SEATTLE, WA – Kinzer Partners’ Capital Markets team today announced the sale of 601 Dexter Avenue North in Seattle on behalf of Base Properties LLC. Alexandria Real Estate Equities, Inc. (NYSE: ARE) purchased the 23,632 SF parcel of land and the existing building for $28.5 million. The current tenant will remain in the existing building, subject to a leaseback. The South Lake Union property allows development of an estimated 200,000 SF building.
Partner Stuart Williams led the Kinzer team on the sale.
“This is an outstanding opportunity in the heart of South Lake Union,” Williams said, “The location on the corner of Mercer Street and Dexter Avenue is great for both visibility and transportation. This deal is another example of a high-quality investor continuing to recognize Seattle, and the South Lake Union submarket in particular, as one of the strongest markets in the country.”
South Lake Union is one of the top life science and technology submarkets in the United States; a bustling hub for high-paying jobs, retail, eateries, cultural venues and recreation. This transit-oriented area also provides easy access to other nearby employment centers, such as the Seattle Central Business District, the University of Washington main campus and hospital, and the First Hill medical community.
South Lake Union has been the fastest-growing neighborhood in the Puget Sound region since 2010, with population growth of more than 11,000 and roughly 6 million SF of office delivered. Amazon.com remains the primary growth engine for the entire Seattle Central Business District market, hiring several hundred new employees every month. The neighborhood is also home to major life science office and research companies, including Fred Hutchinson Cancer Research Center, Novo Nordisk, Juno Therapeutics, Seattle Cancer Care Alliance and PATH.About Kinzer Partners Capital Markets
The capital markets group at Kinzer Partners includes brokers with decades of experience in office, land, hotel, and multifamily sales and joint ventures. Altogether, the team has been involved with transactions valued at more than $10 billion. With nuanced knowledge of properties throughout the Greater Seattle area, Kinzer Partners’ real estate experts provide local market insights and unique strategies to maximize value that few other firms can offer. This is especially true for complex projects. Learn more about Kinzer Partners’ services and work at kinzer.com.