Feb 20, 2020

MDG's Luna apartments opening in W. Seattle

[enlarge]

The PCC Community Market has already opened in the nearly completed mixed-use Luna, which replaced the old store at 2749 California Ave. S.W. in West Seattle. Now developer Madison Development Group has announced that the 108 apartments above the store are pre-leasing; some tenants have already moved in. The residences include 27 affordable units. MDG's Jim Gallaugher said in a statement, “Bringing this new PCC to the neighborhood, in addition to the opportunity to live above the store, has been an exciting project for us.”

The four-story Luna was designed by Hewitt. Chinn Construction is the general contractor. The building has 158 underground parking stalls (78 for residents), plus another 30 surface stalls across the alley for PCC shoppers.

Chambers joins UW Runstad board

Chambers

Ryan Cos. announced that its Christa Chambers has been appointed to the advisory board for the University of Washington's Runstad Department of Real Estate. The industry veteran is VP of capital markets with Ryan, where she specializes on the West Coast.

NWMLS juggles board positions

Northwest Multiple Listing Service has announced some changes to its board and leadership. Robert Wasser of Windermere Real Estate has been elected chairman of the board of directors. Joining him are new board officers Randall Fischer of Coldwell Banker Koetje Real Estate (vice chairman), Stuart Heath of Bellmark Real Estate (treasurer), and Chris Millsap of ReMax Advantage (secretary). Other new board members are Jill Himlie (also of Windermere) and Jeff Pust of Van Dorm Realty. Continuing is Jason Wall of Lake & Co. Real Estate.

Condo buyers begin moving into Nexus

[enlarge]

Burrard Properties announced that the first wave of homeowners began moving into its new Nexus condominium tower last week. Burrard, of Vancouver, B.C., began construction at 1808 Minor Ave. in March 2017 with Skanska USA as general contractor. Weber Thompson designed the 41-story, 389-unit building. Erik Mehr & Associates is marketing the residences, of which only 30 remain unsold, said Burrard. The move-ins will be phased; about 600 people are ultimately expected to occupy the Denny Triangle tower.

(Editor's note: The address and broker have been corrected.)

Cornell joins Gibraltar

Cornell

Veteran broker Tracy Cornell has joined Gibraltar, the firm announced. She makes the move from JSH Properties.

Feb 13, 2020

CBRE secures $39M for Bothell buyer

Canyon Park East in Bothell sold in December for about $54.6 million. The office park buyer was a fund managed by Kennedy Wilson. Tom Pehl and Lou Senini of CBRE represented the seller, an LLC associated with Blackstone. Now CBRE has announced that its Brad Zampa, Mike Walker and Megan Woodring secured an over $38.6 million loan for KW. The East Coast lender wasn't named. The 269,400-square-foot park is at 22011-22215 26th Ave. S.E. and related addresses. CBRE says it's 83% occupied.

NAIOP Washington leads the pack, again

For the second year running, NAIOP Washington State has been named as Chapter of the Year. The national industry group is led by Thomas J. Bisacquino, who said the chapter was recognized “for their significant lobbying efforts, their strong membership recruitment and retention strategies, and their successful education and networking events.” Tina Pappas of Tarragon Property Services leads the local arm.

Skanska promotes Foushée

Foushée

Skanska USA announced the recent promotion of its Charlie Foushée to VP of commercial development. He's been with the contractor and developer for four years (having made the move from Talon Private Capital), during which time he's worked on 2+U and led the drive to acquire the Bellevue building site on the Washington Square block (for $33 million), where a 25-story, 550,000-square-foot office tower is planned. Skanska said that Foushée “is currently working on a major acquisition for Skanska in the region.” Stay tuned.

KM announces changes at the top

Frame

Lyon

Kidder Mathews has announced that Jeff Lyon will step down as CEO this July, as part of a planned three-year succession plan, to be replaced by the firm's current president and COO Bill Frame. Lyon will end his 21-year run in that seat, and will continue as chairman of the board. He said in a statement, “We've grown from four offices in Washington to 22 offices in five states and 850 people. It's just been phenomenal that we've become the largest privately-held commercial real estate firm on the West Coast.” The COO seat will be filed by Brian Hatcher.

Taylor Morrison buys William Lyon for $2.4B

As planned, Taylor Morrison and William Lyon Homes have completed a cash and stock acquisition deal worth about $2.5 billion. The larger Taylor Morrison, which is based in Scottsdale, Arizona, acquired William Lyon of Newport Beach, California. The deal is significant in the Puget Sound region, since William Lyon acquired Polygon Northwest in 2014, adding that Bellevue-based homebuilder to its portfolio of brands. Taylor Morrison now gains a major foothold in the Washington state, Oregon and Nevada markets, and becomes the nation's fifth-largest homebuilder. Taylor Morrison's Sheryl Palmer said in a statement, “This isn't just about being bigger. Taylor Morrison, combined with the rich legacy, reputation, solid land positions and experience the William Lyon team members bring to the equation, make us a stronger, better organization for the long-term.” Taylor Morrison will now have a headcount of around 3,000 employees, and expects over 14,000 closings this year.

NBS sells its mortgage banking arm

Norris, Beggs & Simpson announced that it has sold its commercial real estate mortgage banking group to Gantry, of San Francisco. The deal doesn't affect NBS' consulting business or its Morrison Street Capital platform. Those will remain active in Seattle and Portland, where the firm is based. NBS' Michael Wood, from the Seattle office, will join Gantry — as will Blake Hering and Paddy Ryan in Portland. Wood said in a statement, “We have known the Gantry principals for decades. This familiarity and history mean our clients can expect a seamless transition into Gantry with no interruption to service or loan closings particularly with our mortgage banking staff joining Gantry.” Privately held Gantry already has an office in Seattle.

Vector adds to team

Cordell

Vector Development of Kirkland has hired Max Cordell as assistant development manager, the firm announced. He makes the move from Banner Bank. Vector's Tyler Litzenberger said in a statement, “Max's financial and analytical background will help us manage existing projects as well as assess potential commercial real estate opportunities.” Vector is currently developing the $32 million MI-5 Business Park in Marysville, which should be completed this spring.

Keller Williams adds broker

Keller Williams announced the addition of Saviya Robinson of Seattle Diverse Properties to its residential brokerage team. She makes the move from Coldwell Banker Danforth. Robinson is an over-10-year industry veteran.