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Holland pays $24.4M for Boren tower site

As expected, Holland Partner Group has acquired land in the Denny Triangle for its planned residential high rise at 2019 Boren Ave. N.

Holland and Cornish College announced the project last fall. The new tower will go on the northeast corner of the block, where Lenora Street meets Denny Way.

King County recorded the three deals on Thursday. All parties used LLCs.

Cornish sold its parking lot at 2031 Boren to Holland for $8.3 million. Cornish acquired the 7,200-square-foot property in 2008 as part of a larger deal worth $2.6 million.

Bellwether Housing sold its parking lot at 2025 Boren to Holland for $8.3 million. It had owned the 7,200-square-foot property since 1994, when it paid $325,000.

Both deals were worth $1,152 per square foot.

The third lot to the south, at 2019 Boren, was sold by Recovery Cafe to Holland for $7.8 million. It had acquired the property in 2009 as part of a larger deal worth $5.3 million. The latest deal was worth about $1,083 per square foot.

Weber Thompson is designing 2019 Boren, which is projected to have 44 stories, 426 units, 5,200 square feet of ground-floor performance space, 2,300 square feet of classroom space for Cornish, and 53,000 square feet of offices for Cornish and possibly other tenants.

Holland and Weber Thompson are also planning a second high rise on the southwest corner of the same block, at 1000 Virginia St. It will have 46 stories, 435 apartments and underground parking for 285 vehicles. Holland will buy that site from Cornish, and demolish an existing two-story warehouse structure, aka the Centennial Lab, which the college uses for educational purposes. That sale is expected to close next year. The first design review is in September.

By: Brian Miller

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$900M stadium in Tampa will have translucent roof

Check out more images of the proposed stadium at

TAMPA, Fla. — The Tampa Bay Rays on Tuesday unveiled an elaborate plan for a new domed stadium that would take them across Tampa Bay to the Ybor City section of Tampa at a cost of nearly $900 million.

The 30,842-seat stadium would be the smallest in Major League Baseball and would be covered by a fully enclosed and translucent roof, not a retractable dome.

Stuart Sternberg, principal owner of the Rays since 2005, called the plan “a dramatic break from the past” and explained the blueprint as the franchise’s latest attempt to make a long-term commitment to the region.

“That has the best opportunity to happen here in Tampa, at the center of the Tampa Bay region,” Sternberg said. “We believe that baseball cannot only survive but thrive here in Tampa, and Tampa Bay, and all the growth that comes ahead of us.”

The Rays have consistently ranked near the bottom in attendance at Tropicana Field in St. Petersburg, about 20 miles away from the proposed new site. The Ybor City site is bordered by Channelside Drive on the west, 15th Street on the east, 4th Avenue on the north and Adamo Drive on the south.

No plans were revealed about stadium financing. The Rays, now in their 21st season in the American League, made the presentation partly to solicit corporate support.

“The test is when people see this,” explained Matt Silverman, the club’s president. “If people are getting behind this vision for how our ballpark can look and see how it can feed into Ybor City, if we’re on the same page there, we have a better shot at figuring out the plans.”

Melanie Lenz, the Rays’ chief development officer, calculated the “total project cost” as $892,429,823, 30 percent of which applies to the roof.

Sternberg has said he expects to play at Tropicana Field for at least four or five more years, and a best-case scenario for the opening of the new ballpark would be 2023.

“I think you’re looking at a four-to-five-year buildup, 36 months on the construction side,” Tampa mayor Bob Buckhorn said. “Will we live or die based on whether we have this stadium? No. We’re going to be fine with or without it, but I would love to have it.”

Associated Press

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Trupanion to pay $65M for its Georgetown HQ

Pet insurer Trupanion announced that it will sell $60 million in stock to acquire its headquarters building in Georgetown from current landlord Benaroya Co.

The deal is expected to close in August. The company said about 1.8 million shares will be sold, priced at $33 per share.

Proceeds will be used to buy the Benaroya 6100 building at 6100 Fourth Ave. S.

The building has five stories and 227,200 square feet. It was developed in 1975 as a speculative office project by Benaroya, on a little over 2 acres. Benaroya converted it to a warehouse mart and sold it in 1984, then bought it back in 2005 for $26.3 million. After that, the space went back to offices.

Trupanion signed a 10-year lease in 2016, and now occupies about 108,000 square feet. It moved from smaller offices in Ballard. Other tenants include Sur la Table and Aerotec.

Trupanion says it doesn’t plan to rename the building.

The company was founded in 2000 by current CEO Darryl Rawlings, and relocated from Vancouver, B.C. to Seattle in 2007. Howard Schultz’s venture capital firm, Maveron, was an early investor.

The company went public in 2014, and now has about 500 employees. Its current market capitalization is about $1.2 billion.

By: Brian Miller

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Motif hotel sells for $132M

An entity associated with Junson Capital of Hong Kong bought the Motif Seattle hotel, at 1415 Fifth Ave., for $132 million, according to King County records.

