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Mar 23, 2023
As the DJC first reported last year, Brixton Capital of California is working with MG2 and Bayley Construction on a makeover of its Everett Mall, which is actually getting smaller. A new At Home store is going into the vacant former Sears space, with about 85,000 square feet. And, Brixton now says, Ulta Beauty will relocate into new digs, also in the former Sears building, with some 10,000 square feet. Brixton's Eric Li said in a statement, “We're excited to showcase such popular stores as part of the first phase of our redevelopment of Everett Mall. We are in active lease negotiations with additional anchor and junior anchor tenants which will further enhance the overall shopping experience for the Everett community.” Ulta is moving in part for the demolition, begun early this year, for Phase II. That'll first remove about 215,000 square feet in the center of the mall, then replace it with smaller retail bays with some 97,200 square feet. That renovation, says Brixton's Justin Long, “will make the property more relevant to the tastes of today's shopper. In addition to replacing the former department store anchors of Sears and Macy's, we will be adding additional uses and tenants that respond to the community's needs.” Future tenant announcements are expected. Matis Partners is Brixton's broker. Real Retail represented At Home, and Northwest Retail Partners represented Ulta.
Adaptive reuse is all the rage, in theory, as some office building owners contemplate flipping them to apartments. That'll be the topic of discussion at a NAIOP gathering on April 6. Leading the panel are Dayna Dealy of Skanska and Kimberly Frank of GGLO. Says NAIOP, “As the demand for physical office space shifts, many developers are considering alternate uses for their properties, including converting them into multifamily units or other types of properties.” It's been done before in the downtown core; one example is the Cobb Building (pictured), a pre-Great Recession conversion from GGLO and Unico. The gathering will be held at the downtown offices of MG2. Details and registration: naiopwa.org.
NAI Puget Sound Properties announced that Edward Milton recently joined its national self-storage team. He'll be based in Seattle, where he's been in the brokerage trade for over two decades. He makes the move from Marcus & Millichap. NAI's Denise Nunez said in a statement, “Bringing Edward Milton on is a great expansion for the national self-storage investment group, as the Pacific Northwest has increasingly become a very active region in the self-storage industry.”
As the DJC reported last month, Koz Development and general contractor Kirtley-Cole & Associates will soon break ground on a 196-unit apartment project in Lynnwood, near the future light rail station. Koz is the architect, and Coastal Community Bank has provided a nearly $35 million construction loan. Now MSquared, based in New York, has announced it'll partner with Koz on the project, with completion expected in late 2025. MSquared's Alicia Glen said in a statement, “This project is a great representation of MSquared's approach to inclusive development — mixed-income housing, built in partnership with a woman-led developer, on a transit-oriented site and with sustainable design.” MSquared values the project at $54 million, and is backing it with $13 million. Koz investors are providing another $6 million. Cathy Reines leads Koz, and said, “Both of our organizations are dedicated to offering affordable, workforce housing, and we look forward to working together to achieve this goal.” At Koz on Alderwood, half the apartments will be affordable to households earning up to 80% of area median income, and half will be market-rate. MSquared is new to our market, and bills itself a women-owned real estate development and impact investing platform.
Partner Valuation Advisors is based in Chicago, and recently announced new hires at several of its branch offices, including Seattle. Here, Justin Alexander is a new senior VP. The firm's Eric Enloe said of all the new staff, “The volatility being experienced in the commercial real estate markets today demands that valuation experts are brought into the mix early to ensure investors make informed decisions.”
Mar 09, 2023
The Longacres Campus is what owner Unico calls its 158-acre former Boeing campus in Renton. The south building is being glamorously transformed into the Sounders FC Center, with new soccer fields and various amenities. (That should open next year.) The larger, humbler north building, closest to Interstate 405, had counted Alaska Airlines as one of its tenants, with 38,000 square feet. Now Unico says that Alaska has upped its presence to 107,000 square feet, and signed a new 20-year lease. Its broker was JLL, whose Kris Richey Curtis said in a statement, “This project could not have been a better fit for Alaska's specialized use and continued commitment to flight safety.” Alaska will use the space both for offices and flight simulation equipment. Of the entire 962,800-square-foot campus, Unico's Liz Thorson said, “While much of the Puget Sound Region's leasing activity has slowed, Renton has been a bright spot. We're seeing a lot of momentum for this state-of-the-art campus, and for the Renton market.”
Google owns and occupies most of Kirkland Urban, with two office buildings completed, one nearing the finish line and a fourth on the drawing board. The north and central buildings are now home to a dozen-odd retail and commercial tenants. Now adding to their number are Citrus in June and Rare Tea. The latter's Veary Heng said in a statement, “My family loves spending time at Kirkland Urban. It's truly an all-inclusive location, and Rare Tea is thrilled to be joining such a unique mix of retailers.” Citrus in June, offering flowers and gifts, actually opened in December. It's a sister operation to Columbia City Bouquet and SLU Bouquet, also run by Emily Kopca.