SEATTLE—CBRE Group Inc. has hired Matt Kircher, a 27-year veteran of retail real estate, is returning to the company as managing director and EVP in San Francisco to lead its Bay Area Retail-leasing business. Kircher brings to CBRE a long history of retail leadership both in the Bay Area and nationally. He comes to CBRE from Cushman & Wakefield/Terranomics, where he led more than 30 retail professionals in six Northern California offices for the past 20 years. At CBRE, Kircher will direct the company's retail-leasing platform, professionals and offering in the Bay Area while advising Anthony Buono, chairman of CBRE's global retail executive committee, on the company's retail strategy in the Americas.

DEAL TRACKER

ELLENSBURG, WA—Cohen Financial has closed a $7.78-million Fannie Mae loan to refinance the University Court Apartments, a 100-unit multifamily property located adjacent to Central Washington University in Ellensburg, WA. Built in 1998, the property features garden-style two-bedroom, two-bathroom units and is predominantly leased to Central Washington University students. The property was 100% occupied when the loan closed. Peter C. Norrie, managing director of Cohen Financial's Portland office, arranged the fixed-rate, 12-year loan with a 30-year amortization through Pillar's lending program.

BELLEVUE, WA—Bosa Development's first venture on the Eastside with One88, a 21-story luxury residential tower in downtown Bellevue slated to break ground in early 2017. One88 will be one of the first new large condominium developments in downtown Bellevue since the recession and follows Bosa's success with its flagship Seattle development, Insignia. One88 will offer approximately 143 one-, two- and three-bedroom residences, as well as penthouse residences, at the intersection of Bellevue Way Northeast and Northeast Second Street. Vancouver-based Amanat Architect has been named project architect and Hirsch Bedner Associates named as the interior design firm.

BELLEVUE, WA—Houston-based Lionstone Investments and Talon Private Capital of Seattle has acquired 110 Atrium located in downtown Bellevue, WA. The seven-story, 232,086-square-foot office building is currently 86% leased. Built in 1981, the property began a $15 million renovation in 2013, wherein upgrades were made to common areas, mechanical systems, tenant spaces, and the exterior façade. It received ENERGY STAR certification in 2015.

STOCKTON, CA—ROEM Development Corp. recently acquired the Polo Run Apartment complex here and will transition its 320 units to affordable housing. Total value of the transaction was $20.55 million. Spanning 19 acres and 34 buildings, the property includes a wide variety of apartment units, including 2 studio units; 96 one-bedroom units; 30 two-bedroom, one-bath units; 160 two-bedroom, two-bath units; and 32 three-bedroom, two-bath units. Square footage ranges from 400 for the studios to 1,125 for the three-bedroom units.

This week in the North West region, the news mainly is coming out of Washington. Check out the below news for all you missed in the past week.—Natalie Dolce

BY THE NUMBERS

SEATTLE—According to locally based Zillow, in 2017, recent trends will reverse course as the housing market's economic recovery enters a new stage. Renting will become more affordable, more Americans will drive to work, and the homeownership rate will bounce back from historical lows, the firm says. “Millennials will play a significant role in increasing the homeownership rate. Nearly half of all buyers in 2016 were first-time buyers, and millennials made up over half of this group of buyers.”

NEWS & NOTABLES

SEATTLE—CBRE Group Inc. has hired Matt Kircher, a 27-year veteran of retail real estate, is returning to the company as managing director and EVP in San Francisco to lead its Bay Area Retail-leasing business. Kircher brings to CBRE a long history of retail leadership both in the Bay Area and nationally. He comes to CBRE from Cushman & Wakefield/Terranomics, where he led more than 30 retail professionals in six Northern California offices for the past 20 years. At CBRE, Kircher will direct the company's retail-leasing platform, professionals and offering in the Bay Area while advising Anthony Buono, chairman of CBRE's global retail executive committee, on the company's retail strategy in the Americas.

DEAL TRACKER

ELLENSBURG, WA—Cohen Financial has closed a $7.78-million Fannie Mae loan to refinance the University Court Apartments, a 100-unit multifamily property located adjacent to Central Washington University in Ellensburg, WA. Built in 1998, the property features garden-style two-bedroom, two-bathroom units and is predominantly leased to Central Washington University students. The property was 100% occupied when the loan closed. Peter C. Norrie, managing director of Cohen Financial's Portland office, arranged the fixed-rate, 12-year loan with a 30-year amortization through Pillar's lending program.

BELLEVUE, WA—Bosa Development's first venture on the Eastside with One88, a 21-story luxury residential tower in downtown Bellevue slated to break ground in early 2017. One88 will be one of the first new large condominium developments in downtown Bellevue since the recession and follows Bosa's success with its flagship Seattle development, Insignia. One88 will offer approximately 143 one-, two- and three-bedroom residences, as well as penthouse residences, at the intersection of Bellevue Way Northeast and Northeast Second Street. Vancouver-based Amanat Architect has been named project architect and Hirsch Bedner Associates named as the interior design firm.

BELLEVUE, WA—Houston-based Lionstone Investments and Talon Private Capital of Seattle has acquired 110 Atrium located in downtown Bellevue, WA. The seven-story, 232,086-square-foot office building is currently 86% leased. Built in 1981, the property began a $15 million renovation in 2013, wherein upgrades were made to common areas, mechanical systems, tenant spaces, and the exterior façade. It received ENERGY STAR certification in 2015.

STOCKTON, CA—ROEM Development Corp. recently acquired the Polo Run Apartment complex here and will transition its 320 units to affordable housing. Total value of the transaction was $20.55 million. Spanning 19 acres and 34 buildings, the property includes a wide variety of apartment units, including 2 studio units; 96 one-bedroom units; 30 two-bedroom, one-bath units; 160 two-bedroom, two-bath units; and 32 three-bedroom, two-bath units. Square footage ranges from 400 for the studios to 1,125 for the three-bedroom units.