Heartland provides a full range of real estate advisory services. In some cases, we provide additional capacity to organizations requiring more depth or breadth in real estate. In others, we are a sounding board and advisor for families, companies and agencies seeking to maximize the value of their policies, portfolios or properties. In every instance, we navigate challenges and maximize opportunities through asking questions, testing assumptions and aligning team members toward a shared vision and effective implementation. The hallmarks of a Heartland project are results that speak for themselves, clarity out of confusion, alignment out of conflict and improved economic and environmental outcomes.
Despite the variety of contexts, we are advisors first and support our clients from strategy development to analytics to implementation and long-term stewardship. In all cases, Heartland exists to assist our clients across the private, public and non-profit sectors in achieving their unique goals.
Guided REI’s HQ relocation through the sale of its Kent campus, acquisition and disposition of the Spring District campus, multiple satellite-office leases, and the sale/leaseback of four distribution centers.
Faced with significant growth constraints, REI engaged Heartland in 2015 to evaluate its corporate headquarters in Kent, Washington, and explore relocation alternatives within the Puget Sound region. Heartland worked with the CEO and Senior Management Team to develop criteria against which to test both geographies and specific sites within those geographies. After an exhaustive search process, REI ultimately chose the Spring District in Bellevue, Washington as the preferred location for their corporate headquarters.
REI closed on the property in 2017 and spent the next three years designing, permitting, and constructing an iconic, one-of-a-kind building. As COVID hit in 2020, REI made the difficult decision to sell the almost-completed facility, and again turned to Heartland to conduct a discreet outreach effort to find a buyer who could close quickly for maximum value. This resulted in the sale in September 2020 of the finished buildings to Meta for$365 million and a surplus land parcel to Wright Runstad for $25 million. Heartland also brokered the sale of REI’s 16-acre Kent campus to Bridge Development Partners in December 2020.
Heartland is now serving as a tenant rep for REI in their search for decentralized, satellite office nodes across the region, having negotiated leases for a 70,000 square foot office building in Issaquah and a 30,000 square foot makers space in SODO, along with a 10,000 square foot storage space in Kent.
Advised the City of Seattle on affordable housing redevelopment strategies for the historic 34‑acre Fort Lawton site.
Heartland, as prime consultant, led a multi-disciplinary team that advised Seattle’s Office of Housing regarding redevelopment options for the historic 34-acre Fort Lawton property. The consultant team’s assessment helped inform revisions to the existing Fort Lawton Redevelopment Plan and supported an increase to the production of workforce housing, affordable homeownership opportunities and permanent supportive housing for veterans and seniors who have experienced homelessness.
Partnered with ignite cda to shape and implement the market-based redevelopment of the 70-acre property.
Since 2018, Heartland has been working with the urban renewal agency of Coeur D’Alene, Idaho, ignite cda, to prepare and execute on a market-based redevelopment strategy for the 70-acre Atlas Waterfront neighborhood.
During the early conceptual phases, Heartland completed the initial market assessment and prepared a detailed financial analysis for the project. The financial analysis was performed to ensure that available funds, land sales, and tax increment financing would cover the substantial public infrastructure, amenities, and pre-development costs required for a complex, multi-phase redevelopment.
From project inception, Heartland supported community outreach efforts and engagement with real estate developers while taking a lead role in managing the Request for Proposals (“RFP”), which have provided a framework to evaluate developer proposals, establish a transaction process and deal structure to mitigate risk to the agency, as well as introducing mechanisms to ensure adherence to the development standards, supporting the creation of a new and vibrant waterfront district.
To date, over 50% of the developable land has been sold or put under contract. Heartland is currently collaborating with ignite cda on planning and launching the remaining RFPs for the Atlas Waterfront neighborhood while continuing to work through ongoing negotiations with developers.
Heartland marketed and sold Builders’ Everett, WA and West Valley City , UT lumberyards, driving competitive bidding and maximizing sale proceeds.
