What Wallace Properties does

Wallace Properties, Inc. is a family-owned commercial real estate firm headquartered in Bellevue, Washington, founded by Robert Wallace in 1977 and currently led by his son Kevin Wallace as CEO. The company operates four integrated service lines across Washington State: brokerage (representing landlords, tenants, buyers, and sellers in office, retail, industrial, and investment transactions), third-party property and asset management (anchored and non-anchored retail, office, industrial, and mixed-use properties statewide), investment services (acquiring and operating commercial properties on behalf of private-equity investors through real-estate partnerships), and development (sustainable, transit-oriented mixed-use projects in Puget Sound urban centers through its wholly-owned subsidiary, Wallace Properties Development Company LLC).

The firm's development arm has produced a recognizable portfolio of mixed-use, LEED-certified projects including Citizen (Capitol Hill, 107 units, 2012), 507 at the Enclave (Northgate, 163 units and 55,000 SF retail, 2009), 525 at the Enclave (Northgate, 265 units and 24,663 SF retail, LEED Silver 2015), The Eddy (Green Lake, 130 units, LEED Silver), Prism (Northgate, 138 units, 2019), The Teel (Green Lake Village, 157 units plus 17,600 SF retail, Green Globes Multifamily, 2024), and the 47+7 building, which deploys the Sustainable Living Innovations patent-pending modular panel construction system. Robert Wallace heads more than 30 affiliated entities extending into Arizona in addition to Washington. The firm's competitive positioning emphasizes four decades of regional relationships, sustainable development practices, and tenure of senior staff including an Executive Vice President of Property Management hired from CBRE in 2023.

Revenue is generated through four complementary mechanics: brokerage commissions on sales and lease transactions; recurring property and asset management fees on a multi-state third-party portfolio (one senior accountant alone manages 40+ properties); investment income and co-investment returns from acquisitions underwritten with private-equity and institutional partners (notably Northwestern Mutual Life Insurance on 507 at the Enclave, financed alongside a Washington Federal loan on Prism); and development fees, construction management fees, and sales of newly developed mixed-use product. Distribution is driven by a relationship-based brokerage and property management team supported by an in-house property search portal on the firm's website, with additional presence on LinkedIn, Facebook, Twitter/X, and YouTube for project marketing.

Name

Wallace Properties

Legal name

Wallace Properties, Inc.

Website

https://wallaceproperties.com

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

51–100 employees

Short description

Wallace Properties is a family-owned commercial real estate firm in Bellevue, WA providing brokerage, property and asset management, investment, and development services for office, retail, industrial, and mixed-use properties across Washington State since 1977.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

NAICS

Offices of Real Estate Agents and Brokers (53121)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Tenant Representation & Corporate Services Brokerage (BPAJABAJ)

akta.pro secondary industries

Investment Sales Brokerage (BPAJABAI), Commercial Real Estate Brokerage (Leasing & Sales) (FSAEAJAB)

Keywords

• Commercial real estate services
• Property management
• Real estate brokerage
• Mixed-use development
• Commercial property investment

Headquarters

HQ city

Bellevue

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Brokerage Services: Commercial real estate brokerage commissions from representing landlords and tenants in sales and lease transactions across Washington State, from Olympia to Bellingham and Seattle to Spokane.
2. Property & Asset Management: Third-party property management services for retail, office, industrial and mixed-use properties. Portfolio includes anchored and non-anchored retail, office buildings, industrial and mixed-use projects throughout Washington state.
3. Development Services: Development affiliate (Wallace Properties Development Company LLC) builds sustainable, transit-oriented mixed-use development projects. Also provides construction management and fee development services for clients, overseeing design, permitting, financing and construction.
4. Investment Services: Acquisition and operation of commercial properties on behalf of private equity investors seeking to build wealth through patient, long term investments. Company forms real estate partnerships to acquire commercial properties throughout the State of Washington.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Wallace Properties is a Western Washington commercial real estate services firm offering four integrated services: commercial brokerage (representing landlords, tenants, buyers, and sellers in office, retail, industrial, and investment property transactions), third-party property and asset management for retail, office, industrial, and mixed-use properties, investment services that acquire and operate commercial properties on behalf of investors, and development services for sustainable, transit-oriented mixed-use projects in Puget Sound urban centers.

Product overview

Wallace Properties operates as a commercial real estate services firm offering four integrated core services: Brokerage (representing landlords and tenants in office, retail, and industrial transactions), Property & Asset Management (managing a portfolio of retail, office, industrial, and mixed-use properties across Washington State), Investment Services (acquiring and operating properties on behalf of private equity investors), and Development Services (building sustainable, transit-oriented mixed-use projects in Puget Sound urban centers). The company's development arm has completed multiple award-winning projects including Citizen (LEED Silver mixed-use in Capitol Hill), 525 and 507 at the Enclave (LEED Silver Northgate developments with 428 apartments and 80,000+ SF retail), The Eddy (Green Lake LEED Silver project), Prism (138-unit Northgate project), 47+7 (innovative sustainable building with patent-pending technology), and The Teel (Green Globes-certified Green Lake project). These development projects are offered as part of the company's full-service commercial real estate platform rather than as standalone software products.

