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May 23, 2017

One of the last large urban development sites in Seattle sells for $23.25 million

Seattle, Wash. (May 23, 2017) - MidTown Center, a full city block located on a major intersection at 23rd Avenue and East Union Street in the Capitol Hill neighborhood of Seattle, has sold for $23.25 million. Kidder Mathews commercial real estate brokers, Jason Rosauer, senior vice president and partner, and Rob Anderson, first vice president and partner, represented the seller, MidTown LP, owned by members of the Bangasser family, who have owned portions of this property since the 1940s.

MidTown Center is located between major employment hubs in downtown Seattle, South Lake Union, and Capitol Hill and numerous dense residential communities. It is surrounded by significant new commercial development, as well as over $43 million in improvements to 23rd Avenue by the City of Seattle.

The property was purchased by Lake Union Partners, a local real estate development firm specializing in residential mixed-use and commercial projects in urban markets. Lake Union plans to partner with Forterra, a non-profit local land conservation organization. Forterra will work with Africatown Community Land Trust, an organization working for community ownership of land in Seattle's Central district, to develop the site with consideration to the existing community, residential affordability, and sustainability.

The development plan for the block includes approximately 520 to 555 apartments, with approximately half of the unit count dedicated to affordable housing, as well as ground level retail space.

"In structuring this successful transaction, it was important to the sellers to address all components of a typical land sale like pricing, design, entitlements, and timing. However, another key component to this deal was to identify a buyer with a deep understanding of the community, the history of the neighborhood, and Seattle's future," said Rosauer. "Lake Union Partners, Forterra, and Africatown will foster this vision and be great stewards of the land. We couldn't be more pleased with this result," he said.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 46 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.

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