Comforts still sell

TALKING WITH: Northwest
Laboratories CEO Patrick
Tessier. 37
BOOKING AHEAD: MTM
Luxury Lodging eyes West
Coast expansion. 3
MBA BOUNCE:
Employers slightly
increase internship
offers. 3
Business Leaders Get It.
February 20-26, 2009 | Vol. 29, No. 45 | pugetsoundbusinessjournal.com | $3.00
NORDSTROM ADDS R ACKS
The upscale retailer plans to open 10 discount outlets this year
By GREG LAMM
STAFF WRITER
BUSINESS JOURNAL PHOTO | Marcus R. Donner
SWEET SPOT: Molly Moon Neitzel, right, owner of Molly Moon’s Homemade
Ice Cream in Seattle’s Wallingford area, hands Patty Pomplun a cone of
balsamic strawberry ice cream. Molly Moon’s is getting ready to open another
store on Capitol Hill.
Comforts still sell
Think ice cream, chocolate, cocktails, cigars
By HEIDI DIETRICH
A year ago, Nordstrom’s plan for store growth in 2009
included opening five full-line department stores along with
two discount Rack stores.
But that was before the bottom fell out of the economy.
Now the Seattle-based retailer that caters to an upscale clientele is banking on its discount Rack stores to help it drive
sales. In 2009, Nordstrom plans to open 10 discount Rack
stores, out of 13 new stores overall.
The emphasis on opening more Racks is part of Nordstrom’s
strategy to navigate a serious economic downturn that has
erased jobs and personal wealth, and eroded consumer confidence. Nordstrom executives say it makes sense to emphasize
value and savings, even for a company that prides itself on its
customer service and caters to shoppers looking for designer
and luxury clothing, shoes and cosmetics.
“We are still focused on the same loyal Nordstrom core
customer, but many have different needs than they did last
year. They are shopping less and are making more deliberate purchases,” President Blake Nordstrom told analysts in
November.
STAFF WRITER
See RACK | 51
Now might not seem the time to splurge on a new sofa or Rolex,
but how about a cupcake, cigar, or a gin and tonic?
Local consumers are finding ways to indulge in small luxuries
throughout the economic downturn. While many Seattle companies cope with falling sales, companies specializing in the little
splurges are actually seeing an uptick in business.
“If anything, the economy helps me,”
said Molly Moon Neitzel, owner of Molly
Moon’s Homemade Ice Cream. “If you
can’t buy your kid the new bike, you get
them the little treats.”
Opportunities in tough times
Those weathering the storm include
cocktail bars, cigar stores, sweet shops,
a caviar store and an upscale men’s hair salon. The business owners say customers see their products and services as ways to treat
themselves in tough times.
Not only are these businesses holding their own, many see significant growth. At least three — Molly Moon’s, Cupcake Royale
and Caffé Vita — are adding new locations and hiring employees.
The store owners say they feel fortunate to be thriving right now,
and are keeping their fingers crossed that their good luck continues. Many say they’ve felt less impact from this recession than
from the period following Sept. 11, 2001.
“All in all, I feel blessed,” said Maria Coassin, owner of Seattlebased Gelatiamo, who feels she is faring better than many other
downtown Seattle retailers. Gelatiamo’s cake sales are stronger
Apartments’ allure weakens
Credit crunch, economy constrain 2008’s best-performing sector
COUNTER
CURRENTS
See LUXURIES | 51
BUSINESS JOURNAL PHOTO | Stephen Brashear
TAKING STOCK: Sori Lee bought
clothes at the Nordstrom Rack
in Seattle. The upscale retailer is
expanding its low-cost outlet business
this year.
By JEANNE LANG JONES
STAFF WRITER
Multifamily apartment buildings stole the
investment spotlight from office towers in
2008, helped by financing that eluded other
real estate segments.
But the outlook is dim this year even for this
favored market, experts say, as the credit crisis continues to constrain lending.
Of the top 25 King County property sales
last year, 18 were multifamily apartment buildings. One Seattle broker notched up nearly a
half-billion dollars in apartment deals alone.
Most of King County’s big-ticket apartment
deals took place in the first half of the year,
with only two sales in September, two in October and none in the remainder of the year.
