and Clark. Boss Jeff Pyatt said in a statement, “Bryan is a tremendous asset. His promotion is well deserved. His knowledge of real estate financing, and the trust he builds with his colleagues and our clients, will serve him and those who rely on Pyatt Broadmark well into the future.”

Moxi Works secures outside investment

Baur

The real estate technology startup Moxi Works has secured an unspecified investment stake from Hanna Holdings of Pittsburgh. Moxi Works has created an open-platform system, called Moxi Cloud, for large residential real estate brokerages, which serves over 100,000 agents and 50 brokerages nationwide. Howard Hanna Real Estate Services was first a client, and now an investor. In a statement, Moxi Works CEO York Baur said, “This investment shows their long-term commitment to delivering their agents the tools they need to succeed.” Hoby Hanna added, “The investment ... is another step we're taking to simplify the lives of our agents.”