Tag Archives: commercial

Commercial real estate roundup: Church sells development land in Silverdale

Prime Silverdale development land in changed hands in August when Newlife church sold its 8-acre property on Clear Creek Road to The JWJ Group of Silverdale for $3.75 million.

Newlife bought the parcels in 2008 with plans for a Central Kitsap campus. The church is now building a worship and training center in the former Silverdale Regal Cinemas building.

The Clear Creek sale was among a number of high profile commercial real estate transactions completed in August and September. Some we’ve already written about, like the sale of undeveloped land in College Marketplace and the former American Marine Bank headquarters on Bainbridge.

But there were still plenty of deals to catch up on. Here’s a look at other major commercial sales from August and September with details from the county assessor’s office and additional sources:

College Marketplace, Poulsbo — $8.22 million

Sale date: Aug. 31

Sold by: MUFG Union Bank to Olhava Investment Group LLC

Description: More than 60 acres of development land in Poulsbo’s College Marketplace master plan area, zoned for a mix of business park, commercial and residential uses.

Notes: The buyer was Hotel Concepts of Seattle, which plans a 110-room hotel on five acres near Home Depot. Land not needed for the hotel is back on the market. Union Bank took over the land in a foreclosure sale last year.

Clear Creek land, Silverdale — $3.75 million

Sale date: Aug. 16

Sold by: Newlife Church on the Peninsula to The JWJ Group LLC

Description: Two parcels totaling 8.6 acres west of Clear Creek Road, just north of Greaves Way and The Trails at Silverdale shopping center.

Notes: Newlife bought this property in 2008 with plans to build a campus there. The church is now building a center near the Silverdale YMCA.

Former American Marine Bank, Bainbridge — $3.65 million

Sale date: Aug. 22

Sold by: Columbia State Bank to Old Mill Place Propertiess LLC

Description: Original American Marine Bank headquarters at 249 Winslow Way. Constructed in the 1940s. Now home to Columbia Bank.

Notes: The property was purchased by islander George Lobisser as an investment. The Columbia Bank branch will remain in place.

Peninsula Glen Apartments, Poulsbo — $2.84 million

Sale date: Aug. 3

Sold by: Ronald and Linea Montplaisir to Pen Glen LLC 1

Description: An apartment complex on five acres on Hostmark Street, east of North Kitsap High School.

Notes: The same buyer purchased the neighboring Woodcreek apartments, and has plans to add 24 units to the combined properties.

Sonic Drive-in, Poulsbo — $2.6 million

Sale date: Sept. 8

Sold by: Columbia Property Managers LLC to SB Poulsbo LLC

Description: A newly-constructed fast food restaurant on 1 acre at the intersection of Viking Avenue and Highway 305.

Winslow Way building, Bainbridge — $2.5 million

Sale date: Sept. 29

Sold by: DLG Leasing LLC to Michael and Darden Burns LLC

Description: An 11,660-square-foot commercial building on 1 acre at 253 Winslow Way West.

Notes: Home to Seattle Children’s Bainbridge Bargains Boutique.

Olympic Place II, Poulsbo — $1.87 million

Sale date: Sept. 26

Sold by: Roben Family Limited Partnership to James Lane C LLC

Description: A 34,000-square-foot commercial building and parking lot on 3 acres at 1050 NE Hostmark Street, east of Highway 305.

Notes: Built in 1984, according to a listing.

Hardware building, Kingston — $1.8 million

Sale date: Aug. 25

Sold by: Kingston Center LLC to HH & Sons LLC

Description: A 14,400-square-foot building on 1 acre on Highway 104, next to the Food Market.

Notes: Home to Henery Hardware. It appears the Henery family just bought the building from owners of the shopping center.

Former Sound Publishing plant, Bainbridge — $1.45 million

Sale date: Sept. 13

Sold by: Sound Publishing Properties Inc. to Day Road Industrial Park LLC

Description: Two commercial buildings on 4.5 acres in the Day Road industrial area.

Notes: The main building once housed Sound Publishing printing presses and the Bainbridge Review newsroom. Now home to Salisbury Woodworking.

Former Frontier Bank, Silverdale — $1.4 million

Sale date: Aug. 9

Sold by: MUFG Union Bank to SKBA LLC

Description: A 14,000-square-foot bank building on 1 acre at the corner of Silverdale Way and Myhre Road.

