Starwood Capital Buys $8.8M, 7.7-Acre Property Next to Southport
An affiliate of Starwood Capital Group acquired nearly eight acres in Renton, Washington, and paid $8.8 million, reported the Puget Sound Business Journal. That selling price is $5 million less than what Seco Development paid for the vehicle-storage lot in early 2020.
Seco had filed with the city plans for Southport West, a 1.1-million-square-foot mixed-use office expansion of the 17-acre Southport development on Lake Washington. It’s unclear if Starwood will execute the plans which included a mixed-use office development, but a city spokesperson said there has been no recent land-use permitting activity according to the outlet. Southport features a waterfront office campus and is located on the southern shore of Lake Washington next to the Renton Landing lifestyle center.
The Miami-based Starwood Property Trust, which belongs to the Zacks REIT and Equity Trust industry, recently announced its second-quarter earnings and posted revenues of $515.67 million for the quarter, compared to revenues a year ago of $325.59 million.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.