Seattle
Capstone to Break Ground on Live-Work Campus in Redmond This Summer
Redmond-based tech giant Microsoft is set to get crowded as a massive mixed-use development project was recently announced in the vicinity of the software company’s headquarters. Developer Capstone Partners has released plans for a new urban village that would create a new live-work community able to accommodate around 8,000 people. The massive development project would include a large number of residential units, as well as a wide range of amenities and commercial space. According to the developer, the project will constitute an investment of approximately $900 million.
Hedreen Mega-Hotel Project Clears Another Hurdle
Seattle developer R.C. Hedreen & Co. has been pushing through its initiative of developing a mega hotel project In the city’s downtown. With the Pacific Northwest’s rise to prominence in recent years, the major cities have seen their hospitality stock be reassessed as investors are looking to expand the offering and improve Seattle and Portland’s convention centers, as a means of cashing in on the improving markets. The developer is now one step closer to getting its ambitious hospitality development to light, after the downtown Design Review Board has approved its new designs.
Hudson Pacific Agrees to $57M Fee for Merrill Place in Off-Market Transaction
A purchase agreement for an office and retail asset in Seattle’s Pioneer Square submarket was recently struck between buyer Hudson Pacific Properties and a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital. According to a recently released press statement, the off-market transaction will have a value of approximately $57.7 million. That same statement pegged the closing date for the deal sometime next month.
Vancouver Apartment Community, Portland Industrial Facility Trades Mark Week
The Pacific Northwest has had a good week as a number of deals perfected across the region continue to indicate the fact that the local real estate market is currently thriving. A recent press statement announced the acquisition of The Villas at Bridge Creek, an apartment complex in Vancouver, WA, by Peak Capital Partners from seller Kingsbury LLC. This week also saw a deal perfected for the Portland Terminal Facility, as CorEnergy Infrastructure Trust, Inc. paid a fee of $40 million for the property.
Washington State Convention Center Acquires Nearby Parcels for $56.5M While Pondering Expansion Options
As the Pacific Northwest continues to grow, the hospitality markets in Seattle and Portland are growing as well. Now both of the major cities in the area have seen the necessity of a larger convention center in order to cash in on the growing market for large events. Other cities on the West Coast have already begun their moves to expand existing convention facilities and have moved to the format of the hotel-convention center. With an expansion plan in its sights, the Washington State Convention Center Public Facilities District recently completed the purchase of a land site in Seattle’s central business district. The value of the recently perfected deal stood at around $56.5 million, according to The Seattle Times.
AEW Buys Renton Shopping Center from Pearlmark Harvest Lakeshore in Blockbuster Deal
A massive retail transaction was recently completed for a large Renton property in a deal worth approximately $165.4 million. A unit of Boston-based investment fund AEW Global purchased the The Landing shopping center from its now former owner and developer Pearlmark Harvest Lakeshore. Following the transaction, management duties for The Landing will continue to be carried out by JSH Properties.
Holland Partners Closes $80M Property Acquisition in South Lake Union, with Plans for M-U Development
The approved rezoning of South Lake Union, one of the most popular development areas in the much improved city of Seattle, is already paying off. The Puget Sound Business Journal recently reported that Holland Partners, one of the most active development companies in the local market, recently completed the acquisition of a number of properties in the area, and is now eyeing a mixed-use development project for the area. The acquired area was previously targeted as a development site by Equity Office Property. Holland paid a total of $79.5 million for almost a block between Dexter Ave. and Westlake Ave.
Othello Partners Awaits Design Review on New Rainier Valley Residential Project
Local developer Othello Partners is once again looking to develop a residential complex, in the vicinity of another high-profile project that the company debuted two years ago. Station at Othello Park was in itself an ambitious project, announced and developed in a time of uncertainty for the national residential market. Now the company will follow the Station with its new, Othello Station North.
USAA, Touchstone Partner to Develop Project in Seattle’s South Lake Union
The hot South Lake Union submarket in Seattle is getting another office development as USAA Real Estate Co. and Touchstone team up on a two-building, 820,000-square-foot project at 307 Fairview Ave. North.
Seattle’s Tallest Skyscraper Announced; HFF Finances Yakima Valley Retail Properties
As the city skyrockets in terms of development, a big change was recently announced to its skyline. Earlier this week, local developer Greg Smith expressed plans to build the city’s tallest building, setting a new bar for new developments in terms of both height and ambition. According to the Puget Sound Business Journal, should the development come to reality, the process would be time consuming as the necessary design approvals and paperwork would take at least a year.