April 02, 2014
Iconic Building in Pioneer Square Sells for $17.55 Million
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Seattle, Wash. (April 2, 2014) - The F.X. McRory's Building in Seattle's historic Pioneer Square neighborhood has sold for $17.55 million cash to Manchester Capital Management, a private equity investment company based in Vermont. Kidder Mathews' commercial real estate brokers Dave Speers and Andy Miller, represented the seller, Intracorp Real Estate, and secured the buyer in this transaction.
The 85,725 square foot historic building is located at 419 Occidental Avenue South, and has housed the popular F.X. McRory's bar and restaurant since 1977. The upper floors of the seven-story building are office suites filled with technology companies, as well as Intracorp.
"We experienced a very high response rate to our marketing program for this property and a record number of in-person tours. The response rate is emblematic of the high number of national investors seeking and in many cases buying commercial properties in the Seattle market," said Dave Speers and Andy Miller, senior vice presidents at Kidder Mathews. The marketing of the property involved a bidding process with over 100 registered prospective purchasers, 40 tours of the property, and a competitive final bidding process. The brokers said the property was very popular with San Francisco area investors, who made up over 20% of the prospects for this asset.
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.