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.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