Following the success of the Everett sale, Builders asked Heartland to dispose of a lumberyard in West Valley City, UT that was no longer strategically located to serve customer demand. The Property consists of 50,000 SF of office and warehouse on 11.44 acres. Heartland evaluated different alternatives for the property to inform marketing approach, ultimately determining that either Industrial Outdoor Storage (IOS) or an owner-user would pay the most for the property. We then sourced a co-broker licensed in UT, and Heartland and the co-broker listed the Property on multiple commercial exchanges to garner maximum exposure. Our efforts resulted in nine (9) offers to purchase. The Property was sold to the Jordan Valley Water Conservancy District for $11.04 million in March 2025 who plan to use the Property as a maintenance facility. The ultimate transaction price was over 2x that of initial unsolicited offers Builders had received before engaging Heartland.
Supporting Microsoft’s $750M Affordable Housing Initiative by advising on strategy, structuring investments, and underwriting opportunities to create and preserve housing across the Puget Sound.
Heartland is working with Microsoft to implement their $750M Affordable Housing Initiative. The initiative is a multi-year, multipronged effort to create innovative and replicable models to address housing affordability in the Puget Sound region, with a specific emphasis on Eastside markets, and beyond.
Heartland is acting as both a strategic advisor as well as providing implementation support, including, but not limited to developer outreach, capital structuring, and opportunity underwriting and negotiation to facilitate the development and preservation of housing for people experiencing homelessness, low-income households (up to 60% of area median income) , middle-income households (60% to 120% of area median income).
Since inception in 2019, Microsoft’s investments through this initiative have helped create or preserve over 7,900 units throughout the Puget Sound.
Advised the Diocese of Olympia and St. Luke’s Episcopal Church on ground-leases to redevelop a portion of their land to create new housing and a new church facility to serve Seattle’s Ballard neighborhood.
Heartland represented the Diocese of Olympia and St. Luke’s Episcopal Church in the redevelopment of their 55,000 square foot property in the Ballard neighborhood of Seattle. The project will create approximately 300 units of housing in conjunction with a new facility for St. Luke’s. Advising on the financial feasibility of the project, Heartland helped St. Luke’s and the Diocese maximize the creation of onsite affordable family housing for the Ballard community. Heartland’s work included the negotiation of two ground leases which will maintain the Diocese’s ownership interest in the property over time and contribute to lasting financial stability. This became an exemplary project for churches throughout the nation who are seeking to capitalize their real estate assets to benefit their mission and community.
Helped the YMCA of Greater Seattle identify and acquire a site for a new overnight camp, developing creative financing and partnering with local tribes to create a conservation strategy for the property.
Since 2018, Heartland has been supporting the YMCA Seattle on a site search and land acquisition assignment to develop a major new overnight camp to accommodate expanded education programs for children and families in Washington. Heartland started the site search by canvasing every property within a two-hour drive from Seattle, leveraging our geospatial analysis capabilities, deep real estate experience and strategic thinking to quickly narrow down to a handful of properties, finally targeting an inspiring location for a YMCA mountain camp. Working closely with the YMCA’s internal team, legal counsel, architects and engineers, Heartland has helped the YMCA secure the property and managed the due diligence process. Heartland is assisting the YMCA on the financing strategy to create and preserve part of the property as community forest by partnering with local tribes, land trust and philanthropic foundations who has shared mission.
Evaluated and sold a 67K SF surplus Seattle property for The Lighthouse for the Blind to generate proceeds in support of its mission.
The Lighthouse for The Blind, Inc. is a Seattle based not-for-profit social enterprise providing employment, support, and training opportunities for the visually impaired since 1918. Lighthouse engaged Heartland to help them evaluate and sell a surplus property in the north Rainier Valley neighborhood of Seattle. The 67,000 sf Property is almost a full city block zoned C1-40 and is well-positioned for townhomes, multifamily apartments, SEDUS, or mixed-use. Heartland took the property to market in late 2018 and ultimately sold the site in early Q2 2019. Proceeds of this sale will be used to help the organization to better support Lighthouse’s mission in Seattle and beyond.
