Davis Property Divests of Starlite Distribution Center Near Seattle for $39.5M

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November 3, 2020  •  Issue 1,055

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Brookfield Purchases Office Building Fully Leased to Facebook in Bellevue, Washington for $365M

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Block 16 was completed earlier this year and is fully leased to Facebook. The 343,528-square-foot office building is part of The Spring District, a mixed-use campus in Bellevue, Wash. (Photo courtesy of McClure Images)

BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million.
 

Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. <Read more>

Opus, Principal Real Estate Investors Open 352-Unit Multifamily Community in Peoria, Arizona

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Located at 16601 N. 75th Ave. in Peoria, Ariz., Paradise @ P83 features 352 smart-technology apartments, a heated swimming pool and spa and a 6,000-square-foot clubhouse and leasing office.

PEORIA, ARIZ. — The Opus Group, in joint venture partnership with Principal Real Estate Investors, has opened Paradise @ P83, an apartment property located at 16601 N. 75th Ave. in Peoria.
 

Situated within the P83 Entertainment District, Paradise @ P83 features 352 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 640 square feet to 1,445 square feet. Apartments include smart door locks, thermostats and lights. <Read more>

 

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Industry News

CREW San Diego COVID Series Concludes with Panel on Outdoor Environments

SAN DIEGO — CREW San Diego held its final COVID Series meeting via Zoom on Oct. 29, highlighting the creation of outdoor areas for public assembly, restaurants and retail as the result of the pandemic. The panel was moderated by Penny Maus, real estate manager for the Port of San Diego, and featured Alyssa Muto, deputy director, environmental policy and public spaces, for the city of San Diego; Howard Blackson, urban design and planning director, AVRP Skyport; Chris Bittner with OBR Architecture; and David McCullough, principal with McCullough Architecture.


The panel addressed the creation of open spaces in San Diego during the reopening after the pandemic. The city has been proactive in creating temporary parklets by using available spaces — like sidewalks and streets — for dining and retail. While there was originally trepidation by many lawmakers and residents about creating temporary outdoor spaces, all rumors have been dispelled after the first ones opened, said Bittner.


The city’s slow streets program has closed some streets to vehicles, allowing vehicular access only for residents, local deliveries and emergency services, enabling them to mostly be used by pedestrians. The city has also allowed the use of roadways and sidewalks for outdoor dining and small gathering spaces. Realizing that it was expensive to build parks and parklets through land acquisition and adaption, the city has decided to use what it has — streets and existing open areas — to save money, said McCullough. Muto added that the city’s parks master plan is now focused not just on new parks, but looking at reinvesting in parks and finding different ways to create parks from existing holdings. The outdoor areas have been enjoyed by many during the pandemic, and have many residents hoping that the trend will become permanent. California Gov. Gavin Newsom recently signed an executive order allowing state highways to be used for outdoor dining.


“Our streets were used as though cars were commerce; today, we’re realizing that people are commerce,” said Blackson.


While the first phase of the reopening allowed the creation of outdoor spaces, the panelists speculated that as time goes on residents will see the enhancement of these outdoor spaces to become experiences in and of themselves by improving the quality of their build-outs. Many restaurants and retailers have expressed an interest in making their temporary outdoor areas a permanent fixture.

“They must make it look nicer to do so,” said Bittner.


As restaurants and retailers see results, they are asking designers to help them create a better outdoor experience. Many are even seeing items once considered standard retail design — like fixed windows in buildings — as hinderances to commerce.


“Every retail establishment is going to want to be outdoors,” said McCullough.   
             

— Randall Shearin

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More Regional News

Davis Property Divests of Starlite Distribution Center Near Seattle for $39.5M

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Starlite Distribution Center in Lakewood, Wash., features 246,000 square feet of industrial space with 32-foot clear heights.

LAKEWOOD, WASH. — Davis Property & Investment (DPI) has completed the disposition of Starlite Distribution Center, an industrial property located at 3451 84th St. in Lakewood. An undisclosed buyer acquired the facility for $39.5 million.
 

DPI acquired, entitled and developed the site into a 246,000-square-foot distribution center with 32-foot clear heights, ample trailer and vehicle parking, and freeway access.
 

Currently, DPI has five industrial and professional buildings at various stages of design and construction with a value of approximately $100.2 million. The company closed more than $15.5 million in transactions over the last year and owns/manages nearly 5 million square feet of commercial real estate assets from Seattle to Portland, Ore.

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Plymouth, Bellwether Break Ground on $150.7M The Rise on Madison Affordable Multifamily Project in Seattle

SEATTLE — A joint venture between Plymouth Housing and Bellwether Housing has broken ground for the development of The Rise on Madison, a 17-story affordable apartment community in Seattle’s First Hill neighborhood.
 

Plymouth will operate 115 studio units, with on-site supportive services, for formerly homeless seniors on floors one through six. Bellwether will operate 253 affordable, studio, one-, two- and three-bedroom apartments on floors seven through 16.
 

Located at 1400 Madison St., The Rise on Madison will feature a large community room, roof deck and ground-floor retail space, as well as close proximity to light rail, street cars and buses.
 

The $150.7 million property is slated to open in spring 2022.

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BLT Enterprises Acquires Multi-Tenant Creative Office Property in West Los Angeles for $9.3M

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Digital Edition

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Tangible Property Tax Pain from Intangible Assets
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Top 5 Building Occupancy Questions During COVID-19
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Market Highlights: Northern California and Portland

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