Notes: One of several Frontier Bank branches acquired by Union Bank when Frontier failed.

Lighthouse restaurant, Port Orchard — $1.39 million

Sale date: Sept. 8

Sold by: 429 Bay Street LLC to Kashi 201 Williams LLC

Description: A 9,250-square-foot restaurant at 429 Bay Street on the Port Orchard waterfront.

Notes: New owner Ali Kashi plans to open a Cheers Bar & Grill in the landmark restaurant building in January.

Robinswood Apartments, Kingston — $1.34 million

Sale date: Sept. 14

Sold by: 17th On High LLC to Kim Pax LLC

Description: An apartment complex at 10434 Highway 104 next to Reliable Storage.

Sunnyslope land, South Kitsap — $600,000

Sale date: Aug. 31

Sold by: Davies Pearson PC (trustee) to Assemblies of God Loan Fund

Description: Four parcels totaling about 26 acres on Victory Drive, near the intersection of Sunnyslope Road and Highway 3, and a duplex on Jones Drive in Port Orchard.

Notes: This was a forced sale. The land was formerly owned by South Kitsap Family Worship Center.

CLICK HERE TO SEE MY COMMERCIAL REAL ESTATE ROUNDUP FOR APRIL THROUGH JULY.

Poulsbo coworking office will open in 2017

Tad Sooter

A coworking space aimed at serving contractor umbrella companies, telecommuters, freelancers and entrepreneurs is slated to open next year in Poulsbo.

Vibe Coworks has leased a 5,300-square-foot space in the top floor of a new commercial building planned on Eighth Avenue, according to a news release.

The building, designed by Rice Fergus Miller, is expected to be completed by Tim Ryan Construction in the fall of 2017.

Poulsbo native Alanna Imbach and her husband, Marcel Imbach, are the creators of Vibe Coworks. They’ll be relocating from New York City to start the business.

“We’d had phenomenal experiences with coworking communities in NYC, and knew the timing was right to bring something like that to Kitsap,” Alanna said in the release.

Vibe Coworks will provide Kitsap residents a flexible alternative to commuting, working from home or working out of coffee shops. The Imbaches believe Seattle-area employers also may be interested purchasing memberships at Vibe for employees who want to live in Kitsap.

The space will feature conference rooms, offices, individual phone/video booths, event space, a balcony, lockers and a coffee shop-style community kitchen, according to the release.

See the Vibe Coworks website for more information.

PSE selling surplus land in Port Orchard

Tad Sooter

Puget Sound Energy is selling an undeveloped property off Mile Hill Drive where a substation was planned.

Realty Marketing/Northwest listed the 7.5-acre property in a fall auction catalog released last week, with sealed bids due by Nov. 15.

The sale includes portions of two long parcels stretching north off Mile Hill Drive and a smaller parcel connecting to Baby Doll Road (see inset image). The land is zoned commercial and could be developed as apartments or “entry level housing,” according to Realty Marketing/Northwest.

PSE spokesman Ray Lane said a substation was planned on the property 25 years ago.

“However, our electric load in that area is static,” Lane said. “We have no plans to construct a substation in the near future, and when we do, we don’t need that much land.”

PSE will hang onto 2 acres along Mile Hill Drive in case a substation is needed in the future.

Stalled Poulsbo apartment project may be moving again

Tad Sooter

It’s been a few years since we’ve had any news to report on the Edward Rose project, a massive residential development planned for the corner of Highway 305 and Bond Road in Poulsbo.

0630_LOC_RoseDevelopment_KS copy — Kitsap Sun file art | Click to enlarge

That changed this Thursday, as the city announced pre-application materials had been filed for the development, which would create 552 apartment units, 160-units of senior housing, a commercial plaza, and 34 acres of landscaping and open space, spread across 57 acres.

Access would be from Bond Road and Highway 305, with a connection to Vetter Road also planned.

A pre-application meeting is scheduled for Oct. 4. The pre-application process allows developers to informally discuss plans with city staff because filing a land use application.

A master plan for Edward Rose was approved in 2011, but the project never broke ground.

Edward Rose & Sons is a development company based in Michigan.

