December 7, 2022 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the acquisition of The Whispering Pines Apartments, a 31-unit apartment complex located in Spokane, WA, on behalf of their client 7 Lakes Development. The Whispering Pines Apartments, located on East Sprague Avenue in Spokane, sold for $10,150,000. The 55+ age-restricted complex hit the market in August for the first time since its development in 2016. The gated…
Lee & Associates’ Philanthropic Arm Rallies to Support Victims of Hurricane Ian
November 3, 2022 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services, the largest broker-owned commercial real estate firm in North America, responded to the urgent needs of Hurricane Ian victims by rallying its network to solicit both financial donations and human capital support to assist with clean-up and rebuild operations. The effort was organized through the company’s nationwide CompassionateLEE program, which regularly provides assistance to important causes of this nature, including providing donations,…
Tacoma Rhodes Center Adds Four More Tenants in 17,000+ SF, Near Full Lease-Up
October 24, 2022 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered four new leases totaling over 17,000 SF at the Tacoma Rhodes Center. The newest tenants to the building, Maxim Healthcare Services, Mindful Support Services, ES Technologies, and CU Strategic Planning will all occupy the building immediately following their respective buildouts. Eight new tenants have signed leases at Tacoma Rhodes Center in 2022 alone, accounting for over 42,000…
Capitol Hill 4-Building Portfolio Sells for $16.8M
October 18, 2022 (Seattle, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the sale of a 4-building portfolio located in the Capitol Hill neighborhood of Seattle, Washington to 206 Property Management on behalf of their client, The Weisenbach Properties. The Thomas Park Portfolio, located within the desirable Capitol Hill Summit Ave corridor and just next to Thomas Park, sold for $16,800,000. Meticulously well-cared for over the past 46 years,…
Case Study – Thomas Park Portfolio
Key Deal Points Four-building Portfolio in Capitol Hill 231 & 301 Summit Ave E and 411-419 E Thomas St, Seattle, WA 98102 Sale Price: $16,800,000 Strong Current Cap Rate: 3.88% Price per Square Foot: $433 Candice, Daniel, Dea, and Chris are incredibly responsive and knowledgeable throughout the entire acquisition process. We had a complicated purchase with a few bumps along the way, but Candice and her team were quick, communicative, and creative in coming…
Case Study – 24-Units with Sweeping View in Queen Anne
Key Deal Points 2442 8th Ave N, Seattle 24-Unit Apartment with Views of Lake Union Sale Price $8M Current Cap Rate 3.66% Represented Seller & Buyer We had a very good experience working with the Lee & Associates Multifamily Team. They offered us consistent communication throughout the marketing process and always kept us informed as we moved through to a successful close. They worked closely with our property management team and did not require…
Case Study – 7 Units in Wallingford
Key Deal Points 3832 Eastern Ave N, Seattle, WA 98103 $1,650,000 $453 / SF Highly desirable North Lake Union Wallingford location Buyer achieved 15% improvement on gross rents within 3 months of acquisition Daniel and the Lee Multifamily Team were instrumental in navigating us through the acquisition process when multiple issues including the determination of two non-conforming units could have prevented us from successfully establishing our portfolio in Seattle. – Song For more information…
Industrial developers look south for more land
October 11, 2022 – Thanks to the region’s Seattle and Tacoma ports, the Puget Sound industrial market is one of the hottest in the country with lease rates that regularly rank among the most expensive. For example, in August lease rates at regional industrial properties were $9.14 per square foot, which is up 5.8% year-over-year and is the fourth highest in the country. The rates are even in higher in Seattle proper, where prices range from…
Downtown Fremont Office/Lab Building Sold to Owner-User
September 29, 2022 (Seattle, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the disposition of the 454 Building located in Seattle, Washington to 454 Viking, LLC, on behalf of their client, Gordon 454 LLC. The 454 Building, located in the Fremont neighborhood of Seattle on N 34th Street, sold for $5,400,000 to an Owner/User at asking price. CBRE assisted the Buyer in this transaction, who secured SBA financing. “The…
Sound Credit Union Expands Its Tacoma Office Space By 60%
September 30, 2022 (Seattle, WA) – Lee & Associates Commercial Real Estate Services is pleased to have represented Sound Credit Union in its 22,721 SF lease at Pacific Plaza, located at 1250 Pacific Avenue in Tacoma, Washington. Harrison Laird of Lee & Associates represented the Tenant; the Landlord, Pacific Plaza Development LLC was represented by Chris Highsmith, Mike Hickey and Briana Hickey of Neil Walter Company. Sound Credit Union has been headquartered in downtown Tacoma…