Seattle
GIX Move to Spring District Cements Puget Sound as Tech Hotspot
The Microsoft-backed Global Innovation Exchange is officially moving to Bellevue, in the under-development Spring District. What a difference a few months makes. Back in April, Bellevue’s position as one of the tech reference points in the Puget Sound area was waning in the wake of Expedia’s announcement that it will move to a Seattle office campus. Now Bellevue has been announced as the future home of the GIX, a venture between the University of Washington and China-based Tsinghua University.
Core Seattle Retail Starts Pricing Out Investors
As the core of the Seattle MSA is slowly being suffocated by investor interest, focus is slightly shifting to areas with less pressure from flowing capital. A case in point is the recent sale of Woodinville Plaza, on the Eastern end of the Puget Sound area. Its location in an affluent neighborhood of the Seattle metro, combined with a large population, makes the retail asset almost perfectly fit the profile of the new hot commodity in the area.
New Senior Housing Community Underway in Portland
A brand new senior living community is about to make its way onto the Portland market.
New Dimensions for Wood Partners’ Trendy Downtown Apartment Building
With real estate capital flowing through the veins of Seattle these days, a new opportunity only recently presented itself for those investors who crave a shot at owning a Seattle residential high-rise. Wood Partners has contracted CBRE to market and broker the listing of one of its most recent multifamily projects in the area.
Executive Insight: Berkadia’s Stuart, Weisman on Northwest Drive
Two Pacific Northwest-based Berkadia executives offer insight into the real estate finance giant’s plans for the region.
Garden-Style Multifamily Property Near Portland Acquired for $49.5M
A residential community in the proximity of Portland recently traded hands in a deal worth $49.5 million. Aukum Management LLC acquired the multifamily asset from a private investor, free and clear of existing debt. The transaction was arranged by a Holiday Fenoglio Fowler led by managing director Ira Virden and Associate Director Kerry Hughes. HFF carried out the marketing of the Canyon Creek property.
Totem Lake Mall in Kirkland to Undergo $200M Renovation, Expansion
The Totem Lake Mall in Kirkland was recently acquired by a joint venture consisting of CenterCal and PCCP LLC. The Village at Totem Lake LLC purchased the property from Developers Diversified Realty and Coventry Real Estate Advisors for a total of $35.5 million. The new owners are looking to extensively refurbish the asset and expand the amount of space available at Totem Lake. The shopping center will be transformed into a more modern location with new components and new anchor tenants.
Berkadia Provides Financing for Affordable, Student Communities in Greater Seattle
Berkadia’s local office recently announced that it has arranged financing for two residential communities located in the greater Seattle area. The student housing property and affordable housing property are located in Lynwood and Maple Valley, respectively. The commercial real estate company originated a total of $15.3 million in financing for the assets, in both cases the funds being provided through fixed-rate loans. Both deals were handled by Senior Vice President Jeff Stuart.
Microsoft Office Trades Hands as Kilroy Sheds 10 West Coast Assets
Kilroy Realty Corp. recently offloaded a consistent amount of inventory that netted the company approximately $309.2 million in gross proceeds. The real estate investment trust sold ten office properties totaling roughly one million square feet of space with an average occupancy rate of 84 percent.
New Legislation Allows Uptick in Affordable Housing, Though City Far Behind Current Target
King County recently passed new legislation regarding affordable housing, paving the way for the addition of nearly 900 new units during the following five years. Due to measures taken by the State Legislature, the county will now be able to issue workforce-housing bonds worth up to $45 million. The bonds will be backed by the local hotel tax, and will support homes located within at least a half-mile from a transit station.