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September 09, 2015

PMF pays $28M for Homeport, an office-marina property in Kirkland

Seattle Daily Journal of Commerce

Journal Staff

PMF Investments bought the Homeport Building & Marina at 135 Lake St. in Kirkland for $28 million.

The seller is Westwater Development, which owns and develops waterfront commercial space.

A press release from Kidder Mathews said brokers Jason Rosauer, Andy Miller and Rob Anderson represented Westwater.

The 35,500-square-foot building on Lake Washington has two stories above a podium garage. It was built in 1976.

It is fully leased to office tenants and Anthony's HomePort Kirkland. The 118-slip marina is also fully leased, said Brian Franklin, president of PMF.

PMF is based in Bellevue, and develops and manages shopping centers and mixed-use projects in the Northwest.

Franklin said PMF expects to remodel common areas in the Homeport building in the next 12 to 24 months, and then decide whether to remodel the exterior. No significant changes are planned for the marina.

Franklin said PMF looks for properties in growing areas with great locations, and holds them long term. He said downtown Kirkland should see substantial growth. There are not a lot of office buildings with a marina that are walkable to amenities.

PMF was founded in 1978 by Franklin's father, Nat Franklin. It typically focuses on retail properties, but has owned over a million square feet of industrial space in the past.

Its holdings now include Kelsey Creek Center in Bellevue, Green Firs Towne Center in University Place, and the FedEx Ground Distribution Center in Redmond. It is developing a retail center at East Pioneer Avenue and Shaw Road in Puyallup.

Franklin said PMF expects to buy at least one more property this year in the Puget Sound region and is looking for other retail-focused properties in "A" locations.

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