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Jun 27, 2019
Bellwether Housing has launched what it calls the Building Opportunity Fund, which will use a crowdfunding model to raise $4.5 million to help create 750 affordable units. The initiative was created with local group Tech 4 Housing. Bellwether says it's the first nonprofit to use such a model for housing. CEO Susan Boyd said in a statement, “This fund is not just about raising money, It's about engaging an entire community directly and powerfully in the creation of a more affordable and inclusive region.” The fund apparently isn't targeted toward any one particular project. Tech 4 Housing is an advocacy group founded by Ethan Phelps-Goodman, whose website Seattle in Progress is regularly used and cited by the DJC and other industry annals. The program was launched last week at the Amazon Spheres, and Amazon announced that it will match employee contributions.
Drew Hicks of Kidder Mathews has been named president-elect for the Western Washington Chapter of the Institute of Real Estate Management. He'll assume those duties next year. A 15-year industry veteran, he's currently a VP and senior property manager at KM.
Kinzer Partners announced that it's added Adrienne Hunter to its capital markets team. She makes the move from JLL. She had prior posts at CBRE and the Staubach Co. Kinzer's Stuart Williams said in a statement, “Adrienne's diverse experience in capital markets, strategic planning and tenant representation gives her a holistic understanding of all sides of a deal.” Hunter will be responsible for portfolio analysis, advisory services, and investment sales and acquisitions.
Terrene Urban of Bellevue announced that Realogics Sotheby's International Realty (RSIR) will be selling the condos at its six-story, 135-unit Jade at 11903 N.E. 128th St. in Totem Lake. With units running from studios to two-bedrooms, prices will range from just below $400,000 to over $900,000. Construction began on Wednesday. Delivery is expected by early 2021. Terrene's Wade Metz said in a statement, “We saw a market underserviced for a unique area ripe for development.” Terrene bought the land, home to an old medical office building, for about $5.8 million last year. Three levels of underground parking will have about 169 stalls. The team includes group CES Properties, financial partner; Johnson Braund, architect; Blueline, civil engineer; and LA Studio, landscape architect; and Sechrist Design Associates, interiors. Terrene, related to single-family homebuilder Terrene Homes, will apparently act as its own general contractor. RSIR says that Jade is the largest Kirkland condo project since the recession. RSIR's Dean Jones said, “Condominium development overcorrected since the last housing cycle as developers overwhelmingly preferred to build apartments for rent.” Of prospective Jade buyers, he said, “Many of them have been living in these expensive rental communities for years and seek to build equity in a home they own. That's been the challenge at the more affordable price points, until now.”
Jun 20, 2019
Dallas-based BBG, which specializes in due diligence services for commercial real estate, announced that it has opened a Seattle office at One Union Square. It now has 35 offices nationwide, including two in Portland. Shawn Wayt will lead the Seattle office; he makes the move from Pacific Coast Valuation Group. Those services include valuation, advisory, property assessment, energy services, and zoning.
Colliers announced that it has found a new Sodo home for Weee!, an online delivery service for Asian American groceries. The 4-year-old company has taken 20,500 square feet at 1950 Sixth Ave. S. (aka the 6th & Holgate Building). Colliers' Xinxin Li and Godwin Moy of DBW Brokerage represented the tenant. James Kidder and Nicholas Ramirez of Kidder Mathews represented the landlord.
Weee! says it's now the largest Asian grocery delivery business in the U.S., with over $35 million in annual revenue and 150% growth year-over-year. The company has tripled its Seattle operation over the past the four months since opening here. It hopes to expand 20 cities over the next three years.
Co-founder and CEO Larry Liu said in a statement, “Building on our success in California, we chose Seattle, another major technology center, as our second hub, bringing our grocery delivery service to a higher level with a larger audience.”
Earlier this month, Capstone Partners announced that it would build the Block 3 office building at Esterra Park on spec, starting immediately. The Redmond project is called One Esterra Park, and will have 245,000 square feet. Holliday Fenoglio Fowler subsequently announced that it had secured $154.7 million in secured joint venture equity and construction financing for the project, which was designed by ZGF and being built by JTM. Completion is expected in late 2020; CBRE's Scott Davis, Tim Owens and Scotta Ashcraft are leasing the space for Capstone. HFF said the construction loan came from US Bank. The equity partner is a large insurance company that Capstone said it didn't want to name. HFF's Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson arranged the financing package.