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 

OAKLAND, CA—Kevin Hatcher has joined CBRE as Senior Vice President of Industrial & Logistics in Oakland. Hatcher is widely recognized as a top industrial real estate professional in the East Bay market.

SANTA CLARA, CA—Newmark Knight Frank recently added prominent industry expert Joe Kelly, SIOR, as executive managing director in its Santa Clara office. In this capacity, Kelly will be focused on agency leasing and sales of office, R&D, and industrial properties throughout Silicon Valley.

SEATTLE—Goodman Real Estate recently revealed several additions to its leadership team as the company positions itself for the future. Specifically, former VP Kelli Jo Norris is now president, and the firm has named new VP's of Investments, Development and Finance, as well. The changes also strengthen the firm's core executive team (including Founder and Chairman John Goodman, CEO George Petrie and now President Norris), a tightly-knit team that is celebrating working together at GRE for twenty years.

DEALTRACKER

KENNEWICK, WA—KeyBank Community Development Lending & Investment provided a total of $31.2 million in financing to Mountain West Investment Corporation and its non-profit arm, Community Resource Trust, for the construction of Cornerstone Apartments in Salem, OR. The 180-unit complex will offer workforce families and those experiencing homelessness affordable housing, with 144 units for workforce households earning at or below 60% Area Median Income and 36 units for those in transitional shelters who are seeking permanent housing and supported by the Department of Human Services.

MONTEREY, CA—The Bascom Group LLC has acquired a 76-unit infill apartment community located in the coastal California city of Monterey, CA. The sale price was around $16.7 million.

TACOMA, WA—Vestar, one of the leading privately held real estate companies in the western US, has recently been retained by an institutional client as the asset management company for The Landing, a 607,000-square-foot power center in Renton, WA.  In addition to The Landing, Vestar currently owns and manages one additional property in the Pacific Northwest, the 140,240-square-foot James Center in Tacoma, WA.

SEATTLE—Touchstone and USAA Real Estate have recently opened Troy Block, a 811,520-square-foot commercial office project comprised of two distinct towers located in Seattle's thriving South Lake Union neighborhood. With completion of the 13-story, 418,999 sq. ft. north tower (399 Fairview Ave. N.) and the 12-story, 391,005 sq. ft. south tower (300 Boren Ave. N), the full city block, two-building project is now complete—with all commercial space fully-leased to online retailer Amazon.