SEATTLE-Operating as City Investors XVI LLC, Paul Allen's Vulcan Inc., has reached a preliminary agreement to buy most of the city block southeast of the intersection of Mercer Street and Terry Avenue North, adjacent the firm's joint-venture Interurban Exchange development.
SEATTLE-The 500,000-sf redevelopment project in the South Lake Union is a joint venture between Vulcan Inc. and Schnitzer Northwest. Merck will consolidate its Kirkland and Bothell, Wash. operations into Exchange III upon completion of the facility, scheduled for early 2004.
BELLEVUE, WA- Vacancy rates in the Bellevue CBD were about 26% at the end of June. Asking rates are off at least 20% from 2000 and net effective rents are typically another 15% below that, such that many tenant are renewing their leases for at or below what they signed on for the last time around.
LAKE OSWEGO, OR-"We have been looking for additional property for quite sometime," says Mike Kalberer, Partner at Kalberer Company. "Lake Oswego Crossing piqued our interest because it's new, it was well constructed, and it has great potential.
NOVATO, CA-The two-building property, located at 46 Galli Dr. in Novato, sold for just under the asking price of $9.8 million. The property is leased for eight more years to a local bio-tech company.
SPANAWAY, WA-TreeSource Industries of Portland, Ore., says it will permanently close its sawmill here effective August 30, 2002, due to the "flood of subsidized Canadian lumber in to the U.S.," claims company President Bob Lockwood.
LONGVIEW, WA-The Portland and Seattle offices of Insignia are hired to find takers for phase two of The Mint Farm, the City of Longview's master-planned industrial park. Weyerhaeuser actually owns the land and hired Insignia, but the City has the right to purchase the land and flip it to any interested party.
PORTLAND-"We have a deal in the works for just about every retail space in blocks Two and Four," says Mark Edlen of Gerding Edlen Development, the firm behind the 1.7-million-sf, five-block redevelopment project on the southwest edge of Downtown Portland.
HILLSBORO, OR-The 27-acre campus features two buildings; one with 68,000 sf for offices and one with 112,000 square feet for R&D and manufacturing. Including planned tenant improvements, FEI says its total investment in the new location will be approximately $23 million.
PORTLAND-Chris Nelson, a 13-year veteran of Trammell Crow, relinquishes his post as managing director of the company's Portland office to start his own real estate development and investment company. In his place, temporarily, is Nelson's predecessor, John Sterik, a Portland native whom TC promoted to chief operating officer 18 months ago.
