Below is GlobeSt.com's bi-weekly update on the middle markets throughout the North West region. Here's a look at the latest news, announcements and deals that you may have missed from areas including: Alaska, Washington, Oregon, Idaho, and Northern California.
NEWS & NOTABLES
SEATTLE—American Classic Homes has expanded its real estate capabilities with the introduction of a new multifamily division: SeaLevel Properties. With a focus on building and acquiring multifamily and mixed-use developments in Seattle and the Puget Sound Region, the new division will be led by former ACH executives and experienced multifamily experts John Shaw and Kyle Weeks. Weeks previously worked at Vulcan Real Estate and Shaw at Mack Urban. Under their leadership, SeaLevel already has more than 800 new multifamily homes underway.
DEALTRACKER
SEATTLE—Marcus & Millichap has retained the exclusive listing to market for sale a new 15,971-square-foot 24-hour CVS/pharmacy in Seattle's Queen Anne neighborhood. The price is $19.5 million. “The flight to safety in high-street retail in hyper-core markets like Seattle continues across domestic lines,” says Preet Sabharwal of Marcus & Millichap's Manhattan office. “Quality credit single-tenant net-lease real estate has continued its longstanding appeal to the private capital buyer and certainly continues to attract the broadest buyer pool, including international capital and pension funds.” Sabharwal, along with Daniel Corcoran, also in Manhattan, is representing the seller. Joel Deis, regional manager of Marcus & Millichap's Seattle office, is the firm's broker of record in the state of Washington. The property is located on the ground floor of a brand new 34-unit luxury apartment complex at 11 West Mercer St. in Seattle, two blocks west of the Seattle Center on the signalized, hard-corner intersection of West Mercer Street and Queen Anne Avenue. Nearly 40,000 vehicles pass through the intersection each day and 223,000 people with an average annual household income of $100,000 live within a three-mile radius. Major tenants in the vicinity include Bank of America, Safeway, Starbucks, Taco Bell, Chase Bank, Key Bank, FedEx, and UPS.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.