Advised and brokered Snohomish County’s disposition of the 145-acre Cathcart West land assemblage through a competitive marketing and sale process.
Heartland represented Snohomish County as advisor and broker in the disposition of the Cathcart West land assemblage in southern Snohomish County. Just 15 minutes north of Woodinville, Washington, the sprawling 145-acre property hosts forests, wetlands, hillsides, six different zoning designations and 42 acres prepared to be a landfill. Leveraging the firm’s network and various marketing platforms, Heartland conducted a marketing campaign for the property which led to the successful sale of the property to Pacific Ridge Homes for $40.3M. On behalf of the County, Heartland oversaw the transaction with Pacific Ridge Homes through closing.
Strategies guided by our clients’ vision, values and purpose.
Heartland provides portfolio strategy and asset management services across product types including office, retail, multifamily, industrial, and debt. We approach each of our client relationships with fresh eyes, knowing that vision and strategy is guided by clients’ unique values and goals, and that portfolios perform best when we are fully aligned as managers with our clients’ purpose.
With over 35 years as stewardship-based advisors, we magnify our diverse relationships to create shared value with clients, tenants, contractors, and the communities in which we work. Our practice centers on family enterprises, family offices, and high net worth individuals. Therefore, facilitating conversations around governance, wealth transfer, and intergenerational considerations are part of our holistic approach. We do this with care and deep listening, honoring the value of differing opinions, and curating a communication environment of balance, honesty, and respect.
Guided the development of the 9th & Thomas mixed-use office project in South Lake Union, providing feasibility analysis, deal structuring, capitalization, and ongoing asset management.
Heartland was engaged in 2013 by the Redman Family, a third-generation Seattle family and founder of Sellen Construction, to conduct a highest and best use (“HBU”) analysis, financial feasibility analysis and to create and lead an implementation plan for the development of a long-held family assemblage in the heart of South Lake Union (“SLU”). Heartland led the formation of the development team, financial analysis, deal structuring and capitalization (both debt and equity) and project management for the project and is providing ongoing asset management of the stabilized asset. The 170,000 square foot mixed-use boutique office development was completed in 2018, with Amazon leasing the office space and an eclectic mix of retail tenants leasing space on the ground floor.
Heartland led a debt refinance effort for 9th & Thomas in 2020, successfully navigating volatile capital markets in the midst of the global pandemic. The refinance enabled the project to take advantage of a low interest rate environment and significantly boost project cash flow.
Structured the financial feasibility and joint-venture partnership for Sumitomo Forestry’s first U.S. multifamily development in Issaquah Highlands.
Heartland was engaged in 2015 by Sumitomo Forestry Co. (SFC), a Japanese conglomerate to conduct a financial feasibility analysis and structure a joint venture with a local partner for a multi-family development in the heart of Issaquah Highlands. This is SFC’s first multi-family development project in the United States and has incorporated Japanese-influenced landscaping and interior design elements, as well as environment and sustainability considerations. As part of the implementation, Heartland led the marketing of the investment opportunity, selection of local development partner and deal structuring. SFC and Trammell Crow Residential formed a development joint venture in 2018.
Advised CLR on a portfolio strategy with the aim of supporting program expansion and operational needs, resulting in the 116K SF sale and 40K SF leaseback of its downtown Tacoma office building.
Heartland advised CLR, a Tacoma-based behavioral health non-profit, on its real estate portfolio strategy in support of CLR’s organizational mission and goals. Heartland performed an alternatives analysis to assess options to expand CLR’s inpatient programs for children while optimizing administrative functions over multiple locations. As part of the implementation of the portfolio strategy, Heartland marketed and negotiated the sale of CLR’s 116,000 square foot office building and 230-stall parking garage located in downtown Tacoma. The sale transaction involved the leaseback of over 40,000 square feet for CLR’s administrative and clinical space needs and required a renewal and expansion for another tenant that entailed a 30,000 square foot lease, as well as turnkey tenant improvements to be completed.
