SEATTLE-At present, the average vacancy rate here is 5.5%, up from 3.9% at the end of 2000. The additional 0.8 percentage point increase predicted for 2002 is primarily the result of significant new supply entering the market during a period of waning employment growth.
PORTLAND-"We've traditionally been viewed as a suburban developer and we're trying to change that," says Trammell's senior retail broker Craig Sweitzer, who will operate out of the Pearl District office with partner Dan Bozich.
PORTLAND-Working through the local office of Cohen Financial, owner HMP Inc. secures a $3.8 million permanent loan that pays off a short-term construction loan for the 60-unit apartment complex at Northwest 23rd and Overton.
PORTLAND-Similar to 2001, the limited amount of new apartment supply entering Portland in 2002--about 1,200 units--will keep the market on track, despite significant job losses across the region.
PORTLAND-Family practice law firm Stahancyk, Gearing, Rackner & Kent pays $2.4 million for the three-story, 16,000-sf office building at Southwest 15th and Yamhill, which includes a 23-slip surface parking lot.
PORTLAND-Similar to 2001, the limited amount of new apartment supply entering Portland in 2002--about 1,200 units--will keep the market on track, despite significant job losses across the region.
PORTLAND-McDonald's optioned the site after Arby's closed in October 2000, but assigned the option to a local architect last year after being denied a drive-thru. The architect, who planned residential over retail, never exercised the option. Now a new buyer has similar plans.
PORTLAND-The Port of Portland will begin collecting $17,000 a month in rent in May from Dean Pickle and Specialty Products Co., which signed a 20-year lease for 11 acres in the Rivergate Industrial Yard for curing cucumbers. The property is adjacent a processing plant Dean purchased in 1999.
BEND, OR-With a throng of angry citizen groups on his heels, Wayne Purcell is seeking approvals for a $20-million expansion of The Riverhouse, his 220-room resort located just off Highway 97 and right on the bank of the Deschutes River.
PORTLAND-Pacific Paper Marketing USA signs a five-year industrial lease for space in Alderwood Corporate Center with plans to use 10,000 sf as office space. The space is being vacated by a freight company.