Jul 22, 2021
Kidder Mathews says it'll manage SoDo Urbanworks, which traded into new hands this spring. Nicola Wealth of Vancouver, B.C., bought the complex for over $53 million. KM's Mike Grainger said in a statement, “The site has performed well through the COVID crisis. Our tenants are reporting strong activity, and they're excited for the future of the center.” The building has gradually shifted away from its industrial roots. It's now home to 10 different winery tasting rooms, a seltzery, restaurant and a few warehouse tenants. Prior owner the Wright family had previously renovated and adapted the raw space to wine and food uses. KM's Grainger and Drew Hicks now manage the property
Kidder Mathews announced a pair of recent promotions: one in California, the other here. The latter elevated Erin French to COO of asset services. She's been at KM for over two decades, and said in a statement, “Firms with lasting success like this have a growth mindset and a creative edge, and I know the company will continue to be successful into the next century.” She'll work with Paul Klink, who's based in Southern California, and was promoted to president of asset and client services.
Ryan Cos. announced the recent promotion of its Peter Ottele to director of preconstruction. The company says his responsibilities include directing the design, estimating and preconstruction phases of projects; overseeing interactions between owners and architects; and reviewing decisions about constructability and scheduling.
The 146-unit Green River Village, a 1970s apartment complex in Auburn, traded two years ago for just under $21 million. Institutional Property Advisors brokered that deal, and now IPA Capital Markets has announced a $24 million refinancing package. Ray Allen and Seth Heikkila secured a new bank loan to retire the prior $18 million loan that it had also sourced. IPA is part of Marcus & Millichap. New owner Heaton Dainard is renovating the property, which had previously been under the old ownership for several decades.
National law firm Seyfarth had added a new partner in its real estate department and leasing practice group. It announced the recent hiring of Ian Taylor, who makes the move from Pacifica Law Group. Seyfarth's Paul Mattingly leads the real estate group, and said in a statement, “Ian is a skilled real estate lawyer with incredible transactional experience. With the extraordinary growth of our national portfolio leasing practice and other leasing demands, Ian is an important addition to our team.” Seyfarth opened its Seattle office last year; it now has 17 attorneys and 11 partners.
Veteran retail broker Robert Coron has moved to Kidder Mathews, the company announced. He makes the move from Seneca Real Estate Advisors. KM's Brian Hatcher said in a statement, “Robert has a long career as a high performer. His business acumen and genuine ability to create connections will help him bring that same level of performance to our retail team.” Coron has done past deals with CarMax, Hobby Lobby and Grocery Outlet. He said in a statement, “I'm looking forward to bringing my skill set to the Kidder team, and playing a role in growing Kidder's retail presence throughout the Western U.S.”
Jul 08, 2021
Down in Sumner, Tarragon is developing what it calls the SeaPORT Logistics Center. The developer just announced that Nordstrom will take the 500,000-square-foot Building 3. Tarragon's Dennis Rattie said in a statement, “We are super excited to have Nordstrom as our newest tenant. Working with Nordstrom and the City of Sumner to make this project a reality has been a total team effort.” Sierra will build the new project, which was designed by Nelson. CBRE's John Sullivan and John Gilliland represented Tarragon, and are brokering all the space at the entire development. Derek Trulson, Scott Carter and Chris Spofford of JLL represented the tenant. Despite the name, Building 3 is the fourth building there. Six are planned, with one already completed, and they could total around 2.7 million square feet.
Kidder Mathews announced the recent hiring of Monica Wallace, who'll be based in the brokerage's Bellevue office. The 20-year industry veteran makes the move from Wallace Properties. She said in a statement, “Joining Kidder Mathews was an easy decision. I have always had great respect for the firm and its broker.” A retail specialist, her past clients have included Regency Centers, Legacy Partners and Pillar Properties. KM's Brian Hatcher said, “We pursued her for a long time, and from what I have learned over the years, the good ones take a lot of time to make the move.”
The SoDo UrbanWorks building sold in April for a little over $53.4 million. It's now owned by Nicola Wealth of Vancouver, B.C. Now Gantry has announced a $36 million refinancing packaged arranged by its principals Brian Bonipart and Michael Taylor. Gantry says the loan came from a life insurer, and features a 5-year, fixed-rate term. Bonipart said in a statement, “Essential retail and exceptional retail are back on the radar for many of Gantry's life (companies).” With tenants including several wineries, San Juan Seltzer and Nine Pies Pizza, Gantry foresees a post-pandemic rebound for in-person gatherings at the SoDo facility.
OZ Navigator and architect Neiman Taber are planning an eight-story, 271-unit apartment building in the Rainier Valley, near Othello Station. Now the developer has announced the recent purchase, for nearly $1.8 million, of a small neighboring site. There are no plans yet for the 7,192-square-foot parcel, currently occupied by an old house, which is directly south of the main site. OZ Navigator's Daniel Gallagher said in a statement, “One of our goals is to partner with local communities to design placemaking buildings that add to the vibrancy of the neighborhood and promote walkability. We think Othello is a terrific community, and are pleased to be investing further in the collective future of this historic neighborhood.”