A Capital Markets team out of CBRE’s Seattle office has arranged the sale of the 14,025-square-foot (sq. ft.), transit-oriented development (TOD) site in the heart of the U-District.
The CBRE team of Frank Bol, Eli Hanacek, Kyle Yamamoto, Mark Zoffel and Joe Steele, represented Washington Federal Bank, the seller in the transaction. MRM of Bellevue was the buyer in the transaction. The site sold for a total of $10.8 million, equivalent to $770 per sq. ft.
Located at 1200 NE 45th Street in the University District Urban Center, the property is permitted for high-density residential, hotel and office development. The site is adjacent to the planned light rail station, perfectly positioned to benefit from the massive redevelopment expected to occur in the U-District. In addition to the light rail expansion, the City’s desire to make the U-District into an innovation district, similar to South Lake Union, has resulted in an extensive rezoning of the area to encourage high-density development.
The University of Washington has followed suit and is in the process of approving a master plan to allow for the expansion of its education, research, and office facilities. These changes, along with the explosive growth occurring in the downtown Seattle area, provides for an attractive opportunity to develop in one of the most dynamic neighborhoods in Seattle.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
