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June 15, 2010

Mastro Bankruptcy Site for Sale on First Hill

Seattle, WA - GVA Kidder Mathews' investment brokers Stan Snow and Rick Osterhout announced today that they are representing the sale of the 23,571 square foot Harbor Vista development site, one of the first Mastro properties to be listed by the bankruptcy trustee in cooperation with the lender.

"The public perception is that many of the Mastro properties will need to go through foreclosure before they can be sold, however, lenders who elect to work in cooperation with the bankruptcy trustee have the opportunity to expedite a sale more quickly and at a lower transaction cost," said Snow.

The 2-parcel development site is located at the intersection of Terry Avenue and E. Jefferson Street, just east of Harborview Medical Center. The property can be held for future development and has an income stream from the San Juan Apartments, a 42-unit apartment building. A 3,150 square foot office building is located on the 2nd parcel. Development potential is also enhanced by the new Highrise (HR) multifamily zoning standards, which the City of Seattle adopted last December, to increase both density and efficiency to the First Hill area.

The property is offered on a competitive bid basis, with all bids due by Wednesday, July 14, 2010 at 5 PM. Additional information about the property can be accessed at: www.harborvistasite.com

About GVA Kidder Mathews: GVA Kidder Mathews is one of the largest, independent commercial real estate firms on the West Coast, with over 400 real estate professionals and staff in 9 offices in Washington, Oregon, and California. The firm provides a full array of brokerage, appraisal, property management, consulting, sustainability practices, forestland services, and construction and development management services. They performed $6 billion in transactions over the last 3 years, manage over 25 million square feet of space, and conduct 1,000 appraisals annually. For more information, go to: www.gvakm.com

For inquiries, please contact Karen Benoit at 206.296.9600 or email: kbenoit@kiddermathews.com

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