Now the pace of apartment deals is sputter-
THE LISTS
Real Estate Deals:
King County
Snohomish County
Pierce County
26
30
32
GROWING
YOUR
BUSINESS:
Hybrid kids’
store on solid
ground. 13-16
ing along with everything else, due to the contracting economy, the heavy supply of units
being built and the expanding shadow market
of condominium rentals. In fact, apartments
hold the top spot largely because other categories have fallen so far.
What’s it mean?
“Challenging times ahead for apartment
owners,” said Tom Cain, of Apartment Insights, which tracks multifamily properties
with 50 or more units in the Puget Sound area.
Indeed, the local market is moving toward
hypersupply, according to national real estate
services firm Integra Realty Resources Inc.,
as thousands of units now under construction
open this year and depress values.
Cain expects more than 7,600 units to be
completed in 2009 in King and Snohomish
See APARTMENTS | 50
DEALS OF
THE YEAR
& MARKET
OUTLOOK.
17-36
22 |
REAL ESTATE DEALS | MARKET OUTLOOK
PUGET SOUND BUSINESS JOURNAL FEBRUARY 20-26, 2009
a comp lex process made simple
LONGWELL CO. PHOTO
DIVING IN: Investor Stanley Xu added the $38.1 million Avante Apartments in Kent to his portfolio
in 2008, a year in which he sold a Renton complex called The Madison at Fairwood for $43 million.
woodland healthcare
Bellevue investor Xu turns
modest apartments to gold
occupancy, Xu cut a
deal with an investor
motivated to outbid
other suitors.
The buyer was an
a f f i l iate of I r v i ne,
Calif.-based Passco
Xu
Cos., a sponsor of
so-called “tenant-incommon” real estate investment programs through which multiple investors purchase stakes in a property.
A P a s s c o - a f f i l i at e d g roup a ls o
owned the adjacent 260 -unit Mission
Ridge Apartment Homes, Xu said, and
the prospect of controlling nearly 650
apartments in one location provided
quite the incentive to win the bidding
for Madison.
Other than sheer size of the propSee XU | 23
By BRAD BERTON
CONTRIBUTING WRITER
ph 206/838-3840 www.panconinc.com
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For longtime Bellevue apartment investor Stanley Xu, the $43 million sale
of Renton’s The Madison at Fairwood
was a fairly typical deal.
A n af f iliate of Xu’s L ong well Co.
had purchased the 382-unit property
hardly 14 months earlier for less than
$ 33.5 million. Then Longwell implemented Xu’s value -added strateg y:
making key capital improvements and
implementing more attentive property
management.
In Madison at Fairwood’s case, the
upgrades included features sure to attract residents — carports and in-unit
washers and dryers. And once the improvements and more intensive leasing efforts boosted rental rates and
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P: 206.838.7716 | [email protected]
2110 Western Avenue | Seattle, WA 98121
P: 206.441.7900 | www.ewingandclark.com
PUGET SOUND BUSINESS JOURNAL FEBRUARY 20-26, 2009
Portfolio builds
to 2,200 units
REAL ESTATE DEALS | MARKET OUTLOOK
square foot, according to data sup plied by Seattle apartment researcher
Dupre + Scott. At projects completed
during the previous 15 years, the average is $967 ($1.13 a foot).
XU | From 22
But Xu’s experience turns these issues into opportunities. The trick to
erty and price tag, the Madison story profitably investing in this price point,
was vintage Xu. T he prof itable up - he sa id, is to buy pr udently while
grade and disposition ref lect an un- focusing only on proper ties where
wavering emphasis on what the af- mea ning f ul a nd cost- ef fect ive up fable Xu characterized as basic “work grades, along with enlightened propforce” housing stock.
ert y management, will boost rental
L ong well Co.’s primar y strateg y revenues and property values over a
entails acquiring modest-rent Class C relatively short ownership period.
or B-minus apartment properties, upThat starts with buying the right
grading them to Class B or B-plus sta- properties at the right prices — which
tus through improvement programs requires strong negotiating skills.
and expert management, then selling
“ We always aim to remain disciat what has typically been a hefty re- plined, to avoid ever overpaying,” said
turn on investment.
Xu, a native of Dalian City, China.
