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…
Seattle-area warehouse demand keeps pace with ‘massive output’
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 – 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…
VANESSA HERZOG ELECTED TO SIOR BOARD OF DIRECTORS
To Serve Two-Year Term on SIOR’s Board of Directors as Member-at-Large April 28, 2021 (Seattle, WA) SIOR recently elected its 2021-2022 officers during its spring event, TransACT 360, which was held virtually this year due to the global pandemic. The elected officers will be installed in Nashville, Tenn. prior to CREate 360, SIOR’s fall event, that is currently scheduled to be held in-person October 14-16, 2021. This fall, SIOR’s current president-elect, Patrick Sentner, SIOR, an office specialist in…
LEE & ASSOCIATES REPRESENTS ELION IN $47.5M ACQUISITION
April 28, 2021 (Seattle, WA) – Lee & Associates, the largest broker owned commercial real estate firm in the U.S., is pleased to announce their client’s, Elion Partners (“Elion”), acquisition of 223,656 SF on Monster Road in Renton, Washington. This acquisition marks Elion’s third in a series of transactions in the Puget Sound region in just under six months. Elion is a minority-owned, vertically integrated private equity real estate investment firm focused on first, middle…
Vanessa Herzog Discusses the Industrial Market with Seattle Business Magazine
E-commerce Drives Industrial Market Strength Industrial space is in high demand March 30, 2021 (Seattle, WA) Amazon and other retailers are going the last mile in the Covid-19 economy, and that’s delivering to Seattle-area industrial and warehouse investors. “Toward the end of April, e-commerce just took off. It has absolutely just gone bananas. A tremendous amount of unprecedented growth,” says Vanessa Herzog, principal at Lee & Associates of Seattle and a member of the Society of…