A downtown Seattle building that houses a public health clinic sold Friday for nearly $10.1 million, or around 53 percent more than what the property sold for in 2012.
Dave Speers, a commercial real estate broker who marketed the property for sale, said the U.S. affiliate St. Bride's Managers, a global real estate investment manager headquartered in London, bought the property at the southeast corner of Fourth Avenue and Blanchard Street. That's next to where the 41-story hotel/apartment Potala Tower is under construction.
Because Potala Tower will abut the south property line of St. Bride's newly acquired property, development of the site would be limited to around 160 feet, said Speers, who works at Kidder Mathews. He and colleague Andy Miller represented the seller, Nicola Crosby Real Estate of Vancouver, B.C.
Records show that Nicola Crosby bought the asset for nearly $6.6 million nearly two-and-a-half years ago. Speers said Nicola Crosby's asking price was just under $9.4 million.
It was unclear what the new owner plans to do with the property. St. Bride's representatives were not immediately available.
Public Health - Seattle & King County's lease runs until May 31, 2021, according to Kidder's offering memorandum.
Speers said this is St. Bride's first acquisition in Seattle.
The company is the latest group with overseas ties to buy real estate in the Puget Sound region, though it's rare for a British company to invest here. Many of the buyers are Chinese. A company with ties to China recently paid $20 million for a site one block away, at Fourth and Bell, and is planning to build condos there.
For the full story, go to Puget Sound Business Journal.
© 2014 American City Business Journals. All rights reserved.