Longwell’s primary lender, GE Real
A nd while many older properties
Estate, went so far last year as to is- suf fer f rom deferred maintenance,
sue a press release quoting director Xu frequently seeks opportunities to
Angela Azizian specifying that Long significantly boost a property’s revwell has sold a hal fenues.
dozen proper t ies “at
Another recent exan average sales price
ample is the 382-unit
34 percent above their
Ava nt e A pa r t ment s
purchase price.”
in Kent t hat Xu ac In building the portquired for $ 38.1 milfol io to about 2 , 2 0 0
l i o n . T he s i t e h a s
apartment units since
room for a n addi founding L ongwell in
KENNY DUDUNAKIS
tional 23 apartments
HENDRICKS & PARTNERS
t he ea rly 19 9 0 s , Xu
L o n g we l l p l a n s t o
and his wife, Nanling
develop when market
Chen, have i n ma ny
conditions allow.
cases held properties
Of course, it helps
for three years or more. Hence, not to have experienced on-site manageonly was Madison an exceptionally ment and maintenance crews, and
large propert y for L ongwell, it was Longwell now employs about 60. And
also a relatively shor t — but quite especially amid the st ill - cr unched
profitable — hold period.
credit climate, access to capital via
All the more impressive is that Xu GE Real Estate and other sources is
bought Madison when competition proving to be a meaningful competifor available local multifamily proper- tive advantage.
ties was fervent, and then sold it at a
X u a nd c omp a ny t o d a t e h a ve
strong price even as real estate capital tapped GE Real Estate, an affiliate of
markets were becoming increasingly industrial giant General Electric Co.,
skittish amid the economic malaise.
to the tune of more than $150 million.
Xu and others stressed that Long Most recently, GE helped f ina nce
well’s focus on working-class housing Longwell’s $19.3 million purchase of
insulates its portfolio from recessions the 249 -unit Parkridge Apartments
to some degree — at least relative to in Everett last fall. Part of Parkridge’s
luxury-grade apartments.
upgrade plan entails adding fitness
Indeed, while the most expensive equipment and a business center to
apa r t ments ca n be tough to lease the community’s clubhouse.
when employment falls, work force
Xu likewise has forged a fruitful rehousing remains in strong demand lationship with Cascade Bank, which
throughout the economic cycle, ob- offered attractive terms as manageserved prolific apartment broker Ken- ment was looking to lend af ter the
ny Dudunakis at Hendricks & Part- bank’s Everett-based corporate parners in Seattle.
ent received some $39 million in fed“ Those renters,” Dudunakis said, eral Troubled Assets Relief Program
“will always be there.”
f unding. L ong well tapped Cascade
Hence, even as many lenders con- Bank for financing in acquiring the
tinue shying away from apartments 190 -unit Brittany Park Apartments
and other commercial real estate, Du- in Auburn late last year for $13.2 mildunakis isn’t surprised to encounter lion.
Those late-year acquisitions illusXu still actively tapping the brokerage community for attractive deals on trate Xu’s strategy for truly troubled
what he calls “Class B properties in B economic times. He’s only pursuing
proper t ies where rents are clearly
locations.”
No doubt buy ing a nd operat ing below current “market ” rates — or
second-tier apartment buildings en- at least t he compet it ion dow n t he
tails no shortage of risks and chal- street. His aim in this environment
lenges. There’s a seemingly perennial is simply to bring rents up to “street
demand for work force housing, but level” rather than looking to beat the
older apartment buildings command market rate as he might during betlower rents than more modern prop- ter times.
“ That’s the strategy we pursue in
erties, and often require more maina downturn,” said Xu — who’s been
tenance, as well.
Rents at apartment properties built through a few already.
during the past 15 years currently
[email protected] | 206.876.5437
average about $1, 267, or $1.38 per
|
23
The quickest way to get from the
mailroom to the boardroom.
(206) 876-5500
pugetsoundbusinessjournal.com
“Those renters will
always be there.”
