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
SAN FRANCISCO—CoreNet Global Northern California Chapter the premiere corporate real estate executives association, recently honored Bill Roberts, former VP of Real Estate Strategy and Transformation at Hewlett Packard Enterprises (now with Cushman & Wakefield) and
Michael Casolo, President of Client Solutions, Global Occupier Services at Cushman & Wakefield at its 20th Annual CRE Awards Gala tonight at the famed Westin St. Francis Hotel in San Francisco. Roberts and Casolo were both selected as this year's honorees based on their accomplishments within the corporate real estate industry as well as their contributions to the success of the CoreNet Global NorCal Chapter.
DEALTRACKER
LACEY, WA—Dermody Properties, a national real estate investment, development and management company specializing in acquisitions and development of logistics real estate in the U.S., recently acquired the Meridian Campus Corporate Park in Lacey, WA just south of Seattle. The industrial park consists of three buildings totaling 459,551 square feet and 18 acres of land upon which Dermody Properties will develop a new distribution building. The new facility will total 318,028 square feet, featuring 36-foot clear height and 80 trailer parking stalls. Construction is expected to begin in November 2017.
ISSAQUAH, WA—Global real estate investment company Kennedy Wilson recently has acquired Atlas, a wholly-owned 343-unit apartment community in Issaquah, WA for $135 million. KW invested $52 million of equity, and secured a 10-year interest only loan for $84 million at a fixed-rate of 3.86%. The purchase reflects KW's continued confidence in the Washington market, where the multifamily group's portfolio has grown to over 10,000 units.
PORTLAND—Canyon Partners Real Estate LLC has recently provided a $63.5-million senior loan to an affiliate of PHK Development Inc. to finance the ground-up construction of a seven-story, 162-unit condominium project located off NE Multnomah in Portland. The new construction development is centrally located at the convergence of the Lloyd District and Sullivan's Gulch and will offer residents views of downtown Portland and the Cascade mountain range. When complete, the architecturally-distinctive project will comprise a mix of one-bedroom, two-bedroom, and penthouse units featuring up to 11' ceilings, high-end finishes, and an assortment of amenities, including 24-hour concierge service, fitness center, guest suite, bicycle lounge, pet wash, club lounge and outdoor amenity deck. Unit finishes will be top of the line and feature high end appliances, solid surface quartz countertops, in-unit washer/dryers, and central air conditioning. Additionally, about a third of the units will have outdoor patios or balconies.
BEAVERTON, OR—Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, recently acquired Hallwood Apartments, a 76-unit apartment community in the Portland submarket of Beaverton, OR. The acquisition came on the heels of the firm's acquisition of Bel Aire Court earlier this year, bringing its total holdings in the region to more than 358 units, according to Max Sharkansky, managing partner of Trion Properties.
PORTLAND—NKF Capital Markets recently completed the $68-million sale of 400 Sixth Ave., a 208,477-square-foot class-A office tower in Portland. Located in the Portland CBD, the 11-story multi-tenant property features up to 17-foot slab-to-slab heights, unique 10-foot window lines, is transit-oriented and provides unobstructed views of Mt. Hood to a potential new anchor tenant.
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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.
