Congratulations to Sean Durkin on Being Named an Aspiring Leader in CRE for 2024! We are thrilled to announce that Sean Durkin, one of our outstanding Principals, has been recognized as one of the Aspiring Leaders in CRE for 2024 by GlobeSt.com! This prestigious accolade highlights Sean’s exceptional contributions to the commercial real estate industry and his unwavering commitment to excellence. Since joining Lee & Associates | Pacific Northwest, Sean has demonstrated remarkable leadership, innovation,…
Case Study – Capitol Hill 5-Unit
Key Deal Points 1806 16th Ave., Seattle, WA Multiple Offers Sale Price: $1.5M Redevelopment Play Closed in 70 Days It was a pleasure working with the Lee & Associates Multifamily team. They were responsive and focused on how to net me the highest proceeds in the shortest amount of time. I was pleased that even though the buyer was a developer, I didn’t have to wait around for a typical developer closing timeline. The…
EV maker Rivian leases South Sound warehouse
May 1, 2024 – Tacoma, WA – Electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) leased a 54,000-square-foot industrial building at 1323 34th Ave. E. in Fife last week. The move was announced by Vanessa Herzog of Lee & Associates, who helped broker the deal on behalf of the building’s owner, industrial real estate investor Berkeley Partners. It is not clear how Rivian will use the space, though the company’s website shows a service center is coming…
Case Study – 4714 22nd Ave NE | 12-Units
Key Deal Points 4714 22nd Ave NE, Seattle 12-unit Sale Price $3.4M Closed within 34 days Represented 1031 Buyer The team at Lee & Associates helped me confidently navigate the sale of my building, an exchange into a new property, and all the stages and deadlines in between. I look forward to with them again. – Ann For more information regarding this case study, please contact: Candice Chevaillier, CCIM Principal D (206) 773-2694 cchevaillier@lee-associates.com…
Q1 2024 Multifamily Market Report
Q1 2024 sees a measurable 14% increase in the absorption as new construction stock continues lease up. Both rents and vacancy rates remained steady over the period. It is interesting to note current rents are equivalent to Q1 2023, one year ago. We do not expect significant rent growth for the remainder of the year as the market continues to absorb newly delivered units. Strong Q1 absorption numbers in a traditionally slow winter market indicate…
Q1 2024 Office Market Report
Seattle’s office market is showing signs of life. It has yet to materially impact vacancy, but leasing activity is picking up. Pokémon signed a lease for 16 floors in The Eight, an under-construction tower in the Bellevue CBD. This is the largest lease in the market in three years, and the largest in Skanska’s history. There were three office sales this quarter that exceeded $30 million, all of which were larger than any in 2023….
Q1 2024 Industrial Market Report
After a fairly rough end to 2023 Q1 continues to present problems for the general market recovery that was anticipated to begin in 2024. We have continued to see the contraction of companies that grew during Covid as well as deliveries of new construction. Combined, the overall vacancy rates climbed nearly 3% year over year. There is a silver lining in that we continue to see rents increase overall with some increased concessions, but general…
Case Study – Queen Anne 11-Unit with View and Penthouse
Key Deal Points Hillside House, 15 Ward St, Seattle Seller Financing Terms: 3 yr, 30% Down Payment 11-unit with View and Penthouse Sale Price $3.05M 94% Cap Rate at closing Represented Seller & Buyer Candice, Dea and Chris exceeded my expectations in their competence, professionalism, integrity and aggressive marketing strategy. I did not expect to get my building’s value due to Seattle’s pro-crime, anti- landlord political climate. But thanks to Candice’s team and contacts,…
Case Study – Capitol Hill 8-Unit with View
Key Deal Points 317 Thomas St, Seattle 8-unit with View Sale Price $2.4M Represented Seller For more information regarding this case study, please contact: Candice Chevaillier, CCIM Principal D (206) 773-2694 cchevaillier@lee-associates.com Daniel Lim Vice President D (206) 773-2692 dlim@lee-associates.com Dea Sumantri Associate Vice President D (206) 773-2680 dsumantri@lee-associates.com Chris Larsen Associate D (206) 773-2695 clarsen@lee-associates.com Challenge After over two decades, our clients made the strategic decision to exchange the subject property…
Case Study – Ballard 5-Unit
Key Deal Points 1541 NW 52nd St, Seattle Seller Financing Terms: 5% Interest 3-yr IO, 25% down 5-unit with all two-bedrooms Sale Price $1.875M 08% Cap Rate Represented Seller I highly recommend Candice Chevaillier, CCIM and her team, at Lee & Associates. They are professional as well as extremely knowledgeable of the current trends, and with experience. With very creative thinking, they were able to create a plan to help sell our building at the…