Washington

MG Properties Buys Dockside Apartments in Kent, Washington for $95.6M

by Amy Works October 30, 2025

KENT, WASH. — San Diego-based MG Properties has purchased Dockside Apartments, a multifamily community situated within Lakes at Kent master-planned community in Kent. Terms of the acquisition were not released. The transaction marks MG Properties’ 11th acquisition in the Seattle metropolitan area. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE represented the undisclosed seller in the deal. Troy Tegeler and Trevor Breaux of CBRE Capital Markets arranged financing for the acquisition. Dockside Apartments offers 344 one-, two- and three-bedroom units with modern interiors, open-concept layouts and private outdoor spaces. Community amenities include a resort-style swimming pool, three-level fitness center, clubhouse with lounge and kitchen, outdoor grilling areas and a pet park.

October 30, 2025

Acquisitions Industrial Washington Western

CBRE Negotiates Sale of 458,707 SF Logistics Property in Seattle’s SeaTac Region

by Amy Works October 30, 2025

BURIEN, WASH. — CBRE has negotiated the sale of Seattle Gateway I and II, two Class A logistics facilities in Burien. Totaling 458,707 square feet, the assets are located at 14237 Des Moines Way South and 1021 S. 146th St. The property is located directly north of SeaTac International Airport and offers immediate access to state routes 518 and 509. Constructed in 2018 by Panattoni, the facilities feature flexible suite configurations for tenants ranging from 50,000 square feet to 250,000 square feet, 30- to 36-foot clear heights, ESFR sprinklers, LED lighting, 1,200 to 2,000 amps of power, 86 dock-high doors and 130- to 233-foot truck courts. At the time of sale, the portfolio was fully leased to four tenants. Brett Hartzell and Chris Reeves of CBRE represented the seller in the deal. Terms of the transaction were not disclosed.

October 30, 2025

Acquisitions Multifamily Washington Western

HB Management Buys Barkley Apartment Homes in Bellingham, Washington for $47.9M

by Amy Works October 24, 2025

BELLINGHAM, WASH. — HB Management has acquired Barkley Apartment Homes, a multifamily community in the Barkley neighborhood of Bellingham, from CEP Multifamily for $47.9 million, or $237,129 per unit. Ryan Harmon, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the local buyer in the transaction. Built between 2001 and 2003, the 202-unit property features 17 residential buildings, a central leasing office, clubhouse, fitness center and a seasonal outdoor pool and spa. The one-, two- and three-bedroom floor plans offer washers/dryers, private decks or patios and storage space.

October 24, 2025

Acquisitions Multifamily Washington Western

Transwestern Investment Group Sells 105-Unit Apartment Building in Seattle

by Amy Works October 10, 2025

SEATTLE — Transwestern Investment Group (TIG), on behalf of a separately managed account, has completed the sale of Viva, a six-story Class A apartment property in Seattle’s Capitol Hill submarket. Terms of the transaction were not disclosed. Developed in 2014, the 75,776-square-foot Viva offers 105 residential units and 7,450 square feet of ground-floor retail space. The community features a rooftop deck, spacious clubroom with fireplace, chef’s kitchen and entertainment center, controlled-access underground parking garage, package lockers and electric vehicle charging stations. At the time of sale, Viva’s residential component was 96 percent leased and the retail space was 86 percent leased.

October 10, 2025

Market Reports Restaurant Retail Washington Western Western Market Reports

Experiential Retail Revives Greater Seattle’s Shopping Centers

by John Nelson October 8, 2025

— By Jacob Pavlik of Colliers — As big-box retailers scale back or exit the market, a new class of tenants is reshaping the retail landscape across the Puget Sound region. Experiential retail is taking their space and providing destinations for consumers and the experiences they crave. This umbrella term includes concepts that prioritize interaction, entertainment and social connection. This is emerging as a compelling solution for landlords looking to drive foot traffic and re-energize shopping centers. The shift is not accidental. The pandemic disrupted traditional social experiences and accelerated the decline of large-format retail by getting people more accustomed to buying online, even if they “picked up” the item later in a store. Now, with consumers eager to reconnect in person, experiential concepts have gained traction. These tenants often don’t sell goods or services in the conventional sense. Instead, they offer immersive experiences that encourage group participation and repeat visits. Recent examples include Mirra, a 12,000-square-foot social entertainment venue that opened in Bellevue’s Lincoln Square, a mixed-use shopping center with three hotels, and more than 1.2 million square feet of office space. Adjacent to Cinemark Reserve in the South Tower, Mirra offers immersive virtual reality party games and transitions to …

