Apr 27, 2023

A rare SRO sale in Spokane

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You don't see many sales these days for single room occupancy residential buildings. Such SROs were essentially outlawed in Seattle following the 1970 Ozark Hotel fire. Most have since been demolished, but a few do remain. One surviving example is the 39-unit Pioneer Pathway House in Spokane. The century-old, four-story building operates as affordable housing, accepting Section 8 vouchers, and also has a two retail bays. It also just sold for $1 million, in a deal entirely arranged by Max Frame and Henry Ruf at Kidder Mathews. The seller was Pioneer Human Services, whose Bob Thompson said in a statement, “It was our hope to keep the building in the affordable community. Timely communication, professionalism and knowledge helped both sides of the deal navigate the transfer process with the Washington State Housing Finance Commission with surprising ease.” The unnamed Spokane buyer will continue to operate the SRO as affordable housing.

Colliers

Sander

Okada

Colliers announced the recent hiring of industrial specialists Talor Okada and Rich Sander, who make the move from NAI Puget Sound Properties. They'll be based in the brokerage's Bellevue office. Scott Blankenship of Colliers said in a statement, “Culturally, these two are an incredible fit, and I look forward to integrating their vast industrial experience with our well-rounded team, so that we can continue enhancing the services we provide our clients.” Okada added, “Rich and I look forward to working with this talented group to provide current and future clients with expert market knowledge and the highest level of service.”

NAI Puget Sound Properties

Schipper

Kyle Schipper has been with NAI Puget Sound Properties for six years. Since then, he's become a VP who specializes in industrial leasing and sales in Pierce and South King counties. And now NAI has named him to be one of its 24 partners. The firm's Tina Pappas said in a statement, “Kyle's exceptional qualities are evident in his focus, collaborative spirit and relentless drive for success. He exemplifies the very best qualities of a real estate broker and now partner.”

Almeleh moves to Broderick

Veteran broker Larry Almeleh has joined the team at Broderick Group, the firm recently announced. He makes the move from Tishman Speyer, and was long associated with Washington Partners before its absorption into JLL. He'll continue to specialize in the Seattle office market.

Apr 20, 2023

Westport winery on market

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When a wealthy investor opts to make a wine-centric splurge into viniculture and real estate, one tends to think of areas like Walla Walla, Napa or Sonoma. But ... Westport? Sure, why not. Colliers recently put the 21-acre Westport Winery Garden Resort on the market. It's about midway between Aberdeen and Westport, on a bluff with views of the Grays Harbor bay. Grapes aren't actually grown in that wet, blustery area, but it's a full-fledged wine making operation that was founded in 2008 by Kim and Blain Roberts. Their broker at Colliers is Arvin Vander Veen, and the asking price is just over $5.7 million. The operations side of the business brings in grapes from Eastern Washington, and today produces 5,000 cases of wine annually, and nearly 900 cases of spirits. There's also the Sea Glass Grill restaurant and a lodging component, with two houses and two apartments. (New zoning would allow 20 more units.) And there's a separate nonprofit on the property, The International Mermaid Museum, to help draw tourists. The main business bills itself as the westernmost winery in the state, and draws some 100,000 visitors per year.

Gantry secures nearly $12M for Wallingford ground lessor

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Fremont Dock Co. owns the land beneath what most call the Brooks building in Wallingford, at 3400 Stone Way N. (It's also known as Stone34.) The five-story, 121,000-square-foot building last traded in 2018 to Unico Properties and Partners Group. It's fully leased, with the Brooks store on the prominent corner. Prior to its 2014 development by Skanska USA, Fremont Dock took out a loan from State Farm Life Insurance. Now, representing the same borrower, Gantry has refinanced that note, from the same lender, to the tune of $11.7 million. Leading the effort were Gantry's Alex Saunders and Mike Wood; the latter said in a statement, “Continued performance of the office and retail components of the structure, tied to a seasoned and well capitalized sponsor for the ground lease, attracted one of our top correspondent life companies after a careful review of options across all lender types.” The note has a 10-year, fixed-rate term.”

NAIOP to tour Esterra Park

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Over in Redmond, near the future light rail station, Verde is the new 634-unit apartment project at Esterra Park. And May 25 is the date for a tour offered for NAIOP members. The apartments opened in two phases, beginning last year. Members of the development team will be on hand to discuss the carbon-neutral project, which is targeting both LEED Carbon Zero and LEED Gold certification. Verde is essentially the final step in redeveloping the 28-acre former Group Health campus. Capstone Partners led the effort, with the Verde team also including financial partner PGIM Real Estate, designer Runberg Architecture Group and builder Exxel Pacific. Details and registration: naiopwa.org.