Oct 18, 2018
Back in June, Laconia Development and Chinese partner Vanke announced that the 41-story Spire, now under construction at 600 Wall St., would be condos, not apartments. Realogics Sotheby's International Realty is marketing the 347 units, and the companies now report that the first open house this month yielded 114 reservations worth $125 million. Realogics' Dean Jones said about a third of the condos were reserved quickly “with strong demand at all property types and price points.” He estimates that 25 percent of the pre-sold units were priced at over $1 million. Prices run from about $500,000 to $3.5 million. The sales center will open Oct. 27 at 2218 Fifth Ave. in Belltown.
CBRE has promoted Kim Berg to managing director of asset services for Seattle and Portland. She'll oversee about 48.7 million square feet in all categories. The 17-year industry veteran will remain in the Seattle office, where she recently specialized in the Eastside and Seattle central business district.
Newmark Knight Frank has added seven people to its Seattle valuation and advisory practice. Reporting to team leader Stan E. Wolf will be Nancy Dawn, Dane Armbruster, Joe Dracobly, Chris Mealy, Darnell Ford, Austin Johnson and Devon Preiser. Many of them came from Cushman & Wakefield. Down in Portland, NKF has added Ryan S. Prusse, Jennifer Tillema, John Boyle and Louis Knox to its V&A team.
New York-based lender, investor and advisor Greystone has added Jennifer Cherney to its Northwest team. She makes the move from JP Morgan Chase. Greystone says she's negotiated and closed more than 400 transactions valued in excess of $6 billion, mostly in the multifamily sector. Greystone is active in health care and multifamily finance, with platforms including Fannie Mae, Freddie Mac, CMBS and FHA.
Oct 11, 2018
Windermere Real Estate has formed a new partnership with Seattle-based West Coast Commercial Realty, which is run by the mother/daughter team of Carol Pugh and Tiffini Connell, and specializes in retail leasing. Windermere is mainly a residential broker in Seattle, but president OB Jacobi said it wants to expand further into commercial. Pugh was once a Windermere broker. Since 2004, WCCR brokers have completed transactions on nearly 10 million square feet of retail space statewide.
Direct lender iBorrow said it has arranged a $10.52 million loan for the owners of an unnamed industrial/office building in Arlington. The 244,590-square-foot building is now 84 percent leased. Tenants include an airplane parts supplier. The owners intend to upgrade the property. Based in Los Angeles, iBorrow has a local office in Ballard. CEO Brian Good said, “We are bullish on these types of properties throughout the country.”
Oct 04, 2018
CBRE hired brothers Michael and Zachary Ota in its Tacoma office. They have experience with their family's property management and development company, G&K Ota Family LLC.
Hughes Marino named attorney Kathryn Richman as its general counsel. She has two decades of experience in the field. The California-based firm specializes in representing tenants and buyers. It opened an office last year in Seattle's Russell Investments Center.
Rad Power Bikes has leased 26,457 square feet at the nearly completed West Woodland Business Center in Ballard. The four-story, 72,000-square-foot project is at 1128 N.W. 52nd St., on the former Ness Cranes property, and was developed by Avenue 55 and Columbia Pacific Advisors. BCRA is the architect and Sierra Construction Co. is the contractor. CBRE's Bryan Hester represented Avenue 55. Rad will open the new HQ in January. It was founded in 2015 in Ballard. Rad's Mike Radenbaugh said in a statement, “Our company has grown so fast that we've had to move locations three times within the past three years.” The building is now 50 percent leased. Stoup Brewing is also planning an expansion there.
JLL is marketing Building A1 and Building A2 at Kirkland 405 Corporate Center, at 11411 N.E. 124th St., on behalf of the owner. The buildings total 130,390 square feet and are 98 percent leased. JLL's Lori Hill said, “Kirkland is a highly sought-after location among leading employers looking at the Pacific Northwest.” Another property there, Building A, sold in March for almost $14.8 million, or $357 per square foot. JLL says the Eastside vacancy rate is now at 5.9 percent.
SeaLevel Properties is planning 266 units as part of the Port of Everett's 65-acre Waterfront Place Central redevelopment. They're scheduled for completion in 2020. A recent marketing event attracted 100 people, SeaLevel reports. Construction of the two-building complex is expected to begin next year. Everett Waterfront Apartments will be in the Fisherman's Harbor district of Waterfront Place Central. SeaLevel's John Shaw said in a statement that the turnout “confirms our instincts that there is indeed very high demand for high quality waterfront living in Everett.” Rents have not yet been set. Units will range from studios to three-bedrooms. Waterfront Place Central will have about 660 housing units, the Hotel Indigo (which broke ground in March), restaurants, and 662,000 square feet of commercial, retail and marine sales and services.