November 09, 2021 (SEATTLE, WA) – The Puget Sound-area industrial vacancy rate fell to 4.6% in the third quarter from 5.4% a year ago, according to a report by Lee & Associates. That is still higher than the national average, the report said, but a sign of strength for the local market due to “massive output” from developers, with nearly 10.2 million square feet under construction in Q3. That’s more than double the space that was…
Seattle’s Fremont Court Asset Hits the Market with $18MM Pricing
October 26, 2021 (SEATTLE, WA) – Seattle-based developer Brian Regan has placed on the market for sale the mixed-use project known as Fremont Court in the Fremont neighborhood of Seattle. This is the first time in 22 years that the property is offered to the market. The asking price on the sale of the property is $18 million, according to sources aware that the property is up for sale. The current owner of the complex…
LYNNWOOD TOD SITE SOLD TO MULTIFAMILY DEVELOPER
October 25, 2021 (SEATTLE, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the 1.11-acre disposition of a former restaurant location in Lynnwood to Koz Development, on behalf of their client DRK MC2 LLC. The 4301 Alderwood site, located just a short walk from the planned Lynnwood City Center Station, transacted at $5,500,000. Formerly occupied by Buca di Beppo, the site is zoned City Center – Core (CC-C), which allows…
Case Study – Wallingford Part Apartments
Key Deal Points 3801 Wallingford Ave N, Seattle 7 Units 3 Non-Contingent Offers Sold at $30K Over List All Cash Buyer, Non-Contingent Offer On Market to Closed in 47 Days After a second successful apartment building sale, we continue to be pleased with the Lee & Associate’s team of Candice, Daniel and Dea. They lead us through the financial analysis, marketing, and escrow phases of the sale. We received several quality offers. They helped us…
Case Study – Hawthorn Hills 8 Unit
Key Deal Points 3912 Linden Ave N, Seattle 6 units Sale Price: $1,800,000 Non-Contingent Offer Closed in 50 days as part of a 1031 exchange. For more information regarding this case study, please contact: Candice Chevaillier, CCIM Principal D (206) 773-2694 [email protected] Daniel Lim Vice President D (206) 773-2692 [email protected] Dea Sumantri Associate Vice President D (206) 773-2680 [email protected] Chris Larsen Associate D (206) 773-2695 [email protected] Challenge A successful local townhome developer…
Case Study – Masin Block
OVERVIEW MASIN BLOCK | 220-240 2nd Ave S 220-240 2nd Ave S, Seattle, WA Value-Add Office 80,160 SF Seller Representation Sale Price: $24,100,000 THE OUTCOME Listed: January 25, 2021 Competing Offers: 4 Offers Under Contract: May 15, 2021 Closed: July 27, 2021 THE CHALLENGE Our team represented ownership when they bought both the Pacific Commercial and Masin Buildings from two different groups. Dueto a change in strategy, ownership decided to sell the combined buildings….
Case Study – Elliott View Apartments 8 Units
Key Deal Points 909 4th Ave N, Seattle – Elliott View 8 Units Competitive offer scenario in an uncertain market Sale Price: $2,400,000 Cap Rate: 4.05% / Price per SQFT: $492 “I selected the Lee & Associates Multifamily Team knowing their strong experience with Queen Anne sales, and also Candice’s hard work with the RHA owner’s organization. The team handled marketing in the time of COVID was handled with sensitivity and patience. Daniel’s weekly marketing…
Case Study – 1938 11th Avenue W | 7 Units
Key Deal Points 1938 11th Avenue W, Seattle, WA Classic 7 unit with sweeping views Competitive multiple offer situation Negotiated pricing $200K under List Current cap rate was over 5% Mutual acceptance to close in 47 days The Lee & Associates team led by Candice Chevaillier assisted us to a great extent in achieving our investment goal with this purchase. Their attention to detail and ability to discern our needs was remarkable. We have…
Prime downtown corner back on market, but now with landmarking restrictions
June 22, 2021 (SEATTLE, WA) – Most call it the Bergman Luggage building, though that business closed during the pandemic. The landmarked two-story building at 1901 3rd Ave., on the corner of Stewart Street, had been poised for sale back in 2018. At the time, Continental Properties had an agreement to buy the property from longtime owner Brooke Barnes. Continental and architect Perkins&Will did file an early 43-story apartment plan, but it never entered design review….
Case Study – Island Lanai Apartments
Key Deal Points 2820 75th Place S, Mercer Island, WA 9 units with penthouse suite 13 offers Sold at $400K over list All cash buyer, non-contingent offer On market to Close in 51 days Candice, Daniel, and Dea of Lee & Associates are dedicated, knowledgeable and hard-working professionals. They developed an excellent marketing strategy and process that lead to multiple high-quality offers. We were incredibly pleased with the sales results. They initially explained the…