The seller was an LLC related to Cornerstone Real Estate Advisors, which acquired the property in 2014 for $127 million. Cornerstone is a subsidiary of MassMutual Financial Group.

The 19-story building was constructed as an office tower in 1973. It was later converted to a Red Lion Hotel. It has 319 rooms and 10 suites. Prior to the 2014 sale, it received a $25 million renovation by Destination Hotels & Resorts, a subsidiary of Los Angeles-based Lowe Enterprises Investors. It then became the Motif in 2014, when Cornerstone assumed ownership.

The 29,640-square-foot property extends through the block bounded by Fourth and Fifth avenues and Union and Pike Streets. It has underground parking for 127 vehicles. Elephant & Castle operates in the partly below-grade restaurant space facing Fifth.


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Port of Seattle to pay $15.7 million to buy another marina in the Puget Sound region

The Port of Seattle is spending $15.7 million to add another marina to its property holdings in the Puget Sound region.

The port says it is buying Salmon Bay Marina to protect maritime industrial land in the region and support the redevelopment of its own adjacent Fishermen’s Terminal complex, which also includes a marina.

The port describes the acquisition as “a generational opportunity.” The purchase comes with rights for the port to immediately build a new 60,000-square-foot light industrial building on the site.

The Salmon Bay Marina is a five-acre property located on the Lake Washington Ship Canal and it sits directly beside the port-owned Fishermen’s Terminal complex at the southwest end of the Ballard bridge.

Port commissioners approved the purchase at a meeting this month, but the deal won’t close until some time in 2018, port spokesman Peter McGrawsaid.

The sellers are members of Seattle’s Draper family, who own it through Draper Machine Works.

Early pioneers in the Northwest, the Drapers purchased the Salmon Bay property in 1945 and developed it into Salmon Bay Marina, opening in 1961.

A broker representing Draper Machine Works originally contacted the port in March 2016, offering to sell for $18.4 million. The port appraised the property at $17.1 million.

However, about $1.2 million was deducted from the final price to cover estimated costs for the port to clean up contamination on the property, a port staff report said.

Four generations of Drapers have served as stewards of the marina, the port said in a news release, adding the family is happy its maritime heritage will continue.

By: By   –  Staff Writer, Puget Sound Business Journal

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Mercer Island store sold for $8.6M

MERCER ISLAND — The New Seasons grocery store property at 2755 77th Ave. S.E. has sold for $8.6 million, according to King County, which recorded the sale in late October.

The sellers were Fab Five LLC and a family trust, which had owned the property for several decades.

The buyer was Graham RE1 LLC, which is associated with Mercer Island investor Justin Graham.

The store was developed in 1977 on 2.7 acres, and has about 37,000 square feet, plus a large parking lot. It was remodeled last year, after New Seasons acquired the ground lease and store—but not the land—from Albertsons. It was during that same period in 2015 when Albertsons and Safeway merged, and Haggen took over several locations from the combined grocery chain.

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Legacy sells Hadley on Mercer Island to California firm SyRES for $95.7M

The new Hadley Apartments, at 2601 76th Ave. S.E. on Mercer Island, have sold for $95.7 million, according to King County records.

The seller was Legacy Partners, which paid $8.6 million in 2014 for a ground lease on the almost 1.9-acre site.

Legacy’s equity partner on the project was Resmark Apartment Living.

The buyer was SyRES Properties of San Rafael, California. Both parties used LLCs in the transaction.

Corey Marx and David Young of Jones Lang LaSalle brokered the deal, which Legacy confirmed in a press release.

Legacy will continue to manage the apartments, which it says are 90 percent leased.

The sale was only for the 160,000-square-foot building, and not the land, which is leased from Keeler Investments of Mercer Island. That lease runs through 2086, with a 15-year option to extend.

Located in downtown Mercer Island, the Hadley was designed by VIA Architecture and built by Chinn Construction.

The six-story building has 209 luxury units, ranging from studios to two-bedroom apartments.

When it opened last fall, Legacy said that rents would range from $1,004 to $2,500. Amenities include a theater room, charging stations for electric vehicles, bike room, roof deck and barbecue area, conference room and fitness center.

There are 227 parking spaces at and below grade. Retail tenants in the 9,200 square feet of commercial space include Freshy’s Local Market, Mioposto Pizzeria and Orange Theory Fitness.

The site was previously home to the Islander Restaurant and True Value Hardware.

In a statement, Legacy’s Kerry Nicholson said, “The very strong interest in the property, which is situated on a ground lease, represents the high quality of the asset and the fact that the island’s extremely high barriers to entry result in no other projects coming up behind us — a rarity in any submarket.”

The Hadley is in an area that the city has targeted for more density and mixed-use development, close to the Island Crest Way exit from Interstate 90. It’s a 10-minute walk to the Park & Ride, and the site of the light-rail station scheduled to open in 2023.

