Seattle
New M-F Deal Completed in Seattle as Company Continues Shopping Spree
As Seattle continues to grow and its development pipeline keeps being populated, investors are obviously keeping one eye on the city’s multifamily assets. One company that has recently moved on the market is JB Matteson Inc, with the company announcing the acquisition of Greenhouse Apartments, in a deal worth $32.1 million. The San Mateo, CA-based company is the new owner of the Columbia City residential asset. Property management services will be handled by E&S Ring Management Corporation, who currently manages other JB Matteson properties.
Madison Marquette Grabs 202 KSF M-U Property in Seattle Suburb
Madison Marquette has teamed up with two foreign institutional investors in a JV to purchase the Bellevue Galleria, a 202,000-square-foot mixed-use project in the Seattle suburb’s downtown.
Pierce County Gives Go-Ahead to Pre-Design Measures for New Facility
Tacoma’s office market might take a hit as reports claim that Pierce County is looking to consolidate its employees into one standalone office property. As county officials are currently occupying eight different office buildings throughout the city, there might be a number of owners who will scramble to find new tenants in order to fill up the space that Pierce County might be vacating.
Bosa Development Proceeds with Second Condo Tower at Insignia
News regarding new development projects in Seattle is extremely common these days, with the city experiencing a tech market boom and an increase in residential development that has the city sorted for the next few years. The most recent bits of news regarding the area’s condo market have revolved around Bosa Development Corp.’s Insignia project, and the project is now set to double down on its initiative, thereby completing the developer’s original plan. Another important development hotbed for the city is Pioneer Square where Stadium Place has recently lit the area up with its varied development projects. With a new mixed-use project on the pipeline for the area, it seems that the smallest of roadblocks might change the developer’s mind.
Developers Break Ground on Ambitious Spring District After Six Years in the Pipeline
One of the most high-profile development projects in the Puget Sound area is definitely Wright Runstad & Company’s ambitious Spring District. The intensely scrutinized transit-oriented urban neighborhood, as it has been called by its developers, recently held a groundbreaking ceremony at the Bellevue site. Mayor Conrad Lee as well as Wright Runstad President, Greg Johnson both held speeches regarding the importance of the project for the area after which guests were invited to roll up their sleeves and contribute to the demise of the first warehouse that is set to go down and make way for the Spring District.
American Life Acquires Site North of CenturyLink Field
With the current rate of development in Seattle in virtually any of the major sectors being amongst the highest in the entire U.S., it comes as no surprise that developers view every availability as a chance to cash in on the buzz. The latest company to ripple the waters of the Puget Sound is American Life. The real estate company has acquired a parking lot from Daniels Real Estate, just north of CenturyLink Field, in Pioneer Square. According to the Puget Sound Business Journal, the investor paid a fee of $18 million for the property, and has set its sights on developing a new office property at the site.
UDub Debuts New, Improved Husky Stadium During Game Against Boise State
As autumn arrives, it is time to kick-off every collegiate sport imaginable and throw on the war paint of your alma mater. But in order to do that, you need a venue, and the University of Washington has just unveiled its completely re-imagined Husky Stadium. The massive $280 million dollar investment has already hosted its opening game, in a 38-6 thrashing of the Boise State Broncos by the Washington Huskies. The newly re-opened football stadium has received very positive feedback from those participating at the event, The Seattle Times writes.
First Hill Residential Tower Gets Approval from City’s East Design Review Board
The frantic pace of development that Seattle is witnessing in its multifamily sector is set to see another spike after news recently hit regarding a brand new residential tower project on First Hill. According to the Department of Planning and Development’s website, an application was accepted for a multifamily project at 800 Columbia Street. The developer for the intriguing project is Alecta, a European pension fund that currently has no less than three different multifamily developments in the pipeline for Seattle.
Daly Sets Sights on Seven-Month Modular Construction for ‘N’ Habit
One of the hottest trends in building now is the use of prefabricated elements, banking on the effectiveness the medium offers. One of the first Seattle developers to jump on that bandwagon was Daly Partners. Normally, a mid-rise apartment community project rising in Seattle’s Belltown neighborhood would take around a year construction-wise, but contractor Charter Construction has set itself a seven-month deadline.
MacFarlane Partners Sets Similar Development Plans for Two Multifamily Projects in South Lake Union
MacFarlane Partners has seriously ramped up its involvement in the Seattle area, specifically the booming neighborhood of South Lake Union, only recently announcing serious progress in the development of two different apartment projects. The investment management firm has recently announced a January 2013 deal for a parcel at 201 Westlake Avenue North where it intends to build a new apartment building, as well as the acquisition of the final parcel it required for its planned multifamily complex at 215 8th Avenue.