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.
Aug 02, 2018
The 248-unit Marq on Martin, at 8545 Litt Dr S.E. in Lacey, sold to Security Properties in June for $54.5 million. Holliday Fenoglio Fowler said it secured acquisition financing for the buyer. The 12-acre complex has 10 buildings; the average unit size is 831 square feet. Brokers weren't announced. HFF said it secured a 10-year, fixed-rate loan (with five years of interest only) through Freddie Mac's CME Lease-Up Program. HFF's team was led by Charles Halladay, Scott Gilson and Robert Bova. Security Properties owns over 4,000 units in the region.
Colliers said Sam Ziemba and Derek Heed have leased all 110,250 square feet at Gateway I in Bellevue. In 2015, Talon Private Capital bought the four-story 1985 building at 11400 S.E. Eighth St. for $38.75 million. Colliers took over the leasing in February. Tenants include Mainspring Wealth Advisors, DCI Engineers, Seattle Pacific Mortgage, MultiCare Health Systems, Evergreen Management Capital, Nichirei USA and TENW.
Benaroya Co. has a new tenant at South Hill Business + Technology Center in Puyallup. SEFNCO Communications, which makes and installs wire and fiber products, is taking 15,810 square feet for its new headquarters, with 90 employees. Matthew Hagen of Kidder Mathews represented SEFNCO. John Bauder of CBRE represented Benaroya. Benaroya began developing the 86-acre complex a decade ago, which it originally acquired for $30 million.
Capitol Hill Housing said Robert Schwartz is the new chair of its board of directors. The nonprofit is developing 110 units at Capitol Hill Station, and partnering with Seattle Central College on about 82 units on the site of the landmarked Eldridge Tire Co. building. CHH currently has about 48 buildings in its portfolio, housing over 2,000 people.