Published January 2005

Real Estate
& Construction Briefs

Alderwood Crossing
gets three new tenants
St. Louis, Mo.-based Bianco Properties recently leased almost 8,000 square feet of space at its Alderwood Crossing Shopping Center to three tenants, including:

• Jersey Mike’s Subs, which leased 2,188 square feet of retail space.
• Worldwide Flowers, which leased 1,720 square feet of retail space.
• Fitness Showcase, which leased 4,000 square feet of retail space.

The shopping center is located at 2701 184th St. SW in Lynnwood.

Home sales remain strong;
available listings down
Despite a significant drop in available listings, November home sales rose nearly 30 percent in Snohomish County, the Northwest Multiple Listing Service reported.

The listing service, which represents brokers in 15 Washington counties, reported that sales were strong throughout Western Washington despite shrinking inventory.

In Snohomish County, the number of homes on the market in November dropped to 3,530, a 16.5 percent decrease from November 2003.

Despite a drop in selection, prices rose 9.3 percent in Snohomish County, where the median price was $246,000. Median means half the homes sold for more and half sold for less.

Those were the combined figures for single-family homes and condominiums.

For single-family homes alone, the median price was $259,725 in Snohomish County, up 10.5 percent. For condos, it was $169,950, up 7.5 percent.

While sales were strong in November, pending sales were even stronger. In Snohomish County, sales that were begun but didn’t get through the closing process were up 31.9 percent. The strong number of pending sales bodes well for December, typically one of the lowest sales months of the year.

Marysville Town Center
sold for more than $19 million
A Los Angeles-based commercial property firm has purchased the Marysville Town Center shopping complex for more than $19 million.

Safco Capital Corp. is the fourth owner of the 227,000-square-foot shopping center since 1999.

John Safi, president and the sole shareholder in Safco, said he already owns a few other properties in Washington state, and he’s interested in buying more around the Puget Sound region.

The Town Center last sold in September 2002 to Kimco Realty of New York, which paid nearly $13 million to P.O’B. Apollo. That company had purchased the mall for $12.8 million in 1999.

Safco, which has no connection to the Seattle-based Safeco insurance and investment companies, paid $19.45 million for the retail center this time, according to the county assessor’s office. The assessed value of the property is $14.6 million.

State Farm leases space
for customer service center
State Farm Insurance has opened a regional customer service center on Monte Villa Parkway in Bothell, employing approximately 160 people in a space formerly leased by Eddie Bauer.

The insurance company leased the entire 33,000-square-foot second floor of the building at 3700 Monte Villa Parkway. The center, which handles State Farm auto and fire insurance claims, is one of four regional centers the insurer set up after restructuring its operations in Washington, State Farm spokeswoman Nancy Carpenter said.

The new Bothell office handles claims for northwest Washington, Carpenter said. The three other service centers are in Tukwila, Tacoma and Spokane. State Farm also has kept open about 10 smaller offices in the state, including one in Marysville.

State Farm is the first major tenant in the Monte Villa building since July 2003, when Eddie Bauer’s financially troubled parent company, Spiegel Group, closed a call center there that took orders for Spiegel’s clothing divisions. More than 360 people lost their jobs as a result of that closure.

Seattle-based Mastro Properties bought the 65,000-square-foot office building for $6.2 million in the spring, while it was still empty. Monika Harmon, Mastro’s chief financial officer, said negotiations are continuing with a possible tenant for the building’s first floor.

Builder Preferred Lending
new from HomeStreet
Seattle-based HomeStreet Bank recently launched a Builder Preferred Lending program, which partners with builders and developers to offer special benefits to mortgage customers who purchase new homes.

Through the Building Preferred Lending program, a builder designates HomeStreet Bank as a “preferred lender.” Homebuyers who finance through this program have access to a range of customized benefits, which can include reduced closing costs and access to special loan programs offering low down payments or down-payment assistance. Homebuyers may “lock in” their interest rate for up to a full year in advance of closing, an advantage for those who purchase before construction is completed.

For more information on the Builder Preferred Lending program, contact HomeStreet Bank at 866-309-6790.

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