Jun 25, 2021

Convoy

Li

Seattle-based digital freight network Convoy appointed Dorothy Li as chief technology officer. As CTO, Li will oversee Convoy's engineering teams and technology strategy, shaping and scaling the company's innovation and technology platforms. Convoy co-founder Grant Goodale, who served as the company's previous CTO, will move into a new role overseeing the company's carrier marketplace. Prior to Convoy, Li held several leadership roles at Amazon, and most recently was vice president of BI and analytics at Amazon Web Services. During her 23 years at Amazon, Li helped build out Amazon's ecommerce platform and launch Amazon Prime.

Climate Pledge Arena

Climate Pledge Arena and the Seattle Kraken named Ste. Michelle Wine Estates as the official wine partner of both the team and the arena. Ste. Michelle will showcase wines from its Chateau Ste. Michelle and 14 Hands wineries. Climate Pledge Arena will feature a Chateau Ste. Michelle branded wine bar named The Chateau in the arena's Mount Baker Hall for club level season ticket holders. The arena will also have a 14 Hands Marketplace near the main entrance that will sell two new Kraken white and red blend cans. Chateau Ste. Michelle will release a 2017 Collector's Edition Reserve cabernet sauvignon sourced from vineyards in the Columbia Valley. In celebration of the partnership and in commemoration of the 100th anniversary of the 1917 Stanley Cup champion Seattle Metropolitans, Chateau Ste. Michelle has also produced two 9-liter bottles of 2017 cabernet sauvignon. One of these custom bottles will be cellared at Climate Pledge Arena, to be opened when the Kraken win their first Stanley Cup. The other bottle will be auctioned off at this year's Auction of Washington Wines. Climate Pledge Arena will open in October as the home of the Seattle Kraken, Seattle Storm and over 100 nights of live entertainment a year.

Central Washington University

The Central Washington University College of Business is launching a new minor/certificate program in food and agribusiness management and marketing this fall, in response to the workforce and education needs identified around the region. The minor/certificate is open to all CWU students, and focuses on preparing for careers in the food and ag sectors, specifically in the areas of marketing and management, human resources, operations management, food service management and product management. Associate professor of marketing Claudia Dumitrescu led the effort to launch the program.

Amazon

Amazon announced 14 new renewable energy projects in the U.S., Canada, Finland and Spain to advance its goal to power 100% of company activities with renewable energy by 2025, five years ahead of the original target of 2030. Amazon says it is now the largest corporate buyer of renewable energy in the world. The latest utility-scale solar and wind projects will supply renewable energy for Amazon's corporate offices, fulfillment centers and Amazon Web Services data centers. Amazon will now have a total of 232 renewable energy projects globally, including 85 utility-scale wind and solar projects and 147 solar rooftops on facilities and stores worldwide.

Jun 24, 2021

Carney Badley Spellman

Mark Rosencrantz has been named chair of Carney Badley Spellman's Construction and Commercial Litigation Practice Groups. His practice focuses on solving business, commercial and construction disputes for clients throughout the United States. In addition, Amy Weston has joined the firm as a commercial contracts, privacy, and general corporate counsel attorney.

Sequitur Labs

Sequitur Labs announced that it has been named a top 10 company in the IoT industry in ABI Research's new Competitive Assessment report. ABI Research's Top Ten IoT Players provides an in-depth examination of the services offered by leading IoT companies based on certain chosen technological criteria, including IoT onboarding and lifecycle management solutions, secure updates and FOTA (firmware-over-the-air), trusted device identity, intelligence and automation. Sequitur Labs' EmSPARK Security Suite was designed to address solutions in industries where embedded security is paramount. Supporting security functions for encryption, storage, data transmission and key/certificate management are delivered by EmSPARK and housed in the secure environment. Sequitur Labs is based in Fall City.

Qumulo

Seattle-based Qumulo, a leader in simplifying enterprise file data management across hybrid cloud environments, announced that it has achieved the Amazon Web Services (AWS) Storage Competency. This designation recognizes that the Qumulo File Data Management Platform provides technology to help customers drive successful outcomes on AWS leveraging the Qumulo primary storage solution. AWS enables scalable, flexible and cost-effective solutions from startups to global enterprises. To support the integration and deployment of these solutions, AWS established the AWS Competency Program to help customers identify AWS Partners with deep industry experience and expertise.

Know Labs

Know Labs has been granted an additional patent for its Bio-RFID technology, growing its patent portfolio to 57 issued and pending patents. U.S. Patent No. 11,033,208 was issued by the United States Patent and Trademark Office and is titled “Fixed Operation Time Frequency Sweeps for an Analyte Sensor.” The patent relates to how operation of the Know Labs Bio-RFID sensor technology is controlled. Know Labs recently reported successful results from an independent pre-clinical study validating the company's Bio-RFID technology. This newly issued patent demonstrates the accuracy and sensitivity of the sensor, which is necessary for successful FDA clinical trials for the company's non-invasive blood glucose monitor. The Seattle-based company plans to file new patents regularly.

