Seattle Commercial Real Estate News of the Day

Monday, May 2, 2011

Seattle Times Daily Journal of Commerce Headline
Manufacturing grew for 21st month in April Gramor buys five properties
March construction spending rose 1.4 percent The Seattle real estate development company Gramor Washington said it recently acquired five projects in the area including the 18-unit Nob Hill Apartments on Queen Anne and a stalled mixed-use project in Shoreline.

Gramor has been focused on distressed commercial real estate.

Last summer it bought The Clarke, a mixed-use project in Seattle that was once home to the Twin TeePees Restaurant, and the 53-unit Pine Villa Townhomes in Tacoma.

Gramor said it acquired 900 Nob Hill Apartments for $3 million through the foreclosure process. Kelly Baker, acquisitions manager for Gramor, called it a “classic mid-century modern building” and said it was developed to house dignitaries for the World’s Fair in 1962.

Gramor is updating and renovating the units, which range in size from 700 to more than 2,000 square feet. Baker said leasing activity is picking up thanks to the Gates Foundation and Amazon.com coming into the area.

Other recent acquisitions by Gramor are:

• 91-unit Hill Crest Apartments in Tukwila, was purchased for $4.6 million through the foreclosure process. The five-building complex is on more than 11 acres of greenbelt. Gramor said it is renovating units and making substantial upgrades. Units range from 650 to 900 square feet.

Gramor said it acquired 900 Nob Hill Apartments through the foreclosure process.

• 15-unit Courtney Court Condominiums in Everett, was acquired from the FDIC for $1.8 million. The condos were built in 2009 but only one unit was sold, according to Gramor. The townhomes are 3-bedroom plus den and about 1,850 square feet. Baker said Gramor will lease them for a few years and then reassess “our exit options.” Corey Marx and Seth Heikkila with Jones Lang LaSalle represented the FDIC and Gramor.

• 104-unit Park at Fife Apartments in Fife was acquired for $4.7 million. The 10-building complex has a courtyard, pool and community center. Baker said Gramor will renovate and reposition the property. Units range from 700 to 900 square feet. John Wise of Wise Real Estate Investments represented Gramor.

• Ballinger Place, a stalled mixed-use project in Shoreline formerly called Common View. Gramor said it acquired Common View for $2.9 million in two separate transactions. The partially completed 21-unit mixed-use complex was 70 percent complete and acquired from Whidbey Island Bank. A contiguous 9-unit townhouse project was complete and acquired from the FDIC. Common View has 21 apartments, 9 townhomes and 2,624 square feet of commercial space. Corey Marx and Seth Heikkila with Jones Lang LaSalle represented Whidbey Island Bank and Gramor Washington on both transactions. Meagan Howland with City Homes Real Estate represented the FDIC.

April’s cold days went on and on … to a record
Puget Sound Business Journal
Amazon loses tax fights in Texas, S.C.
MDC purchase of Seattle home builder questioned
Celebrations reported in Seattle over Bin Laden’s death
Seattle-PI.com
AAA: Average price of gas in Washington $4.01
Builders began work on more hotels, offices and factories
Second Chase bank vandalized
Other News
New Households Form at Fastest Rate Since ’07
Fed Says Banks Eased Lending Terms, Demand for Loans Increased
CoStar and LoopNet To Join Forces
8-Unit Multifamily Trades for $1.8M
Silicon Valley Office Market Booms
Kidder Mathews Named New Agents for Kent Valley Portfolio

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About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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