May 12, 2005

Mastro Properties

Longtime Seattle real estate investor and developer Michael R. Mastro's Mastro Properties completed $115 million worth of transactions during the first four months of 2005. Among the highlights:

Sold three single-family subdivisions totaling 333 lots for $34 million. In Pierce County, Afford A Home and Reich Construction bought 63 lots each, and Regents Homes bought 197 lots. Puget Sound Homes bought the other 10 lots, which are in Snohomish County.

Bought 230 single-family lots for $10.8 million at Ridge View, in the Spanaway/Graham area. The proposed gated community has preliminary plat approval, and the first phase should be ready for sale to builders by the end of the year, according to Mastro Properties' CFO Monika Harmon. Lots average 5,800 square feet, and prices will start at $110,000.

Started building North City Apartments, 17763 15th Ave. N.E., in Shoreline. Mastro Properties' Global Development is the contractor. The completed value of the 88-unit project will be $16.8 million.

Preparing to build a 5-story, 68-unit apartment building in Bellevue at 211 112th Ave. N.E. The completed value will be $11.1 million.

Bought the 48,000-square-foot Provail Building, 3680 Stone Way N., for $7 million. Provail leases about 13,000 square feet, and Mastro has a tenant interested in the rest of the 5-year-old building, according to Harmon.

Bought Lincoln Plaza, formerly Lincoln Cinema, for $3.3 million. The vacant building is between Tacoma Mall and the new Costco Center, and the plan is to redevelop it into a fitness center.