Jun 02, 2022

Only they can save Pike-Pine?

[enlarge]

Wednesday, June 15 will be the next monthly breakfast meeting for NAIOP. The topic? The Pike-Pine corridor, with an emphasis on its downtown section, not Capitol Hill. Says the event description, “For years, downtown Seattle has been fighting rising crime rates and homelessness in addition to retail competition from online shopping and outlying malls like University Village and Bellevue Square — making it difficult to attract office workers, tourists and shoppers to the once bustling area.” How can it be revitalized? That's the question to be addressed by Brad Reisinger of Lennar Multifamily Communities, Deborah Ross of Pine Street Group and Andy Wattula of Hudson Pacific Properties. (The latter two parties plan to buy and renovate Pacific Place, so they have special interest.) Details and info: naiopwa.org. And don't forget that NAIOP is now accepting nominations for its Night of the Stars gala, which is set for Nov. 4.

Bridge Industrial

Stumm

Bridge Industrial announced the recent hiring of Greg Stumm as its new director of West Coast acquisitions, which includes our region. He'll be based in Los Angeles, where he's spent the bulk of his career. He makes the move from Newmark. Nick Siegel of Bridge said in a statement, “The addition of Greg as our west region leader strengthens our national acquisitions strategy, as we expand our reach and sharpen our focus as we acquire even more in-demand industrial product in key locations.” Said Stumm, “I'm excited to join the team.”

Northmarq secures $28M multifamily loan

As the DJC first reported early last month, the 2nd Street Apartments in downtown Bellevue sold for a bit over $33 million. The buyer was an LLC associated with Angelo Gordon, a private investment firm based in New York, and local shop Timberlane Partners. That deal included a nearly $27.9 million loan from Varde Partners of Minnesota. Now Northmarq has announced its role in sourcing the loan. The firm's Jake Leibsohn led that effort, and said the loan would support planned improvements to the 80-unit building, which dates to 1997.

Thayer Manca unloads 272 Phoenix units

Local shop Thayer Manca Residential announced its recent disposition of the 272-unit Ventura, at 3600 W. Ray Road in Chandler, a suburb of Phoenix. The price and buyer weren't disclosed. Thayer Manca had acquired the property in 2017 for about $47.6 million, then invested over $4 million in upgrades. Joe Manca said in a statement, “We feel fortunate to have owned the Ventura for just under five years, and to have had the opportunity to lean into the repositioning and revitalization of this premier asset.”