Aug 17, 2017
Pacific Century Holdings named Steve Wolff chief acquisitions officer for its initial $50 million real estate investment fund for the cannabis industry. PCH is led by Tony Repanich, formerly of Peoples Bank, and broker Justin Braune. They launched the PCH 1 fund in June. Wolff comes from Dallas, where he was with NAI Robert Lynn and Stan Johnson Co.
AIA Seattle and its affiliated website The Urbanist are conducting a walking tour of the Central District. Co-leading the tour will be architect Donald King of Mimar Studio, architect Jeffrey Floor of LMN Architects and Wyking Garrett of Africatown, who has played a leading role in the redevelopment plans for MidTown Center, which will be one stop on the tour. Other sites will be Vulcan Real Estate's Red Apple site at 23rd and Jackson, and Capitol Hill Housing's new Liberty Bank Building at 23rd and Union. The tour starts at 10 a.m. Saturday, Aug. 26, at Washington Middle School, 2101 S. Jackson St. Suggested donation is $10. RSVP at aiaseattle.org.
Berkadia Real Estate Advisors said it has brokered the sale of the 58-acre Carroll's Creek Landing, in Marysville, on behalf of original developer Gateway Trident LLC. The transaction was worth about $60.7 million. The buyer was JRK Property Holdings of Los Angeles. Berkadia's team was led by Kenny Dudunakis, David Sorensen and Ben Johnson. Developed in 2002 as Navy housing by Gateway Development Group, Carroll's Creek has 288 townhouse-style units with up to four bedrooms. JRK has 32,000 units nationwide, including The Boulders at Puget Sound, in Tacoma.
Dow Hotel Co. of Seattle said it completed a $10 million renovation of Embassy Suites O'Hare Rosemont near the Chicago airport, including guest rooms, public spaces and back-of-house areas. The eight-story hotel has 294 rooms, an atrium, pool, fitness center, and 18,000 square feet of meeting and event space. The 5,100-square-foot ballroom accommodates up to 350 guests.
The Andover Co. hired Shane Mahvi, a recent Seattle University grad. He joins the industrial property leasing and sales team.
A new networking series for the under-35 crowd called REEL (for Real Estate Emerging Leaders) will debut on Sellen Construction's roof top deck, at 227 Westlake Ave. N. Members of CoreNet, CREW, NAIOP, AGC, BOMA, ULI and SMPS Seattle are expected to attend. The shindig starts at 5 p.m. Thursday, Aug. 24. Event proceeds go to the arts nonprofit UrbanArtWorks. In September is a NAIOP-only gathering at Katerra, 542 First Ave. S. RSVP for both at naiopwa.org. Also ahead on the NAIOP calendar is the annual Night of the Stars gala, which is set for Nov. 3 at Hyatt Regency Bellevue.
Aug 10, 2017
It's no secret that WeWork and WeLive are leasing all of Martin Selig Real Estate's planned Third & Lenora tower at 2031 Third Ave. in Belltown, but the two New York companies have now confirmed it with a press release. WeWork already has four shared-office locations in the area. The newest opened at Lincoln Square in April. The 36-story tower should break ground soon and open by spring 2020, with 176,500 square feet of office space, 13 hotel rooms, 352 apartments and 5,477 square feet of ground-floor retail. Underground parking will hold 221 vehicles.
Hungry Amazon workers will have to wait until next summer to graze at the wildly popular Shake Shack. On Twitter, the company announced its first Seattle location at 2115 Westlake Ave., where Wheelhouse Coffee currently occupies a triangular, one-story building. Shake Shack CEO Randy Garutti said Seattle “has held a special place in my heart” ever since he was general manager of Canlis. No design/build team has been announced, and no plans have been filed with the city. Restauranteur Danny Meyer founded the New York-based chain as a food cart in 2004.
Close on the heels of Filson's boutique in Old Ballard, Patagonia is preparing to open a small, satellite store at 5443 Ballard Ave. N.W. Patagonia's main store downtown will remain open and unaffected. The shop will help launch the Workwear line of Iron Forge Hemp canvas, “a new blend of industrial hemp, recycled polyester and organic cotton that is more durable, abrasion resistant and comfortable off the rack than conventional cotton duck canvas,” according to the company. It will also carry Patagonia Provisions food products and dry goods.
The Commercial Brokers Association said Sydney Isaac has been granted the Certified Association Executive designation from the American Society of Association Executives. Isaac is also associated with the Kirkland-based Institute of Real Estate Management (or IREM).