By Jack Stubbs
On Tuesday, November 14th, the Lumen Condominiums apartment complex sold for $17.75 million, according to public records filed with King County. The buyer was K & L LLC, a private equity investor affiliated with Kwai Shung Hsue from Mercer Island. The seller was Exxel Development Group, a general contractor and multi-family and commercial development company located in Bellingham, Washington. The deal was recorded on November 15th. Kidder Mathews commercial real estate brokers Erik Swanson, Mike King, Jason Miller and Damian Sevilla represented the seller in the transaction.
Built in 2007, the 4-story four-tenant commercial condominium complex contains 96 units. According to sources in the industry, the purchase was for the 60 units that are not in private ownership, which would bring the sale price per unit to roughly $295,000.
Comprising 292,000 square feet, the mixed-use property offers retail space at street-level that includes a QFC grocery store. The property also contains two levels of below-grade parking as well as air conditioning and wheelchair access to the rooms. According to the property listing on Seattle-based architecture firm Hewitt’s web site, Lumen is meant to serve as a template for other residential projects in Queen Anne, “[aspiring] to raise the architectural bar for mixed-use development in the City while activating the neighborhood.” The web site also emphasizes the versatility of the units, with each offering a “combination of form and function allowing for unlimited flexibility with open floor plans, luminescent exterior walls, and movable interior wall systems.”
Additionally, the property includes a variety of common spaces such as walkways and landscaped areas and individual private gardens and entrances. The landscape element on the street is one of the property’s main features, with historic sycamore trees and planting elements enhancing the pedestrian experience.
Located at 500 Mercer St., the complex is just one block from both the Seattle Center and the Bill and Melinda Gates Foundation. Additionally, the property is less than half a mile from access to Washington State Route 99 and roughly a mile from the edge of Lake Union to the north.
Exxel Development offers a variety of services to its clients at various stages of the development process, including pre-construction, construction management, and consulting services. Founded in 1989, the company undertakes a variety of projects in the commercial and mixed-use residential sectors, including office/retail, senior/multi-family, hospitality, medical, institutional, high-rise and historic renovation. Some of the company’s other mixed-use developments in Seattle include The Rooster, a 197-unit project in the Roosevelt neighborhood; 1319 Dexter, a 7-story 286-unit mixed-use development; and Lightbox, a 7-story 162-unit development in the University District.