Aug 23, 2018

$42M financing for Sammamish complex

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Newmark said that it has secured $42 million in financing for The Village at Sammamish Town Center, developed by TRF Pacific.

(Editor’s note: An earlier version of this story incorrectly said The Village at Sammamish Town Center is part of a larger 77-acre development by Innovation Realty Partners.)

The loan from an unnamed partner carries a 14-year term with 30 years of amortization. Newmark's Michael Taylor, Skip Slavin and Patrick Taylor arranged the package.

Newmark said the new development on the Sammamish plateau contains 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market, and another 35,000 square feet of retail.

Lance Mueller & Associates was the architect, and Abbott Construction was the general contractor.

The site is at 22704 S.E. Fourth St. in Sammamish.

2 new hires at Heartland

Heriot

Goodman

Real estate advisor and investor Heartland hired Mark Goodman from local firm Community Attributes and Tyson Heriot from Woodmark Hotel & Still Spa.

Goodman has joined Heartland as a project manager. He previously worked as a project manager for a Seattle-based land use and economic development consulting firm where he led the firm’s land use practice. Prior to that, he served as the planning manager in Ketchum, Idaho.

Heriot has joined Heartland as a research analyst.

Heartland recently advised REI on buying 7.8-acres for $49 million in the Spring District for its new headquarters.

$45M Covington business park

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Soos Creek Business Park

Vector Development Co. will start work next spring on the $45 million Soos Creek Business Park at 28009 Covington Way S.E. in Covington. The 20.5-acre, 382,000-square-foot complex will have two 130,000-square-foot industrial buildings, plus a 122,000-square-foot, three-story self-storage space with about 950 units. Architects are SynThesis and Site+Plan+Mix. Pennon Construction is the general contractor, and Barghausen Consulting Engineers is the civil engineer. Completion is set for late 2019. Vector acquired the site in 2012 for $4 million.

Big project at Port of Centralia

The Port of Centralia and Seattle's O'Keefe Development announced that O'Keefe has started a grocery distribution center in Centralia at 4002 Galvin Road that will have more than 1.1 million square feet. It's part of the $100 million Port of Centralia's Park I project. O'Keefe recently acquired the 77-acre site from Benaroya Capital Co. for $13.3 million. The distribution center is expected to create 350 new jobs. The Port's Julie Shaffley said in a statement, “The Port Commission would like to congratulate O'Keefe Development on moving forward with this project. It will also make significant contributions to our schools, roads and essential public services.” The contractor and architect weren't named. O'Keefe is led by former Tully's founder and CEO Tom O'Keefe.

Aug 16, 2018

Bridge hires Spencer Mayes

Mayes

Chicago-based Bridge Development Partners hired Spencer Mayes as senior vice president to oversee all Pacific Northwest development activities, including entitlement, design and construction, and help the firm expand in Seattle and Portland industrial markets. He makes the move from Schnitzer West. Bridge opened an office here in January, and recently developed and sold a Burien cold storage facility for $57.5 million. Since its founding in 2000, Bridge has acquired and developed more than 22 million square feet of industrial space valued at more than $2.75 billion.

Andi Pratt joins Thrive

Pratt

Thrive Communities has hired Andi Pratt as director of business development. She was with MG2. Thrive is the property management arm of the Canadian REIT Rise Properties Trust, which just bought the 135-unit Modera Capitol Hill for almost $69 million. Including the Rise portfolio, Thrive manages nearly 60 communities across Puget Sound.

Level Office now Novel Coworking

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The company offers shared office space in the Pioneer Building.

Level Office, which owns and operates shared office spaces including the historic Pioneer Building, has rebranded itself as Novel Coworking. The Chicago-based startup's founder, Bill Bennett, said in a statement, “We've grown from one to 23 locations nationwide, and over time we've come to realize that our narrative isn't just our own. In fact, the constant flow of innovative clients into our space means our identity is always novel.” Novel has 1.6 million square feet in 23 locations including Boulder, Chicago, Dallas, Denver and Minneapolis.

Sept. 19 NAIOP is all about TOD

Transit oriented development (TOD) is all the rage, and NAIOP will use the University District as a case study for its September breakfast meeting. Light rail has already reached Husky Stadium, and will begin service to U District Station and points north in 2019. Developers are furiously at work on high rises in the U District. One of the announced speakers is the University of Washington's Mike McCormick, part of the UW capital planning and development team. Other speakers are TBD. The event takes place at 7 a.m. Wednesday, Sept. 19 at Hyatt Olive 8, 1635 Eighth Ave. Details and registration: naiopwa.org.