Feb 04, 2021

Columbia to manage renovated seminary

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The Lodge at St. Edward Park, the landmarked former Kenmore seminary being renovated by Daniels Real Estate, is now slated to open in May. And Columbia Hospitality announced that it will manage the 84-room facility, with general manager Jenne Oxford. She makes the move from Domicile, a Madrona Ventures hospitality start-up. She had also previously served at Kimpton Hotels and Restaurants, where she managed the Alexis Hotel. Amenities will include the Cedar + Elm restaurant (with outdoor patio), two bars, Spa Vita Nova, fitness center, and 12,000 square feet of indoor events space. The park also has many walking trails and waterfront access. Originally developed in 1931 to train Catholic priests, the vacant building was sold to the state in 1977; it's now part of the 316-acre Saint Edward State Park. Daniels has a 62-year lease for the property. Work began circa 2018. The renovation team included Ron Wright & Assoc., architect; and Lydig Construction, general contractor. John Graham Sr. was the original architect. Daniels and Columbia previously partnered on The Emerald condo high-rise in downtown Seattle, which Columbia is managing.

CBRE

Seversen

CBRE has announced the recent hiring of Jennifer Seversen, who becomes a VP in the retail practice. She makes the move from Brookfield Properties. Past experience also includes a stint at University Village; she was also a founder of Real Retail. CBRE's John R. Miller said in a statement, “Jennifer has worked on many of our region's most notable retail projects and has strong relationships with retailers and investors. Her experience and network combined with CBRE's resources will translate to exceptional outcomes for our retail clients.” Seversen will work closely with Susie Detmer to cover the Puget Sound region.

CenterCal plants public art in Totem Lake

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The Village at Totem Lake, where CenterCal Properties is nearing the end of its multiyear redevelopment of the 26-acre old mall, now has some new public art. Dandelions is the new 14-foot-plus installation by Polish artist Mirek Struzik. CenterCal's Elizabeth Clipp said in a statement, “Dandelions are a great addition to the Village and inject some playfulness to our park-like setting. The sculptures are well lit and bring added warmth and richness after dark, which movie-goers and restaurant patrons will enjoy.” CenterCal is partnering with Fairfield Residential, Trinsic Residential Group and Pacific Coast Capital on the mixed-use makeover, which includes apartments, new shops and restaurants, plus a Cinemark multiplex.

Ryan Companies

Ferris

Ryan Companies announced the recent hiring Chris Ferris as director of construction Northwest region. He makes the move from Holland Partner Group. Ryan's Daniel Bergstein said in a statement, “Chris will stand as a leader to take charge and continue our growth and success as we take on more projects. His ability to define project goals and metrics early in the project process will set our teams and customers up for success.” In Seattle, Ferris has worked on past projects including Premiere on Pine and 1101 Westlake. Coming up, says Ryan, is an apartment project on Mercer Island. That's where Ryan last year paid over $46 million for the vacant old Farmers insurance building. The offices are being renovated, and the expectation is that the structured parking will become a new mixed-use development.

Align secures $14M for Lynnwood apartments

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Align Finance Partners of San Francisco said that it recently provided a $14.4 million loan for the developer of Rainier Place, a 184-bed student housing development at Edmonds College. The building was developed circa 2009 by the non-profit Ecco Properties, which is associated with the National Development Council. Align bought the 2015 tax-exempt bonds issued by the Washington State Housing Finance Commission and Key Government Finance. The deal closed at year's end. Align's Dani Evanson said in a statement, “This transaction meets Align's investment objective to invest in tax-exempt debt that supports affordable housing. Align's financing provided the borrower with a unique financing solution that addressed the property's significant vacancy due to COVID-19.”

Jan 28, 2021

Kidder Mathews

McDowell

Levine

Kidder Mathews recently announced two new hires. Veteran Craig Levine will join the Bellevue office as an executive vice president, to specialize in office tenant advisory and sales. He makes the move from Washington Partners, also in Bellevue. KM COO Brian Hatcher said in a statement, “I have worked with Craig over the years, as have other brokers in our Bellevue office. We are glad to have him as part of our team.” Second, Richard McDowell joins the firm as senior vice president; his portfolio will be building engineering and sustainability. He makes the move from CBRE. The head of KM's property management services, Keith Kaiser, said, “Rich's deep technical expertise and business experience further enhance Kidder Mathews' ability to serve our clients across multiple markets.”

Sabey

Sasser

Data centers, carrier hotels and server farms are a big business, one that's getting even larger due to the pandemic-driven surge in online commerce. Accordingly, Sabey Data Centers announced the recent promotion of its John Sasser to chief technology officer; he's been with the firm for 18 years, most recently as senior VP of operations. His new charge is data center operations, new data center delivery, sustainability and information security. That Sabey company is led by Robert Rockwood, who said in a statement, “John's promotion to CTO recognizes his 18 years of exceptional service and limitless potential. John has distinguished himself as a creative thinker, a disciplined planner, and an inspiring leader.” Sabey has data centers in Seattle, Quincy and Columbia (both near the Columbia River), Virginia, Manhattan and beyond.

More details on Haggen sales

The DJC reported last week on the $15.5 million sale of a Haggen-leased grocery store in Stanwood. Merlone Geier Partners of San Francisco was the seller, and Apollo Net Lease Capital of greater San Diego was the buyer. Now the brokers have announced themselves and detailed a eight-store portfolio sale. Three stores are in Bellingham; others are in Ferndale, Mount Vernon, Marysville and Burlington. Terms weren't announced, for the overall deal, which spans about 436,000 square feet. The seller's brokers were Matt Berres of Eastdil Secured, working with Newmark's Paul Sleeth, Billy Sleeth and Patrick Allen. All the leases are triple-net, with long terms, the brokers said.

JLL secures $30M for SKB industrial project

As the DJC first reported last month, Portland investor ScanlanKemperBard paid $24 million for the old 7-acre Northwestern Industries glass manufacturing plant in Interbay. SKB's plan is to renovate the three buildings and repurpose them as a multitenant industrial campus. Now JLL Capital Markets has announced that it secured $30.35 million for the acquisition and, apparently, some of the renovation work. The firm's Tom Wilson and Zach Kersten sourced the floating-rate bridge loan what JLL calls a national debt fund. (Public records indicate Bridge Investment Group of Salt Lake City, Utah.) Kersten said in a statement, “We look forward to watching SKB transform this project into a best-in-class facility in a very attractive submarket for tenants.”

CBRE

Berde

CBRE announced that veteran mortgage banker Josh Berde has joined the its capital markets team. He makes the move from KeyBank. In his new role as senior VP, he'll specialize in the Freddie Mac small balance loan program. CBRE's John R. Miller said in a statement, “Josh's addition will help us improve upon the robust platform we've built in the small business loan space over the past five plus years. His extensive experience originating debt in the middle market and institutional space makes him an ideal fit.” Berde has done over $2.5 billion in deals over the past 20-odd years.