Developed a portfolio-wide asset management strategy, leading the disposition of a Bellevue asset, a complex UW public-private partnership, and the ongoing marketing of the Blakeley property for master or ground lease opportunities.
Since 2015, Heartland has served as both a real estate advisor to and licensed broker for the University Book Store in the development and stewardship of an asset management strategy for its portfolio of owned properties. Heartland conducted a programmatic assessment of the Book Store’s retail operations, supply chain, and administrative footprint, and explored value-add repositioning opportunities within the portfolio. Our analysis led to recommendations to (1) close the underperforming Bellevue store, re-lease to new tenant, and sell the property fully occupied, (b) retain the Blakeley Street warehouse and transform into the central distribution hub for the enterprise; and (c) relocate the main store from The Ave to the parking lot, as an embedded program element of a broader redevelopment, monetizing high land values to pay for the cost of construction.
Served as a long-term real estate advisor to the Port of Seattle (and partners), supporting portfolio strategy, stakeholder engagement, and major transactions.
Heartland has been a strategic partner to the Port of Seattle, providing comprehensive real estate strategy solutions focused on redevelopment economics and implementation strategies for properties within the Port’s portfolio. In this role, Heartland has demonstrated a strong ability to strategize, engage stakeholders, perform rigorous financial analysis, and implement effective strategies.
Our collaboration with the Port began with the development of the Real Estate Strategic Plan (“RESP”) in 2016, which we have continued to update and implement. This RESP involved detailed property-specific and portfolio-level financial analyses, testing alternative development scenarios, and identifying practical next steps for execution. We effectively coordinated a multi-disciplinary consultant team and designed a stakeholder outreach process that included internal teams, an external advisory committee, and direct engagement with over 20 cities and King County.
Heartland prepared presentation materials and participated in study sessions with Port Commissioners, ensuring a seamless communication process throughout. Our extensive knowledge of the Port’s assets and objectives has been integral in marketing industrial and maritime ground lease development opportunities, supporting build-to-suit lease negotiations, and providing financial analyses to inform new strategic initiatives.
Our work with the Port also includes the Northwest Seaport Alliance (“NWSA”) Real Estate Strategic Plan, where we collaborated with NWSA, the Ports of Tacoma and Seattle, industry partners, and elected officials to identify major real estate needs and strategies to enhance performance in a competitive market. Additionally, we formulated the SEA Real Estate Strategic Plan in 2024 to address how the Port can leverage its real estate portfolio to manage long-term growth at one of the United States’ most land constrained major airports.
A highlight of our ongoing partnership with the Port is the 2025 $122M acquisition of a three-building, approximately 548,000 SF office portfolio in SeaTac. This acquisition was crucial in providing the operational flexibility needed for the airport’s capacity expansion, underscoring our expertise in high-stakes, complex transactions.
Consolidated Seattle Opera’s multi-location operations into a permanent Seattle Center home and later evaluated and executed the disposition of its Renton scene shop facility.
In 2014, Heartland was engaged by the Seattle Opera to assist with the consolidation of their multi-location operations into a permanent home that would act as a catalyst for several public-private partnerships at the Seattle Center, ultimately driving value and vibrancy to the heart of the arts and entertainment corridor of the City. Heartland assessed the Opera’s owned and leased real estate portfolio through a market, regulatory, physical, financial and legal lens. Heartland then assisted the Opera’s Board and Senior Leadership team with an alternatives analysis to arrive at a strategy that would both satisfy the Opera’s programmatic and operational objectives, but also optimize asset values, direct or indirect financial contributions to the project as well as minimize risk. Heartland, along with the full project team, worked successfully with a broad range of public and private groups to build needed support, including Seattle City Council and King County for financial support. Most recently, Heartland assisted the Opera in monetizing one of its key assets in the Uptown neighborhood in support of the completion of the $60M, 105,000 square-foot Seattle Opera At The Center permanent home.
