Our Approach

We first put together 5-year leases that included demolition clauses with the popular basement bar – Screwdriver Bar/ Belltown Yacht Club – and replaced the struggling 1st floor restaurant with a growing pop-up restaurant – Vindicktive Wings – looking to open their first brick-and-mortar location. Additionally, we helped the landlord execute short-term leases for a small office tenant, as well as the property manager, who would live on-site. Demolition clauses and shortterm leases would allow an investor to collect solid interim income, with the flexibility to execute on their value-add plan in a timely manner. Our marketing targeted local and regional investors that would consider office renovation, retail renovation, or a conversion to either multifamily or hotel. We figured the buyer would likely be a HNWI that would view it as a long-term passion project. In addition to our typical marketing campaign, we utilized an online auction to build interest and received multiple offers. While a sale did not occur directly through the auction platform, we went under contract shortly thereafter with one of the bidders, who is a local owner and loved the long-term prospects of the Barnes Building. Due to the age and condition of the building, the due diligence process was complex, but the sale closed 90 days later.