Aug 01, 2019

RSIR gets into land sales

Shiga

Realogics Sotheby's International Realty is perhaps best known for selling high-end and residential properties and condominiums like Spire and Nexus. Now it's getting into the land-sales game. RSIR's Dean Jones said in a statement, “Our firm is uniquely positioned to service the research, product development, marketing and sales needs of our broker teams in new construction.”

RSIR said the new division will target townhouse and low-rise, wood-frame condominiums outside of downtown Seattle and Bellevue.

Leading the new effort will be Tadashi Shiga, who added, “These boutique projects are able to hit lower price points and deliver in quicker timeframes compared with the high-rise format. We desperately need more affordable product for purchase in the metro area.”

Shiga's team now includes Tim Bower and Sunny Tumber, along with their staff of four. RSIR said the new effort was in response to lower mortgage interest rates, consumer demand and recent changes to the Washington State Condominium Act.

KM's Wayman named to BOMA post

Wayman

Earl Wayman of Kidder Mathews has been named president of the Building Owners and Managers Association (BOMA) for the Pacific Northwest region. That region also includes Oregon, Alaska, Idaho, Montana and Wyoming. His two-year term began in June. Wayman has 17 years of experience as a property manager with KM.

NAIOP mixer

Aug. 22 is the date for this month's mixer at McKinstry headquarters, at 5005 Third Ave S. in the Duwamish area. The event takes place at 4:30 p.m. Details and registration: naiopwa.org.

McKesson opens Puyallup distribution center

McKesson Corp. announced the recent opening of a distribution center in Puyallup. Recently developed on over 6 acres by Latitude Development, the 118,500-square-foot facility will serve hospitals and other health care concerns. It will employ about 75 people, according to the Irving, Texas-based McKesson.

Green features include LED lighting and a high-efficiency reflective roof to reduce heat gain. The facility at 208 Todd Road N.E. is just north of downtown and the Puyallup River, near the junction of Highway 167 and Highway 512. Crow Holdings Industrial sold the project not long before completion in 2017 to Ryan of Houston for $11 million. For what was apparently a build-to-suit project, Latitude says that Ronhovde Architects was the architect, and Donovan Brothers was the general contractor.

Jul 25, 2019

Calmwater Capital to open Seattle office

Jordan

Previously known as Karlin Real Estate Lending, direct lender Calmwater Capital has opened a Seattle office led by Eric Jordan, who moves up from Calmwater's main office in Los Angeles.

Jordan said in a statement, “The Pacific Northwest is an active and growing market. We have already completed deals up here, and opening an office in Seattle will give us an on-the-ground presence to go after and service bridge loan financing for sponsors and projects in the Pacific Northwest.”

Calmwater specializes in senior and mezzanine financing. It began circa 2005 as a $1.7 billion family office to manage the wealth of the Michelson family. Gary Karlin Michelson is an orthopedic spinal surgeon who invented several spinal surgery devices. According to The New York Times, he sold most of those patents to Medronic in 2005 for $1.35 billion. Karlin Real Estate is a related investor.

Prologis to buy IPT

Logistics giant Prologis will acquire smaller competitor Industrial Property Trust, the two companies announced this month. The almost $4 billion cash deal is expected to close in the fourth quarter or early in 2020. IPT says its 37.5-million-square-foot operating portfolio comprises 236 properties, most in Prologis markets that include Southern California, the Bay Area, and the Pacific Northwest. Prologis has around 786 million square feet in its international portfolio. In the Puget Sound area, as of last fall, Prologis had around 150 buildings with some 20 million square feet.

JLL taps Hughes to lead Bellevue office

Hughes

Jones Lang LaSalle recently completed its $2 billion acquisition of Holliday Fenoglio Fowler (HFF), which has resulted in many recent personnel moves among the two companies. Now JLL has announced that Chris Hughes will lead the combined Bellevue office.

JLL's Joe Smurdon said in a statement, “We see a huge opportunity for the Eastside and we want to be a part of it.” Hughes added, “The Eastside market is still evolving, but its momentum over the past few years isn't showing any signs of slowing. Office vacancy in the Bellevue CBD is at 3.9 percent and demand isn't slowing down. People are already taking spaces, and in some cases entire buildings, that won't be available until 2023.”

NAIOP confronts constraints

Enter Sept. 18 in your Google and Apple calendars, because that's the NAIOP breakfast date for unpacking the results of the first Puget Sound CRED report. The theme? “Will 2020 be the Year of Constraints?” On hand to discuss will be Jake Berg from Berntson Porter & Co., Ed McGovern from Security Properties, and Travis Hale from Panattoni. Other experts will likely be added to the panel before the 7 a.m. gathering at the Four Seasons (99 Union St.). Details and registration: naiopwa.org.