Oct 07, 2021
Local investor Thayer Manca Residential has a large and growing presence in Arizona. The firm just announced its $69.3 million purchase of the 338-unit Desert Shadows, in Tucson. TMR's Joe Manca said in a statement, “Our current Tucson properties have proven that the Tucson market is one of the most dynamic and evolving rental markets in the nation. The timing of the Desert Shadows acquisition presented our investment partners the opportunity to reinvest their proceeds from a recent sale by utilizing a 1031 exchange.” TMR plans to invest about $6.8 million in renovations, which may include a new name for the complex.
Ryan Cos. announced its recent groundbreaking at 65 S. Horton St. in SoDo. With financial partner GTIS Partners, of New York, the plan is to demolish four old industrial buildings for a new four-story logistics and industrial building with about 124,646 square feet. Ryan will build the project, which was designed by Nelson. Ryan's Marc Gearhart says it'll be Seattle's second multilevel warehouse; the first was Georgetown Crossroads, by Prologis, which is entirely leased to Amazon. Ryan acquired the SoDo site two years ago almost $5 million. Bill Condon, Matt McGregor, David Abbott and Greg Inglin of Colliers are brokering the new space.
It won't happen until the end of March next year, but Visit Seattle will have to find a replacement for the retiring Tom Norwalk, its president and CEO. He's been with the hospitality promotion and advocacy group for 15 years. He said in a statement, “It's been the journey of a lifetime and the greatest professional honor to promote and market the city that I love. While there's no great time to say goodbye, I am confident we have the right team in place to keep Seattle's momentum going.” Visit Seattle's board of directors will conduct a new executive search, and plans to announce Norwalk's successor before his official send-off.
Tuesday, Oct. 12, will be the date for NAIOP’s very well timed Amazon Eastside Campus Tour. And just this week did Amazon CEO Andy Jassy say at a GeekWire event that, “We have a lot of people in Seattle, but we also have a lot of people in Bellevue, and it is where most of our growth will end up being.” That sound of champagne glasses clinking can be heard all the way across Lake Washington. Developers who’ve already benefited from Amazon’s eastward push include Hines, which developed Tower 333 and the new Summit III, then sold them to KKR. Both are leased to Amazon, and both are on the NAIOP tour. The event starts at 4 p.m., with proof-of-vaccination cards required. Oh, and you’ll have to sign an Amazon NDA, too. Details and registration: http://www.naiopwa.org.