By Jack Stubbs
Portland, Oregon-based commercial real estate company Menashe Properties recently added a medical/dental office property in Seattle to its Puget Sound region portfolio.
On September 13th, a property referred to as The Medical Dental Building sold for $113 million, or about $380 per square foot, King County records show. The seller was Seattle-based Goodman Real Estate (GRE), a real estate investment company that specializes in multifamily and commercial real estate across the U.S. and Canada.
The subject property, located at 509 Olive Way just north of Westlake Park in the Central Business District, occupies a half-block and comprises 297,000 square feet of office space, according to the description on the buyer’s web site. The Medical Dental Building includes various on-site amenities like a fitness facility, locker rooms, conference rooms and a winter garden. Some of the tenants include Endodontics Seattle, Dynamic Chiropractic Clinic and Seattle Premier Oral Surgery, according to Google Maps.
“The Medical Dental Building is a perfect legacy asset for us and yet another stepping stone for the next generation of Menashe Properties,” said Jordan Menashe, CEO. “The iconic Medical Dental Building is in an A+ location in the heart of booming Downtown Seattle with South Lake Union only steps away. Our focus will be on providing a personal experience defined by quick decision making and a willingness to make deals with open arms with tenants of any size. We truly appreciate Kevin Freels and Logan Greer of JLL for presenting this unique off-market opportunity to us and recognize our acquisition as a value-add play in a high demand area with little vacancy.”
“A gracious streetscape, inviting lobby, and elegantly appointed common areas provide convenience and comfort to you every day at the Medical Dental Building whether you’re grabbing lunch, heading to an appointment or simply taking a break,” Menashe Properties’ web site states.
The JLL Capital Markets team representing the seller was led by Directors Kevin Freels and Logan Greer, and Senior Managing Directors Michael Leggett and Gerry Rohm, according to a company statement.
Menashe Properties is excited to work hand in hand with the Broderick Group – Seattle Office as its exclusive brokerage team for the Medical Dental Building, according to a company announcement. The Property leasing team is represented by Damon McCartney, Maverick Olivares and Ryan Nelson.
The 18-story property, which according to public documents was originally constructed in 1925, occupies a prominent location in the heart of downtown Seattle, located just blocks from the Washington State Convention Center and Pike Place Market.
The property is also well-served by various transit options like the Sound Transit Westlake Link Light Rail Station, bus lines, King County Metro, the Seattle Center Monorail and the South Lake Union Streetcar.
Menashe Properties is family-owned business specializing in commercial real estate—across commercial, retail and industrial—within the Pacific Northwest and other West Coast markets, according to the company’s web site. The company’s portfolio includes several commercial properties in Portland, Oregon, along with 1111 Main Place in Vancouver, Washington, a 80,731 square foot Class A office building the city’s Central Business District.
Founded in 1990, GRE’s managed assets are valued at more than $2.5 billion, according to the company’s web site. GRE has deep roots in the Pacific Northwest, which is reflected in the company’s business partnerships and in its local charitable giving and commitment to local issues. Some of the company’s multifamily properties in the Puget Sound region include the Aero Apartments in Tacoma; the Aviator Apartments in Renton; and the Arbor Point Apartments in Lakewood. The company focuses on middle-market assets in the $25 million to $100 million range.
According to The Registry’s reporting, GRE was last active in the Puget Sound region earlier this year. In late March 2019, the company sold the 230-Unit Altia Townhomes and Apartments in Lynnwood to Beverly Hills, CA-based FSC Realty for $58 million, or approximately $252,173 per unit.