NorthMarq secures $80M for Roosevelt TOD

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The local office of NorthMarq recently announced that its Stuart Oswald and Ron Peterson had secured an $80 million loan for an unnamed apartment project in Roosevelt, with about 289 units in three related buildings. That would be Iron Flats, at 828 N.E. 66th St., which was developed by Emerald Bay Equity, designed by Skidmore Janette and built by the developer. What it calls the north and west buildings, closest to the freeway (and on the corner of Eighth Avenue Northeast), opened first. NorthMarq says they're stabilized. The east building opened more recently, and is now filling with tenants. Oswald said in a statement, “The development was originally financed with two construction loans that were maturing later this year. We encouraged the owners to let us explore take out financing well before stabilization and we were able to offer several attractive, non-recourse, cash-out financing solutions with flexible prepayment structures.” First Financial Northwest Bank was the initial lender. NorthMarq says the new loan carries a three-year term on an interest-only schedule. Public records indicate that Varde Partners of Minneapolis provided the loan, via an LLC, in a deal signed in May.

SRM Development

Hansen

Based in Spokane, SRM Development is already a formidable presence in our market. It's currently building another office building for Google in Kirkland, and has a half-dozen-plus apartment projects planned in Bellevue and Seattle. (It also has a satellite office in Kirkland.) Now the private developer has announced a new affordable housing division, to be led by Conor Hansen, who makes the move from Mt. Baker Housing. SRM's Jim Rivard said in a statement, “SRM has a great track record in multifamily, senior housing and commercial development and construction. We are excited to expand our efforts to develop affordable housing. Conor's experience, entrepreneurial mindset, and tenacity make him a great fit to lead SRM's efforts in this area.” SRM says it's focus on Low Income Housing Tax Credit bond financing, with future rents to be affordable to households earning 50% to 60% of Area Median Income. It'll also target the so-called “missing middle,” meaning affordable rents for those earning 60% to 120% of AMI. Hansen didn't specify any specific first project, other than to say, “We will be focused on transit-oriented development sites in markets that haven't had as much new affordable housing created over the last decade.”

CenterCal Properties

Chavez

CenterCal Properties is nearly done with the first two phases of the Village at Totem Lake, in Kirkland. To manage that property, and other local holdings, the company recently appointed Ray Chavez as general manager. He makes the move from JLL's Everett office. He said in a statement, “CenterCal builds and operates beautiful centers including, The Village at Totem Lake, which is quickly becoming the Eastside's favorite place to be as we welcome restaurants like Silverlake Ramen and retailers like Barnes & Noble. Also coming soon to the Village are the eateries Stack571 Burger & Whiskey Bar, Bok a Bok Fried Chicken, Don't Yell at Me and ShabuGen Korean BBQ. Chavez will be based at the Village while also overseeing The Trails at Silverdale and The Terminal at Ballard.

Avatar launches new REIT

Avatar Financial Group announced the recent creation of a new commercial mortgage fund with a REIT structure. The minimum investment, via private placement offerings, is $100,000. Firm co-founder and president T.R. Hazelrigg IV said in a statement, “In the past, investors have participated in Avatar originated loans on a loan-by-loan basis.” In the new vehicle, an investor will become an equity owner in the entire fund, rather than only in a particular loan. Hazelrigg will manage the new fund, along with Jerry Zevenbergen. Verivest LLC will provide back-end and advisory support.

All about Koda

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With the pandemic waning, if not quite over, and state restrictions on public gatherings soon to be eased, NAIOP will again be conducing in-person events. First out of the gate is a tour of the new Koda condominium building in the International District. The 17-story, 201-unit Koda, by Da Li Development, is now into the final finish work by PCL Construction. (KMD Architects designed the project.) The event takes place at 3 p.m. Thursday, July 22. A rooftop reception will follow the small-group tours. Details and registration: naiopwa.org.

30 Central Area units to break ground soon

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Architect Build LLC announced that its King Street Flats project has successfully passed through design review; the project now has its construction and master use permits. There will be 30 units in two four-story buildings at 1629 S. Jackson Place and 1626 S. King St. Corstone will build the project for an ownership group related to AJP Engineering, the structural engineer. The team also includes Karen Kiest Landscape Architects; Red Barn Engineering, civil; Touma Engineers, surveyor; and Geotech Consultants. Construction will start this summer, and should take about 18 months.

New tenant for Gayteway

Broderick Group announced that it signed new tenant C&C Packaging Services for Building C at Gayteway Business Park. The company will take 31,621 square feet, with a long-term lease. Broderick Al Hodge and Steve Henderson brokered the deal for owner/developer GS Venture Partners. That firm is led by Chris Gayte, who said in a statement, “It is exciting to see C&C Packaging Services relocate to Gayteway. We welcome them along with all of the other companies that have recently made the move or targeted Arlington for expansion and relocation.” GS is developing the 54-acre former Weyerhaeuser mill property in phases. If entirely realized, it could have 1 million square feet in nine buildings. Building G is next in line.

Arrived Homes gets $37M from Bezos and other billionaires

New real estate platform Arrived Homes recently announced $37 million in seed funding and debt financing. Core Innovation Capital arranged the first round of financing from sources including Bezos Expeditions (the investment company of Jeff Bezos), Time Ventures (the investment fund of Marc Benioff, of Salesforce) and Spencer Rascoff (the former CEO of Zillow). Arrived was founded here by Ryan Frazier, Kenny Cason and Alejandro Chouza. The startup that allows investors to buy SEC qualified shares in rental homes. The company says it has to date bought over 30 properties throughout Arkansas, North Carolina, and South Carolina. CEO Frazier said in a statement, “With Arrived, we're breaking down the barriers to investing in rental homes, by taking a process that typically takes months and making it accessible in less than four minutes, starting from just $100. We're really passionate about the opportunity to help millions of people better access this historically great asset class.”