READ PRODUCTS INTERBAY, a two-building industrial property totaling 72,606 square feet of warehouse and office space, has been brought to market in Seattle’s Interbay district. The offering comprises 3615 15th Ave W and 3635 Thorndyke Ave W, which collectively span 3.06 acres. The property is being offered by Lee & Associates on behalf of the long-time owner. The broker has announced that Read Products Interbay presents an opportunity for owner-users, value-add investors, or developers to…
Pacific Northwest Market Updates – June 2024
PACIFIC NORTHWEST INDUSTRIAL MARKET Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to…
An Examination of the Pacific Northwest Real Estate Climate: First Half of 2023
The commercial real estate sector of Puget Sound has demonstrated noteworthy dynamics across its Industrial, Multifamily, and Capital Markets during the initial half of 2023. Industrial Sector: Confronting Inventory Scarcity Amid Investor Appetite The Industrial market is active with investors and users alike, but inventory is scarce for land and buildings. Interest rate hikes strongly impacted the volume of investment, leaving Sellers wondering how far price adjustments will go before the market stabilizes. Investments…
Case Study – 1315 1st Ave
Small Value-Add Office OVERVIEW LUSTY LADY | 1315 1st Avenue 1315 1st Avenue, Seattle, WA Major Office / Retail / Hospitality Renovation 24,880 SF / 4,440 Land SF / 0.10 AC Seller Representation Sale Price: $3,000,000 Daedong-USA, Inc., distributes Kioti “We were impressed by the number of tours and offers the Lee Team was able to procure, along with their positive attitude throughout a process that took nearly two years and involved multiple buyers.” -…
Fremont sale clears way Evolution Projects’ full-block master plan
December 13, 2021 (SEATTLE, WA) – A development site north of action sports retailer Evo’s Seattle flagship has been sold for $14.5 million to development company Evolution Projects, which Evo founder Bryce Phillips operates. A partnership of two regional companies, SRM Development and Schwartz, sold the nearly three-quarters of an acre property (3524 Stone Way N.) where they were planning an ultra-green five-story mixed-use office project called 35 Stone. Earlier this year they listed the property with Lee…
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 – 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….
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….
LEE & ASSOCIATES NORTHWEST CONTINUES RAPID GROWTH WITH LAUNCH OF NEW INVESTMENT DIVISION
September 01, 2020 (SEATTLE, WA) – Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced today the addition of four new brokerage agents to lead the firm’s Northwest investment division. The team will consist of Stuart Williams, Adrienne Hunter, Alex Muir, and Elizabeth Schalka, all formerly of both JLL and more recently of Kinzer Partners. Williams, a well-known investment market expert, will lead the new Northwest investment division, which will…
Case Study – 601 Dexter
Multifamily Land OVERVIEW 601 DEXTER | 601 Dexter Ave N 601 Dexter Ave N, Seattle, WA 21,713 SF Value-Add Office 23,632 SF / 0.54 AC Seller Representation Sale Price: $28,500,000 “The team not only achieved pricing well above our expectations but provided great advice on the pros and cons for selling and JV structures.” – Owner Mark Pietre THE CHALLENGE Ownership was the sole tenant of the building and wanted to consider both selling and…