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a “Hole” update and other positive tid bits… February 8, 2011

Posted by Erik Swanson in Articles, Blogs, Research/Data, Retail News.
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West Seattle Hole update …one of the creditors of a mixed-use project that included Whole Foods and Joanne Fabrics under a 185 unit apartment complex has filed a court action to prevent the property’s  foreclosure sale…

This latest legal wrinkle could ultimately put the property in the hands of another group that could potentially develop it. But there would be quite a bit of wrangling between here and there.

There are rumors that Trader Joes will be buying or doing a build to suit distribution center in the area. This could be big news for the area’s retail property owners, developers and contractors…

TJ’s purchase of the Summit would signal a major expansion for the California grocer in the Northwest, where it now has 26 stores with one more opening in Spokane and another coming to Salem, Ore. TJ’s pursuit of a build-to-suit would mean happy days for builders in a market that has seen almost no new warehouse construction in the last year.

More good news for retail property owners as upscale Bill the Butcher announced it will soon be expanding its presence in the Puget Sound to 20 stores and then take the show on road…

‘Once we have 20 stores in operation, we believe this will put us in a cash flow positive position and give us momentum for further growth throughout the western United States and beyond, said J’Amy Owens, CEO, in a statement.

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