Jun 06, 2024

You can't spell NAIOP without AI

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Overhyped fad or a necessary new tool to use? Artificial intelligence is inescapable in the media at least, if not commercial real estate. So NAIOP has convened an AI panel to discuss at its June 12 breakfast meeting. The event starts at 8 a.m. at the Four Seasons Seattle. Your AI evangelists are Ian McFarland of Buildings IOT, Emmanuel Daniel of ALOSANAR, Zander Geronimos of PRODA and Michael Villegas from IA Interior Architects. Registration and info: naiopwa.org.

Wright Runstad

Yoo

In an announcement last month, Wright Runstad & Co. named Michael J. Yoo as its new chief investment officer. He'll also be a principal at the firm. He makes the move from J.P. Morgan Asset Management. At his old post, he helped with the financing of Wright Runstad's Rainier Square and Spring District projects. The developer's Andy Bench said in a statement, “We are delighted to welcome Michael to our leadership team. His institutional relationships and capital markets experience will be invaluable as we continue to source new business and development opportunities.”

JLL

Jones

JLL announced this week that Rachel Jones is joining the firm as a director on the industrial investment sales and advisory team. She makes the move from Newmark, and is also a lawyer as well as a broker. JLL's Buzz Ellis said in a statement, “We are thrilled to welcome Rachel to our team. Her exceptional track record and background make her a valuable asset. We are confident that Rachel's passion for real estate and her commitment to delivering outstanding service will greatly contribute to the ongoing success of our clients.”

ULI takes you to Everett

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There's a lot happening at the Port of Everett, with its new Hotel Indigo, apartments (including the Carling, pictured), retail and restaurants, etc. So it's a good time to travel north with our local chapter of the Urban Land Institute, which will conduct a walking tour at the port's steadily expanding Waterfront Place (and perhaps beyond) on June 26. Details and registration: northwest.uli.org.

Sage invests $100M for hotel conversions

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Based in Kirkland, Sage Investment Group recently paid about $13 million for an old motel (pictured) in the Eastgate area of Bellevue. That will be converted to workforce housing, which is Sage's investment model. This week the firm announced that has now deployed over $100 million in such investments. Prior to purchasing the Eastgate Quality Inn, it deployed $23 million in the first quarter, the company said. It now has 25 properties with over 1,800 units in five states. Sage CEO Ryan Sudeck said in a statement, “This accomplishment reiterates our strong belief that affordable and secure housing should be accessible to everyone.” Co-founder Emily Hubbard added, “Through these investments, we can continue our mission of bringing attainable housing to the communities that need it most.”