BURIEN, WA, April 6, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Highline Athletic Club Building, a 31,165-square foot retail property located in Burien, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $3,598,000 (around $115 per square foot).
Stren R. Lea, an investment specialist in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a private investor. Despite COVID-19 and restrictive public policy measures weighing on the recreational property market, the property garnered ample interest from a wide range of owner/user profile buyers.
Highline Athletic Club Building is located at 125 S 156th St in Burien, WA. The property had been used as a health club for the past 40 years. The buyer, the Muslim American Youth Foundation, a religious organization, will now repurpose the building for both religious and athletic use.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.