Differentiator

Problem solved

Functional benefit

Products and services

• Brokerage Services Commercial real estate brokerage services covering office, retail, industrial, and investment properties across Washington State, representing landlords, tenants, buyers, and sellers in sales and lease transactions.
• Property & Asset Management Third-party property management and asset services for commercial properties including anchored and non-anchored retail, office buildings, industrial, and mixed-use projects throughout Washington State, with financial reporting, tenant relations, lease administration, and asset value preservation.
• Investment Services Acquisition and operation of commercial properties across Washington State on behalf of private equity investors, forming real estate partnerships and managing assets with tailored strategies focused on long-term wealth building.
• Development Services Sustainable, transit-oriented mixed-use development projects in urban centers throughout the Puget Sound region, including construction management and fee development services for clients, overseeing design, permitting, financing, and construction.
• Citizen Class A mixed-use, transit-oriented apartment and retail project in Seattle's Capitol Hill Pike/Pine Triangle with 107 apartment units and 6,000 SF of retail space. LEED Silver certified.
• 525 at the Enclave Mixed-use building with 265 apartment units, 267 parking stalls, and 24,663 SF of retail space (leased to Total Wine & More). LEED Silver certified (September 2015).
• 507 at the Enclave Mixed-use project completed in 2009 with 55,000 SF of retail space and 163 apartment units over an underground parking garage at Northgate.
• The Eddy Class A mixed-use apartment and retail project in Seattle's Green Lake neighborhood with 130 units and 14,500 SF of retail leased to Bartell Drugs. LEED Silver certified.
• Prism 138 Class A apartment units with 122 parking stalls completed in May 2019 in Northgate, complementing The Enclave properties.
• 47+7 First apartment building constructed with Sustainable Living Innovations patent-pending building technology, using factory-assembled wall and floor panels containing all wiring, plumbing and finishes. Received NAIOP Judges' Award for Innovation of the Year. Expected to use 84% less energy than typical buildings.
• The Teel Class A mixed-use apartment and retail project at Green Lake Village with 157 apartment units and 17,600 SF of retail leased to Swedish Health Services. Designed to Green Globes Multifamily standards.

Quantifiable outcome

• Developed 507 at The Enclave (2009) with 163 apartments and 55,000 SF retail
• +4 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Northwestern Mutual Life Insurance CompanycoreStrategic or Co-development PartnerJoint venture partner with Wallace Properties on the 507 at The Enclave development project. Northwestern Mutual Life Insurance Company provided capital partnership for this significant mixed-use development completed in 2009.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Kidder Mathews: Largest independently owned commercial real estate firm on the West Coast, headquartered in Seattle. Offers brokerage, property management, and investment services across the Pacific Northwest — directly comparable regional full-service CRE platform competing for the same landlord/tenant relationships in Puget Sound.

Broad incumbents

• Eastdil Secured: Premier global commercial real estate investment bank focused on large institutional investment sales, debt placement, and equity placement. Overlaps with Wallace's investment services line at the high end of the market.
• NAI Global: Global network of independently owned commercial real estate brokerage and management firms. Wallace is a NAIOP member (its industry trade association); NAI Global affiliates overlap with Wallace's landlord/tenant representation model.
• Marcus & Millichap: Leading national investment sales brokerage for commercial real estate. Comparable to Wallace's investment sales brokerage line — particularly for multifamily, retail, and mixed-use investment property transactions — though at national scale.
• Newmark Group: Full-service commercial real estate advisory and services firm with capital markets, leasing, and investment sales capabilities. Directly comparable to Wallace in tenant/landlord representation and investment sales in major U.S. metros.
• Cushman & Wakefield: Major global commercial real estate services firm offering brokerage, property management, valuation, and advisory services. Competes with Wallace in Puget Sound office, retail, and industrial leasing and investment sales.
• CBRE Group: World's largest commercial real estate services firm. Directly comparable across brokerage, property management, valuation, and investment lines globally; Wallace hired Spencer Norris directly from CBRE's Amazon account team, evidencing direct competition for institutional property management mandates in Seattle.
• Colliers International: Global commercial real estate services firm with strong presence in the Pacific Northwest. Overlaps with Wallace in office/retail brokerage, property management, and investment services, but operates at substantially larger scale across multiple geographies.
• JLL (Jones Lang LaSalle): Global commercial real estate services and investment management firm competing in brokerage, property management, and capital markets across major U.S. metros including Seattle — overlapping capability set to Wallace's four-line platform at significantly greater scale.

Regional players

• Washington Real Estate Investment Trust (Washington REIT): Publicly-traded REIT focused on office and multifamily properties in the Washington, D.C. metro area. Comparable to Wallace in office/retail/multifamily ownership but operates in a different geography and as a publicly-traded REIT structure vs. private family ownership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/WallaceProp
• YouTubeyoutube.com/user/WallaceProperties
• Facebookfacebook.com/Kevin.Robert.WallaceProperties
• LinkedInlinkedin.com/company/wallace-properties

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wallace Properties