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26 |
REAL ESTATE DEALS | MARKET OUTLOOK
PUGET SOUND BUSINESS JOURNAL FEBRUARY 20-26, 2009
| KING COUNTY REAL ESTATE DEALS |
The largest property sales in King County are ranked by deal size. | February 20-26, 2009
R ANK
P ROPERTY, LOCATION, DESCRIPTION
One Island Square Apartments
1
2758 78th Ave. S.E., Mercer Island
Sale of 235-unit apartment building, 257,180 square feet of building space, 98,010 square feet of land area
Avalon Redmond Apartments
2
BUSINESS JOURNAL PHOTO | Dan Schlatter
One Island Square apartments
on Mercer Island
The Highland at Wynhaven
3
1460 N.E. Hawthorne St., Issaquah
Sale of 333-unit apartment building, 424,803 square feet of building space, 505,296 square feet of land area
Glen Park at West Campus Apartments
4
| TYPES OF PROPERTIES |
Listed deals in King County
4850 156th Ave., Redmond
Sale of 400-unit apartment building, 340,448 square feet of building space, 1,045,440 square feet of land area
5
6
7
952 S.W. Campus Drive, Federal Way
Sale of 464-unit apartment building, 539,868 square feet of building space, 1,431,673 square feet of land area
4242 Roosevelt Way
4242/4140 Roosevelt Way N.E., Seattle
Sale of 2 properties on Roosevelt Way, 139,493 square feet of building space, 55,757 square feet of land area
Axis Apartments
123 Second Ave. N., Seattle
Sale of 144-unit apartment building, 169,369 square feet of building space, 28,314 square feet of land area
Pacific Plaza
155 108th Ave. N.E., Bellevue
Sale of class A office building, 137,349 square feet of building space, 41,404 square feet of land area
The Madison at Fairwood Apartments
8
9
17425 120th Lane S.E., Renton
Sale of 382-unit apartment building, 360,4266 square feet of building space, 908,836 square feet of land area
The Summit
10811 S.E. 239th St., Kent
Sale of 366-unit apartment building, 306,037 square feet of building space, 858,132 square feet of land area
North Creek Parkway Center
10
HOW THIS LIST WAS PREPARED
Lists are researched and compiled by Research Director
11
12
18912 North Creek Parkway, etc., Bothell
Multiproperty sale of 6 properties, 205,707 square feet of building space, 3,533,979 square feet of land area
Campus Grove Townhomes
1300 S.W. Campus Drive, Federal Way
Sale of 309-unit apartment building, 407,290 square feet of building space, 1,034,615 square feet of land area
Sidney Apartments
400 Wall St., Seattle
Sale of 128-unit apartment building, 105,367 square feet of building space, 25,265 square feet of land area
Oakhurst Center
Jamyang Dorjee.
13
Sources: Individual companies,
14
14475 N.E. 24th St., Bellevue
Sale of 2 properties on NE 24th St., 143,191 square feet of bulding space, 379,843 square feet of land area
Avante Apartments
public documents, CB Richard
2900 On First Apartments
15
Ellis and Collier International.
Accuracy: The Puget Sound
Business Journal makes every
attempt to publish accurate information on its lists; however,
accuracy cannot be guaranteed.
17
210, Seattle WA 98104 or e-mail
13608 12th Ave. S.W., Burien
Sale of 543-unit apartment building, 770,760 square feet of building space, 1,098,148 square feet of land area
11030 N.E. 124th St., Kirkland
Sale of 207-unit apartment building, 164,355 square feet of building space, 732,331 square feet of land area
27314 24th Ave., Federal Way
Sale of 308-unit apartment building, 251,300 square feet of building space, 585,882 square feet of land area
8111 Fifth Ave., Seattle
Sale of commercial land, redevelopment project
21
(tie) The Park at Dashpoint
31736 S.W. 50th Lane, Federal Way
Sale of 280-unit apartment building, 225,000 square feet of building space, 705,672 square feet of land area
Highcroft Apartments
1501-1515 145th Place, Bellevue
Sale of 194-unit apartment building, 159,863 square feet of building space, 409,630 square feet of land area
Saddlebrook Apartments
24
25
2100 S. 260th St., Des Moines
Sale of 223-unit apartment building, 203,870 square feet of building space, 932,184 square feet of land area
Fourth and Pike Building
1424 Fourth Ave., Seattle
Sale of class B office building, 106,000 square feet of building space, 12,210 square feet of land area
MAKE A DONATION
YMCA PARTNERS WITH YOUTH
BUYER
United Dominion, Island Square Newco LLC
1745 Shea Center Drive, Highlands Ranch, Colo.
Seco Development, One Island Square LLC
1083 Lake Washington Blvd., Renton
$81,250,000
June 30, 2008
DIG-KW Redmond LLC
9601 Wilshire Blvd., Beverly Hills, Calif.
Avalon Washington Value Ravenswood LLC
2900 Eisenhower Ave., Alexandria VA
$65,950,000
Aug. 20, 2008
FRE 469 LP
1737 N. First St., San Jose
Avalon DownReit V LP
2900 Eisenhower Ave., Alexandria VA
$65,252,000
Jan. 11, 2008
Fairfield Glen Park LLC
5510 Morehouse Drive, San Diego
JER/FSC Glen Park LLC
9777 Wilshire Blvd., Beverly Hills
$50,730,000
Oct. 9, 2008
University Inn LLC
12951 Bel-Red Road, Bellevue
Nootka Hotels Inc.
4140 Roosevelt Way N.E., Seattle
$47,784,686
Feb. 29, 2008
Sobrato Interest III LP
10600 N. De Anza Blvd., Cupertino, Calif.
John Street LLC
2505 Second Ave., Seattle
$47,000,000
Sept. 30, 2008
Pacific Plaza Building LLC
Bellevue, WA 98009
$42,896,500
Feb. 25, 2008
Columbia West Properties Inc.,
Pacific Plaza West LLC
12951 Bel-Red Road, Bellevue
Passco Madison H LLC
96 Corporate Park, Irvine, Calif.
$41,361,250
Sept. 18, 2008
10811 S.E. 239th Place LLC
1307 Lucile Ave., Los Angeles
ASN Summit LLC
9200 E. Panorama Circle, Englewood, Colo.
$41,114,000
Aug. 28, 2008
KBS North Creek LLC
620 Newport Center Drive, Newport Beach, Calif.
RREEF America REIT II Corp.
701 Pike St., Seattle
$40,990,000
Feb. 22, 2008
CREA/Legacy Federal Way LLC
7525 S.E. 24th, Mercer Island
Campus Grove LLC
923 E. Lake Samish Drive, Bellingham
$40,550,000
Aug. 18, 2008
Somerset Green Townhomes Associates LLC
4701 S.W. Admiral Way, Seattle
Wallfour Realty Holding Co.
1999 Avenue of the Stars, Los Angeles
$38,500,000
Aug. 6, 2008
Oakhurst Holdings LLC
100 Wilshire Blvd., Santa Monica, Calif.
Teachers Insurance and Annuity Assoc. of America
730 Third Ave., New York
$38,063,860
Jan. 7, 2008
ERF Avante Finance LLC
12000 N.E. 8th St., Bellevue
Bascon Centerstone Kent LLC
26 Corporate Park Drive, Irvine, Calif.
$36,432,500
Oct. 31, 2008
Brookwood LP
4582 S. Ulster St. Parkway, Denver
PPC 2900 First Associate LLC
777 S. California Ave., Palo Alto, Calif.
$35,916,600
June 27, 2008
KW Indigo LLC
9601 Wilshire Blvd., Beverly Hills
Erp Operating Lp
2 N. Riverside Place, Chicago
$35,630,000
Feb. 20, 2008
KW James Street LLC
9601 Wilshire Blvd., Beverly Hills
CRICO of James Street Crossing LP
2 N. Riverside Place, Chicago
$32,770,000
Jan. 16, 2008
Vintage Park Partners LLC
30 S. Wacker Drive, Chicago
AG/Virtu Vintage Park LLC
245 Park Ave., New York
$31,500,000
May 29, 2008
API Woodbridge LLC
1900 S. Norfolk St., San Mateo, Calif.
Woodbridge Apartment Associates LP
600 Townsend St., San Francisco
$30,400,000
Jan. 31, 2008
PSC Pheasant Run Associates LLC
9770 Wilshire Blvd., Beverly Hills
Pacifica Federal Way LLC
1775-1795 Hancock St., San Diego
Fifth & Columbia Investors LLC
2401 Utah Ave. S., Seattle
First United Methodist Church of Seattle
190 Queen Anne Ave. N., Seattle
$30,000,000
Oct. 9, 2008
KNL Vision Wa LLC
3709 Convoy St., San Diego
BRE Properties Inc.
525 Market St., San Francisco
$28,650,000
Feb. 26, 2008
SP Highcroft LLC
1201 Third Ave., Seattle
Andover Associates LP
414 Olive Way, Seattle
$28,277,700
May 16, 2008
FSC Saddlebrook Associates LLC
9777 Wilshire Blvd., Beverly Hills
Simpson Financing LP
8110 E. Union Ave., Denver
$25,150,000
April 14, 2008
Ceadaigh IV LLC, Mayfield Investment Co.
2275 E. Bayshore Road, Palo Alto, Calif.
join us in our unwavering support
for youth and families.
206.382.5003
SELLER
$112,084,900
July 7, 2008
$30,000,000
March 14, 2008
Fifth and Columbia Tower
The Book of Lists is avail-
nals.com/bookoflists/seattle.
6248 S. 242nd Place, Kent
Sale of 300-unit apartment building, 248,028 square feet of building space, 939,641 square feet of land area
Pheasant Run Apartments
20
23
800.486.3289 or www.bizjour-
James Street Crossing Apartments
Woodbridge Apartments
19
[email protected].
able on CD by contacting
11101-11205 S.E. 208th St., Kent
Sale of 278-unit apartment building, 253,715 square feet of building space, 1,031,065 square feet of land area
The Heights at Burien
18
rector, Puget Sound Business
Journal, 801 Second Ave., Suite
2900 First Ave., Seattle
Sale of 135-unit apartment building, 188,715 square feet of bulding space, 39,962 square feet of land area
Indigo Springs Apartments
16
Please send any additions to:
Jamyang Dorjee, Research Di-
1610 W. James Place, Kent
Sale of 382-unit apartment building, 256,068 square feet of building space, 767,658 square feet of land area
DEAL SIZE
SALE DATE
seattleymca.org/donate
Madison at Fairwood LLC
12000 N.E. 8th St., Bellevue
Fourth & Pike Associates
1201 Third Ave., Seattle
30 |
REAL ESTATE DEALS | MARKET OUTLOOK
PUGET SOUND BUSINESS JOURNAL FEBRUARY 20-26, 2009
| SNOHOMISH COUNTY REAL ESTATE DEALS |
The largest property sales in Snohomish County are ranked by deal size. | February 20-26, 2009
R ANK
P ROPERTY, LOCATION, DESCRIPTION
Covington Farms Apartments
1
BUSINESS JOURNAL PHOTO | Dan Schlatter
Alara Harbour Pointe
Apartments in Mukilteo
2
Alara Harbour Pointe Apartments
(formely Harbour Pointe Apartments)
1901 Merrill Creek Parkway, Everett
Sale of 220-unit apartment building, 256,778 square feet of building space, 627,264 square feet of land
area
Fairhaven Downs Apartments
4
5
13031 Eighth Ave. W., Everett
Sale of 223-unit apartment building, 198,700 square feet of building space, 436,036 square feet of land
area
Mill Creek Town Center
Main Street on 153rd., Mill Creek
Bulk portfolio sale of 7 properties, 146,698 square feet of building space, 642,946 square feet of land area
Cambridge Square Apartments
6
7
4727 200th St. S.W., Lynnwood
Sale of 168-unit apartment building, 157,050 square feet of building space, 283,140 square feet of land
area
Greenwood Village
Northwest corner, 4th Street Northeast & 131st Avenue Northeast, Lake Stevens
Sale of 155-lot residential land for military housing project development
Park Ridge Apartments
8
HOW THIS LIST WAS PREPARED
Lists are researched and compiled by Research Director Ja-
120 W. Casino Road, Everett
Sale of 249-unit apartment building, 196,049 square feet of building space, 569,970 square feet of land
area
Terrace Heights Apartments
9
10
myang Dorjee.
