Sep 14, 2017

Idlewild Canyon ranch for sale: $17M

A 19,000-acre property in Klickitat County is on the market, with a listing price of $17 million. Idlewild Canyon ranch is east of Highway 97, south of the Yakama Indian Reservation and north of the Columbia River. Listing agent Tyler Jacobs of Hall and Hall says it's the largest property for sale in the state. The land is suitable for commercial timber operations, seasonal grazing and recreation. Game hunting includes deer, wild turkeys and black bears. Timber production of Douglas fir and ponderosa yields approximately 4,400 board feet per acre.

SHA to buy site east of Yesler Terrace

Seattle Housing Authority has announced that it will buy an old records storage facility at 1215 E. Fir St. from King County for $7.1 million. SHA plans to find a nonprofit partner to develop about 125 affordable units on the 48,000-square-foot site. The sale won't close until late next year. SHA's Andrew Lofton said in a statement, “The King County site, close to the [Bailey Gatzert] school, transit options and other amenities, is the perfect location for affordable housing focused on families.” Redevelopment of SHA's Yesler Terrace continues, with the newly opened Hoa Mai Gardens at 221 10th Ave. S.. The 111-unit complex was designed by SMR Architects and built by Andersen Construction.

Bellingham rehab gets $4M loan

Los Angeles-based iBorrow has made a $4 million bridge loan to renovate the Granary Building on the waterfront in Bellingham. Harcourt Developments, of Dublin, is renovating the vacant 1928 structure that was once slated for demolition. It is part of the city's plan to redevelop 237 acres along the waterfront and eventually create 1.1 million square feet of office space, 2.2 million square feet of industrial space, 450 apartments, a 146-room hotel, 65,000 square feet of retail, and a gym and leisure center. Portions of the land were polluted by Georgia-Pacific's former pulp and paper mill. In a statement, iBorrow's Brian Good said the Granary Building “is a one-of-a-kind property with historic value” that will kick-start the entire development. Harcourt is doing the Granary Building and 18.8 acres first while the city looks for other development partners. The Granary Building will have 56,529 square feet of office space. RMI Architects of Belfast is the designer, and Harcourt is the builder.

Kent brings in food trucks

The city of Kent and the Washington State Food Truck Association announced that food trucks will now be serving the lunch crowd at Town Square Plaza, at 426 W. Smith St. The trucks will gather from 11 a.m. to 2 p.m. weekdays, beginning Sept. 20. Vendors will rotate on different days. Kent Mayor Suzette Cooke said in a statement,“The popularity of food trucks in other cities is well-known. We're thrilled to bring this new dining experience to Kent.”

Sep 07, 2017

Security Properties closes Fund I

[enlarge]

Security Properties sold this apartment building at 700 Broadway E.

Local firm Security Properties announced that it has sold the mixed-use apartment building at 700 Broadway E., which was the last of 17 assets in its Fund I.

King County hasn't yet recorded the sale.

The property was acquired in 2012 for $20 million, from the original developers. Over the past six years, Fund I grew to include 2,471 units in four states, totaling $392.5 million.

The properties were renovated and sold.

The company says that that, “By employing average leverage of 55 percent, the $20 million invested into Fund I returned a net $48 million.” CEO David Dufenhorst said in a statement, “The conclusion of Fund I was an extremely positive outcome for all parties involved.”

Atwood Apartments for sale

The 110-year-old Atwood at 104 Pine St. has almost 48,000 square feet.

There's still more activity just outside the Pike Place Market Historical District. At the corner of First and Pike, the 1897 Hahn Building, aka the Green Tortoise Hostel, will be razed for a new 14-story hotel and residential tower. At 107 Pine St., the old vacant old Gatewood Hotel will be renovated into a 96-room boutique hotel. And now Colliers is marketing the 55-unit Atwood apartments, at 104 Pine, for sale. The 110-year-old structure has six stories and almost 48,000 square feet. Its three retail bays are leased to Cupcake Royale, Chocolate Box and the tourist shop Simply Seattle. The Colliers team of Dylan Simon, Jerrid Anderson and Dave Schumacher is representing the property, which has been owned for decades by members of the Crim family. No price has been set.

Cascade Sotheby's adds talent

Roberts

Cascade Sotheby's International Realty has announced that broker Donna Roberts and her group are moving to the firm from John L. Scott. In a statement, CSIR founder and CEO Deb Tebbs said, “Donna Roberts is one of the most respected and successful brokers in Southwest Washington — to have her choose Cascade Sotheby's speaks volumes about the impact the Sotheby's brand has in this market.” The Donna Roberts Group also covers the Portland market. Roberts said, “The fact that Sotheby's offers a national and international presence including China is very attractive to me.”