Jan 29, 1999

Seattle Pacific University

Developer Bob Wallace is Seattle Pacific University's 1999 Alumnus of the Year, the highest honor awarded by SPU's Alumni Association. Wallace is managing partner of Wallace Properties, a Bellevue real estate development and property management company that owns several prime commercial sites in downtown Bellevue. He has been involved in several of the Puget Sound region's biggest public projects: the Kingdome as a member of the King County Dome Stadium Advisory Board and the ongoing expansion of Seattle-Tacoma International Airport as a member of the Puget Sound Air Transportation Committee. He is past president of both the Seattle and Bellevue chambers of commerce. Currently, he is chairman of the Bellevue Convention Center Authority overseeing Meydenbauer Center; and vice chairman of the Washington State Convention and Trade Center Corp. He also serves on the state Major League Baseball Stadium Public Facilities District, which is developing Safeco Field for the Mariners. After graduating from SPU in 1969 with a business degree, Wallace was a business manager and consultant to medical group while doing real estate on the side. His first big break was helping develop the first phase of the Bellevue North Shopping Center. Wallace will be honored Saturday at half time of the SPU men's basketball game at Royal Brougham Pavilion.

Harbor Properties

Bob Krokower is Harbor Properties' new chief financial officer, replacing Ron Cook, who recently was promoted to executive vice president of Harbor Resorts LLC. Prior to joining Harbor, Krokower spent two years working in financial administration and 20 years as a senior vice president of finance and administration with the Donald L. Bren Co.

Grubb & Ellis

Greogry A. Laycock, CCIM and senior vice president of Grubb & Ellis' Investment Services Group, has been awarded the 1998 National Top Producer Award for the Multifamily Division of the company. Laycock specializes in the sale of multifamily properties in the Western region.

Prudential Northwest Realty Associates

Shari Kruse of Prudential Northwest Realty Associates is the winner of the Top Closed Residential Units award in the state and Western region of The Prudential Real Estate Affiliates Inc. The award is presented quarterly to the top three Prudential associates in each region. Kruse works in the Admiral office in West Seattle and is one of more than 1,500 Prudential agents in the state.

Commercial Space Online

Kip Spencer has joined Commercial Space Online as a principal. His primary responsibilities will be to expand Commercial Space Online's existing base of business and evaluate new business opportunities. He also will oversee and manage new product development. Spencer has eight years' experience as a broker in commercial real estate. He has worked for The Norman Co., and more recently for Trammell Crow Co.

Continental Mortgage

John Rose is the new loan officer at Continental Mortgage Co.'s home office in Seattle. He will focus on originating and underwriting commercial real estate loans for investment. He will also generate construction loans and loans for the secondary market. Before entering the banking industry, he worked as a crew chief in the commercial real estate appraisal department of the King County Assessor's Office.

Lynnwood Mortgage

James Gallacher has joined Lynnwood Mortgage as a loan officer at the Lake Stevens branch. He had worked for Cornerstone Mortgage in Everett for two years. He has 25 years' experience in sales and customer service and will specialize in working with first-time homebuyers and jumbo refinances.

The Foster Co.

The Foster Co. of Bellevue has created a new program offering temporary property management for apartment owners who have fallen behind on management tasks. The three-step program is designed to help owners of small- to medium-sized apartment houses avoid paying professional management companies on an ongoing basis. Paying for full-time management costs up to 5 percent of an apartment property's gross income, Foster officials say. During the temporary management period, Foster performs a feasibility study for the property. Calculated are the costs to make upgrades, how long it will take to recover the costs, the future rental income potential, expense breakdown and value evaluation based on cash flow. The Foster Co., which has been in business in the Puget Sound region for 24 years providing real estate brokerage and development services, is headed by Jim Foster. Joe Seppa, a commercial real estate agent and property manager, works with Foster.

John L. Scott

John L. Scott Real Estate now offers a personal web address for each property for sale. J. Lennox Scott, company president said his company's Internet Property Link represents the ultimate application of Internet marketing for sellers' homes. Showcasing each listing with its own web address raises the level of the company's interactive marketing strategy, Scott added. Every John L. Scott ad or sign has the web address for each property. The company's main web address is http://www.johnlscott.com. Each property for sale is represented by a five-digit code. For example, http://www.johnlscott.com/67998 is for a new home in Bellevue.

Qpoint Home Mortgage

Qpoint Home Mortgage of Bellevue surpassed $1 billion in home loan volume in 1998, according to Gary Gigot, Qpoint International chairman. He said the region's strong housing market, the opening of eight new offices and the efforts of loan officers pushed the company beyond its projections. This year Qpoint will open four locations in the first quarter. There will be two new offices in Vancouver, one in Portland and one in Bothell.

Windermere

The Windermere Foundation recently donated $2,000 to the Vision House, which provides transitional housing for the homeless. The Vision House, which will use the funds for its new women's shelter in Renton, is a non-profit Christian organization whose goal is to transition residents into permanent housing through drug-free living, job training, education and life skills development. Windermere also has a new sales associate, Kristine See, who is working at the Queen Anne office. See previously worked for Frank Howard Allen Real Estate.

Marcus & Millichap

Marcus & Millichap's Bellevue office brokered two recent apartment sales -- the Victorian Place II in Des Moines and the Lorraine Apartments in West Seattle -- as well as the sale of the new post office in Milton. The South King County Multi-Service Center bought the 20-unit Victorian Place II, 24425 26th Place S., for $1.175 million from an undisclosed seller. Victor Wuamett and Larry Corkins of Marcus & Millichap, represented the seller, and George Morland of Prudential Northwest Realty in Federal Way represented the service center, a non-profit agency that provides low-income services, such as housing. Nagui Sayah bought the 20-unit Lorraine Apartments, 5630 California Ave. S.W., for $1.18 million from an unnamed seller. Robert Di Pietrae of Marcus & Millichap represented the seller, and John Stoner of Paragon Real Estate Advisors represented Sayah. Brian Leibsohn of Marcus and Millichap represented Robert J. Knutsen who developed and sold the new 5,757-square-foot Milton post office to a California real estate partnership for $1.24 million. Jim Fuller of Westmac in Los Angeles represented the unnamed buyer. The Postal Service has a 20-year lease on the building.