This week in the North West region, Seattle's industrial vacancy inched up to 3.16% from 3.02%. Check out all the news you might have missed below.—Natalie Dolce
BY THE NUMBERS
SEATTLE—According to a recent report from Kidder Mathews, at the midway point of 2017, the region's industrial market saw mostly positive results. Net absorption in the second quarter was positive at 1.1 million square feet, (nearly 3.2 million square foot cumulative for the first six months), buoyed by both Pierce and Thurston Counties which helped offset negative net absorption in Seattle, South King and East King County markets. Vacancy inched up to 3.16% from 3.02%. Construction activity remains strong with nearly 1.7 million square feet in deliveries for the quarter and nearly 5.8 million square feet under construction.
NEWS & NOTABLES
SAN FRANCISCO—Equity Residential recently earned the coveted Grand Award for 'Best Multifamily Housing Community – 60-100 units/acre' for the firm's Potrero 1010 apartment community in San Francisco, CA, at the 2017 Pacific Coast Builders Conference's Annual Gold Nugget Awards in San Diego, CA. Designed by local architecture firm, David Baker Architects, Potrero 1010 is located in the San Francisco's burgeoning Design District and features 453 contemporary apartment homes, 6,000 square feet of PDR space, 20,000 square feet of retail, and the one-acre Daggett Park.
SEATTLE—Madrona Ridge Residential, an affiliate of Seattle-based Security Properties, recently revealed that it was being fully integrated into Security Properties and rebranded as Security Properties Residential. As part of this integration, Security Properties is also announcing that Mike Voorhees, formerly of Holland Residential and Holland Partner Group, has recently joined Security Properties Residential as President.
DEAL TRACKER
PORTLAND—Portland-based industrial development company, Specht Development, and their partners, Pacific Coast Capital Partners, recently sold the Interstate Crossroads Distribution Center to WPT Industrial REIT for $56 million. JLL's Capital Markets represented the sellers of the 492,554-square-foot warehouse and distribution center in Northeast Portland.
SAN FRANCISCO—Transwestern negotiated leases for Bank of the West and Drybar at Lyric, Walnut Creek's premier mixed-use development at 1500 N. California. The 1,684-square-foot space will be the first East Bay location for Drybar, a hairstyling concept with over 70 locations in the U.S. and Canada. Bank of the West has relocated to a 2,784 square feet space at Lyric from another downtown location and is now open for business.
PORTLAND—Holliday Fenoglio Fowler L.P. recently closed the $131.75 million sale of Jantzen Beach Center, which, at 758,414 square feet, is one of the largest retail centers in the state of Oregon and the dominant shopping destination in Portland. HFF marketed the property on behalf of the seller. Kimco Realty Corp. purchased the center free and clear of any existing debt.
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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.
