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December 14, 2017

Bavarian Meats site, with views of Elliott Bay, has been sold for $3.4M

Seattle Daily Journal of Commerce

Brian Miller

The Bavarian Meats building, at 2934 Western Ave. in Belltown, has sold for $3.4 million, according to King County records.

The sellers were two LLCs associated with the Hofstatter family, which founded the company in 1961 and acquired the property soon after.

The buyer was Blairston Associates LLC, which is associated with the family of private investor Frank C. Meyer of Windermere, Florida. Meyer, a former hedge fund manager, founded Glenwood Capital of Chicago, and is today an investor and advisor.

The sellers were represented by the Kidder Mathews team of Jason Rosauer, Kraig Heeter, Patricia Loveall and Rob Anderson. Buyer representation couldn't be confirmed.

Excluding the value of the building, the transaction was worth about $472 per square foot.

The site is on the southeast corner of Western and Eagle Street, directly opposite the Olympic Sculpture Park, which opened in 2007 on what had been an oil tank farm.

The one-story building has 10,800 square feet, and the property measures 7,200 square feet. It is bounded by an alley to the east and a large mid-rise apartment building to the south.

The property is zoned for structures up to 145 feet, and had been listed for about four months.

KM calls it a "one-of-a-kind development site in Belltown across the street from the sculpture park, promising unobstructed views of the Puget Sound." No new plans have been filed for the site.

A new high-rise development there would block some views from the north tower of the Concord, a condominium complex that was developed in 2000 on First Avenue.

Bavarian Meats continues to operate a retail store in Pike Place Market. It is run by the granddaughters of Max Hofstatter, who emigrated from Germany in 1933. The company also sells to grocery stores, and several local restaurants including Prost and Dahlia Lounge.

In a related 1031 exchange transaction, the two Hofstatter family LLCs that were involved in this deal also acquired an industrial property in the River's Edge Business Park in Kent, for almost $2.3 million.

For the full story, go to Seattle Daily Journal of Commerce.

©Copyright 2017 Seattle Daily Journal of Commerce

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