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March 20, 2014

Kidder Mathews Sells $16 Million Seattle CBD Development Site

Seattle, Wash. (March 20, 2014) - One of the last remaining prime development sites in the Seattle CBD has sold for $16,000,000. Kidder Mathews commercial real estate brokers Jim Klinger and Ross Klinger represented the sellers, Columbia West Properties. An affiliate of Continental Properties, LLC purchased the property at a price of $823 per square foot of land.

Columbia West Properties was the owner of the approximately 19,440 square feet of land, located at 2001-2013 2nd Avenue in the Belltown neighborhood of Seattle, next to Pike Place Market. Currently, the site is a parking lot and could potentially be developed into a residential tower of up to 400 feet tall, with approximately 300 units.

"This site presents an opportunity to build a residential tower on the highest point in Belltown. Many of the new residents will have unobstructed views of Elliott Bay" said Ross Klinger, Associate Vice President at Kidder Mathews.

About Kidder Mathews

Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 450 real estate professionals and staff in 9 offices in Washington, Oregon, and California. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $2.9 billion in transactions, manages 29 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit www.kiddermathews.com.

About Columbia West Properties

Columbia West Properties is a West Coast commercial real estate investment company. Since their inception in 1988, they have acquired and developed commercial office spaces, retail, urban parking, hotels, marinas, and storage facilities. With a growing interest in the hospitality industry, today they work closely with their sister company, Pineapple Hospitality, to expand their portfolio of boutique hotels.

About Continental Properties LLC

Continental Properties LLC is a Bellevue based company that specializes in apartment and condominium development in the Puget Sound area. With a 37-year history in the Seattle area, the company has developed over 4,000 multi-family units, including the 366 unit Metropolitan Tower Apartments and the 250 unit Cosmopolitan Tower Condominiums, in downtown Seattle. The company currently has five multi-family projects under development in the Puget Sound area, totaling approximately 700 units.

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