The complex was named for Homer Hadley (1885-1967), who first proposed the idea of a floating bridge across Lake Washington in 1921.

The Lacey V. Murrow Memorial Bridge was finally built in 1940, connecting Mercer Island and Bellevue to Seattle. It was the first floating bridge in the world, and used Hadley’s signature concrete pontoons. The structure has since been rebuilt, after the 1990 storm that sank some sections of the bridge.

A second companion bridge was added in 1989. That north span is officially called the Homer M. Hadley Memorial Bridge. Construction is now underway there to add flexing tracks for the world’s first light rail line to run on a floating bridge.

The recently founded SyRES Properties is a real estate arm of privately held Syufy Enterprises, an entity of the Syufy family. Beginning in the 1940s, that family expanded its Century Theatres chain into retail development, golf courses and other businesses. The family sold the theaters to Cinemark in 2006 for an undisclosed amount.

The SyRES website says it now has 500 units under ownership, and over 1,000 units in various stages of development in California, Oregon and Washington. The Hadley is the firm’s first local investment.

Legacy is based in the Bay Area, and has over 2,000 units under management locally. It most recently completed the 278-unit Bowman, in Wallingford, which is 95 percent leased.

Nationally, Legacy manages a $2 billion portfolio with over 60 multifamily communities and more than 14,000 units.

By: Brian Miller


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Local group pays $15.85M for part of the Seaboard Building

Photo by Brian Miller [enlarge]

The sale does not affect 24 residential condos on floors seven through 11.

Local firm Trinity Real Estate announced that it and an unnamed local partner have acquired the lower six floors and basement of the landmarked Seaboard Building, at 1500 Fourth Ave., on the southwest corner of Fourth and Pike Street.

The price was $15.85 million.

The sale does not affect the residential portion of the building, which has 24 condominium units on floors seven through 11.

The seller was Matt Griffin’s Pine Street Associates II LLC, which bought and redeveloped the building almost 20 years ago. The buyer was Seattle 1500 Fourth LLC, which is associated with Trinity Real Estate and Keeler Investments of Mercer Island.

The sale was recorded by King County in July, during a period when the transition to new software made public records inaccessible.

The trapezoidal Seaboard Building was built in 1910, and shares the block with Westlake Park. It was designated a city landmark in 1989.

The building sits on 10,120 square feet of land.

Floors two through six are each about 9,500 square feet. Current tenants include the outdoor retailer Arc’teryx, Bank of America, BlackWing Creative, Collabera, Pine Street Group and several law firms.

The Seaboard Building was originally called the Northern Bank and Trust Building. That bank failed in 1919, and Seaboard Bank took over the building in 1922. It was later used for Nordstrom’s corporate offices.

Griffin and partners acquired the structure in 1996 as part of a larger deal worth $400 million, which involved three blocks including the then-vacant Frederick & Nelson building (which Nordstrom took over), the old Nordstrom store and the future Pacific Place. PSBJ reports that Griffin’s partners in that overall project included Jeff Rhodes; the Behnke and Howard S. Wright families; John McCaw; and Howard Schultz.

Pine Street renovated the Seaboard Building, and added new residential and office space. NBBJ was the architect, and Lease Crutcher Lewis was the general contractor.

Griffin bought one of the penthouse units following the renovation.

The building was also declared a National Historic Landmark after it opened in 2001.

Trinity Real Estate is led by Richard Leider and Pete Stone. In a statement, Stone said, “The Seaboard Building is an iconic property in a terrific location. The fundamentals of the Seattle real estate market continue to be excellent, particularly in core urban neighborhoods, which we believe will position the property to perform well over time and meet our partner’s long-term investment objectives.”

Trinity Real Estate is privately held, and says it has $300 million in assets under management.

Pinnacle will manage the commercial space at the Seaboard Building, and Broderick Group will be the leasing agent for the approximately 58,000 square feet of retail and commercial space.

The Keeler family started Overall Laundry Services in the 1920s in Everett, and sold it to Aramark in 2006 for $80 million. In May, a Keeler LLC bought the Elliott Bay Book Co. building on Capitol Hill for $14 million.

By: Brian Miller

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Yarrow Bay Marina sells for $10.8M

KIRKLAND — The Yarrow Bay Marina, at 5207 Lake Washington Blvd. N.E., has sold for $10.8 million, according to King County records. The seller was Yarrow Bay Yacht Basin and Marina LLC, which has owned the property for decades. The business was founded in 1967.

The buyer was FAE Holdings 481843R LLC, a title exchange agent in Salt Lake City.

The four-acre property was redeveloped in 2008 to add a new 5,850-square-foot office/industrial building. It has 128 boat slips (45 covered), fuel dock and marine-repair business. The property has 225 feet of lineal waterfront. The marina is immediately south of Carillon Point.

The sale comes with a covenant with the state for environmental remediation. That agreement was signed last fall.