News & Press

Liz Dunn’s newest co-working company will be part of Seattle office development


As part of our series of Heartland Investment Opportunities (HIO), Heartland LLC through its affiliate, HIO 12th Avenue Investors LLC, funded the recapitalization and expansion of Liz Dunn’s 12th Avenue Marketplace Project.  The opportunity combined the recapitalization of approximately 70,000 square feet of existing retail, office and residential space with approximately 38,000 square feet of newly constructed office, ground-floor retail and penthouse residential units.  The development and operations are led by Dunn & Hobbes, a best-in-class local developer with a proven track record of creative, preservation-focused, place-making projects in Seattle’s Capitol Hill neighborhood.    

Source: Puget Sound Business Journal

Bellingham port close to waterfront deal with Irish developer Harcourt


Since 2012, Heartland has served as strategic real estate advisor for the Port of Bellingham’s Waterfront District, a 137-acre former Georgia Pacific pulp mill adjacent to downtown Bellingham.  With the Port and City collaborating on regulatory approvals, infrastructure costs, and environmental cleanup, the stage has been set for creation of an entirely extension of the City.  Heartland was engaged to develop and implement a market outreach plan to secure private investment into the District, key to helping transform the vision a reality.

Heartland engaged in a two-stage marketing process as a way to solicit the broadest possible response from the market.  With a focus on securing a master developer for at least the initial 10.8-acre first phase, we developed an RFI that resulted in responses from eight (8) qualified parties.  The feedback provided in the responses was then used to create a more robust RFP, which resulted in nine (9) proposals; four (4) from Master Developers, three (3) from Granary Developers, and two (2) from niche developers.  Currently we are assisting the Port in vetting these responses with the goal of selecting a preferred developer in early 2014.

Source: Bellingham Herald

Schnitzer West buys land for new office tower in Bellevue


In 2010, Heartland was engaged by Aspen Growth and its lender, Wells Fargo, to develop and implement a disposition strategy for a land asset in downtown Bellevue encumbered with unique development constraints benefitting a Bank of America branch that currently occupies the Site. This engagement involved a comprehensive review of the existing site conditions and due diligence materials, a comprehensive review of all “as vacant” land sale transactions in the Bellevue CBD in the past five years, a comprehensive analysis of the residential and commercial office markets in the Bellevue CBD over the next 10 years, and a detailed feasibility alternatives analysis of six different development scenarios for the site. We then developed an Offering Memorandum and used a high-touch marketing effort to reach out to a target list of qualified developers capable of absorbing the constraints and closing the deal.  Heartland’s actions resulted in the successful sale of the property to Schnitzer West in December 2013.

Source: Daily Journal of Commerce

Polygon has plans for Ravenna block


CHSW is a statewide non-profit organization dedicated to improving the lives of children. Heartland first worked with CHSW in 2008 to evaluate their portfolio of properties, spread across eight (8) geographic locations throughout the state. The primary objective was to inventory the real estate assets held by CHSW and to provide a current valuation of each asset, informed by site context, market forces, site conditions, and development capacity.

Heartland’s updated analysis in 2012 led to the decision to surplus a key land asset in the Ravenna-Bryant neighborhood of Seattle that has been home to CHSW for over 100 years.  Encompassing an entire city block at 3.7 acres, interest in the property was strong and multiple offers were received.  The property was sold to Polygon Northwest in January 2014 with a leaseback provision that allows CHSW to remain on the property as they search for replacement space for their corporate headquarters.  Heartland is assisting the Society in this effort.

Source: Daily Journal of Commerce

New $164M Denny Substation won’t have high rises on top


Heartland assisted Seattle City Light (City Light) in the strategic planning for the acquisition of the North Downtown substation. In addition to identifying candidate properties that optimize operational, economic and community goals, Heartland represented City Light in the negotiation and documentation phases and coordinated with internal and external environmental, legal and finance team members to close the transaction. Heartland continues to represent City Light with its major real estate transactions and long-range portfolio management.

Source: Daily Journal of Commerce