12.01.2015
Wallace Properties Welcomes Erik Peterson and Stefan Ricci
Bellevue, WA (December 1, 2015) – Erik Peterson has joined Wallace Properties as an Associate Vice President, where he will focus on Multi Family/Mixed Use and Investment properties. Joining him is Stefan Ricci who will work alongside Erik as an Associate. 

Erik brings with him eight years of commercial real estate experience. Prior to becoming a broker, he earned his MBA at London Business School and then spent time in real estate development in the UK as well as Dubai. 

Founded more than 35 years ago, Wallace Properties is a full service commercial real estate firm offering brokerage, investment, development, and property and asset management services to its clients. For additional company information please visit: www.wallaceproperties.com.

11.25.2015
Northgate complex wins LEED silver - Daily Journal of Commerce
Daily Journal of Commerce

November 24, 2015

Northgate complex wins LEED silver

By JOURNAL STAFF
Wallace Properties got LEED silver certification for 525 at the Enclave.The complex is a 266-unit, mixed-use apartment and retail building at 525 N.E. Northgate Way, about half a mile from Sound Transit's future light rail station.Wallace Properties' 507 at the Enclave was finished in 2009. Together, the Enclave buildings have 428 apartments and over 80,000 square feet of retail anchored by 24 Hour Fitness and Total Wine.525 at the Enclave has electric-vehicle charging stations, LED lighting and a green roof. The design team relied on extensive energy modeling.This is the third LEED silver certification for a Wallace Properties' project. The company is building a new mixed-use complex in Green Lake that is targeting LEED silver.The architect was Baylis Architects and the contractor was Rafn. The engineer was Coughlin Porter Lundeen.Rafn saved time on construction by setting up a panel factory on an adjacent parking lot to prebuild wood walls for the complex. Crews made about 2,600 panels for the building.

View Original DJC Article

11.18.2015
‘525 At The Enclave’ Awarded LEED® Silver
Bellevue, Washington - October 30, 2015 – Wallace Properties has been awarded LEED® Silver certification for 525 at the Enclave. 525 at the Enclave is a mixed use apartment and retail building in the Northgate Urban Center of Seattle, less than ½ mile from Sound Transit’s Northgate light rail station. The Project is the sister to 507 at the Enclave, which was completed in 2009. Together, the Enclave buildings contain 428 apartments and over 80,000 square feet of retail anchored by 24 Hour Fitness and Total Wine.

525 at the Enclave achieved LEED Silver certification for implementing practical and measurable strategies and solutions aimed at achieving high performance in sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. Some examples of this are electric vehicle charging stations, LED lighting throughout, a green roof and extensive energy modeling and built using innovative construction techniques.

LEED is the foremost program for the design, construction and operation of green buildings. More than 72,000 commercial projects are currently participating in LEED, comprising more than 13.8 billion total commercial square feet in all 50 states and more than 150 countries. “We spend 90 percent of our time indoors, so where we live greatly impacts our health and well-being,” said Rick Fedrizzi, CEO & founding chair, USGBC. “By achieving LEED certification, 525 at the Enclave has become a place that residents will truly love to call home, not only because it’s energy and water efficient, but because it’s designed with the health of its inhabitants in mind.”

This is the 3rd LEED Silver certification for a Wallace Properties development project, and the Company is currently constructing a new mixed-use building in Green Lake that is targeting LEED Silver. Wallace Properties Development Company builds sustainable mixed-use, transit-oriented development projects in the Puget Sound region. Wallace Properties is a full service commercial real estate firm that has been doing business in Seattle since 1977. The LEED rating system, developed by the U.S. Green Building Council (USGBC), is the foremost program for buildings, homes and communities that are designed, constructed, maintained and operated for improved environmental and human health performance.

04.23.2015
Monica Wallace Awarded 2014 Commercial Realtor of the Year!
Wallace Properties, Inc. is happy to announce that Monica Wallace was awarded the 2014 Commercial REALTOR® of the Year award given by Washington Association of Realtors.  For over 15 years, Monica has practiced commercial real estate brokerage with a focus on retail leasing and sales in the Seattle and Eastside markets.  She was President of Washington State Commercial Association of Realtors (WSCAR) in 2013, is a current board member of WSCAR and serves as the Commercial Real Estate Representative on the Executive Committee for the Washington Association of Realtors.  Monica is actively involved in many other real estate and community organizations in the region.

03.13.2015
Projects keep popping up in Bellevue, suggesting this boom has a ways to go
March 13, 2015

Projects keep popping up in Bellevue, suggesting this boom has a ways to go

• Even if you exclude Kemper's projects and the Spring District, there still are two dozen projects planned or under construction.

