HFF closes $87 million sale of 1,240-stall parking garage in downtown Seattle
PORTLAND, OR – October 26, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $87 million sale of Pacific Place Garage, a 1,240-stall subterranean parking garage adjacent to the Nordstrom national flagship store in downtown Seattle, Washington.
HFF marketed the property on behalf of the seller, the city of Seattle. Madison Marquette purchased the asset.
The six-level Pacific Place Garage contains 440,185 square feet situated on 2.08 acres in downtown Seattle. The garage was completed in 1998 and features valet and self-service parking in addition to six hydraulic passenger elevators. Located at 1612 6th Avenue, the garage is below Pacific Place Shopping Center, a five-story, 335,000-square-foot retail, restaurant and entertainment destination anchored by an 11-screen AMC Theatre. In addition to the adjacent flagship Nordstrom, the garage is in the heart of downtown Seattle’s retail core in an area with a Walk Score® of 99 – a Walker’s Paradise – and proximate to 14.6 million square feet of office space.
The HFF investment sales team was led by senior managing director Nicholas Kucha. Kinzer Partners, represented by Dugan Earl, Kris Curtis and Craig Kinzer, co-brokered the transaction.
About Madison Marquette
Madison Marquette is a private real estate investment and operating company. Founded in 1992, the firm’s primary focus is infill retail and urban mixed-use real estate in the major gateway markets in the United States. Madison Marquette specializes in enhancing the value of its projects through its integrated investment and services platform offering sourcing, acquisitions, asset management, leasing, property management, marketing and development. Madison Marquette covers its key markets with senior investment and operating professionals in major cities around the country, including San Francisco, Los Angeles, Seattle, New York, Philadelphia, Dallas, Fort Lauderdale and Washington, D.C. Notable Madison Marquette projects include: Bay Street Emeryville (San Francisco Bay Area), Manhattan Village (Manhattan Beach), Pacific Place (Seattle), LaBrea (Los Angeles), Mercato (Naples), Southwest Waterfront (Washington, D.C) and The Edge (Williamsburg). For more information on Madison Marquette, please visit http://madisonmarquette.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.