Nov 17, 2016

Terra Property Analytics

Price

In Thomasville, Georgia, a team of volunteer real estate advisors recently helped the city evaluate a surplus mental hospital that the state intends to sell. Steve Price of Terra Property Analytics was on the five-person team, called the CRE Consulting Corps, organized by the Chicago-based Counselors of Real Estate. After a week-long visit to evaluate the 200-acre, 18-building campus (with over 400,000 square feet), Price and his colleagues are preparing a report on how the city of 18,000 might be affected by redeveloping the former Southwestern State Mental Institution and how the facility might next be used.

Runstad Center for Real Estate Studies

The UW's Runstad Center says that for the third quarter, the statewide median sales price for a single-family home rose to $305,000. That's 4.3 percent higher than the third quarter of last year, yet lower than the all-time high of $317,500, set in the second quarter of this year. Year over year, the rate of home sales is up 10.1 percent statewide. Peter Orser, Runstad Center's interim director, says, “Prices stayed strong, but as a result, affordability continued to be elusive for the average homebuyer. Affordability for all buyers, first time or otherwise, is most distressed in King County.” He points to a steep drop in permitting actvity: While King County sales were up 15.1 percent for the quarter, residential building permits declined by 40.6 percent. Runstad Center estimates the median King County home price is now $552,400, up 12.5 percent from last year.

Marcus & Millichap

M&M and Institutional Property Advisors on Dec. 7 are offering their Multifamily Forum, to be held at the Bell Harbor International Conference Center. A keynote address will be given by David Dufenhorst of Security Properties. Other speakers will include Lori Mason Curran of Vulcan Real Estate, Glen Scheiber of Holland Partners and Kerry Nicholson of Legacy Partners. Topics will range from capital markets to asset repositioning to the ceaseless demand for tenant amenities. Details and registration at: mmseattleforum.com.

Nov 10, 2016

Bartell Drugs in Commons at Ballard

The family-owned, Seattle-based drugstore chain is opening its newest location Nov. 19 in the Commons at Ballard, 5601 22nd Ave. N.W. The 14,200-square-foot store is the 65th in the 125-year-old chain's regional network. The grand opening from 7-11 a.m. will include special offers at the growler fill bar, Northwest on Tap. Henbart developed the mixed-use complex to meet LEED platinum standards. There are two buildings with 22,000 square feet of office space, 80 apartments, 20,000 square feet of retail and four townhouses facing Ballard Commons Park.

Builders Capital

The real estate construction loan and investment company said Lynda Meadows has been named chief financial officer. She is a CPA with 30 years of experience in commercial real estate, and worked for Weyerhaeuser Realty Investors and Quadrant Homes, a division of Weyerhaeuser. Founded in 2009, Builders Capital has funded over 1,100 loans totaling nearly $500 million.

Marcus & Millichap

M&M said it sold Windmill Center Self Storage in Edgewood for $4.35 million. The five-acre Pierce County property has 37,093 square foot of secure storage, a small office building, and 50 parking spaces for RVs and oversized vehicles. M&M's Christopher R. Secreto, Jacob Becher and Aaron Sher represented the buyer and seller.

CCIM Institute

The Chicago-based organization CCIM Institute designated three local people as new Certified Commercial Investment Members: Mark O'Shea of Mercer Island's Azose Commercial Properties; Amanda Day Hahnemann of Bellevue's RGM Commercial Real Estate; and Jackie Fisher Niebling of Kirkland's Weidner Investment Services. They join some 10,000 CCIMs nationwide. Certification requires 160 classroom hours and various professional requirements.

Realogics Sotheby's International Realty

Realogics Sotheby's International Realty is consolidating two smaller offices on Bainbridge Island into a new space in the Old Hardware Store at 240 Winslow Way E. Half of the renovated 1948 building — about 4,000 square feet — is now what RISR's Island Living Gallery. The other half will be Bruciato, a new restaurant and bar from chef Brendan McGill of Hitchcock, that is set to open later this year. Jennifer Johnsen is the new branch manager for the RSIR brokerage. The space will be a stop on First Friday Artwalk and an evening events space. The Old Hardware Store was acquired in January by an LLC led by Joseph Lacko. The renovation team included architect Dana Webber, Clark Construction and interior designer Jennifer Colley.