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January 15, 2016

$8.5M deal at crossroads of real estate and charity

Puget Sound Business Journal

Marc Stiles

When they started working on an $8.5 million transaction, two Seattle real estate brokers didn't know that their work would benefit the Foundation Fighting Blindness in a big way.

Brokers Mike King and Erik Swanson of Kidder Mathews were hunting for an investment property for a client, so they reached out to another client, Robert Reintsma of Seattle. It was the right call at the right time.

Reintsma is an owner of retail and office investment properties, including a medical office suite in the Nordstrom Medical Tower on Seattle's First Hill. He told King and Swanson he was ready to sell.
Years ago, Reintsma, who is blind, had put the suite in a charitable trust, so all of the sale proceeds would go to the foundation, which funds research to prevent, treat and cure retinal diseases. The charitable organization has raised $600 million during more than four decades.

Even better for the foundation is what happened before the sale. The suite tenant had recently signed a 10-year lease extension, raising the value of the property. A different investor previously had made an unsolicited offer on the property for just over $6 million, said King.

The outcome inspired King and Swanson to give what they said was a significant portion of their commissions to the foundation.

For the full story, go to Puget Sound Business Journal.

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