11
Sources: Individual companies,
12
4713 216th St. S.W., Mountlake Terrace
Sale of 145-unit apartment building, 127,931 square feet of building space, 358,063 square feet of land
area
Mill Creek Town Center
15111 Main St., Mill Creek
Bulk portfolio sale of 16 properties, 48,785 square feet of building space, 101,930 square feet of land area
Columbia Pacific Building
6617 Associated Blvd., Everett
Sale of class A warehouse building, 217,700 square feet of building space, 502,247 square feet of land area
Avia Apartments
public documents, CB Richard Ellis and Collier International.
Accuracy: The Puget Sound Busi-
14
ness Journal makes every attempt
15
to publish accurate information
cannot be guaranteed. Please send
17
any additions to: Jamyang Dorjee,
18
Business Journal, 801 Second
19
Ave., Suite 210, Seattle WA 98104
20
or e-mail jdorjee@bizjournals.
21
com.
22
The Book of Lists is avail-
23
able on CD or by contacting
800.486.3289 or www.bizjournals.com/bookoflists/seattle.
6110 64th St. N.E., Marysville
Sale of 147-unit apartment building, 126,000 square feet of building space, 363,290 square feet of land
area
Canyon Park portfolio
2222 220th St. S.E., Bothell
Bulk portfolio sale of 2 properties, 54,009 square feet of building space
Port Gardner Building
2802 Wetmore Ave., Everett
Sale of class B office building, 93,873 square feet of building space, 51,836 square feet of land area
The Oaks Apartments
16
on its lists; however, accuracy
Research Director, Puget Sound
4700 176th St. S.W., Lynnwood
Sale of 120-unit apartment buiding, 123,608 square feet of building space, 219,542 square feet of land
area
Winterhill Apartments
13
24
25
BUYER
SELLER
$42,604,000
Aug. 27, 2008
Hart Covington LLC
191 N. Wacker Drive, Chicago
JER/FSC Covington LLC
9777 Wilshire Blvd., Los Angeles
$40,741,434
Feb. 26, 2008
SVF Harbour Pointe Mukilteo LLC
801 N. Brand Blvd., Glendale, Calif.
Tishman Speyer Archstone-Smith Harbour Pointe LLC
9200 E. Panorama Cir., Englewood, Colo.
$38,000,000
May 15, 2008
ACC Funding Partnership II
1745 Shea Center Drive, Highlands Ranch, Colo.
SP Hearthstone LLC
1201 3rd Ave., Seattle
$23,590,000
April 24, 2008
Seattle Partners One LLC
1801 Century Park E., Los Angeles
WT Cobble Hill LLC
2 Inverness Drive E., Englewood, Colo.
$23,345,000
Feb. 29, 2008
Panos Properties LLC
6850 E. Greenlake Way N., Seattle
Mill Creek Commercial II LLC
1457 130th Ave. N.E., Bellevue
$22,043,000
Aug. 6, 2008
4711 200th Street LLC
96 Corporate Park, Irvine, Calif.
IC USA NO.4 LLC
401 2nd Ave. S., Seattle
$19,376,743
Dec. 8, 2008
Pacific Northwest Communities LLC
50 Public Square, Cleveland
PRH LLC
17921 Bothell Everett, Bothell
$19,262,650
Aug. 28, 2008
Parkridge Property LLC
12000 N.E. 8th St., Bellevue
CFD-Parkridge Apartment LLC
11614 63rd St. Ct. E., Puyallup
$18,494,000
May 22, 2008
Terrace Heights Garden LLC
5428 159th Place S.E., Bellevue
Terrace Heights Apartments LLC
12951 Bel-Red Road, Bellevue
$18,100,000
June 13, 2008
Octagon Capital Group LLC
805 164th St. S.W., Mill Creek
Creekside Village LLC
16000 Bothell-Everett Hwy, Mill Creek
$16,882,753
June 17, 2008
Mountainview RV & Boat Storage USA LLC
1910 Fairview Ave., Seattle
Mountain View PG LLC
16400 Southcenter Pkwy, Seattle
$12,280,000
Feb. 20, 2008
CP II Avia LLC
1000 Sansome St., San Francisco
Scandia Investors LLC
1218 Third Ave., Seattle
$12,094,720
June 10, 2008
Winterhill OJ LLC
1020 W. Casino Road, Everett
Winterhill Apartments LP
600 108th Ave. N.E., Bellevue
$11,500,000
Feb. 5, 2008
CMC ICOS Biologics Inc.
