By Meghan Hall
As the fate of retail remains unclear, a Walnut Creek, Calif., investor has sold off a big box retail asset near the University of Washington. In a transaction that closed at the end of September but only recently recorded, US Alliance Broadstone NE Seattle LLC, affiliated with Alliance Residential Company, paid Loja Group LLC $20 million. The asset is a single-tenant building currently occupied by an Office Depot.
King County Assessors’ data indicates that the property, located at 4900 25th Ave. NE, was constructed in 1996 and totals 25,735 square feet. According to Loja Group’s website, the building sits on about 1.56 acres of land.
The property is slated to be redeveloped into a multifamily complex known as Broadstone NE. Designed by Encore Architects, the mixed-use project will feature 277 residential units and about 16,500 square feet of proposed retail. 260 parking spots are also included in the plans.
“Our project is a mixed-use development that provides new housing and commercial space adjacent to University Village,” design documents state. “…Overall, we aim to create a series of vibrant, nuanced spaces that respond to individual, complex programmatic and site restrictions.”
Alliance Residential and Encore completed the project application in April of this year, and a demolition permit has been issued for the building. It is unclear when the project team plans to deliver the project to market.
Alliance Residential has been active in development throughout the Puget Sound, and its latest project continues to build upon the Broadstone brand it has created. According to the firm’s website, the Broadstone brand is “regionally inspired luxury.” Alliance has developed the eight-story, 325-unit Broadstone Saxton, as well as the 75-unit Broadstone Lexington. In the fall of last year, Alliance placed both assets on the market; combined, the developments are one of the largest multifamily assets in Seattle’s urban core.
Headquartered in Phoenix, Ariz., Alliance Residential is one of the nation’s largest private U.S. multifamily companies. The firm focuses on the building, acquisition and development of multifamily units.