By NAT LEVY
Journal Staff Reporter

While cranes have dotted the sky in downtown Bellevue for the last few years, another boom is in full swing.Kemper Development Co. has been a major catalyst for Bellevue's growth over many decades and the firm is leading the way yet again with two mega expansions at Bellevue Square and Lincoln Square.

But this boom isn't all about Kemper.Monica Wallace of Wallace Properties told the crowd at a Commercial Real Estate Women Seattle & Sound event Thursday there is depth to this development cycle.

Even if you exclude Kemper's projects and plans for the Spring District in the Bel-Red corridor, there still are at least 26 projects planned or under construction, she said, with 1,970 housing units, 2.3 million square feet of office space, 610 hotel rooms and 125,000 square feet of retail.

Those numbers, Wallace said, may not tell the whole story because new projects are popping up all the time. “Bellevue's skyline is changing monthly,” she said.

Main Street on the south side of downtown has been a focus for residential development. Nearly 2,000 housing units are planned in downtown, and 1,100 of them are along Main. They will be accompanied by 74,000 square feet of retail.People who live on Main may soon be getting a big new park. Bellevue Mayor Claudia Balducci spoke at the event and said the city has included funding in the latest budget for a long-planned expansion of the park along Meydenbauer Bay.

The city is trying to beef up its parks to accommodate all the new development.

“One the thing the city can do to make people want to come here is to provide the kinds of amenities and services that make it an attractive place,” Balducci said.

The city may also make some zoning changes.

The current “wedding cake” plan — with the tallest buildings in the center surrounded by shorter buildings on the edges of downtown — has been around since the 1980s. The Downtown Livability Initiative is looking at zoning and land use tools that could improve downtown for both workers and residents.

The city also may try to overhaul incentive programs that give developers extra height or density for building open space or refurbishing sidewalks.

Balducci said the system could work better. She would like to see the city use incentives to encourage the construction of an “iconic tower” that is taller and distinctive to enhance the skyline. Retail has played an important role in downtown Bellevue's growth. Wallace said the retail vacancy — excluding Bellevue Square and The Bravern — is 1.6 percent out of more than 1.5 million square feet of space.

Wallace said Bellevue is a destination for retailers large and small, national and local, and she expects some big retail announcements in a few months, though she wouldn't reveal any details.

“Every national tenant is knocking on our door daily,” Wallace said, “but there is nowhere for them to go.”

Source: Seattle Daily Journal of Commerce

525 at the Enclave entrance

12.27.2014
Wallace Properties Opens 525 at the Enclave
BELLEVUE (December 27, 2014) –Wallace Properties received final certificate of occupancy for its newest apartment community, 525 At the Enclave. Located in the Northgate Urban Center at 525 NE Northgate Way, it is the sister project to 507 At the Enclave, completed by Wallace Properties in 2009. Together the buildings contain 428 Class A apartment units, located just a short walk to the Northgate Transit Center and future light rail station. The 80,000 square feet of ground floor retail in the buildings is fully leased, anchored by Total Wine and 24 Hour Fitness, and includes neighborhood retailers Jimmy Johns, Sprint, Masala Cuisine of India and Supercuts.

The buildings include a wide variety of unit types, from studio to two bedroom. Designed by Baylis Architect and built by Rafn Company, 525 has a contemporary design that responds to the Northgate community, and is built with durable, sustainable materials intended to last for generations. Over 100 homes at the Enclave are leased at below market, affordable rent as part of the City of Seattle’s Multi-Family Tax Exemption program.

525 At the Enclave is expecting a LEED Silver rating from the US Green Building Council -- Wallace’s third LEED Silver building. Each unit includes large windows, low-VOC sealants, stainless kitchen appliances, and a full-sized washer and dryer. Bike racks and EV car charging stations are installed in the parking garage to encourage eco-friendly transportation. 525 also offers an expansive amenity package, including guest suite, resident lounge, fitness center, movie theater, video game room, card game room, conference center and more.

525 At the Enclave is Wallace’s third joint venture with Northwestern Mutual Life Insurance Company. Together these joint ventures have invested $150 million in Seattle’s Urban Centers over the last seven years. Other team members include Coughlin Porter Lundeen, Structural & Civil Engineering; Pinnacle, Residential Property Management; Brumbaugh, Landscape Architecture; Lair Design, Interior Design.

525 at The Enclave

10.03.2014
525 at The Enclave
525 at The Enclave... Almost done! Signs are up and we're getting ready for move-in!

47+7 view from the top floor!

09.05.2014
Our exciting new venture in modular construction!
This is an exciting new venture for Kevin Wallace and Wallace Properties Development Company in modular construction at our 47+7 project! A New Way of Building. A New Way of Living.

