PULLMAN, WASH. — Aspen Heights Partners has broken ground on Aspen Heights Pullman, a 752-bed, cottage-style student housing community for students attending Washington State University. The property will offer a mix of two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities will include a community building, hot tub, fitness center and an on-site shuttle to campus. The development is scheduled for completion in fall 2021.
WOODINVILLE, WASH. — Kidder Mathews has arranged the purchase of Woodinville West, an industrial flex office park in Woodinville, a suburb 20 miles northeast of Seattle. An undisclosed private investor acquired the property from Woodinville West LLC for $28 million. Zach Vall-Spinosa of Kidder Mathews represented the buyer in the deal. Located at 16650, 16750, 16928 and 16932 Woodinville Redmond Road NE, the asset comprises four concrete and steel-framed buildings ranging in size from 21,345 square feet to 69,997 square feet. In total, the industrial flex office park offers 172,449 square feet of space.
SEATTLE — Amazon (NASDAQ: AMZN) plans to create 3,500 new tech and corporate jobs across six cities with the expansion of its Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. The Seattle-based e-commerce company will invest more than $1.4 billion in the new offices, which will host teams supporting businesses across the company. The Tech Hub and corporate office expansions include: Adding more than 100,000 square feet of space and 600 tech and corporate roles at the company’s existing Dallas Tech Hub in North Dallas. The acquisition of more than 25,000 square feet of office space in Detroit and the addition of 100 jobs. An expansion of 20,000 square feet of office space and 100 jobs at the Denver Tech Hub. The opening of a 630,000-square-foot office, creating 2,000 new jobs, in New York City at the former Lord & Taylor Fifth Avenue building. A 90,000-square-foot expansion at the Phoenix Tech Hub allowing for more than 500 new jobs. The addition of more than 40,000 square feet of office space at the San Diego Tech Hub for the creation of 200 new jobs. Teams in these cities will support various businesses across Amazon, including AWS, Alexa, …
OLYMPIA, WASH. — San Francisco-based Glencrest Group has purchased Briggs Village Apartments, a multifamily community located at 4225 Briggs Drive SE in Olympia. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance arranged a $12.8 million Freddie Mac acquisition loan for the buyer. The 10-year loan features interest-only payments and a fixed-interest rate. Jay Timpani, Mitchell Belcher and Steven Chattin of CBRE represented the seller, Briggs Apartments LLC, in the transaction. Built in 2019, Briggs Village Apartments features six buildings offering a total of 72 one-, two- and three-bedroom apartments with high ceilings, modern appliances and balconies or patios. Community amenities include covered parking, a playground, park and basketball court. The property is part of a 137-acre master-planned community two miles from downtown Olympia.
RENTON, WASH. — Denver-based EverWest Real Estate Partners has completed the $29.5 million acquisition and partial sale-leaseback of an industrial building located at 851 SW 34th St. in Renton, about 14 miles south of downtown Seattle. Alliance Packaging sold the property and executed a leaseback for a portion of the asset. Totaling 164,332 square feet, the property features 26-foot clear heights, dock-high and grade-level doors in a cross-dock configuration and 5,000 amps of heavy power. Alliance Packaging will continue to occupy 82,019 square feet of the property under a long-term lease agreement. The remaining 82,313 square feet, including 13,440 square feet of office space, is available for immediate lease. Ryan Madson provided in-house representation for EverWest, while Arie Salomon and Jeff Forsberg of NAI Puget Sound Properties represented Alliance Packaging in the transaction.
VANCOUVER, WASH. — Rise Properties (Westwynd) LP, a Seattle-based REIT, has purchased Westwynd Apartment Homes, a multifamily property located in Vancouver. Christensen Properties I, based in Vancouver, sold the asset for $18.3 million. Located at 10117 NE Ninth Ave., Westwynd Apartments features 120 units spread across seven residential buildings, a clubhouse, pool and office, as well as a 20-car garage building. At the time of sale, the property was 98.6 percent occupied. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented both parties in the deal. The purchase is Rise Properties’ first acquisition in the Portland/Vancouver area.
SEATTLE — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak. On the shareholder side, the company experienced a generally accepted accounting principles (GAAP) loss per share of 58 cents, down from earnings per share of $1.12 in the prior year. Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending the period with 32,180 stores globally. The company currently operates or licenses 15,243 locations in the United States. As of July 28, approximately 97 percent of Starbucks’ global company-operated stores are open, with 96 percent of U.S. locations and 99 percent of China locations open. Currently 87 percent of the company’s global licensed store portfolio is open, with temporary closures predominantly in airport, college and university locations within the United States and Canada. Starbucks’ stock price closed at $77.42 per …
In the realm of apartment market research, Seattle represents a bellwether of sorts these days, where broader trends and themes can be parsed. Seattle’s economy, population and real estate landscape have grown at rates previously considered impossible in a primary market. The city stands at the veritable intersection of technological and generational change — the corner of Large Cap Tech Boulevard and Millennial Street — and it has developed into the avatar of the infill, wood-frame mid-rise design touchpoint that defines so much of today’s urban apartment architecture. What happens here will reveal some of the trends likely to follow in similar markets — from Raleigh to Portland. Seattle was also the first major U.S. metropolitan market to grapple with the novel coronavirus, so the path that it follows will provide some insight into how the American multifamily market will mutate as we adjust to “life in the time of COVID,” to borrow a note from Garcia Marquez. By the same token, the Jet City faces the prospect of digesting an enormous multifamily supply pipeline that was, for the most part, conceived for the pre-COVID-19 world. The manner in which this supply is absorbed will speak volumes about how the …
WASHINGTON AND CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units the 72-unit Cooks Hill Manor in Centralia the 136-unit The Village in Tacoma. the 91-unit Del Obispo Terrace in San Juan Capistrano the 76-unit Westminster Terrace in Westminster. MedCore plans to deploy more than $13 million of capital expenditures to improve the facilities. The company has retained Tacoma-based Senior Services of America (SSA) as the manager of the properties. SSA has managed the communities since 2001. BMO Harris Bank provided the senior loan for the acquisition.
SEATTLE — Privately held kitchenware retailer Sur La Table has filed for Chapter 11 bankruptcy protection. The Seattle-based company is set to close 56 of its 121 stores, according to reports by The New York Times, making it the latest retailer to struggle under strain caused by the COVID-19 pandemic. Following store closures and bankruptcy proceedings, Sur La Table has entered into a stalking horse agreement — or an initial bid on the assets of a bankrupt company — to affiliates of New York City-based Fortress Investment Group. The private equity firm is working with Los Angeles-based STORY3 Capital Partners, a private equity and debt investor that has previously invested in retailers such as Hot Topic, Nordstrom, Oakley, True Religion and West Marine. Jason Goldberger, CEO of Sur La Table, says the company will focus on its successful stores, online platform and in-person cooking classes post-sale. “This sale process will result in a revitalized Sur La Table, positioned to thrive in a post-COVID-19 retail environment,” says Goldberger. “Sur La Table will have a balance sheet and retail footprint optimized to position the company for a bright future that continues our nearly 50-year tradition of offering high-quality cooking products and experiences …