October 8, 2025

Acquisitions Healthcare Office Washington Western

Marcus & Millichap Brokers $8.6M Sale of James Center Plaza Office Property in Tacoma, Washington

by Amy Works October 7, 2025

TACOMA, WASH. — Marcus & Millichap has arranged the sale of James Center Plaza, an office building at 1628 S. Mildred St. in Tacoma. A limited liability company sold the property to an undisclosed buyer for $8.6 million. The 34,272-square-foot property features eight medical-dental tenants, all under triple-net lease terms with staggered lease expirations. Michael Babicz and RJ Vara of The Vara Group of Marcus & Millichap’s Seattle office represented the seller in the deal.

October 7, 2025

Development Loans Multifamily Washington Western

Dwight Mortgage Trust Provides $44M Bridge Loan for Two Seattle-Area Multifamily Projects

by Amy Works October 6, 2025

SEATTLE — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $44 million bridge loan for Seattle-based developer Bode. The financing retires existing construction debt, covers loan transaction costs, funds an interest reserve and supports final construction completion of two assets, Bode Columbia City and Bode Tacoma Dome. Bode Columbia City in Seattle is an 80-unit property featuring one- and two-bedroom floor plans. Bode Tacoma Dome is a 164-unit community in Tacoma, Wash., offering studios and one-, two- and three-bedroom floor plans.

October 6, 2025

Industrial Market Reports Washington Western Western Market Reports

Puget Sound Industrial Market Makes Modest Recovery Amid Macroeconomic Challenges

by John Nelson October 1, 2025

— By Andrew Hitchcock of CBRE — The Puget Sound industrial market is showing signs of modest recovery through the first half of 2025. Tenants are increasingly seeking flexible leases, renewing in place and right-sizing operations, resulting in smaller or more cautious leasing commitments rather than long-term deals. Shifts in port activity have also affected leasing decisions, exacerbated by the raft of universal tariff announcements in April. While some submarkets have regained momentum after a slow start, demand across the region is still uneven, with lingering uncertainty keeping vacancy rates elevated. Submarkets demonstrating momentum include Tacoma, which recorded 308,153 square feet of positive net absorption in the second quarter, alongside notable third-party logistics provider (3PL) leasing activity. The Seattle Close-In area also saw vacancy decrease to 9.3 percent, driven by healthy tenant demand from companies like Evergreen Goodwill and South West Plumbing. Conversely, Kent Valley faced challenges. The vacancy rate climbed to 8.4 percent due to significant speculative deliveries that outpaced absorption and traditional users downsizing. Port activity temporarily dampened demand, compounded by a 21.2 percent year-over-year drop in international imports in May. This reflects uncertainty surrounding future tariff rates. On the plus side, year-to-date container volumes remain above 2024 …

October 1, 2025

Acquisitions Healthcare Office Washington Western

Marcus & Millichap Brokers Sale of 27,199 SF Medical Office Building in Tacoma, Washington

by Amy Works September 29, 2025

TACOMA, WASH. — The Vara Group of Marcus & Millichap has arranged the sale of NVA Referral Center, a net-lease property in Tacoma. A limited liability company sold the asset to an undisclosed buyer for $12.6 million. NVA Summit Veterinary Management LLC occupies the 27,199-square-foot property on a 10-year triple-net lease basis. The property is located at 2505 S. 80th St. Matthew Herman and RJ Vara of The Vara Group of Marcus & Millichap represented the seller in the deal.

September 29, 2025

Retail Washington Western

Starbucks to Close Stores, Lay Off Workers in $1B Restructuring Effort

by Kristin Harlow September 26, 2025

SEATTLE — Starbucks Coffee has announced that it will be eliminating roughly 900 non-retail U.S. jobs, with additional plans to close several hundred underperforming company-operated stores, as part of a broader $1 billion restructuring effort. The company’s store count will decrease by about 1 percent, which translates to roughly 500 closures for the company, as reported by CNBC. Starbucks plans to end its fiscal year with almost 18,300 North American locations, including both company-operated and licensed cafés. Brian Niccol, chairman and CEO of Starbucks Coffee, stated that baristas from closing locations will receive severance packages or will be transferred to nearby locations. The latest store closures and layoffs at Starbucks are part of Niccol’s wide-ranging turnaround strategy in his first year at the company. Starbucks has reported six consecutive quarters of declining same-store sales, as well as a previous round of 1,100 corporate layoffs in February.

September 26, 2025

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