March 31, 2022 (SEATTLE, WA) – Heading into the second quarter of 2022, the multifamily market in Seattle looks poised to continue its upward trajectory, building off of a still-recovering market in 2021. Lee & Associates, the largest broker-owned commercial real estate firm in North America, recently released its report titled “Multifamily Investment Review 2022,” which provides an overview of Seattle’s multifamily market in 2021 and discusses various factors including key economic trends, rental demand…
Pierce County buys downtown Tacoma building as office market gains steam
March 24, 2022, Tacoma – Tacoma’s downtown office market appears to be gaining momentum and Pierce County is the latest entity to hop in. The county bought the former Davies Pearson law office building at 920 Fawcett Ave. and plans to move staff from the Prosecutor’s Office into the space by late summer or early fall. The county purchased the 21,000-square-foot building last week for $4.2 million, according to public records. The neighborhood is home…
TACOMA RHODES CENTER BRINGS IN ADDITIONAL TENANTS, NEW RESTAURANT AND LIVE MUSIC VENUE
March 22, 2022, Tacoma – Rhodes Center’s newest tenant, Anchor QEA, is now set to occupy +/- 6,000 SF of office space once their build-out is completed this summer. Anchor QEA is a recognized leader in design and management of nearshore- and aquatic-based projects, offering innovative and cost-effective technical solutions to address unique challenges and implement sustainable solutions. Additionally, Kelly’s Olympian, the third oldest continuously open and operated bar/ restaurant in Portland, is bringing their…
King Lasik Opens Doors Near Tacoma Mall After December Purchase
March 4, 2022 (Tacoma, WA) – Lee & Associates Commercial Real Estate Services is pleased to announce that the Wedge Building at 4733 Tacoma Mall Boulevard, has been sold to King Lasik/K2 Vision as their latest expansion in the Puget Sound area. Doors opened to their new top-floor vision center on March 1st, following the closing of the $5.5M transaction in December. The off-market sale of the 10,546 SF building was at $522 per square…
Northwestern Mutual Grabs Space in Tacoma’s Tallest Office Tower
February 15, 2022 (TACOMA, WA) – Northwestern Mutual Life Insurance Co. has signed a 15,000-square-foot lease for office space in Tacoma’s tallest tower. The 25-story 1201 Pacific building, previously called Wells Fargo Plaza, is owned by Seattle-based Unico Properties. The 1970 tower has 327,000 square feet, including more than 27,000 square feet currently available for rent, in addition to the space taken by Northwestern Mutual…There was no office space in all of Pierce County currently under…
Case Study – 11 Units in Leschi
Key Deal Points 201 30th Ave S, Seattle Renovated 11-Unit with water views Competitive multiple offer situation Current Cap Rate at 4.6% Mutual Acceptance to Close in 47 Days I’m a seasoned real estate investor but do not know Seattle and needed someone to explain the neighborhoods and show me the inventory based on my needs. I was lucky enough to meet Dea who is a Seattle area expert and great at listening to…
Case Study – Maywood 10 Units in Queen Anne
Key Deal Points 1321 4th Ave W, Seattle Charming Queen Anne style 10-Unit 6 Offers Non-Contingent Offer Sold at $100k over list In handling the successful sale of our building, Candice and her team helped us through all the intricate steps with expert advice and attention to detail. Selling an apartment building is far more challenging than selling residential real estate! – Rob & Beth, Clients For more information regarding this case study, please…
Fremont sale clears way Evolution Projects’ full-block master plan
December 13, 2021 (SEATTLE, WA) – A development site north of action sports retailer Evo’s Seattle flagship has been sold for $14.5 million to development company Evolution Projects, which Evo founder Bryce Phillips operates. A partnership of two regional companies, SRM Development and Schwartz, sold the nearly three-quarters of an acre property (3524 Stone Way N.) where they were planning an ultra-green five-story mixed-use office project called 35 Stone. Earlier this year they listed the property with Lee…
Case Study – Fremont 6 Unit
Key Deal Points 3912 Linden Ave N, Seattle 6 units Sale Price: $1,800,000 Non-Contingent Offer Closed in 50 days as part of a 1031 exchange. Candice, Daniel & Dea’s services from start to finish were excellent. Communications with the team were clear and timely. As we neared closing, the team did everything to ensure a successful conclusion. I would highly recommend you. – The Maxwell’s For more information regarding this case study, please contact:…
Seattle-area warehouse demand keeps pace with ‘massive output’
November 09, 2021 (SEATTLE, WA) – The Puget Sound-area industrial vacancy rate fell to 4.6% in the third quarter from 5.4% a year ago, according to a report by Lee & Associates. That is still higher than the national average, the report said, but a sign of strength for the local market due to “massive output” from developers, with nearly 10.2 million square feet under construction in Q3. That’s more than double the space that was…