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September 10, 2015

Kirkland Marina, Home Port building sell for $28 million

Kirkland Reporter

TJ Martinell

The Homeport Building and Marina in downtown Kirkland has been sold to Bellevue-based PMF Investments for $28 million.

The marina, located at 135 Lake Street in Kirkland, was previously owned by Westwater Development, owners and developers of waterfront commercial space. They were represented by Kidder Mathews commercial real estate brokers, Jason Rosauer, Andy Miller and Rob Anderson.

"This asset is among a rare grouping in our state," Rosauer said. "Location, quality of construction, tenant stability, and the fee simple waterfront aspect are nearly impossible to replicate today. This sale represents an opportunity for both buyer and seller to successfully meet investment objectives, the overall goal in every transaction."

The new owner, PMF Investments, is a Pacific Northwest developer, owner, and manager of commercial real estate properties that also owns the Kelsey Creek Center in Bellevue.

"The sale of the Homeport Building represents a record setting cap rate and price per square foot," a Kidder Mathews press release stated. "As one of only a few office marina investments existing on Lake Washington, the amount of activity was exceptional, hitting a worldwide audience and generating a terrific number of prospective buyers. Buyers are seeking core stable assets and are willing to pay for the opportunity to own rare ‘jewel box' properties."

PMF Investment President Brian Franklin said they bought the Homeport and Marina due to its great location along Kirkland's waterfront.

"That's typically what we look for," he said. "It's an irreplaceable location. Kirkland is a great environment. It's going to continue to be a great environment. It will keep this building active."

Anthony's Homeport restaurant is currently located inside the Homeport. Franklin said the marina will remain as it is, as it was recently remodeled by the previous owners, but at some point they will look at renovating the building's interior and facade.

"We're longterm owners," he said. "A lot of the stuff we're looking at doing may take a little time."

More information about PMF Investments can be found at www.pmfinvestments.com.

For more information about the marina, visit www.kirklandhomeportmarina.com.

Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast.

For more information, visit www.kiddermathews.com.

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