Apr 25, 2019
The Homewood Suites by Hilton, just above the Washington State Convention Center at 1011 Pike St., announced it has finished a major renovation of the 195-room extended-stay hotel. The multimillion-dollar project began last fall. The architect was J. Kattman Associates. of Colorado. The general contractor wasn't announced. The renovation included new lighting, new smart TVs, kitchen upgrades, a refreshed business center and a reconfigured lobby. The property is owned by a REIT, Chesapeake Lodging Trust, and managed by Evolution Hospitality.
Apr 18, 2019
IPA Capital Markets, which is part of Marcus & Millichap, said it has hired two prominent local brokers — Ray Allen and Seth Heikkila — from JLL. IPA's David Shillington said in a statement, “We are thrilled to announce the addition of Ray and Seth. They are well known in the local market and bring years of experience and expertise to our growing team in the Pacific Northwest.” Allen is actually returning to M&M, having worked there before JLL. Together, he and Heikkila have funded more than $2 billion in commercial real estate financing.
NAIOP's May 15 breakfast will feature a panel of experts who'll focus on development trends and what's driving tenants today. Speakers will include Cleita Harvey of JLL, Evan Lugar of Kidder Mathews, Tim Owens of CBRE, and Reid Rader of Eastdil Secured, who'll moderate the panel discussion. The event takes place at 7 a.m. Wednesday, May 15 at the Hyatt Olive 8 (1635 Eighth Ave.). Details and registration: naiopwa.org.
Consultant Carol Murray will conduct a ULI seminar on leadership this month. The lunch and talk take place at 11:30 a.m. Friday, April 26 at Perkins Coie's offices (1201 Third Ave., Suite 4900). Details and registration: naiopwa.org.
Apr 11, 2019
Mike Wood and Colin Ceithaml of Norris, Beggs & Simpson Financial Services have arranged a $5 million non-recourse, fixed-rate loan for the owner of Wallingford Center. The century-old Interlake Elementary School was converted in 1984 by Lorig Associates and Tonkin Architects to 24 apartments over retail and restaurant space. Wood said in a statement, “This repeat borrower of NBS desired a non-recourse, long-term fixed-rate loan with prepayment flexibility. The client also wanted to pull out some equity on the refinance to cover some future (tenant improvement work).” The loan came from by Riversource LLC. Slightly complicating the deal was that the borrower ground-leases the property from the city of Seattle. Bruce Lorig and John Teutsch remain among the partners who hold the ground lease. Whether they own the building is unclear.
GS Venture Partners of Bellevue is developing the 54-acre planned Gayteway Business Park near Arlington on a former Weyerhaeuser mill site. Broderick Group is leasing the complex, which was announced last year. Now Broderick's Al Hodge and Steve Henderson have found a tenant for 50,000 square feet: Clearwater Spas, which is presently based in Woodinville. Chris Gayte of GS said in a statement, “We look forward to having Clearwater Spas as a valued tenant at Gayteway Business
Park and are excited to break ground on their new building very soon.” The company plans to begin construction soon on the first two buildings, with 130,000 square feet. The whole park could eventually have 1 million square feet in nine buildings.
Along with one promotion in its Portland office, Unico Properties announced five changes to its Seattle office. Courtney Jolicoeur was promoted to chief accounting officer. Scott Brucker becomes senior VP and head of asset management. Robert Penney is now senior VP of acquisitions. Andrew Cox has been elevated to senior VP and regional director. And Mike Lemker is now VP of corporate compliance.