By Jack Stubbs
On August 27th, Seattle-based commercial and residential real estate development company Hunters Capital, spent $21 million to acquire a two-parcel property in Seattle’s First Hill neighborhood, an area just south of the city’s Pike/Pine Corridor and just east of the Central Business District, King County records show. The seller of the property was Sorrento Hotel Investors LLC, an entity based in Issaquah.
The transaction include two adjacent parcels located at 900 Madison Street, which include two buildings totaling 110,831 square feet. The first parcel comprises just under half an acre and includes the 7-story Sorrento Hotel, a 76,631 square foot building originally constructed in 1909, according to public documents. The second parcel includes the Sorrento Hotel Parking Garage, a two-story building which totals 34,200 square feet.
It is not entirely clear what plans the buyer has for the recently-acquired parcels. No development plans have been submitted to the city for review.
The Sorrento Hotel has a long-standing presence in Seattle, and has been for many years been a part of the city’s historic fabric. Seattle has a long and fabled history of doing things its own way. Hotel Sorrento has been part of that history since the beginning,” the hotel’s web site states. “When we opened our doors in 1909, our first guests were the anxious prospectors, cagey entrepreneurs and curious tourists who attended the Alaska-Yukon-Pacific Exposition, which was pretty much the first time anyone outside the Northwest had ever heard of Seattle.”
The hotel’s location—roughly half a mile from prominent attractions like the Washington State Convention Center and Pike Place Market—is one of its primary features, and has served to further ingratiate the property as the city around it has continued to evolve. “First Hill offered unimpeded views west to the Puget Sound, south to Mt. Rainier and east to Lake Washington. In the hundred-some years hence, Seattle has grown into a hyper-modern metropolis and now our grand old hotel is adjacent to a bustling downtown and surrounded by world-class art museums, concert halls and hospitals,” the web site states.
Given Hunters Capital’s emphasis on the revitalization of historic properties throughout the city of Seattle, it is perhaps little surprise that it has identified the Sorrento Hotel property as its most recent purchase. The company looks to preserve and revitalize the character of Seattle’s most historic neighborhoods through the development, ownership and management of commercial and residential properties, according to the company’s web site.
The company’s local portfolio includes a number of other historic properties throughout Seattle, some of which include The Greenus Building located at 500 E. Pike Street, which Hunters Capital transformed into a mixed-use property comprising 13,500 square foot retail and 10,400 square feet of Class A office space; the Seattle Automobile Building located at 1000 E. Pike Street, which, as of 2014, comprised 26,000 square feet of retail space and 5,800 square feet of office space.
Hunters Capital also manages a two-building complex located at 1000 Madison Street, which is adjacent to the recently-acquired Sorrento Hotel. Today, the historic property, which serves the nearby Virginia Mason Hospital and Medical Center, is home to various retail tenants including Anderson Footwear, Frank’s Barbershop and Salon and Plaza Select Foods.