Mar 15, 2007

Pacific Property Co.

Pacific Property Co. moved its Seattle office. The company is located at 1601 Fifth Ave., Suite 2230, Seattle 98101. Telephone (206) 973-2325. Pacific was formed in 1988 and acquires apartment properties in the Northwest, California, Maryland, Virginia and the District of Columbia. It has about 16,000 units.

Pacific Real Estate Partners

Pacific Real Estate Partners named seven brokers in the company principals: Les Boudwin, Scott Carter, Ann Chamberlin, Jeff Durrell, Lori Hill, Chris Hughes and Susan Barry. Within the past two years, PREP has expanded its Bellevue office and opened both a Seattle office and a Portland office. The company now has 31 agents. Recent transactions include sale of both the Seattle Safeco Tower to the University of Washington and sale of Safeco's Redmond campus to Microsoft.

Security Properties

Seattle-based Security Properties acquired the 147-unit Boondocker Apartments in Fullerton, Calif., for $23 million. It is adjacent to the main campus of Cal State Fullerton. SPI's portfolio includes 23,000 housing units in 36 states.

BOMA class on energy efficiency

“The BOMA BEEP Series: Energy Efficiency in Office and Commercial Buildings” will be offered March 21 and April 26 at the Red Lion Seattle and May 16 at the Westin Seattle. It is designed for company executives, managers, engineers and tenants. Topics include creating an energy management plan, how to benchmark the performance of a building, energy audits, evaluating the benefits of energy improvements, other ways to improve energy performance and how to build an energy awareness program. The speakers are Craig Sheehy of Thomas Properties Group in Sacramento and Alison Drucker, a faciliator and business strategist. Cost ranges from $125 per person for BOMA members attending one session to $509 for non-BOMA members attending all three sessions for clock-hour credit. For information contact Rod Kauffman at BOMA, (206) 622-8924.

REAPS meeting on team building

The monthly program of REAPS (Real Estate Association of Puget Sound) is set for Thursday, March 22, from 7 to 10 p.m. at Kane Hall, University of Washington campus. The topic is “Hiring the Right Team to Build Your Real Estate Empire,” with Paul Galasso, manager of a real estate investment company. Networking starts at 6:15 p.m. Make reservations online at http://www.reapsweb.com. Cost is $15 for non-members and it is free for REAPS members. Galasso will also be the featured speaker March 24 at the REAPS Saturday Seminar Series at Lake Washington Technical College. His topic is “Building a Real Estate Investing Business.” For more information see http://www.reapsweb.com (events section).

Mar 08, 2007

The Benaroya Co.

The Benaroya Co. sold Oregon Technology Center in Hillsboro, Ore., to German-owned SolarWorld AG for $40 million. Benaroya and RPI acquired the building from The Park Co. of Oregon in September of 2006. The center is a 400,000-square-foot tech complex on 46 acres, including clean rooms, crystal growing areas and office space. It was originally designed by Komatsu Silicon America to manufacture silicon wafers for semiconductors. SolarWorld AG will move its production facility from Vancouver to Hillsboro and produce solar silicon wafers and solar cells starting this summer. SolarWorld has facilities in Germany, Sweden and the United States.

Emeritus

Seattle-based Emeritus Corp. has closed on the purchase of 24 communities it previously leased. They were originally acquired by Emeritus in 2002 under a lease with Fretus L.L.C., an entity in which Emeritus CEO Dan Baty has ownership interests. Emeritus has purchased all membership interests of Fretus for $145 million, inclusive of transaction costs. Capmark Finance is providing $140 million of mortgage financing. The 1,651 units offer assisted and memory loss services to seniors in six states.

NAIOP industrial panel/education forum

The monthly breakfast meeting and annual education forum of the National Association of Industrial and Office Properties will be held March 20 at the Washington State Convention and Trade Center in Seattle starting at 7 a.m. The NAIOP breakfast meeting will feature an industrial developer panel with Mike Ruhle of Opus Northwest, Brent Jackson of Schnitzer Northwest and Roy Bennion of Sandorfy Bennion Development. The educational forum runs from 9:15 to 7 p.m. Speakers include Jim Hebert giving an economic update; Chris Osborn giving a legal update; Arvin VanderVeen moderating a panel of real estate brokers talking about what makes them successful; and Scott Reynolds of the University of Washington on business ethics. Developers Joe Blattner of Tarragon. Rob Arron of Vulcan and Dale Sperling of Unico will talk about the impact projects can have on their communities. There will also be a trade show and networking events. For information contact the NAIOP office at (206) 382-9121.

NAIOP South Sound Meeting March 9

The NAIOP South Sound Meeting will be held March 9 at the Tacoma Club-Rainier Room in Tacoma from 7:30 to 8:30 a.m. The speaker is Don Meyer, executive director of the Foss Waterway Development Authority, talking about current and upcoming projects. He will look at the development authority's projects as well as those of the Port of Tacoma, Totem Marina, Cross Water and in the Dome District. For information contact Jillanne Bates at the NAIOP office at (206) 382-9121.