New brand unveiled for home builders association

Tad Sooter

gI_146212_KBA_Logo_pms The Home Builders Association of Kitsap County unveiled a new name and logo earlier this month.

The group has changed its name to the Kitsap Building Association, to better reflect its mix of members from both the residential and commercial construction industries.

The association’s board approved the new brand in January, according to a news release.

“Our name has changed,” Executive Director Teresa Osinski said in the release, “but really, we have always welcomed non-home builders as part of our membership. Anyone involved in construction in Kitsap relies on us for support, advocacy, and community connections. That will never change.”

Poulsbo-based Rockfish Group designed the Kitsap Building Association logo, pictured above.

The full news release is posted below.

Continue reading →

Silverdale Chipotle, Total Wine will open in March

Tad Sooter

chipotle

Update: A Chipotle spokeswoman said the Silverdale opening has been pushed to Saturday, March 12.

Another wave of stores are set to open next month in The Trails at Silverdale shopping center.

Chipotle Mexican Grill will debut March 10, according to a spokeswoman. So will beverage retailer Total Wine and More.

totalwine MOD Pizza, a Seattle-based, made-to-order pizza chain, expects to launch its Trails location March 18.

The county has issued tenant improvement permits to Corner Bakery Café, Forever 21, Verizon, DSW and Sleep Number, allowing those companies to begin outfitting their stores.

A representative for developer CenterCal Properties confirmed Old Navy also is planning a Trails store.

Silverdale Smiles Dentistry was the most recent business to open at the Greaves Way shopping center, joining Blazing Onion, Homegoods, Ulta Beauty and AT&T.

Centercal has yet to announce tenants for a few remaining retail spaces, including a planned grocery store. The developer began work on The Trails in August 2014.

The opening of Chipotle — the first west of Puget Sound — has been highly anticipated since it was announced last summer. But the chain’s reputation took a beating this winter as a series of E. coli and norovirus outbreaks were linked to its restaurants.

According to the New York Times, Chipotle turned to food safety specialist Mansour Samadpour to overhaul its safety protocols. Samadpour is a familiar name in Kitsap. He owns prominent properties in downtown Port Orchard.

Chipotle is posting food safety information here.

Bainbridge Walgreens, Key Bank ready to open

Tad Sooter

Key Bank and Walgreens on the corner of Highway 305 and High School Rds on Bainbridge Island. They are at the new “ Wintergreen Walk” the Visconsi shopping center.LARRY STEAGALL / KITSAP SUN

Two businesses are ready to open in Wintergreen Walk, a new High School Road shopping center that stirred controversy on Bainbridge island.

A 14,500-square-foot Walgreens pharmacy will debut at 8 a.m. Friday. A 3,300-square-foot Key Bank branch opens at 9 a.m. Monday.

Wintergreen Walk encompasses eight acres on the northeast corner of Highway 305 and High School Road.

bainbridge-island-aerial Key Bank, which was previously located behind McDonald’s on the south side of High School Road, now occupies a prominent place above the intersection.

Walgreens is tucked behind. Both buildings feature drive thrus.

Key Bank Manager Jon Phelps said the new branch shows the bank’s commitment to the Bainbridge.

“We didn’t want to be one of the banks that pulled up roots and moved off the island,” he said. “We’re here to stay.”

Wintergreen Walk is being constructed in phases, and could eventually offer 60,000 square feet of leasable space for restaurants, retail and medical offices, spread across seven buildings.

Headed by Visconsi Companies, a midwest development firm, the shopping center incited backlash from its inception.

Islanders held protests on street corners, decrying what they saw as unnecessary suburban sprawl. In August 2014 a teenaged protestor climbed 70 feet into a Douglas fir and camped for 40 hours to draw attention to the development plans.

In the end, the trees came down and construction moved ahead. The city issued the first building permits in March.

Watch for a full story in the Monday Kitsap Sun and Nov. 20 Bainbridge Islander.

Larry Steagall photo

Office vacancies lowest in Silverdale, highest in Bremerton

Tad Sooter

Office building vacancies declined over the past year in most of Kitsap County, according to a market report provided by Bradley Scott, Inc. in Bremerton.

Bradley Scott surveyed 294 office buildings totaling 3.78 million square feet to create its February report, one of two studies it compiles each year.

About 14.2 percent of office space in the county was vacant in February, compared to 15 percent in February 2014 (see charts below).