In 2018, Heartland was engaged by the Seattle Opera to analyze alternatives for their scene shop facility in the City of Renton, following the decision by the Opera that it was not cost effective to continue to staff a dedicated scene shop crew and pay for the upkeep of the facility. Heartland assisted the Opera’s Board and Senior Leadership team with an alternatives analysis to arrive at a strategy that aligned with the Opera’s financial objectives. Following this analysis, the decision was made to sell the facility, and Heartland assisted the Opera in executing this transaction in August, 2019.
Alternatives analysis to right-size Weyerhaeuser’s headquarters footprint needs, brokering a new office lease in downtown Seattle and executing the sale of its Federal Way campus.
Heartland was engaged by Weyerhaeuser Company to evaluate its corporate campus in Federal Way, Washington, and to create and test a variety of alternatives for downsizing the footprint of their corporate headquarters. Upon making the decision that relocating to Seattle was the best option, Weyerhaeuser engaged Heartland in a brokerage capacity to source both on- and off-market opportunities that could accommodate the Company’s 800 FTE capacity requirement. Weyerhaeuser made the decision to lease all the office space at the 200 Occidental building, recognized as a finalist for NAIOP’s 2015 Deal of the Year. Heartland was also retained by Weyerhaeuser to sell the Federal Way campus, undertaking a multi-faceted marketing approach on a local, regional, national, and international level. Our efforts resulted in multiple offers to purchase the Campus, with the property being sold to Industrial Realty Group (IRG) in February 2016.
Developed and implemented a national real estate strategy for Antioch University’s portfolio, including the sale of its 32K SF Denny Triangle campus in Seattle, and lease of new downtown campus.
Heartland worked with Antioch University to develop and implement a real estate strategy for its five-campus portfolio with locations on the West coast, East coast and Midwest. One of its campuses, Antioch University Seattle, was housed in an aging building in the Denny Triangle neighborhood of downtown Seattle. The Heartland team, in collaboration with architecture firm, Gensler conducted a real estate alternatives analysis and ultimately represented Antioch in a globally marketed, competitive sale of the 32,000 square foot property, which unlocked value in support of the University’s broader mission. The sale closed in Fall 2015 and in parallel, Heartland assisted Antioch to identify, select and lease a new campus in downtown Seattle, where classes began in January of 2017.
Served as The Polyclinic’s long-term real estate advisor, supporting acquisitions, rezones, dispositions, and leases to enable expansion across the Seattle market.
As a strategic real estate advisor to The Polyclinic from 2007-2020, Heartland worked closely with the executive team to evaluate and implement their expansion plans throughout the Seattle market. Through this engagement, Heartland integrated the unique operational requirements of medical institutions into its site search and evaluation criteria. The results of these efforts include the following:
Led a strategic alternatives analysis and succession planning process for McLendon Hardware that resulted in the sale of the operating company and disposition of its owned real estate portfolio.
In 2015, Heartland was engaged by McLendon Hardware, a third-generation family-owned Seattle area hardware store chain, to assist them in a strategic alternatives analysis to maximize the value of their operating business and real estate as well as plan for succession. In 2017, Heartland’s work culminated in the sale of the hardware operating company to CNRG, a Memphis-based national hardware store, home center and lumberyard operator, and the disposition of the five-asset owned real estate portfolio to Suntrust with a leaseback to CNRG. As a result, the long treasured brand and company will continue to operate and a successful outcome for the shareholders was achieved.
Provided Navos transaction and owner’s rep support in the sale of a 2.55-acre surplus property in Seattle, delivering a new mixed-use inpatient/outpatient campus in Burien.
