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REPRESENTATIVE
LAND SALE TRANSACTIONS:
- 15TH
& Pine Redevelopment Site (Former Capital Hill Red Apple
Site):
Hired
by the Board of Directors of a local corporate owner to
perform a feasibility analysis on a project and recommend
appropriate strategies to maximize sale proceeds. Property
consisted of three tax parcels totaling 1.63 acres (with
three different zoning designations – L3, NC3-40 and
NC3-65) in the Capitol Hill neighborhood of Seattle, WA.
Redesigned proposed redevelopment, reducing the retail component
of the project and significantly increasing the number of
multi-family units in the development. Identified qualified
buyers (developers) for the project and conducted a private
bid sale process which resulted in over a 25% increase in
the value of the property. In addition to zoning, other
significant issues included environmental contamination
and termination of existing leases encumbering the property.
Sold, without Master Use Permits.
- Second
& Denny:
Hired
by Developer/Owners to expeditiously conduct a confidential
sale of a 13,900 SF mixed-use development site on the SW
corner of Denny Way and Second Avenue. Hired on October
31; purchase offers received by November 15th, and under
contract by November 30th, with closing occurring 90 days
thereafter. Modified sale bid process resulted in increasing
sales price by 20%. Significant issues resolved included
assumption by Buyer of significant identified on-site environmental
contamination and negotiation for termination and removal
of advertising sign encumbering property.
- Northpark
Shopping Center Leasehold Interest Sale:
Hired
by Board of Directors to conduct a confidential sale of
the leasehold interest in a QFC anchored shopping center
in Seattle, WA. Identified buyers, conducted bid sale process
and closed sale within 120 days at a price above owner’s
expectations.
- Lacey
17.0 Acres Development Site:
Rezoned 367-unit multifamily 17.0-acre site to retail, and
simultaneously negotiated five party cost-sharing agreement
with State Department of Transportation, City of Lacey and
three adjacent property owners to build a new slip-ramp
off of I-5, a regional storm water facility and a new street
across our site. Doubled the value of the property and marketed
and closed sale transaction within 90 days of initial offering.
- Petrovitsky
Road Multifamily:
Permitted and sold a 48.53-acre parcel of undeveloped land
on South side of Petrovitsky Road between 128th Avenue SE
and 140th Avenue in Renton, WA. Divided the site into two
parcels of 16.32 acres and 32.21 acres, obtained engineering,
soils and wetlands studies (significant issues on site)
and permitted a 289 unit and a 270 unit multifamily projects.
Sold permitted development sites to Security Capital and
to Murry Franklyn for $4.2 MM, more than doubling the value
of the property for owner from inception.
OTHER
SALE TRANSACTIONS:
- Hawk's
Prairie Mall:
Conceptualized and managed the redevelopment of a failed
mall, then leased, marketed (500 packages sent out across
country) and sold 100% leased center for $14.5 MM (increasing
value from $4.1MM at inception.)
- 4545
15th Avenue West:
Marketed and sold 68,000 SF 6 story office building and
adjacent garage for $11.5MM via a modified bid sale process;
enhancing value in excess of 25%.
- Metropolitan
Park I, II, and III Buildings:
Identified potential buyers and conducted confidential $82.0
MM note sale on two office towers totaling 675,000 SF and
adjacent 66,000 SF land parcel in downtown Seattle, WA.
- Second
and Columbia:
Marketed and Sold the 66,264 SF redevelopment site in downtown
Seattle to Martin Smith Company.
- Third
and Madison Block:
Marketed and sold the downtown Seattle redevelopment site
(now IDX Tower) via a bid sale process, significantly enhancing
the value of the property.
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