This week in the North West region, we learned that absorption to remain positive in the Puget Sound region and that Bellevue's first new condominiums in nearly a decade are officially underway. Check out all the news you might have missed below.—Natalie Dolce
BY THE NUMBERS
SEATTLE—According to a recent report from Kidder Mathews, the Puget Sound region industrial market continues to be active, although net absorption was lower this quarter compared to the first two quarters. Development activity continues to be very robust with nearly 6.4 million s.f. under construction, and another 4.8 million s.f. that has been completed through the first nine months. Net absorption in the third quarter was positive at nearly 500,000 s.f. (nearly 3.7 million s.f. cumulative year-to-date), buoyed by both Pierce and Thurston Counties which helped offset negative net absorption in Seattle, South King, and East King County markets. With deliveries slightly outpacing absorption, the vacancy inched up to 3.30% from 3.16%. We would expect absorption to remain positive as there are nearly 1.7 million s.f. of signed leases expecting to take occupancy over the next six months. Another 13.2 million s.f. is in the pipeline that may or may not start over the next several years.
NEWS & NOTABLES
SAN FRANCISCO—Pacific Union International, Inc. has brought industry vet, Teresa Howe, on board to capitalize on the vibrant economic climate in California and Pacific Union's wide reach throughout the state's most sought after neighborhoods. She will assume responsibility for the company's corporate services, including relocation, referral activities, lead management, affinity programs, and concierge services. Howe will report to Jill Silvas, Vice President of Corporate Services.
DEAL TRACKER
KENT, WA—Holliday Fenoglio Fowler LP recently revealed a $20-million sale of Arterra Townhomes, an 81-unit, garden-style apartment property in Kent, WA. The HFF team marketed the property exclusively on behalf of the seller, a joint venture between PCCP, LLC and Westbridge Properties LLC. Meter Properties purchased the asset free and clear of existing financing.
PORTLAND—CBRE Capital Markets recently arranged the sale and financing for Blagen Block and New Market Theater, a two-building office portfolio in Portland's Old Town/Chinatown district. Charles Safley and Trevor Kafoury of CBRE's Portland office represented both the seller, Swift Real Estate Partners, and buyer, NBP Capital, LLC, while Nick Santangelo of CBRE's Portland office, alongside Mike Walker and Brad Zampa in CBRE's downtown San Francisco office secured the acquisition financing.
PORTLAND—HFO Investment Real Estate has sold Latitude Apartments located near Clackamas Town Center mall in Happy Valley for $58 million. The Latitude Apartments is a gated apartment community consisting of 210 apartments with an average unit size of 1,133 square feet. Built in two phases between 2008 and 2014, the sale represents the second largest apartment transaction for Clackamas County this calendar year.
BUILDING BLOCKS
SEATTLE—Bellevue's first new condominiums in nearly a decade are officially underway. One88, the 21-story luxury residential tower is now under development in downtown Bellevue. Developed by Vancouver-based Bosa Development and slated for completion in early 2020, One88 will feature approximately 143 one-, two- and three-bedroom residences, as well as penthouse residences. Amenities will include an indoor pool, third-floor outdoor terrace, children's playroom, fitness center and ground-floor retail. Vancouver-based Amanat Architect is the project architect and interiors will be designed by Hirsch Bedner Associates. Located at the intersection of Bellevue Way Northeast and Northeast Second Street, One88 is just steps from Downtown Park and a variety of dining and high-end shopping at The Shops At The Bravern and The Bellevue Collection. Homes will have a range of views from Lake Washington, mountains and surrounding green park areas.
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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.