Heartland served as advisor, broker and owner’s representative to Navos, a King County-based behavioral health non-profit, in the sale of surplus property and construction of a new mixed-use inpatient and outpatient services campus. Heartland represented Navos in the sale of the approximately 2.55-acre Seattle Children’s Home site in Seattle’s Queen Anne Neighborhood in 2014. The residential property was sold to Toll Brothers for approximately $14 million, and the funds were combined with several other sources of equity and debt to fund the Center of Excellence for Children and Families at the former Ruth Dykeman Center Campus on Lake Burien. Heartland, in concert with Robinson Construction, served as owner’s representative on the projects and was responsible for project oversight and strategy, financial analysis, vendor procurement, project entitlements, negotiating and securing debt, and managing the design and construction process. The approximately $20 million residential, office and clinic development was recognized as NAIOP’s Community Impact Project of the Year in 2015.
Evaluated development options for the Samis Foundation, negotiating a long-term ground lease at Second and University to advance the Foundation’s mission and grow portfolio cash flow.
Heartland has worked with the Samis Foundation to leverage one of its largest assets at Second and University in downtown Seattle to better serve the Foundation’s educational mission for generations to come. Working closely with the Samis staff and board, the Heartland team evaluated numerous development scenarios and deal structures with a focus on mitigating near-term risk and growing long term cash flow. After extensive negotiation, the Samis Foundation executed a 99-year ground lease with Skanska USA, which is constructing the 750,000 square foot 2&U office and retail development on the property. Heartland continues to advise Samis on other assets in its portfolio.
Advised Touchstone Corporation through a recapitalization and succession-planning process that culminated in the firm’s acquisition by URG.
Heartland was engaged in 2012 to assist Touchstone Corporation in a recapitalization effort. Heartland facilitated a strategic process with Touchstone ownership and team to identify and evaluate succession-planning strategies that would enable a long-term sustainable path for the firm as well as provide an appropriate exit strategy for the founding partners. Heartland helped Touchstone prepare to go to market, including underwriting Touchstone’s team and portfolio of six (6) development assets ($1B in total development), defining an appropriate market process that respected the operations of the firm, developing collateral material, collecting and organizing due diligence material, and creating an investor communication and target plan. Heartland managed the recapitalization partner selection process. This transaction culminated in the acquisition of Touchstone by URG and retention of all current Touchstone employees, and earned recognition as NAIOP’s 2015 Deal of the Year.
Heartland provided operational leadership and advisory services to help Port Blakely Communities wind down its development division and realign around timberland ownership and asset management.
In 2009, Port Blakely Companies formed a strategic alliance with Heartland to assist in the realignment of company resources to focus on timberland ownership and asset management. To pursue implementation of this objective, Heartland assumed the daily operations of the company’s development division, Port Blakely Communities, and provided strategic planning, financial analysis, transaction and venture structuring, and negotiations services. Port Blakely Communities substantially completed its remaining development activities and obligations at Issaquah Highlands and closed its office effective December 31, 2013. Heartland will continue to manage any remaining development activities and obligations until they are fully complete.
Advised Joshua Green Corporation on expanding its real estate investment platform and supported the acquisition and $150M merger with Urban Renaissance Group.
Engaged in 2011, Heartland served as an advisor to Joshua Green Corporation (JGC), a large Pacific Northwest-based family office, seeking to restructure and expand its investment in real estate. Heartland evaluated and helped formulate JGC’s long-term sustainable real estate investment plan. As part of the implementation of that plan, Heartland performed valuation, due diligence, negotiation, structuring and advisory services for JGC’s acquisition of the Urban Renaissance Group (URG), a full-service commercial real estate operating company, based in Seattle. The transaction included a $150 million merger of JGC’s real estate equity and additional capital with URG’s proven operating platform in the western US. Heartland provided transaction management support for the acquisition (completed October 2012) and URG now manages a portfolio of over six million square feet of office and retail properties, making URG one of the largest, locally owned real estate firms in the region.
Served as capital advisor to Harbor Properties, evaluating recapitalization options and ultimately facilitating the company’s sale and formation of what became Mack Urban.
