By Jack Stubbs
On Thursday, August 23rd, an office/loft property in Seattle’s Interbay neighborhood just west of Queen Anne sold for $19.5 million, according to public records filed with King County. The buyer was Graham Street Realty, a San Francisco-based commercial real estate company. The seller was Seattle-based Goodman Real Estate Inc., an investment company that specializes in multifamily and commercial real estate throughout the Pacific Northwest.
Neither the buyer nor the seller responded to calls for comment in time for the publishing of this story.
The Interbay Work Lofts, located at 1631 15th Ave. W., is a three-story property that totals 82,679 square feet, according to public documents. The property was constructed in 2013 and sits on .4 acres. The Interbay Work Lofts features individual work suites totaling around 1,000 square feet, according to the web site for the property. The customizable work suites also feature large windows, and high ceilings, kitchen, private bath and flexible leasing terms.
The property also includes indoor and outdoor common areas as well as secure bike storage, and exercise and conference rooms.
The web site also highlights the property’s central location in the Interbay neighborhood in Seattle—which is just to the west of Queen Anne—which offers easy access to Ballard, Fremont and Magnolia, among other neighborhoods. The asset is approximately three miles northwest of downtown Seattle and 2.5 miles west of South Lake Union.
Graham Street Realty is a Bay Area-based commercial real estate company that was created by Hamilton Zanze to invest in commercial properties with a focus on improving asset values, according to the company’s web site.
Founded in 2001, Hamilton Zanze primarily focuses on the acquisition, operation and management of multifamily property investments in the Pacific Northwest, Southwest and other target markets, according to the company’s web site. The company’s overall portfolio has risen to 18,692 units under management as of fourth quarter 2017 and its Pacific Northwest portfolio includes 17 properties.
Hamilton Zanze’s acquisition of the Interbay Work Lofts comes after a couple of dispositions in the Puget Sound region in recent weeks. On August 6th, the company sold the 124-unit Pointe East Apartments in Fife to OpenPath Investments for $21 million, or approximately $169,355 per unit. And on August 30th, the company sold the 102-Unit Bradford Park Apartments in Lynnwood for $24.6 million, or approximately $241,176 per unit, to Bradford Associates LLC, an entity based in California.
Founded in 1980, Goodman Real Estate maintains a diversified portfolio of commercial property investments across the United States and Canada, according to the company’s web site. Today, the company manages over $2.5 billion in assets which span the spectrum of risk-adjusted investments in multi-family construction, hotels and resorts, office and retail buildings, land development and structured investments. Goodman Real Estate also has deep roots in the Pacific Northwest: Mr. Goodman is a Seattle native and the company is dedicated to community outreach through charitable giving and commitment to local issues, according to the web site.
In mid-July 2018, the company acquired the 216-unit La Mirage Apartments in Kent for $32 million, or just over $148,000 per unit, from an entity associated with three members of the Goodman family.