By Jack Stubbs
Carmel Partners, a multifamily investment firm based in San Francisco, California, purchased a property in Seattle’s Ballard neighborhood on January 4th for $11.75 million. The firm acquired the property from Norene A. Compton, who represents the estate of Roger G. Miller, according to public documents filed with the county.
Carmel Partners’ spokesperson did not respond to calls about the transaction in time for the publishing of this story.
The property, located at 2417 NW Market St., totals just over half an acre, and contains a 21,060 square foot building—currently used as a retail space—built in 1945. The building is currently occupied by Ballard Transfer Co., a family-owned trucking, installation, heavy hauling and rigging company founded in 1905.
Other companies on the site also include Healthy Nails Salon, bookstore Twice Sold Tales and window supplier Lundgren Enterprises.
Located along NW Market St. in the Old Ballard neighborhood, the property is just one block from the edge of Salmon Bay and roughly a mile from Ballard to the north. Additionally, the property is approximately two miles from Washington State Route 99.
The recently-sold property could be part of a development project planned for the site. According to a report by the Puget Sound Business Journal, Carmel is in early stages of planning a residential project on the site that would deliver 180 units with 120 parking stalls in the new structure. The building would also feature ground floor retail.
Founded in 1996, Carmel Partners invests in development and renovation projects in seven core markets nationwide including Denver, Honolulu, New York, Northern California, Southern California, Washington D.C., and Seattle, according to the company’s web site. Carmel is developing the Hyde Square project in Bellevue, a 485,955 square foot project located at 156th Ave NE and NE 20th St that will comprise 618 units.
Previously, the company has bought, renovated and sold eight properties in the Puget Sound region. Some of these properties include Skyline Park, a 192-unit renovation in Kent; Brookside Village, a 177-unit project in Auburn; and Somerset Green, a 101-unit renovation in Bellevue.