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—The Space Needle, one of the most recognized landmarks in the world recently revealed the Century Project, a multi-year venture focused on preservation and renovation of the 55-year-old icon. The renovation will update the structure's physical systems and elevate the visitor experience by dramatically enhancing the view. Privately funded, the ambitious project will heighten the Observation Deck experience with floor-to-ceiling glass on the interior and exterior to further open up the uninhibited 360° views of the Puget Sound area. The restaurant level will be reimagined with a first-of-its-kind rotating glass floor unveiling downward views of the structure never seen before.
SEATTLE—Columbia Pacific Advisors and its founders recently revealed the pending acquisition of Hawthorn Retirement Group, a Vancouver, WA-based firm that owns and operates senior housing communities in North America. Hawthorn is a vertically integrated senior living company that owns, develops and operates communities located across 20 U.S. states and two Canadian provinces. Hawthorn has 55 communities in operation, with another 24 communities under construction or in pre-development. In addition to the real estate portfolio, the acquisition will include Hawthorn's management and construction businesses.
DEALTRACKER
PRINEVILLE, OR—Tiger Group and Stuart Realty Group are now accepting turnkey offers for the land and other assets of wood moulding manufacturer Consolidated Pine Inc. The complete business opportunity includes over 23 acres of real estate in Prineville with multiple buildings and rail spurs, as well as well-maintained manufacturing and material handling equipment, rolling stock, spare parts and intellectual property. The business has been in operation since 1952 and is ideally located in the geographic center of Oregon, about a half-hour from Redmond airport and near the exploding high-tech community that includes new facilities for Google and Facebook. Buildings on the 23.8-acre site, with three adjacent railway sidings, include a moulding mill, a finger jointer shop, a ripsaw shed, a planing mill, a truck shop, and multiple lumber storage sheds and offices.
SAUSALITO, CA—Meridian Commercial President Matt Brown recently revealed that his firm has represented Tilden Preparatory School in leasing a commercial building in Sausalito for its first Marin campus. Tilden Preparatory School leased 6,616 square feet at 1050 Bridgeway in Sausalito near the intersection of Johnson Street, a block from Caledonia Street. Meridian's Angela Barker represented the private school director in a five-year lease with two five-year lease renewal options.
SEATTLE—Union Investment has recently acquired the class A Midtown21 office building in Seattle. The impressive 21-storey property offers around 35,000 sq m of rental space and was completed in 2016. It is located in the high-growth Denny Triangle between the central business district and the South Lake Union submarket. The office space is let on a long-term lease to the world's largest internet-based retailer. The occupancy rate of the property at 1007 Stewart Street is 98.4%. The project developer is a joint venture between US insurance company MetLife Real Estate and Trammell Crow Co. The purchase price is around $330 million.
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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.
