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
PORTLAND—A recent video report from Cushman & Wakefield called “Cool Streets 2.0: Portland” recently chronicled the rise and resurgence of unique retail districts across Portland (driven by a new breed of urban, experiential and independent mid-market retailers as well as a robust foodie culture and craft brewing scene). The video featured interviews with area retailers and C&W experts alike. Portland has emerged as a less expensive alternative to cities like San Francisco and Seattle for tech companies and the startup community, and a comparatively lower cost of living has led millennials to flock to the region in droves, the report said. “The city's retail composition is a unique blend of proudly homegrown and eclectic retailers, boutique and
specialty stores as well as more mainstream national and international brands,” Brown says.
SEATTLE—Ware Malcomb, an award-winning international design firm, recently revealed that Jonathan Thomas has been promoted to regional director of the firm's Seattle office. In this position, Thomas will lead the growth and management of the Seattle office. Ware Malcomb provides planning, architecture, interior design, branding and civil engineering services for commercial real estate and corporate clients.
DEALTRACKER
SEATTLE—Holliday Fenoglio Fowler LP recently revealed the $170-million refinancing of 901 Fifth Ave., a 540,589-square-foot, class A office tower in downtown Seattle. The HFF team worked on behalf of the borrower, a joint venture between Investcorp International Realty Inc. and Schnitzer West, to secure the loan through HSBC.
SEATTLE—TruAmerica Multifamily, in its first joint venture partnership with an affiliate of Blackstone Real Estate Income Trust Inc. recently acquired a 635-unit multifamily portfolio with assets located in the Denver and Seattle metros, in a transaction valued at $126.5 million. Blackstone is the latest of 16 institutional capital partners to joint venture with TruAmerica in the past four-and-half years. The portfolio includes two 300+ unit garden-style apartment communities that have seen little or no renovation since they were constructed in 1984 and 1991. At a collective occupancy of approximately 94%, the two properties represent an excellent investment that features a combination of strong current income and tremendous upside growth potential, according to TruAmerica Director of Acquisitions Zach Rivas.
SEATTLE—Bob Spiro, senior vice president/managing director of NorthMarq Capital's Seattle regional office, recently negotiated refinancing of $45 million for Meridian Sunrise Village, a 226,054-square-foot retail property located in Puyallup, WA. Meridian Sunrise Village Shopping Center is a premier open air shopping experience anchored by Target, Pet Smart, LA Fitness and Staples. The transaction was structured by a 10-year term on a 30-year amortization schedule, with 10 years interest only. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.
“We were able to secure a very competitive fixed-rate loan with a full term of interest- only,” noted Spiro. “It was critical that we collateralized the loan with the buildings only and we accomplished that with a cross use agreement for the parking.”
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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.