The report noted overall vacancies were up slightly from July of 2014, but the increase was almost entirely due to new construction.

Countywide, vacancy rates have been declining since 2012.

Bainbridge Island saw a 4.43 percent decline it its vacancy rate from February 2014 to February 2015, ending at 9.96 percent. The island remains the county’s most active office market, benefitting from its close proximity to Seattle.

Bremerton boasts the largest inventory of office space in the county and the highest vacancy rate. More than 19 percent of Bremerton office space was vacant in February.

Port Orchard, the county’s smallest office market, saw its vacancy rate decline from 15.54 percent in February 2014 to 12.89 percent in February 2015.

Poulsbo was the only market that experienced an office vacancy increase over the past year. Poulsbo’s vacancy rate jumped from 12.93 percent in February 2014 to 14.69 percent in February 2015. The increase was largely due to one major tenant downsizing, according to the report.

Silverdale, the county’s second largest office market, enjoys the lowest vacancy rate at about 8 percent. Though still lower than a year ago, vacancies in Silverdale actually crept up in the past six months as new space came on the market.

Here’s a graphical look at office vacancy rates around the county:

Kitsap office vacancy rates | Create infographics

Updates on the Poulsbo CVS, Sonic and more

Tad Sooter

A veritable construction boom continues in Poulsbo this fall.

So many commercial and residential projects are taking shape across town that it’s hard to keep track of them all. Luckily the city sent out a progress report last week to bring residents up to speed.

Here’s a rundown of where various high profile projects stand, with some links inserted by me:

CVS pharmacy (Hostmark/Hwy 305)

Onsite site civil work is mostly complete and contractors are concentrating on building construction.

Offsite stormwater system work at Hostmark Street and 6th Avenue is under construction and is expected to be completed in the next two or three weeks. There will be limited traffic interruptions associated with this work.

The CVS and fast food restaurant (yet to be announced) were approved in March. The former Northwest Design Center building was torn down to make way.

Sonic Drive-In (Viking/Hwy 305)

Site work slowed due to changes in the site plan that are being made but not yet approved. Work in the city right-of-way will begin shortly. There will be limited traffic interruptions.

The Sonic was approved this spring. Early reports suggested the much-anticipated restaurant could be open by the end of the year. Early 2015 is looking more likely.

Residential developments

Mountain Aire (Noll Road, pictured above) – Offsite sewer work continues. The sewer is now across Noll Road and is working toward the Mountain Aire project. Onsite mass grading is complete and the stormwater pond is nearly complete.

Sommerset (Viking/Vetter area) – Onsite mass grading is complete. Utilities and stormwater pond are under construction.

Vikings Landing (Viking area) – Approximately 80 percent of sitework is complete. Contractors are spreading rock abd working on winterizing the site.

Olympic Crest (Pugh Road/Applewood area) – Onsite grading is nearing completion and contractors are working on utilities and stormwater pond. There will be limited minor traffic interruptions in the area.

Continue reading →

Port of Bremerton interested in Bay Street property

Tad Sooter

port orchard

Update: The commission approved signing a right of first refusal agreement on the Nordic property Tuesday. Commissioner Larry Stokes abstained, saying he is personal friends with the owner.

The Port of Bremerton is securing the option to buy a chunk of Port Orchard waterfront.

Port commissioners will vote Tuesday on a right of first refusal agreement with Nordic Properties for about 2.5 acres of upland and tideland adjacent to Yachtfish Marine. Nordic Properties President Roger Jensen has already signed the agreement.

The contract would give the port the option to buy the land if it finds a prospective tenant in need of a shoreline site. The Bay Street property is zoned industrial.

“It’s just one of the few properties left where you have access to the waterfront there,” port CEO Jim Rothlin said.

The port has good reason to seek commercial space on the shoreline. Its business properties in the freshly-rebranded Puget Sound Industrial Center are landlocked, which limits their usefulness for some maritime companies.

Other shoreline properties owned by the port are largely devoted to marinas, piers and boat ramps.

The combined assessed value of the seven Nordic parcels (outlined in red in the inset image) is about $200,000 according to county documents.

The port commission meeting begins at 6 p.m. Tuesday at Bremerton National Airport. The agenda packet is posted below: Continue reading →