Case Study – PayMaster Building
Mission Accomplished: PayMaster Building | Owner-User Sale
OVERVIEW
- 2116 NW Vernon Place, Seattle, WA
- Owner-User Opportunity
- 3,769 SF
- Seller & Buyer Representation
- Sale Price: $2,750,000
“Lee & Associates was exhaustive
in their search for the ideal buyer
and worked diligently to get the
deal closed quickly once all parties
were aligned on the terms””- Brian Regan, Paymaster, LLC
THE CHALLENGE
Seller / Buyer Representation. Our team represented ownership in the sale of the Paymaster Building, a two-story 3,769 SF building with a partially finished detached garage on a 10,046 SF corner lot. The
building was vacant and featured a unique residential buildout on the 2nd floor. Most tenants hadn’t fully returned to the office, debt terms were rapidly deteriorating and the demand for boutique commercial redevelopment sites disappeared. Additionally, one buyer that made an offer had their stock plummet in the process of LOI negotiations, which caused them to drop out.
Our Approach
This was a unique opportunity that we couldn’t simply market to traditional office investors. We cast a wide net reaching out to potential owner-users from many industries; restaurants/breweries, retailers, medical office users, creative firms, etc. We highlighted the strength of the Ballard retail market, the building’s location a block away from the Sunday farmer’s market, and the value in the secure off street
parking. Our seller was willing to market the building for sale or lease, as well as offering to provide financing, which helped build traction with a few prospects. Ultimately the buyer was an out-of-state family that runs a beverage startup. They came into town, toured on a weekend, and closed all cash within two months. At the buyer’s request, we represented them on the transaction as well.
The Outcome
Listed: January 3, 2022 Competing Offers: 2 Sale / One Lease Under Contract: June 12, 2023 Closed: July 6, 2023
For more information regarding this case study, please contact:
STUART WILLIAMS
Principal
D (206) 219.1281
swilliams@lee-associates.com
ALEX MUIR
Senior Vice President
D (206) 219.1283
amuir@lee-associates.com
SCOTTY ROWE
Associate
D (425) 818.2655
srowe@lee-associates.com
MCCALLUM MEAD
Associate
D (425) 818.2656
mmead@lee-associates.com
Lee & Associates
Lee & Associates is the largest broker-owned commercial real estate firm in North America with 1,750+ professionals in 80+ offices across 28 states and 3 provinces. Lee & Associates has been providing seamless, consistent execution and value-driven market-to-market services for our clients since 1979.