September 08, 2015
The Homeport Building and Marina sells for record setting $28 million
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Seattle, Wash. (September 8, 2015) - The Homeport Building and Marina, located at 135 Lake Street in Kirkland, Washington, has sold for $28 million. Kidder Mathews commercial real estate brokers, Jason Rosauer, Andy Miller, and Rob Anderson, represented the seller, Westwater Development, owners and developers of waterfront commercial space. The buyer is PMF Investments, a Pacific Northwest developer, owner, and manager of commercial real estate properties.
The sale of the Homeport Building represents a record setting cap rate and price per square foot. As one of only a few office marina investments existing on Lake Washington, the amount of activity was exceptional, hitting a worldwide audience and generating a terrific number of prospective buyers. Buyers are seeking core stable assets and are willing to pay for the opportunity to own rare "jewel box" properties.
"This asset is among a rare grouping in our state. Location, quality of construction, tenant stability, and the fee simple waterfront aspect are nearly impossible to replicate today. This sale represents an opportunity for both buyer and seller to successfully meet investment objectives, the overall goal in every transaction," said Rosauer.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 500 real estate professionals and staff in 10 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 $3.2 billion transactions, manages 31 million square feet of space, and conducts more than 1,300 appraisals annually. For more information, visit www.kiddermathews.com