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December 23, 2016

Boston group pays $47.4M for Ballard Public Lofts & Market

Seattle Daily Journal of Commerce

Brian Miller

The six-story complex was completed a year ago, with 99 housing units and 7,200 square feet of retail - all fully leased.

Ballard Public Lofts & Market at 6450 24th Ave. N.W. has sold for $47.4 million, according to King County records.

The seller was Ballard Lofts LLC, which is associated with developers William Parks and Patrick Kennedy. They acquired the almost half-acre site between Northwest 65th and 64th streets - once home to the Viking Tavern - in 2012 for $1.2 million.

The buyer was FHF I Ballard Lofts LLC, which is associated with TA Realty of Boston, which has $11.4 billion under management. TA Realty is owned by The Rockefeller Group of New York, which is itself owned by Mitsubishi.

Kidder Mathews' Ryan Dinius, Giovanni Napoli and Philip Assouad represented the seller. There was no buyer's agent.

The six-story, mixed-use complex was completed a year ago. It has 99 units, 7,200 square feet of ground-floor retail, a roof deck and 126 parking spaces below grade, with 13 of them for retail customers.

The project was designed by Johnston Architects and built to condominium quality, with 17-foot ceilings.

Blanton Turner is the property manager. Greystar is the leasing agent, and its marketing website says the complex is fully leased.

The three retail spaces opened in the summer and are fully leased by Green Market, Royal Drummer Coffee and the restaurant Copine, which is run by chef Shaun McCrain and partner Jill Kinney.

© 2016 Seattle Daily Journal of Commerce. All rights reserved.

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