Heartland served as capital advisor to Harbor Properties (“Harbor”), facilitating a strategic process with Harbor’s Management and Board to evaluate recapitalization alternatives that would provide existing shareholders with access to liquidity and raise additional growth capital to allow the new entity to grow its brand and platform. Heartland worked with Harbor to prepare to go to market, including underwriting Harbor’s team and organization, defining an appropriate market process, developing collateral material, and collecting and organizing due diligence materials. Heartland created an investor communication and target plan, and managed the capital partner selection process. Ultimately, it was determined that Harbor’s objectives would be best met through an outright sale, so Heartland facilitated the sale of Harbor to a combination of Urban Partners and AREA. The sale in early 2012 culminated in the creation of a combined entity, Harbor Urban, which has now evolved into Mack Urban.
Advised King County on the sale of the 9-acre Convention Place Station property to the Washington State Convention Center, securing $275M for transit plus $9.5M for affordable housing and public art.
Heartland, working collaboratively with Shiels Obletz Johnsen (“SOJ”), advised King County on the sale of the Convention Place Station property to the Washington State Convention Center (“WSCC”). As lead real estate and finance advisor, Heartland conducted real estate market analysis, financial alternatives analysis, and supported real estate negotiations on the nine-acre property in Downtown Seattle. The installment sale will raise $275 million over 30 years for transit, provide $5 million to the county’s affordable housing fund, and $4.5 million for public art.
Analyzed and marketed Port of Tacoma’s 80-acre industrial site and led negotiations for a long-term ground lease that enabled development of a 1.6M SF logistics park.
Heartland, in partnership with WA-REA, was engaged by the Port of Tacoma to analyze and market for lease one of the Puget Sound Region’s most significant industrial land assets. The Port’s objective in this project was to recruit developers and users to this 80-acre site who would be supportive of the Port’s core businesses and who would be able to leverage the Central Puget Sound’s trade-based economic sectors.
The Heartland/WA-REA team used its knowledge of industrial land economics, the land development process and the industrial/logistics market to market the opportunity to position and negotiate a long-term ground lease of this high value Port asset. As a result, the team received multiple, qualified offers. Heartland/WA-REA conducted in-depth financial analyses and compared the economic and non-economic terms of the offers, and communicated findings to Port stakeholders in order to ensure an informed and transparent selection process.
Through this process, the Port of Tacoma selected a developer, and Heartland/WA-REA led the negotiations that culminated in a beneficial, long-term ground lease of this high value Port asset. Following the transaction, the team continued to support an arduous but highly collaborative due diligence process that involved major infrastructure improvement requirements and numerous stakeholder interests, including those from the City of Fife and Puyallup Tribe. Construction of the 1.6 million square foot logistics park was completed in 2018.
Served as the Port of Bellingham’s real estate advisor, running market outreach to attract private investment and select a master developer for the Waterfront District’s initial phase.
Heartland LLC 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. Heartland was engaged to develop and implement a market outreach plan to secure private investment into the District, key to helping transform the Port and City’s redevelopment vision into a reality. With a focus on securing a master developer for the 20-acre initial phase, Heartland engaged in a two-stage marketing process, with the Port ultimately selecting Harcourt Developments from among nine (9) proposals. Heartland then assisted the Port in negotiation of a Master Development Agreement with Harcourt, which was executed March 2015.
Provided feasibility, strategy, and transaction support for Seattle Housing Authority’s redevelopment of Yesler Terrace, including securing grant funding, completing the EIS and approvals, and closing a $20M land sale.
Heartland was engaged by the Seattle Housing Authority (SHA) to provide strategic planning and real estate development feasibility services related to redevelopment of SHA’s Yesler Terrace property. Heartland’s work for SHA on the project included both technical market analysis and financial modeling as well as high-level strategic direction with respect to how to best position the project to support financial and organizational goals. Heartland’s work helped to secure a Choice Neighborhoods grant that was used to fund the first phase of the project, complete an Environmental Impact Statement and secure key regulatory approvals for the project in Fall 2012. Heartland also negotiated the $20 million sale of three blocks of land to Vulcan Real Estate.
