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300 Pine Building
Investment salesNewsWashington

KKR, Urban Renaissance Group Acquire 770,000-Square-Foot Mixed-Use Building in Downtown Seattle

by Julia Sanders

Seattle — Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and global investment firm KKR have acquired 300 Pine St. in downtown Seattle for approximately $580 million. Taking up a full city block between Third and Fourth avenues, the property is a 770,000-square-foot, eight-story, mixed-use building that features 85,000 square feet of renovated ground-floor retail designed to accommodate retail flagship stores. The property has a new Fourth Avenue entrance to access the 682,000 square feet of commercial office space currently 100 percent leased to a single tenant. The …

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Safeway-anchored retail center
Investment salesNewsWashington

CBRE Negotiates $25 Million Sale of Safeway-Anchored Retail Center Near University of Washington in Seattle

by Julia Sanders

Seattle — CBRE has arranged the sale of a 1.82-acre retail property located at 3020 NE 45th St. in Seattle’s University District. Albertsons Cos., parent company of Safeway, acquired the center for $25 million. The property is ground leased to Safeway, which has operated as a tenant at the site since 1976. Albertsons Cos. owns the surrounding 2.2 acres, with the transaction bringing its total holdings to more than 4 acres, creating one of the largest contiguous development sites in Seattle. The site is zoned for a range of uses, …

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FinanceIdahoNewsUtahWashington

JLL Capital Markets Arranges $274.4 Million Refinancing for Six-Property West Coast Retail Portfolio

by Katie Sloan

Seattle; Boise, Idaho; and Salt Lake City — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail centers totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties, a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power …

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Investment salesNet leaseNewsRetailersWashington

Newmark Arranges $16.2 Million Sale of Net-Leased Retail Property in Walla Walla, Washington

by Alex Tostado

Walla Walla, Wash. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.

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Company newsNewsRestaurantsWashington

Starbucks Beats Quarterly Expectations, Shows Signs of Quickened Recovery

by Alex Tostado

Seattle — Starbucks Coffee reports that global comparable-store sales fell 9 percent in the fiscal fourth quarter on a year-over-year basis, but the company’s performance still beat economists’ expectations. Total revenue for the Seattle-based coffee chain reached $6.2 billion in the fiscal fourth quarter, which ended Sept. 27. Economists had expected the total to be $6.06 billion. “I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China,” says Kevin Johnson, president and CEO of …

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Company newsNewsRetailersWashington

Costco Reports 12.5 Percent Increase in Quarterly Sales as Fiscal Year Sales Soar

by Alex Tostado

Issaquah, Wash. — Costco Wholesale Corp. (NASDAQ: COST) has reported a 12.5 percent increase in quarterly net sales in its fiscal fourth quarter, which ended Aug. 30. Costco’s sales jumped to $52.9 billion from $46.4 billion last year. Costco also experienced a 91 percent jump in quarterly e-commerce sales, resulting in a 50 percent increase over the previous year. The company’s net income for the fourth quarter was $1.4 billion, compared with $1.1 billion last year, even though this year’s fourth quarter was negatively impacted by $281 million in costs …

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Company newsNewsRetailersWashington

Amazon to Hire 100,000 Workers Across U.S., Canada to Meet Continued E-Commerce Demands

by Alex Tostado

Seattle — Amazon (NASDAQ: AMZN) has announced plans to hire an additional 100,000 full- and part-time employees throughout the United States and Canada. This plan is in addition to the 33,000 new corporate and technology jobs announced last week. The roles offer a starting wage of at least $15 per hour, and in select cities, Amazon is offering sign-on bonuses up to $1,000 to new hires. The new employees will staff the 100 new operations buildings that Amazon is opening this month across its fulfillment centers, delivery stations and other …

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Company newsNewsRestaurantsWashington

Starbucks Reports 96 Percent of Locations Open, 130 Net New Stores Despite Significant Sales Drop in Third Quarter

by Alex Tostado

Seattle — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak. Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending …

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Company newsNewsRetailersWashington

Sur La Table Files for Chapter 11 Bankruptcy, Plans to Close 56 Stores

by Alex Tostado

Seattle — Privately held kitchenware retailer Sur La Table has filed for Chapter 11 bankruptcy protection. The Seattle-based company is set to close 56 of its 121 stores, according to reports by The New York Times, making it the latest retailer to struggle under strain caused by the COVID-19 pandemic. Following store closures and bankruptcy proceedings, Sur La Table has entered into a stalking horse agreement — or an initial bid on the assets of a bankrupt company — to affiliates of New York City-based Fortress Investment Group. The private …

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Company newsNewsRestaurantsWashington

Starbucks to Revamp Stores for More Drive-Thru, Pickup Orders After $3.2 Billion Quarterly Loss in Revenues

by Alex Tostado

Seattle — Starbucks Coffee plans to accelerate the transformation of its store portfolio across the United States amid the ongoing COVID-19 pandemic. Over the next 18 months, the coffee chain will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as Starbucks Pickup location. In a letter to shareholders, released through an SEC filing, Starbucks announced that it plans to close approximately 400 company-operated U.S. stores over the next 18 months as part of this new focus on drive-thru and pickup. In that same letter, …

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