By Jon Peterson
An entity associated with the CEO and President of Seattle-based Glacier Fish Company has offered up for sale the 32,227 square foot Salmon Bay Landing office building in Seattle located at 2320 West Commodore Way. The pricing guidance on the planned sale is $17 million, or just around $527 per square foot, according to sources that are aware the property is up for sale.
The seller has chosen the CBRE Capital Markets West team out of the Pacific Northwest as the listing agent on the sale. Those working on the transaction include Tom Pehl and Paige Morgan both executive vice presidents, Charles Safely, senior vice president, and Chais Lowell, vice president. CBRE declined to comment when contacted for this story.
The property was first developed in 2009, and Salmon Bay Investment Group, the current owners, acquired the property in 2012 for $5.125 million. This entity is associated with Jim Johnson and Michael Breivik, the respective president and CEO of Glacier Fish Company.
The asset is currently throwing off strong income from the tenant base. The office building is now 93 percent leased, and the four main tenants in the property are the International Pacific Halibut Commission, UltraSafe Nuclear, Seattle Performance Medicine and Atlas Genomics. No single tenant in the building occupies more than a full floor. The property offers a remaining 2.3-year weighted average lease term.
Given the current rents in the building, some experts estimate that the new owners will have an opportunity to mark to market the rents in the property and achieve some value add.
Salmon Bay is considered a Class A building. It is a three-story asset that was constructed over parking and storage. The parking operation has a ratio of 2.5 spaces per 1,000 square feet. There is room for a total of 79 stalls that include 52 surface and 27 covered spaces.
The office property is within walking distance to abundant amenities, such as desirable restaurants, cafes and breweries. Nearby destinations include Fishermen’s terminal, Discovery Park, the Ballard Locks and the Interbay Golf Center. The heart of Ballard and Interbay are each less than two miles away.