Totem Place

08.15.2014
Showroom Relocation for United Wholesale Supply
KIRKLAND, WA. - Kathleen (KT) Taylor with Wallace Properties worked with Rob Chadek from Western Realty Advisors to have United Wholesale Supply move their showroom from Bellevue to Kirkland. The new showroom is approximately 3,450 SF located at 12703 NE 124th St in Kirkland's Totem Place.

One Bellevue Center

08.14.2014
Uber Entertainment, Inc. moves to One Bellevue Center
BELLEVUE, WA. - Uber Entertainment, Inc., an American video game developer based in Kirkland, Washington, will be moving to One Bellevue Center in Bellevue CBD. Ann Bishop and Brandon Burrowes with Wallace Properties negotiated the deal with Danny Jackson and Conan Lee at JLL. Uber Entertainment, Inc. will be moving into the 21st Floor space located at 411 108th Ave NE.

Rendering of Green Lake Village II

08.08.2014
More apartments near Green Lake
SEATTLE, WA - Green Lake Village, the new mixed-use complex near Green Lake, may soon have company on the 3-acre former Vitamilk Dairy site.

A Seattle design-review board will get a look at plans for a 140-unit apartment project at 419 N.E. 71st St. at 6:30 p.m. Aug. 18 at University Heights Community Center.

The proposal also includes 14,000 square feet of retail and two levels of underground parking for 104 vehicles.

Several commercial buildings would be demolished.

The site is owned by Vitamilk South LLC and Wallace Properties is the developer. The architect is Baylis Architects and Brumbaugh & Associates is the landscape architect.

The six-story development is a block east of Green Lake Park and across the street from Green Lake Village, which houses a PCC Natural Markets store and 297 apartments.

Vitamilk operated a dairy processing and distribution facility on the site from the 1940s until 2003.

The retail entrance to the new building would be mid-block on Northeast 71st Street. The residential lobby would be to the east, on the corner of 71st and Fifth Avenue Northeast.

Design documents filed with the city also show a landscaped rooftop and a 3,000-square-foot deck.

The family owners of the site are using a different development team from the group that built Green Lake Village. That team included Hewitt architects, W.G. Clark Construction Co. and Lorig Associates, which was the developer.

Photo by Sky-Pix Aerial Photography

04.02.2014
Rafn sets up on-site panel factory for new apartments in Northgate
Building on tight sites is pretty much a given these days, but what if you have a little extra room?

The Rafn Co. took advantage of that luxury on an apartment project it's building in Northgate for Wallace Properties. Rafn set up a panel factory on an adjacent parking lot to prebuild wood walls for the complex.

Rafn senior superintendent Phil Wheeler said they rented part of the parking lot for the factory. Crews made about 2,600 panels for the five-story building called Enclave at 525.

The site is at 525 N.E. Northgate Way, near Fifth Avenue Northeast.

“When you prefab walls, they take up a lot of room, but we had the room,” he said.

Wheeler said the move isn't likely to save money, but it is expected to shave 12 weeks off the schedule, and let crews start framing the roof a month early. It also allowed crews to start building walls two months before concrete work was finished on the parking garage.

A few years ago, Rafn used an off-site factory in La Connor to prefab walls for a project, but Wheeler said it cost more money to have panels trucked to the job site.

At Northgate, the panels traveled just 300 feet on forklifts and were lifted into place with a crane.

Wheeler said the team used a numbering system and a CADD program to keep track of the panels. Workers built the walls, labeled them, and banded them together into a package for a specific unit. Once a package was lifted, crews unbanded it and nailed the walls into place.

Another benefit was the quality of the walls was substantially better than those built in the traditional fashion, Wheeler said. “It's a lot easier to see what you are doing. You don't have to bend over.”

There also were safety benefits: fewer back injuries, easier aim for the nail guns, and workers could use radial chop saws instead of hand-held circular saws.

Wheeler said it was easier to keep tabs on workers in the factory rather than having them scattered all over a jobsite. Workers built no more than three walls at a time.

Another plus: panelization in a factory can continue even if other trades lag or are delayed by weather.

The prefab plant was run by Rafn and its subcontractor Hallmark Construction.

Wheeler said about 95 percent of the panels for this project were built in the factory. The rest were unique and had to be custom built on-site.

When asked if he has seen a panel factory on a jobsite, Wheeler said, “I'm sure it's been done, (but) I don't know of anyone that has. It can easily be done if you have enough room.”

Wheeler said Rafn crunches numbers on every job and will consider using an on-site panel factory again.

Wallace recently signed Total Wine & More to take all the ground floor retail: 24,500 square feet. Total Wine is expected to benefit from the accelerated construction schedule.

“The goal is to get them open before the holiday season at Northgate Mall,” Wheeler said. The original plan was to open the retail in December.

The project is past the 60 percent completion mark, and apartments are expected to open in early October.