{"id":7755,"date":"2025-09-25T11:00:50","date_gmt":"2025-09-25T18:00:50","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7755"},"modified":"2026-08-04T09:40:44","modified_gmt":"2026-08-04T16:40:44","slug":"case-study-barnes-building","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/09\/25\/case-study-barnes-building\/","title":{"rendered":"Seattle Mixed-Use Investment Sale Case Study: Barnes Building"},"content":{"rendered":"<div id=\"pl-7755\"  class=\"panel-layout\" ><div id=\"pg-7755-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7755-0-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7755-0-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7755-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-bdfc1dc96073-7755\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h2 class=\"sow-headline\">\n\t\t\t\t\t\tMission Accomplished: Barnes Building | Value-Add Investment\t\t\t\t\t\t<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7755-0-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7755-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7755-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7755-1-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7755-1-1-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-7755\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/09\/FirstAveOffice-03-768x512.jpg\" width=\"768\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/09\/FirstAveOffice-03-768x512.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/09\/FirstAveOffice-03-300x200.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/09\/FirstAveOffice-03-1024x682.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/09\/FirstAveOffice-03-1536x1024.jpg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/09\/FirstAveOffice-03-272x182.jpg 272w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/09\/FirstAveOffice-03.jpg 2000w\" sizes=\"(max-width: 768px) 100vw, 768px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-7755-1-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7755-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7755-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7755-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7755-2-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-7755-2-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">OVERVIEW<\/span><\/strong><\/h2>\n<ul style=\"list-style-type: square\">\n<li>2320 1st Ave, Seattle, WA<\/li>\n<li>Value-Add Investment<\/li>\n<li>16,508 SF<\/li>\n<li>Seller Representation<\/li>\n<li>Sale Price: $3,200,000<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7755-2-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7755-2-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">The Challenge<\/span><\/strong><\/h2>\n<p>Our team represented the seller of the Barnes Building, a historically landmarked mixed-use building in Seattle\u2019s Belltown neighborhood, which had not been on the market for more than 50 years. It features four levels of above-grade commercial and residential space, as well as a lower-level bar. The building was approximately 57% occupied, but did not have leases in writing and the street-level restaurant tenant had been struggling since the pandemic. There was a significant amount of deferred maintenance since the building had not been updated since the mid-1970s, and renovation would likely require a seismic retrofit. Additionally, the building has an unconventional configuration, with the 4th floor serving as a penthouse apartment, and the 3rd floor being a vacant ballroom, which was originally used as a Masonic Lodge.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7755-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7755-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7755-3-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7755-3-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7755-3-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">Our Approach<\/span><\/strong><\/h2>\n<p>We first put together 5-year leases that included demolition clauses with the popular basement bar \u2013 Screwdriver Bar\/ Belltown Yacht Club \u2013 and replaced the struggling 1st floor restaurant with a growing pop-up restaurant \u2013 Vindicktive Wings \u2013 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.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7755-3-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">The Outcome<\/span><\/strong><\/h2>\n<p><strong>Listed:<\/strong> April 20, 2021\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<strong>Competing Offers:<\/strong> 2\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<strong> \u00a0Under Contract:<\/strong> June 15, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<strong>Closed:<\/strong> September 26, 2023<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7755-3-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><div class=\"panel-widget-style panel-widget-style-for-7755-3-1-2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><em>For more information regarding this case study, please contact:<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7755-3-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7755-4\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7755-4-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7755-4-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7755-4-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-7755-4-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>STUART WILLIAMS<\/strong><\/span><\/p>\n<p>Principal<strong><br \/>\nD\u00a0 <\/strong>(206) 219.1281<br \/>\nswilliams@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7755-4-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7755-4-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"8\" ><div class=\"panel-widget-style panel-widget-style-for-7755-4-2-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>ALEX MUIR<\/strong><\/span><\/p>\n<p>Senior Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 219.1283<br \/>\namuir@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7755-4-3\"  class=\"panel-grid-cell\" ><div id=\"panel-7755-4-3-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"9\" ><div class=\"panel-widget-style panel-widget-style-for-7755-4-3-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>SCOTTY ROWE<\/strong><\/span><\/p>\n<p>Associate<br \/>\n<strong>D<\/strong>\u00a0 (425) 818.2655<br \/>\nsrowe@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7755-4-4\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7755-4-4-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"10\" ><div class=\"panel-widget-style panel-widget-style-for-7755-4-4-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>MCCALLUM MEAD<\/strong><\/span><\/p>\n<p>Associate<br \/>\n<strong>D<\/strong>\u00a0 (425) 818.2656<br \/>\nmmead@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7755-4-5\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7755-5\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-7755-5\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-7755-5-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7755-5-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"11\" ><div class=\"panel-widget-style panel-widget-style-for-7755-5-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-7755 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-headline\">\n\t\t\t\t\t\t<b>NEW<\/b> FROM 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\t>\n\t\t<div\n\t\t\tclass=\"sow-carousel-items\"\n\t\t\t\t\t>\n\t\t\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/17\/q2-2026-office-market-report-2\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Office-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9329\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/17\/q2-2026-office-market-report-2\/\"\n\t\t\t\tid=\"sow-carousel-id-9329\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Office Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-office-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Retail-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9318\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-office-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9318\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Retail Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-industrial-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Industrial-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9315\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-industrial-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9315\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Industrial Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Multifamily-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9305\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9305\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Multifamily Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t<\/div>\n\t\t<input type=\"hidden\" name=\"instance_hash\" value=\"2c652d18\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Mission Accomplished: Barnes Building | Value-Add Investment OVERVIEW 2320 1st Ave, Seattle, WA Value-Add Investment 16,508 SF Seller Representation Sale Price: $3,200,000 The Challenge Our team represented the seller of the Barnes Building, a historically landmarked mixed-use building in Seattle\u2019s Belltown neighborhood, which had not been on the market for more than 50 years. It features four levels of above-grade commercial and residential space, as well as a lower-level bar. The building was approximately 57%&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1088,843,1183],"tags":[1101,1165,1148,1145,1100],"class_list":["post-7755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","category-case-study","category-seattle","tag-alex-muir","tag-capital-market-case-study","tag-mccallum-mead","tag-scotty-rowe","tag-stuart-williams"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Seattle Mixed-Use Investment Sale Case Study: Barnes Building<\/title>\n<meta name=\"description\" content=\"Read how Lee &amp; Associates Pacific Northwest marketed and sold the historic Barnes Building, a value-add mixed-use investment in Seattle.\" 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