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Jun 01, 2023
Veteran broker Jim Klinger retired from Kidder Mathews several years ago. Prior to the Memorial Day weekend, Puget Sound Business Journal reported this week, he died after a long illness. Klinger is best known, over a long career, for his close work in helping the late Paul Allen and his Vulcan Real Estate amass so many acres in South Lake Union. That effort built on the failed Seattle Commons initiative of the 1990s, leaving Allen with about 11 acres he had intended for a park. By 2008, before Amazon came to SLU, that figure had risen to some 60 acres, most of it now redeveloped. Klinger's survivors include son and KM broker Ross Klinger. In many ways, modern bustling SLU is a monument to both Allen and the late Klinger.
Founded three years ago in New York, Stuf — yes, with only one f, because that's more streamlined and hip — is a new self-storage platform targeting underutilized space in office buildings. That generally means basements, not actual office space, founder Katharine Lau said in February, following an $11 million fundraising effort. Now Stuf has announced its first two Seattle locations: what most would call the Masins Block in Pioneer Square; and in the 400 University building at Rainier Square. Stuf has leased 3,500 square feet and 5,500 square feet, respectively, in those two buildings. Brokers were not announced. Lau said in a statement, “Over the last year, we have tripled our real estate footprint by partnering with incredible office, multifamily, and retail landlords who see value across the entire asset and seek to monetize their buildings in new and creative ways.”
Timberlane Partners recently announced three new hires. Exiting CBRE is Jon Hallgrimson, who'll become director of acquisitions. With the same title is Tad Johnson, who makes the move from Security Properties. Both are veterans in the multifamily sector, and both will be spending from a new acquisition fund, the size of which hasn't been detailed. And now a partner with the firm is Jake Leibsohn, most recently with Northmarq. Timberlane's Dave Enslow said in a statement, “With the current real estate market cooling, we're adding best-in-class strength to place us in the best possible position as the market recovers. This powerful team is primed to pursue new multifamily deals in the western U.S., and we're excited to see what the future holds.” Timberlane also has an office in Los Angeles, where it's also active. It's also been investing in Salt Lake City.
Without naming the tenant, Terreno Realty recently announced a lease extension for a 158,000-square-foot warehouse in Kent. The old lease, due to expire next year, has been extended through 2029. Public records and Google Maps clearly show that Amazon Fresh is the tenant at what was once known as Cascade Corporate Center, at 20280 84th Ave. S. Brokers were not announced. The building is just west of Highway 167. Terreno acquired the now 41-year-old building in 2015 for nearly $14.9 million.
Completed last year at 841 N.E. 68th St., steps from the light rail station, Fireside Flats has refinanced its old construction loan from Bank OZK. That news came from Gantry, which secured $22 million in new money from State Farm Life Insurance. Gantry says the note carries a fixed-rate, 10-year term. Its Alex Saunders and Mike Wood arranged the deal. Wood said in a statement, “This has been a volatile season for the capital markets for sure, however our correspondent life companies understand multifamily, have an appetite for quality projects and are actively pursuing new originations at attractive fixed rates, even as bank lenders pull back from their lending programs.” The six-story, 102-unit project was developed by Pastakia + Associates, working with Encore Architects and Compass Construction.
Late this spring, Dermody Properties announced the hiring of two new investment mangers. They are Jason Lu, to be based in the Los Angeles office, and Bryce Fausset, who'll be based here. Fausset was previously with CBRE. Dermody's Ben Seeger said in a statement, “Bryce brings a wealth of experience. His expertise and perspectives will be integral for Dermody Properties, as we continue to grow our portfolio in the Northwest.”
May 25, 2023
Cushman & Wakefield and Greystone recently announced a $14 million refinancing package to benefit Koz on Weaver Road, which is near the city of Snohomish. Koz completed the 100-unit senior community three years ago. Dave Karson, Chris Moyer, Paul Roeter and John Spreitzer of C&W represented Koz, and Greystone originated the Fannie Mae loan. The 10-year fixed-rate financing carries full-term interest only. Moyer said in a statement that the fully leased project fills “a void in the market, offering high-quality, affordable age-restricted housing.” Cathy Reines leads Koz, a very active developer of workforce and student housing in our market and Portland. She added, “Snohomish is an idyllic location that as an owner and developer we value greatly, and maintain a positive outlook for its future.”
Breakfast meetings and happy hours are gradually recovering in or post-pandemic era. And now NAIOP is returning its popular property tour. Since the June 14 breakfast topic is Lake Union and its environs, as noted in this space last week, that gathering will nicely tee up the July 13 property tour. The exact tour itinerary is still TBD, but we're warning you now. Remember your sunscreen. The march begins at 1:30 p.m. Check the website for details and registration: naiopwa.org.