TACOMA, WA (August 11, 2025) —Lee & Associates, is pleased to have brokered the disposition of 1102 Commerce Street located in Tacoma, WA, on behalf of their client Howe/Horizon Holding LLC. The 24,131 SF building, situated in the heart of downtown Tacoma, sold for $3,250,000, or $134.68 per square foot. The buyer, Washington Trust Bank intends to occupy a portion of the property and lease the balance, bringing new activity and tenancy to the downtown…
Lee & Associates | Pacific Northwest Expands Institutional Services Team With James Lambert
July 30, 2025 (Bellevue, WA) – Lee & Associates Commercial Real Estate Services, is pleased to announce that James Lambert, a 25-year veteran of commercial real estate strategy, operations, and investment, has joined the firm’s Bellevue office. At Lee & Associates, Lambert will lead the development of a new Industrial Capital Markets platform, advising institutional investors, developers, family offices, and high-net-worth individuals across the Pacific Northwest and beyond. He will also drive the firm’s strategic client services and portfolio advisory platform, helping industrial…
Lee & Associates – Pacific Northwest July 2025 – Recent Deals
SOLD SOLD SOLD Avia Apartments West Valley @ 212th – Bldg T Cedar Lane 11534 Greenwood Ave N, Seattle, WA 21019 66th Ave S, Kent, WA 12536 Greenwood Ave N, Seattle, WA Value: $3,450,000 Value: $5,960,000 Value: $2,850,000 Size: 18 Units Size: 19,629 SF Size: 16 Units Broker: Aaron Mathieu Brokers: Christian Mattson, Chris Peterson, Billy Moultrie, Richard Peterson, Ryan Aleinikoff, Mindy Llewellyn Broker: Aaron Mathieu LEASED LEASED LEASED Bridge…
Seattle Multifamily Owner-Occupy Sale Case Study: Beachside Five | 5-Units
Key Deal Points Address: 7043 Beach Drive SW, Seattle Units: 5 Sale Price: $2,350,000 Timeline: Quick closing with minimal contingencies Unique Feature: Over 50 feet of private Puget Sound beachfront Challenge Jim and Deb had self-managed Beachside Five for over 40 years, treating the property not just as an investment but as a deeply personal endeavor. They had thoughtfully cared for the property and developed long-standing relationships with their tenants. When they made the decision…
Flying Food Group leases space in new SeaTac building
SEATAC, WA (July 23, 2025) —Flying Food Group has leased 95,700 square feet at an industrial building in SeaTac. The space is located in Bridge Industrial’s 169,600-square-foot Bridge Point SeaTac 300 building, which was completed in 2024. Flying Food is the building’s first tenant. The Chicago-based airline catering company’s lease at 1410 S. 200th St. will expand its footprint, according to a spokesperson for Lee & Associates. Flying Food currently leases a building within Sea-Tac…
Q2 2025 Office Market Report
Puget Sound office vacancy continued to climb, and asking rents ticked lower through the 2nd quarter. Technology companies dominated the largest transactions of the quarter, though budget cuts and layoffs in the public, private, and non-profit sectors put downward pressure on the office space demand in the region. Uncertainty; downward pressure on office space needs; high costs of construction; and stagnant, elevated interest rates contributed to less construction starts and cautious strategies among tenants and…
Q2 2025 Multifamily Market Report
From Q1 to Q2 2025, multifamily fundamentals strengthened as net absorption rose from 12,282 to 12,720 units for the first time outpacing net deliveries. Private equity & institutional buyers emerged as the most active investor class, capitalizing on tightening fundamentals. With limited new construction in the pipeline, many investors are focused on establishing strong basis positions in anticipation of sustained demand. The market’s trajectory suggests ongoing absorption will continue to outpace new deliveries, creating favorable…
Q2 2025 Industrial Market Report
The Pacific Northwest industrial market saw renewed volatility in Q2, with net absorption turning negative at -1.38 million SF and vacancy rising to 8.6%-a one-year high. Despite weaker tenant demand, average annual NNN rents increased to $14.47/SF, reflecting landlord confidence or pricing discipline for newer assets. Sale prices declined to $224.45/SF from $233.00 in Q1, indicating recalibrated investor expectations. While macroeconomic uncertainty and rising vacancies persist, long-term industrial fundamentals remain strong. Overlaying this is a…
Q2 2025 Retail Market Report
Activity was slow in Q2. Vacancy rose and activity slowed with the tariffs kicking in. A “wait and see” approach was what we observed. Cap rates rose as well. With the talk of tariffs slowing and becoming slightly more stable, we are seeing a spur of activity stepping into Q3. With the increasing talk of interest rates coming down, we expect a strong finish to the year. MARKET INDICATORS Q2 2025 Q1 2025 Q4 2024…
Iconic Greenwood Car Wash Property in Seattle Sold for $1.5 Million
July 7, 2025 (Seattle, WA) – Lee & Associates is pleased to announce the successful sale of a 0.39-acre (16,741 SF) dual-zoned development site located at 655 NW 85th in Seattle, WA, on behalf of the seller for $1,500,000. Operating as a self-service car wash since the late 1960s, this property has remained under the same family ownership for decades, becoming a recognizable and well-loved fixture in the community. The transaction drew strong interest from…