Seattle, Wash. – The Duke’s Seafood building on West Seattle’s Alki Beach has sold for $4.85 million. Kidder Mathews Vice President Jason Miller and Senior Vice President Bob Conrad represented the seller, CC Owatonna MN, LLC. The buyer was real estate investor Tock Alki, LLC.
The property is located at 2516 Alki Avenue SW, directly across the street from the popular Alki Beach. The mixed-use building comprises 6,812 square feet — including a 1,400-square-foot apartment and a full-service restaurant space currently in a long-term lease with iconic local chain Duke’s Seafood.
Conrad and Miller also represented CC Owatonna MN, LLC in 2015 when the company purchased the property for $3,397,650. In 2020, the building was relisted, but demand for this investment type had dropped significantly due to the pandemic and restaurant closures, and the property was taken off the market.
Last week, the building sold 10% above the 2020 list price and 43% above the pre-pandemic sale in 2015.
“We are finally starting to see demand come back for full-service restaurants, such as Duke’s, that have survived the COVID-19 pandemic in Seattle,” said Miller. “There continues to be a flight to quality when it comes to retail investments. Well-positioned buildings with strong tenants that can provide a successful track history — especially during the pandemic — are increasing in demand.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually.