Seattle, Wash. (May 16, 2017) – A high-rise development site, located at 1916 Boren Avenue in Seattle, has been purchased by GZI Boren, LLC for $25,000,000. Kidder Mathews commercial real estate brokers, Ross Klinger, Jim Klinger, and Tim Foster, represented the seller in the transaction.
The 22,800 square foot site is located in The Denny Triangle, one of downtown Seattle’s fastest growing neighborhoods. There are currently 33 approved and pending projects in the area with 3.5 million square feet of office space and about 10,000 homes. The property is zoned for mixed-use commercial development up to 440 feet. GZI Boren, LLC plans to develop apartments or condominiums on the site.
According to Ross Klinger and Tim Foster, the Denny Triangle was unfairly considered a path of progress high-rise location in the beginning of the cycle, but with 33 projects in the pipeline with an investment value of an estimated $7,000,000,000, most of the sites in that submarket are now spoken for.
Recently, Ross Klinger, Jim Klinger, and Tim Foster were involved in the sale of 1200 Howell Street in Seattle. It is the only residential condo tower currently under construction in the neighborhood.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 45 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.