By Jack Stubbs
Seattle’s North Queen Anne neighborhood has been a hotbed of residential activity in recent months, and a commercial property recently changed hands. On Wednesday, October 18th, the Canal Place Office Park sold for $18.1 million, or approximately $289 per square foot, according to King County records. The buyer, Ship Canal Trail Spe LLC & LMS Ship Canal Trail LLC, shares the same address as Stephen C Grey & Associates (SCGA), a property management company based in Seattle. The seller was Canal Place Office Park LLC, an entity affiliated with Joseph Yencich based in Woodinville.
Along with SCGA, the ownership group for the new property also includes Hess Callahan Partners, with whom the company has recently started and completed several projects in the area, according to Mark Grey, principal and property manager at SCGA.
“We are excited to have acquired a property in such a dynamic and vibrant neighborhood with a great tenant mix. There are very few office projects in Seattle and on Lake Union that…are literally on the water and the trail,” Grey said. “The property offers the convenience of being close to Downtown and South Lake Union without having to deal with some of the nuances of those locations. This property compliments many of the other projects that we manage and have developed in the area.”
The three-story Canal Place Office Park, located at 180 and 192 W. Nickerson St. in North Queen Anne, is a 62,500 square foot Class B office building built in 1980, according to the property listing on commercialcafe.com. Public documents indicate that the 180 W. Nickerson address is home to a three-story, nearly 33,000 square foot office building constructed in 1980. It is not entirely clear how much space is currently available in the office building.
Located at the northernmost point of Queen Anne, the property is across the water from Fremont and roughly two miles north of South Lake Union. Additionally, the property is adjacent to Seattle Pacific University and a few blocks north of David Rodgers Park.
Based in Seattle, SCGA provides a variety of property management, investment and financial services, according to the company’s web site. SCA provides multifamily, residential and commercial real estate owners and investors with a broad scope of realty services, including the acquisition, disposition, rehabilitation, property management, financing and repositioning of real estate assets. Some of the company’s properties in Seattle include Data 1, a 113,000 square foot commercial office building in Fremont; and various commercial properties in South Lake Union.