Invested in and provided asset management for the recapitalization and expansion of 12th Avenue Marketplace, resulting in the 108K SF Chophouse Row mixed-use project in Seattle’s Pike-Pine Corridor.
Heartland partnered with Liz Dunn to fund the recapitalization and expansion of the 12th Avenue Marketplace Project located within the Pike-Pine Corridor of Capitol Hill. Led by Dunn & Hobbes, this 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. Heartland is providing asset management services through the life of the investment, adding value through our in-depth understanding of local zoning, market dynamics, and project financing. Heartland successfully recapitalized the ~$11.6 million project. In 2015, Chophouse Row was recognized as NAIOP’s Mixed-Use Development of the Year and has been featured as a Case Study for Small-Scale Development by the Urban Land Institute.
Alongside gProjects, capitalized and managed the 339 Development, an 8-unit for-sale townhome community in Seattle’s North Capitol Hill neighborhood.
Heartland collaborated with gProjects on the 339 Development, an 8-unit, new construction, urban for-sale townhome community located in Seattle’s North Capitol Hill neighborhood. The project architect was Workshop AD. Heartland successfully capitalized the ~$4.4 million project. Heartland provided project-level and asset management support, adding value through our in-depth understanding of local zoning, market dynamics, and project financing. The 339 Development was completed in the Spring of 2015 and sales were completed in Summer of 2015.
Acquired and entitled a 12K SF Roosevelt neighborhood site for a 63-unit apartment and retail project, then marketed and sold the opportunity.
Heartland purchased this 12,119 square foot site in the Roosevelt Neighborhood of Seattle, near the University of Washington (UW) and across the street from the Whole Foods anchored Roosevelt Square Center. Heartland oversaw the design, planning, entitlement, marketing and sale processes. Entitlements included successfully obtaining approval of a Master Use Permit, shoring permit and building permits for 63-unit apartments, 4,280 square feet of commercial space and 60 parking stalls. The project was awarded one of the first Multi-family Tax Exemptions from the City of Seattle that provided substantial tax incentives for the project developer.
Worked with Dunn & Hobbes to recapitalize, reposition, and currently providing asset management services for the landmark Baker Linen Building, a mixed-use property in Seattle’s Capitol Hill.
In early 2015, Heartland partnered with Liz Dunn of Dunn & Hobbes on a second investment in the Capitol Hill neighborhood in Seattle. The Baker Linen investment facilitated the recapitalization and repositioning of the iconic, three-story 19,000 square-foot existing building that includes a combination of office space and ground-floor retail. The building sits at the corner of East Pike Street and 11th Avenue, a vibrant pedestrian intersection adjacent to Chophouse Row, the latest addition to Dunn & Hobbes’ 12th Avenue Marketplace development. In April 2015, Heartland successfully recapitalized the ~$5.5 million project. Heartland is providing Asset Management services through the life of the investment.
Assembled, capitalized, and supported gProjects in the delivery of the Malden Development, which renovated an existing single-family home in Seattle to create a 7-unit for-sale rowhouse/townhome community.
Heartland partnered with gProjects to assemble and purchase the land, and capitalize a 7-unit, new construction, urban for-sale rowhouse and townhome community, as well as the renovation of an existing single-family home. The project architect was b9 architects. Led by Graham Black, gProjects has been developing exceptional homes in urban Seattle neighborhoods, focused on niche, infill, sustainably constructed environments for over 10 years. Heartland successfully capitalized the ~$7 million project, and provided project-level and asset management support, adding value through our in-depth understanding of local zoning, market dynamics, and project financing. gProjects’ Malden Development was completed in Spring of 2016 and sales were completed in Summer 2016.
