Middle Market Digest: North West

Below is GlobeSt.com's bi-weekly update on the middle markets throughout the North West region. Here's a look at the latest news, announcements and deals that you may have missed from areas including: Alaska, Washington, Oregon, Idaho, and Northern California.

NEWS & NOTABLES 

Meridian Commercial president Matt Brown revealed that his firm has opened a second North Bay office and first in Petaluma in a Washington Street retail center adjacent to Whole Foods Market. “The expansion is intended to better serve our Sonoma County clients and minimize drive time for our people who live and work in the Petaluma area,” said Brown. Meridian Commercial represents office, commercial, retail and industrial tenants, landlords and investors with their real estate leasing, acquisition/disposition and property management needs. Meridian Commercial's Petaluma office is located at 615-A E. Washington Street. The office will accommodate 6 agents, plus administration. Founded in 2009, the firm's main office is at 68 Mitchell Blvd. in San Rafael.  Meridian Commercial has 10 full time advisors and two property managers.

SEATTLE—Hughes Marino revealed the ongoing expansion of its corporate footprint, with the opening of a new office located in Seattle. Located in the stunning 42-story Russell Investments Center in downtown Seattle, the new Hughes Marino office will occupy 7,300 square feet on the 25th floor of the high rise, which is strategically situated at the center of the city's market, retail, financial and cultural districts. “We are delighted to have the opportunity to position our newest office in such an inspiring and visionary space,” said Shay Hughes, COO and owner, of Hughes Marino. “As with our existing locations, Russell Investments Center delivers the perfect mix of functionality, aesthetics and creative energy, which align synergistically with our firm's culture and core values.”

The Hotel Group has opened the Hyatt House Anchorage, Anchorage, Alaska. The property is the first Hyatt House in The Hotel Group's portfolio and the first for Alaska. The 144-room property is located conveniently in midtown Anchorage. The hotel will provide guests with access to dining, entertainment, and shopping as well as to Alaska's spectacular outdoors, including Chugach State Park's 495,000 acres of lands with stunning views of Mount Sustina, Denali, and Mount Foraker.

DEALTRACKER

KENNEWICK, WA—Newmark Knight Frank reveals the launch of a 4-million-square-foot mixed-use development at Central Park Station by Forest City Realty Trust. The project kicks off next spring with Central Park Station One, a 190,000-square-foot class AA mixed-use office building, as well as a 300-unit multifamily rental project, a 120-unit condominium project and 60,000 square feet of retail space, all integrated around an expansive public plaza. Forest City's Denver regional office, Forest City Stapleton, selected NKF's Vice Chairman Tim Harrington, Executive Managing Directors Mike Wafer, SIOR, and Alan Polacsek, and Associate Eddie Kane to handle the leasing and marketing of Central Park Station One.

SAN DIEGO—Pathfinder Partners revealed the $25-million acquisition of the Argyle, a 160-unit multifamily Seattle-area community at 2517 S. 316^th Lane in Federal Way, WA. The Argyle, built in 1984, is situated on 4.95 acres and includes 13 three-story buildings comprised of 81 one-bedroom/one-bathroom units, 49 two-bedroom/one-bathroom units and 30 two-bedroom/two-bathroom units averaging 792 square feet. The community includes a pool area, children's playground area, recently renovated fitness center, leasing office and clubhouse. The project was purchased from an undisclosed seller, which had owned and operated the community for two years.

EUGENE, OR—Walker & Dunlop Inc. arranged a $43.5 million refinance loan with Fannie Mae for The Tennyson at Crescent Village, a newly constructed, class A, townhouse- and loft-style property in Eugene, OR. Led by Colorado-based Ralph Lowen and California-based Steve Natale, Walker & Dunlop's team obtained approval to provide near-stabilization financing to retire the project's short-term construction debt. Completed in early 2017, the 263-unit property experienced rapid lease-up and was 80% occupied at the time of rate lock. Loan features include a 10-year term and 30-year amortization at 70% loan to value. The borrower intends to use the loan proceeds to pay off two existing loans. The property also received a significant spread reduction by qualifying for a Green Building Certification through the Green Globes program.

GRESHAM, OR—Cushman & Wakefield revealed the development Big Eddy Commerce Center in Gresham, OR, a suburban city east of Portland, has preleased 94,706 square feet (sf) to an undisclosed Fortune 500 company. The new class A industrial project's first signed tenant also took some ancillary yard space in the project. Currently under construction, Big Eddy Commerce Center will be a brand new high quality industrial building totaling 153,387 square feet. The project is jointly owned and being developed by Panattoni Development Company, Inc. and LaSalle Investment Management. Brad Carnese, Aaron Watt and Keegan Clay with Cushman & Wakefield's Portland office represented ownership in the transaction.