Camano Island
Camano Island, WA · Real Estate
Bellingham Herald
Local broker helps explain why Bellingham restaurants are closing. What to know
A wave of restaurant closures in Bellingham and Whatcom County has prompted a local commercial real estate broker to examine what’s driving the trend. Rising costs, falling foot traffic and shifting local economic conditions are squeezing small-business owners from multiple directions. FULL STORY: Why are so many Bellingham restaurants closing? What one local broker has to say Here are key takeaways: Bellingham lost six restaurants in September while only one new restaurant opened in Whatcom County, according to previous reporting by The Bellingham Herald. Ryan A. Martin, co-owner and broker at Pacific Continental Realty, pointed to declining enrollment at Western Washington University, falling cross-border traffic from Canada and higher downtown office vacancies as pressures making restaurants harder to sustain. Bellingham’s minimum wage rose to $19.13 per hour — $2 above the statewide minimum — adding to financial pressure alongside higher costs for food, fuel, utilities, insurance, property taxes and leases. Downtown Bellingham office vacancies climbed from 4.8% to 8.3% in the third quarter, reducing the number of workers supporting restaurants during lunch and business hours, Martin said. Martin said raising menu prices to offset costs can backfire by reducing visit frequency, and he recommends continued monitoring to determine whether closures
islands.com
425magazine.com
jeffcobeacon.com
thenorthernlight.com
Semiahmoo Resort seeks potential buyer
Semiahmoo Resort could soon see a change in ownership. The resort, listed through Crystal Investment Property, went on the market in mid-October, with call-in offers considered through Oct. 30. Per the listing, ownership is looking to either sell or recapitalize the entire resort, including the spa, golf course and all three on-site dining options: Packers Kitchen + Bar, Great Blue Heron Grill and Seaview Café.
washingtonbeerblog.com
Bellingham Herald
hoodline.com
Martin Selig Restructures Nearly $500M in Seattle Office Debt, Eyes Exit From Receivership
Martin Selig Real Estate has completed loan modifications totaling nearly $500 million across 12 downtown Seattle office buildings, a restructuring that is set to pull nine of those properties out of receivership. The agreements cover roughly 2.2 million square feet of office space, including the company's own Second Avenue headquarters, at a moment when the 89-year-old developer's once-dominant local footprint has been battered by years of rising vacancy and falling revenue.
westseattleblog.com
BIZNOTE: Our area will soon have one laundromat left, with West Seattle Coin Laundry closing
6:35 PM: Bad week for customers of West Seattle cleanliness businesses. Back on Monday, we reported on the shutdown of Car Wash Palace at 35th/Graham; now a closing date is posted for West Seattle Coin Laundry in Admiral Junction. Here’s their sign explaining the plan to close November 15: