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June 25, 2015

$12M sale moves big apartment project near Facebook closer to reality

Puget Sound Business Journal

Marc Stiles

A proposal to build a seven-story apartment complex on the west side of Seattle's Lake Union moved forward this week when the developer paid $12 million for the nearly one-acre site.

California-based Shea Properties bought the property at 1319 Dexter Ave. N., from Dexter Building Limited Liability Co., of Everett, according to public records. A mid-20th century office building is on the property where Shea has proposed the 282-unit apartment project. It's the company's first project in the Puget Sound area, though company Senior Vice President Greg Anderson said Shea is looking for more development sites.

With companies such as Facebook and Pemco Insurance moving to this area, it shouldn't be hard to lease the Dexter apartments. Facebook (Nasdaq: FB) plans to move its growing Seattle office early next year to the new Dexter Station building. The company now employs more than 500 people in Seattle, but based on the amount of space it has taken at Dexter Station, the company could employ more than 1,800 people here. Meanwhile, Pemco plans to move its 350-employee headquarters later this year to an office building across the street from Shea's project.

Anderson said that Shea anticipates starting construction in September. Shea still has to buy an adjacent property but expects to close that sale soon, he added. Exxel Pacific is the general contractor. Anderson declined to say how much the development will cost or who the company's financial partners are.

Shea is headquartered in Aliso Viejo, California. The company's website states it's one of the largest, privately held real estate development and construction companies in the nation. It's a group of companies that includes J.F. Shea Construction, Shea Homes, Trilogy Resort Communities and other companies in addition to Shea Properties.

Brokers from commercial real estate company Kidder Mathews negotiated the sale with Tim Foster, Philip Assouad, Giovanni Napoli representing Dexter Building LLC, and Jim and Ross Klinger negotiating for Shea.

For the full story, go to Puget Sound Business Journal.

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