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—Newmark Knight Frank recently added Charlie Farra as managing director and Matt Betterman as associate director to its Seattle office. Farra and Betterman are tenant rep specialists in the downtown Seattle market. Farra joins NKF from Colliers International where he served as vice president specializing in tenant representation. Prior to his role at Colliers, Farra was a broker with CBRE.
SAN FRANCISCO—CBRE Group Inc. has acquired the business of Custom Spaces, a San Francisco-based, technology-focused boutique real estate brokerage firm that advises leading technology companies such as Airbnb, Cruise Automation, Medium, Gusto and Coinbase, on occupancy strategies. The acquisition confirms CBRE as the leading real estate advisor in the Bay Area for technology companies and fortifies its Technology Practice globally.
DEALTRACKER
SEATTLE—Tristar Capital and RFR Holding have added Centre 425, a 16-story, 356,909-square-foot office building from Schnitzer West to the group's growing commercial office portfolio. Tristar and RFR completed the acquisition of Centre 425 for $313 million ($877 per rentable square foot) from Schnitzer West, one of the West Coast's fastest growing real estate, investment, development and property management companies. This is Tristar's and RFR's fourth acquisition in the Seattle region in the last 12 months, increasing their total office and retail holdings to more than 1.3 million square feet.
CONCORD, CA—The Veranda, the East Bay's newest destination for next-generation shopping, dining and entertainment, has opened its first businesses in October and early November. New openings include T.J.Maxx, LunchboxWax, Sleep Number, AAA, Travis Credit Union, Toys“R”Us and Babies“R”Us, and MOD Pizza.
BELLEVUE, WA—Bellwether Enterprise Real Estate Capital LLC has closed a $51 million refinancing loan for Alley 111, a multifamily property located in Bellevue, WA. The property serves as a dynamic focal point in downtown Bellevue, featuring both apartment units and retail space in the one building.
FREMONT, CA—Trion Properties, a private equity real estate firm with a niche focus on value-add multifamily investments, has acquired an 88-unit multifamily property in Fremont, CA for $26.5 million. This is the firm's fifth Bay Area acquisition in less than two years, bringing its portfolio in the area to 350 units, according to Max Sharkansky, Managing Partner at Trion Properties.
SEATTLE—The Henley Apartment Homes, a 240-unit multifamily property located in Suisun City, CA, was recently acquired for $42.5 million by Security Properties and New York Life Real Estate Investors, on behalf of its institutional client, in their third joint venture together.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