22021 20th Ave. S.E., Bothell
Kent Central LLC
1100 Olive Way, Seattle
$11,150,000
Oct. 31, 2008
Lutheran Bible Institute of Seattle
4221 228th Ave., Issaquah
CSG Partners
2610 Wetmore Ave., Everett
$11,000,000
Feb. 29, 2008
Holland Holdings IV Oaks (196) LLC
1111 Main St., Vancouver, WA
8530 Cedros LLC
16830 Ventura Blvd., Encino, Calif.
$10,775,000
Aug. 20, 2008
Fred Meyer Stores Inc.
3800 S.E. 22nd Ave., Portland
Northpointe Ventures LP
16108 Ash Way, Lynnwood
$10,700,000
Feb. 29, 2008
Shoreside Village LLC
800 N. First St., San Jose
Urban Equities Inc.
1060 Alberni St., Vancouver, B.C.
$10,400,280
July 31, 2008
J&J Commando LLC
2001 Western Ave., Seattle
PCS Everett LLC
c/o Collier International, 11225 S.E. Sixth St., Bellevue
$9,067,255
May 9, 2008
VS1 LLC
9506 Fourth St. N.E., Lake Stevens
S.B. and B.J. Detrick LLC
101 First Ave., Los Altos, Calif.
$8,850,000
April 22, 2008
Covewood Manor LLC
450 S. 900 E., Salt Lake City
Sound Venture Nine LLC
320 106th Ave. N.E., Bellevue
$8,700,000
Aug. 5, 2008
Osborne Square LLC
110 Vine St., Seattle
Von Wolffradt Properties I LLC
2600 Mission St., San Marino, Calif.
$7,400,000
Dec. 30, 2008
Moran & Co.
601 Union St., Seattle
Brokerage Co. - Moran & Co.
601 Union St., Seattle
$7,000,000
Jan. 7, 2008
Western Washington Sheet Metal Training Trust
13513 N.E. 126th Place, Kirkland
Delta Properties LLC
19900 144th Ave. N.E., Woodinville
$6,800,000
Aug. 8, 2008
The Rock Church
16901 146th St. S.E., Monroe
Rudeen Business Park II LLC
14532 169th Drive S.E., Monroe
4500 Harbour Pointe Blvd., Mukilteo
Sale of 230-unit apartment building, 319,816 square feet of building space, 529,254 square feet of land
area
Hearthstone at Merrill Creek
3
| TYPES OF PROPERTIES |
Listed deals in Snohomish County
10115 Holly Drive, Everett
Sale of 352-unit apartment building, 340,165 square feet of building space, 699,138 square feet of land
area
DEAL SIZE
SALE DATE
711 W. Casino Road, Everett
Sale of 120-unit apartment building, 93,570 square feet of building space, 188,179 square feet of land
area
Multiproperty sale
Swamp Creek interchange to 164th St. S.W., Lynnwood
Multiproperty sale of 5 properties, 608,969 square feet of land area
Shoreside Village Apartments
701 75th St., Everett
Sale of 119-unit apartment building, 64,117 square feet of building space, 170,777 square feet of land area
Former Goodrich Components Services Building
11323 30th Ave. W., Everett
Sale of class B warehouse building, 150,930 square feet of building space, 329,749 square feet of land area
Former Homebase in Everett
9900 19th Ave. S.E., Everett
Sale of general free-standing building of 113,573 square feet, 407,286 square feet of land area
80th Street Venture
830 80th St. S.W., Everett
Portfolio sale of 2 properties, 59,156 square feet of building space, 174,676 square feet of land area
Osborne Square
4809 132nd St., Everett
Bulk portfolio sale of 4 properties, 18,445 square feet of building space, 184,694 square feet of land area
Bronson Place
4710 212th St. S.W., Mountlake Terrace
Sale of 70-unit apartment building, 59,786 square feet of building space, 190,793 square feet of land area
Beverly-Ed Business Park, Building B
11831 Beverly Park Road, Everett
Sale of class B warehouse building, 58,000 square feet of building space, 136,343 square feet of land area
Rudeen Business Park, Phase II
16891 146th St. S.E., Monroe
Sale of class B flex building, 48,000 square feet of building space, 128,502 square feet of land area