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SEATTLE, WA-Michael Mastro is shedding its far flung holdings and building closer to home these days, with several projects in the works on both sides of Lake Washington and no more properties in Palm Springs.

The 76-year-old owner of Mastro Properties, a longtime developer in the region, is moving forward on three mainly residential projects in downtown Bellevue, two office buildings in Kirkland, and a third office building across the lake in Seattle’s Ballard neighborhood.

The company is also unloading out-of-state holdings, such as the Oasis Waterpark in Palm Springs, CA. Mastro sold the amusement park to Cedar Firs LP for $9.1 million, and executives of the company have says its part of the company’s plan to focus on Puget Sound-area projects, of which there are many.

Furthest along is Ballard Lofts, a four-story, 74,000-sf office building near the north end of the Ballard Bridge at 1455 N.W. Leary Way. Crews just recently finished shell construction and Mastro just recently leased the entire building to the nonprofit Program for Appropriate Technology in Health.

Mastro CFO Monika Harmon wouldn’t detail the exact lease rate on the 10-year deal, but did say that the value of the fully leased project — using an 8.5% cap rate — is $17 million. PATH is expected to occupy the space by the end of the year. Al Robertson of Kidder Mathews & Segner represented Mastro. Stuart Williams and Mark Flippo of Pacific Real Estate Partners represented PATH.

Another office building under construction is Valley View Corporate Center, a two-story, 59,000-sf office building at 13905 NE 128th St. in Kirkland, on the northeast 126th Place and 139th Avenue Northeast. The project is 50% completed and though no deals have been signed for space, Harmon says the company has received some letters of intent. The asking price will be $15.5 million.

Still in the permitting process is Totem Lake Office Building, a 47,760-sf project on the southeast corner at the intersection of Northeast 115th Place and 124th Avenue Northeast. The land with plans and engineering and permitting to date is available for $3.5 million. The finished product will be priced at $12.81 million.

In the residential category and expected to get underway this week is Park on Main Apartments, a 124-unit development located at 11030 Main in downtown Bellevue. The 97 studio units will rent for an average of $850 per month while the two-bedroom units will average $1,355 per month. The completed product will be available for $14.5 million.

Still in the permitting process but expected to get underway in September is Wilburton View Apartments, a 210-unit, mostly studio apartment complex also in downtown Bellevue. Located at 123 112th Ave. NE, rents are expected to range from $905 per month to $1,210 per month. The price tag: $24 million.

A little farther back in the process is a mixed-use development by the name of Main Street Plaza. Located at 10708 Main St., three blocks from the Park on Main project, the 71,000-sfproject includes 35,605 sf of office and 5,335 sf of retail below 42 condominiums. The completed project will be shopped for between $19 million and $21 million. The land and permit process to date — project approval has not yet been granted — can be had for $4 million.

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