Aug 31, 2023

Northmarq

Smith

Tufts

Better known in our market as an agent of real estate financing, Northmarq recently announced new commercial and multifamily sales teams. Essentially, Northmarq is acquiring CPX, whose Sean Tufts now becomes managing director of commercial investment sales, working with colleague Joe Dugoni. Then, on the multifamily side, Tyler Smith moves from Westlake Associates to become a VP at Northmarq. Joining him in that Westlake exodus are Steve Fischer, Joe Kinkopf and Brendan Greenheck. Then, joining forces from CPX are Casey Zejdlik, Matt Johnston, Andreya Derby and Taylor Wyman. Northmarq is based in Minneapolis. CEO Jeffrey Weidell said in a statement, “These teams, along with several new offices that opened in California earlier this year, will solidify our coast-to-coast coverage for multifamily and commercial investment sales.”

Davis leases 2 new logistics projects

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Tacoma Central Logistics

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Pacific 167 Logistics

At two separate logistics developments, Davis Property & Investment recently announced a pair of significant new leases. First, Infinity Global Distribution has signed for all 248,033 square feet, plus some minor office space, at the recently completed Tacoma Central Logistics building. The tenant expects to move in next month. That speculative project replaced the Tacoma News Tribune's former printing plant and offices, which Davis acquired two years ago for over $15 million. Neil Walter Co. brokered both sides of the deal, with the individual brokers being Bruce Valentine, Cameron Valentine, Joel Jones, Eric Cederstrand and John DeHan. Second, farther east in Pacific, the also speculative Pacific 167 Logistics has been claimed in its entirety by Toysmith, a toy and gift company. That project has 159,055 square feet, plus some offices, and is due for completion in December. The tenant's brokers were Scott Alan and Patrick Mullin at Cushman & Wakefield. Representing Davis were JLL's Chris Spofford and David Cahill.

New tenants at Rainier Square

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JLL is gradually chipping away at all that Amazon sublease space at Rainier Square. Confirming a deal that CBRE and Savills had reported last year, law firm Ryan Swanson is now advertising its pending address change, come Oct. 1, to Rainier Square. Ironically, it's making the move from one Wright Runstad project, 1201 Third Ave., to another. The firm will occupy the 15th floor, with about 23,624 square feet. At the same time, per city records and Puget Sound Business Journal, Marcus & Millichap will depart its longtime home at Two Union Square for the 32nd floor at Rainier Square. That has about 16,701 square feet. Current leasing materials from JLL may not reflect every pending lease, but some 330,000 square feet remains unclaimed. The tower opened with around 720,000 square feet of vacant offices.

Harbor leasing 177 Thurston County units

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Harbor Custom Development announced earlier this month that its 177-unit Meadowscape is pre-leasing, with completion expected in coming months. Work began in September of 2021, under builder DRK Development. The architect wasn't then announced. Cushman & Wakefield is in charge of the current leasing effort. The project is east of Lacey, near the I-5 junction with Highway 510. Harbor's Jeff Habersetzer said in a statement, “Meadowscape is our fifth multifamily project to begin leasing.” Meadowscape was valued at $70 million when offered for sale last year, mid-construction. It was then called Tanglewilde, and was originally intended to be condos. Buchanan Mortgage Holdings was the construction lender, providing $39 million, per a prior Harbor press release. Units range from 450-square-foot studios to two-bedrooms with over 1,100 square feet.