{"id":7813,"date":"2024-11-13T15:15:44","date_gmt":"2024-11-13T23:15:44","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7813"},"modified":"2026-07-07T13:39:21","modified_gmt":"2026-07-07T20:39:21","slug":"case-study-ballard-ave-portfolio","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/11\/13\/case-study-ballard-ave-portfolio\/","title":{"rendered":"Case Study &#8211; Ballard Ave Portfolio"},"content":{"rendered":"<div id=\"pl-7813\"  class=\"panel-layout\" ><div id=\"pg-7813-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7813-0-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7813-0-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7813-0-1-0\" 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-bdfc1dc96073-7813\"\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\tBallard Ave Portfolio | Mixed-Use Portfolio\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-7813-0-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7813-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7813-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7813-1-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7813-1-1-0\" 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-113ccd71f3e6-7813\"\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\/10\/DJI_0446-768x512.jpg\" width=\"768\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/DJI_0446-768x512.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/DJI_0446-300x200.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/DJI_0446-1024x682.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/DJI_0446-1536x1023.jpg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/DJI_0446-2048x1364.jpg 2048w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/DJI_0446-272x182.jpg 272w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"DJI_0446\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-7813-1-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7813-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7813-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7813-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7813-2-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-7813-2-1-0\" ><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>5323 \u2013 5329 Ballard Avenue NW, Seattle, WA<\/li>\n<li>5333 \u2013 5335 Ballard Avenue NW, Seattle, WA<\/li>\n<li>5304 \u2013 5310 Ballard Avenue NW, Seattle, WA<\/li>\n<li>Mixed-use portfoilio in Ballard<\/li>\n<li>60,784 total SF<\/li>\n<li>Seller Representation<\/li>\n<li>Sale Price: $21,050,000<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-7813-2-1-1\" class=\"so-panel widget widget_sow-editor 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 Outcome<\/span><\/strong><\/h2>\n<p><strong>Listed:<\/strong> October 23, 2023<\/p>\n<p><strong>Competing Offers:<\/strong> 3 Offers<\/p>\n<p><strong>Under Contract:<\/strong> June 17, 2024<\/p>\n<p><strong>Closed:<\/strong> November 13, 2024<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7813-2-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7813-2-2-0\" 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\">The Challenge<\/span><\/strong><\/h2>\n<p>We represented the Seller of the Ballard Avenue Portfolio, which consisted of four buildings on three parcels, with a total of 60,784 SF of offices, premium small private offices, ground-level retail and restaurants. With office being arguably the least attractive product type, it was a challenge getting buy-in from investors and lenders in a portfolio with more than 80 small office tenants, the vast majority of whom were on month-to-month leases. The largest office tenant (~7% of total square footage) had just over a year of term remaining, the second largest retail tenant, which was likely to vacate, had less than 6 months of term, and one of the restaurant tenants closed during PSA negotiations. Additionally, unforeseen environmental challenges arose during due diligence.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7813-2-2-1\" 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\">Our Approach<\/span><\/strong><\/h2>\n<p>The portfolio included some of the neighborhood\u2019s most iconic historic structures, along with the Avenue\u2019s newest construction; Valhalla Building. Our team focused on the generational opportunity to acquire impeccably maintained buildings, generating more than $1.8M in NOI, on the best commercial street of Ballard. We showed a historic track record of success for the retail, and illustrated how the small private office suites far exceed the performance of the general office market and function more like apartments with fewer plumbing or security concerns. We were also able to secure a back-up buyer that would\u2019ve performed on the same terms and timeline, had the initial buyer not executed. It resulted in the largest commercial sale in Ballard in 18 years.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7813-2-2-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><div class=\"panel-widget-style panel-widget-style-for-7813-2-2-2\" ><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<h3><em><span style=\"color: #a9c3cb\">\u201cThere was persistent hard work from the entire Lee &amp; Associates team to get this deal across the finish-line\u201d<\/span><\/em><\/h3>\n<h3><\/h3>\n<p>- Brian Regan, Ballard Space, LLC<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7813-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7813-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7813-3-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7813-3-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7813-3-1-0\" 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-7813-3-1-0\" ><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><em>For more information regarding this case study, please contact:<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7813-3-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7813-4\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7813-4-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7813-4-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7813-4-1-0\" 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-7813-4-1-0\" ><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-7813-4-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7813-4-2-0\" 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-7813-4-2-0\" ><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-7813-4-3\"  class=\"panel-grid-cell\" ><div id=\"panel-7813-4-3-0\" 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-7813-4-3-0\" ><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-7813-4-4\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7813-4-4-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"11\" ><div class=\"panel-widget-style panel-widget-style-for-7813-4-4-0\" ><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-7813-4-5\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7813-5\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-7813-5\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-7813-5-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7813-5-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"12\" ><div class=\"panel-widget-style panel-widget-style-for-7813-5-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-7813 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 THE MEDIA CENTER...\t\t\t\t\t\t<\/h4>\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=\"panel-7813-5-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"13\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-post-carousel so-widget-sow-post-carousel-base-ad93eedad001-7813\"\n\t\t\t\n\t\t>\t<div\n\t\tclass=\"sow-post-carousel-wrapper sow-post-carousel-theme-base\"\n\t\tstyle=\"overflow: hidden; max-width: 100%; min-height: 182px\"\n\t>\n\t\t<div class=\"sow-carousel-title\">\n\t\t\t<div class=\"sow-carousel-navigation \">\n\t\t\t\t\t\t<a href=\"#\" class=\"sow-carousel-next\" title=\"Next\" 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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 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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 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Ballard Avenue Portfolio, which consisted&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1088,843],"tags":[1101,1165,1121,1148,1145,1100],"class_list":["post-7813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","category-case-study","tag-alex-muir","tag-capital-market-case-study","tag-capital-markets","tag-mccallum-mead","tag-scotty-rowe","tag-stuart-williams"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Case Study - Ballard Ave Portfolio - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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