(EDITOR’S NOTE: According to public documents, the sale closed in August of 2017 for $7,000,000.)
SEATTLE, Wash. and PORTLAND, Maine (December 8, 2017) ― Atlantic National Trust, a Portland, Maine-based private equity firm, expanded its Seattle area portfolio with the purchase of 3201 Fairview Avenue on Lake Union. Referred to locally as The Sea Ray Building, the property features a newly-built, 100% leased, 16,000-square-foot office and showroom with three state-of-the-art boatsheds, plus additional moorage.
The property is situated on 36,000 square feet of fee-owned uplands and tidelands on the northwestern part of Lake Union, across from Seattle’s world-renowned Gas Works Park. The current tenant is Lake Union Sea Ray.
Atlantic National Trust has owned various properties in the Seattle area and has a portfolio that exceeds $100 million nationwide. The firm purchased the Lake Union location as a long-term investment from Boatyard, LLC. Trevor Kovich of the Neil Walter Company was the seller’s agent.
“We are a big believer in the Seattle area market,” said Atlantic National Trust founder and President Ted West. “Our long history with the state of Washington and our experience with marine-use real estate makes this property an ideal long-term investment for our portfolio.”
About Atlantic National Trust, LLC
Atlantic National Trust is a private equity firm founded in 1995 by Theodore “Ted” West. Atlantic prides itself as an entrepreneurial company that combines expertise in finance and real estate to maximize the value of its assets. Atlantic’s core businesses include commercial asset-backed loan acquisition and loan servicing, and commercial real estate acquisition, development, and management. Learn more at www.atlanticnationaltrust.com.