Mar 06, 2025

Tommy Bahama renews at 400 Fairview

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When so many office buildings have big vacancies, 400 Fairview remains a welcome exception. It was fully leased last summer, with JLL as the broker. Now owner Pembroke and JLL have announced a big lease renewal from Tommy Bahama, which just re-signed for its 125,000 square feet. The retailer's Joan Wright said in a statement, “The decision to commit to what will in total be 22 years in the same location was significant for our organization and is representative of the quality of 400 Fairview and its ownership group at Pembroke.” The latter's Stacey Spurr added, “We are thrilled to be extending our relationship with Tommy Bahama as the anchor tenant at 400 Fairview.” JLL's Jim Allison and Lisa Stewart were the brokers. Said Stewart, “This is a place where companies and their people can come together to collaborate, connect and do their best work.” Other tenants include Skanska (the building's original builder and developer), Group14 Technologies and Impinj.

Corliss adds more apartments at Sunrise

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Corliss Management Group recently announced the latest addition to Sunrise, the large phased development south of Puyallup and east of Frederickson. The 64-unit Douglas at Sunrise East is now leasing. (Douglas West has 120 units.) Eric Corliss said in a statement, “For five generations, my family has worked to build something that not only lasts but also enriches the Puyallup area. Sunrise is a place close to our hearts, and we're grateful for the opportunity to continue developing it.” Thrive Communities is the property manager. The larger Sunrise spans about 1,400 acres, much of it devoted to single-family housing. Sunrise began in the 1980s, and could eventually see 4,700 units of housing in all categories.

Commercial Brokers Association

Frame

Will Frame of Kidder Mathews has been elected to the board of the Commercial Brokers Association. He said in a statement, “CBA has been an incredible resource for brokers across the Pacific Northwest, and I'm honored to serve on the board as we continue to strengthen our industry and provide real value to our members.” Frame works out of the Tacoma office, and has been a CBA member for the past decade. During the same period, he's helped close some $800 million in deals.

NAIOPWA contemplates return-to-office

March 19 will mark the next monthly breakfast gathering for our local chapter of NAIOP. The topic? “Generational Trends in Return to Office.” NAIOPWA explains it thusly: “As Gen Z continues to enter the workforce, and the ‘silver tsunami' pushes further demographic shifts, the yearslong return to office effort is shaped by generational trends.” Trend experts on the panel will include Kevin Sauer of Sauer Strategy Works, Ellen Post of Concordia Consulting, Dayna Eberhardt (an HR specialist), Evanne Webster of Westlake Consulting Group and Norris Cooper of Holland Partner Group. The event takes place at the Westin Seattle, beginning at 8 a.m. Details and registration: naiopwa.org

JLL aids Oregon motel conversion project

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Working out of its Seattle office, JLL's Tom Wilson, Steve Petrie and Jake Davidson recently arranged a motel conversion loan down in Gresham, Oregon. The $15.9 million came from AGP Capital, structured as a two-year bridge loan. The borrower is PH Development, which will convert the motel into Woodland Flats, with 120 units and retail space. The firm founder, Phil Hoban, said in a statement, “We only do a select few of these hotel-to-apartment conversions that meet our strict underwriting criterion. We'll present renters an essentially brand new product but at rent rates well below nearby competition.” Those future monthly rents will be in the $1,200 to $1,600 range, with units running from studios to two-beds. The former Quality Inn conversion project will take about 10 months to complete.

Feb 27, 2025

JLL finds $29M for Uptown hotel refi

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Developed in 2008, the 139-room Maxwell is a well-established presence in Uptown, and very convenient to Seattle Center. It's part of the Staypineapple group. Now JLL has announced a successful $29.5 million refinancing effort for the Maxwell ownership, which is related to the Diamond family (of Diamond Parking). Idaho Credit Union supplied the 10-year, fixed-rate loan. Jessica Mehra and Adrienne Andrews led the effort. The latter said in a statement, “We received robust interest from lenders drawn to the property's consistent performance and Seattle's resilient lodging market fundamentals. The credit union proved to be the ideal financing partner, offering certainty of execution and flexible terms that aligned with the sponsor's objectives.” Dina Belon of Staypineapple added, “Staypineapple, a hotel brand with 10 boutique properties throughout the U.S., is growing, and we wanted a lender that saw us as a business partner.”

Fairview Partners raises $75M toward debt fund

Rasmussen

Stemm

Earlier this month, Fairview Partners announced that it's hit a $75 million benchmark toward a projected $250 million debt fund. The Fund VIII, said Fairview in a press release, “Will target a diversified portfolio of senior secured private real estate loans, focusing on two underserved market segments: distressed debt and small- to mid-balance loans.” Fairview is led by Nels Stemm and Carson Rasmussen. The latter said in a statement, “These key commitments from our legacy partners reaffirm their confidence in our team and strategy. With a disciplined investment approach and proven history of results, we look forward to continuing to deliver on what we do best.” Ten past funds have totaled around $750 million, which covered nearly 500 real estate loans.

$1.5B Apollo-Bridge deal will be felt here

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Publicly traded investment giant Apollo announced this week that, in a deal valued at around $1.5 billion, it'll acquire Bridge Investment Group. The latter often loans to local developers, or partners with them, with recent examples including the new 368-unit Rook apartments (pictured), in Tacoma. Bridge partnered there with local shop One Trent. Apollo says the all-stock deal should close in the third quarter. It invests in all manner of assets. The Bridge deal will add to about $50 billion its current real estate portfolio. Apollo counts around $751 billion in total assets under management. The firm's David Sambur said in a statement, “We are pleased to announce this transaction with Bridge, which is highly aligned with Apollo's strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale.”

Polaris Pacific gains new partner

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Residential broker Polaris Pacific is based in San Francisco, and has a Seattle office where it often represents newly built condominium towers. (One example: Spire, pictured.) In a joint announcement this week, Polaris and Urban Pace — based in Washington, D.C. — said they're now partnering. The combination now covers 62 projects in 14 markets, which are valued at some $5 billion. Paul Zeger will continue to lead Polaris Pacific. He said in a statement, “Clients gain access to a deeper pool of talent, technology and expertise. This expanded resource base allows us to provide more comprehensive solutions tailored to each project, whether it's a luxury development or a more affordable housing initiative.”

Kidder Mathews

Boring

Kidder Mathews announced last week that Daniel Boring has joined its valuation advisory services as a senior VP. He makes the move from CBRE. In his new post, says Kidder, “He will lead the firm's new service line for machinery and equipment appraisals nationwide and serve clients in his litigation, agricultural, and marine valuation practice.” Boring is returned to the fold. He explained, “I'm thrilled to return to Kidder Mathews, where I started my career as a broker and appraiser. It's an honor to rejoin such a great team.”