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Apr 13, 2017
The Bonney-Watson Funeral Home site isn't the only valuable Broadway parcel on the market. Capital Pacific has been selected as the exclusive listing agent for the Highline Tavern site at 206 Broadway E. The 12,800-square-foot property is just north of East John Street and the light rail station. Capital Pacific says the two-story 1987 retail structure is a likely tear-down. (Subway is also a tenant.) Ankrom Moisan Architects has prepared feasibility studies for Capital Pacific on developing the skinny, through-block site into a 75-foot apartment building, assuming HALA incentives. Capital Pacific's listing team consists of Sean Tufts, Kevin Adatto, Michael Horwitz and David Gellner.
Dunn & Hobbes has announced a new restaurant tenant for its 12th Avenue Marketplace. Bai Tong Street Cafe had its soft opening last weekend. The family-run eatery was established near Sea-Tac Airport in 1989 by Chanpen Lapangkura, who was then working for Thai Airlines. A second generation of her family now operates the restaurant chain, with locations in Tukwila, Issaquah and Redmond. (“Bai Tong” means banana leaf in Thai.) Bai Tong joins the constellation of other related Dunn & Hobbes developments on Capitol Hill, which include Chophouse Row, the Pacific Supply Building and the Piston & Ring Building, which are all fully leased. Individual food and beverage tenants include Amandine Bake Shop, Empire Espresso, and Bar Ferdinand.
Stores are closing and retail employment numbers are down. Amazon and its online ilk are sweeping all the chips off the table. What does it mean for the bricks-and-mortar end of the retail spectrum? The Urban Land Institute will address just that question in next Thursday's presentation on “Innovation in Retail.” The panel discussion is part of the ULI Women's Leadership Initiative. Speakers will include Erin Bombacie from Nordstrom, Dennis McGrath of Starbucks and Myra Vaughn of MG2. The moderator will be Midge McCauley of Downtown Works. The event takes place at 7:30 a.m. April 20 at MG2, 1101 Second Ave. Details and registration: northwest.uli.org.
Apr 06, 2017
CBRE Group has announced the addition of two members to its retail leasing team. Newly named senior VP, Scott Blankenship comes from Wallace Properties, which six years ago merged with Cascade Commercial Properties, where he was founder and CEO. He has 26 years experience in the field, and counts over 400 transactions during that time. Joining CBRE as senior associate, Kathleen “KT” Taylor also comes from Wallace. She has over 20 years experience in the industry. In a statement, CBRE's John Miller said, “With these two strategic additions to our retail leasing team, we feel poised to take advantage of the upward retail market trajectory here in the Seattle market. Scott, and KT bring vast retail real estate experience within the Puget Sound region, and we look forward to collaborating to deliver more world-class retail outcomes to clients.”
The 30-year-old real estate advisory and investment firm Heartland continues to grow. The company has announced three new project managers. Lee Striar comes from Philadelphia, where he specialized in public and private real estate financing and transactions. Craig Johnson previously worked in real estate private equity in New York. And the UW Runstad School-trained Amy Hartman was until recently working with a real estate investment firm in Austin.
Three years ago, the Newport Beach, California-based William Lyon Homes bought Polygon Northwest for $520 million. The combined company continues to be very active in the single-family sector, and it has announced a new 55-plus community in Lacey. There and in three other West Coast markets, the Ovation brand will depart “from traditional ‘cookie-cutter' active adult communities by cultivating an appealing brand lifestyle for 55-plus buyers who prefer a more intimate, unconventional and contemporary residential environment.” In a release, the company added, “Each community location will be less remote and self-contained than typical active adult settings and will ensure lifestyle priorities are accommodated with access to retail, restaurants, outdoor recreation, medical centers, airports and more. Since approximately 70 percent of this market segment expects to postpone retirement, they will also be within comfortable proximity of business centers.” Ovation at Oak Tree, in Lacey, will offer two- and three-bedroom homes with attached two-car garages, along with trails, green spaces and a fitness center. A start date wasn't specified.
The Andover Company has announced the hiring of Jake Monroe, who joins the company after interning at Rosen Harbottle. At the same time, the firm announced that it has been recognized by CoStar as a top leasing firm in the Puget Sound area for the 14th year in a row. In addition, CoStar has honored the firm's Brian Bruininks and David Baumer as Industrial Power Brokers. Founded in 1978, Andover has 14 agents. It is a division of CORFAC International.
It sounds too good to be true. In its third annual essay contest, Walls Property Management will provide a year's free rent to the winning respondent, in 350 words, to the following question. “How would a free apartment for one year allow you to give back to the community?” The contest deadline has been extended to Saturday. The one-bedroom apartment will be in Ballard, Magnolia, Wallingford or Queen Anne, in a building managed by Walls. The winner will be announced April 30, with a move-in date of June 1. Certain conditions apply. More details can be found at essayforfreeapartment.com.