By Meghan Hall
A Canadian investor is continuing to make a splash in the Puget Sound and has closed on back-to-back industrial deals in recent weeks. According to public records, Nicola Wealth Management purchased a SODO property and a Kirkland asset for just under $62 million.
In the first transaction, the home of a popular watering hole in Seattle’s South of Downtown neighborhood traded hands when Nicola Wealth Management acquired the SODO Urbanworks building for $53.455 million, according to public records. The buyer is associated with local property investment and management firm Flatiron Properties, Inc.
The asset is located at 3901 1st Ave. S. SODO Urbanworks, a local wine and food market and communal space, has been operating in the space since 2013. However, due to COVID-19, all in person events have been postponed. The wineries are still in operation with limited capacity, according to the company’s website. 10 different wineries call the space home, including Sleight of Hand Cellars, Patterson Cellars, Den Hoed Estates, Waters Winery and more.
King County Assessor’s data indicates that the building on the site was originally constructed in 1946 and totals 169,621 square feet. It formerly operated as an industrial warehouse. The property is also not far from the Duwamish Waterway, Interstate 5 and State Route 99. A number of other shops and businesses, such as Momentum Indoor Climbing SODO, Ghostfish Brewing Company and Amazon Package Pickup are located nearby. Attractions like T-Mobile Park and Lumen Field are located just a few minutes’ further north.
Kidder Mathews represented Nicola Wealth in its acquisition of SODO Urbanworks property. As of this writing, Kidder Mathews has not yet returned The Registry’s request for comment.
In a second and smaller transaction, Nicola Wealth purchased an industrial asset in Kirkland. Located at 11011 120th Ave. NE, the building was sold by LHV Properties. Nicola Wealth purchased the asset for $8.3 million, and the building totals 24,800 square feet. The building is currently occupied by Hopelink, a nonprofit, social services agency.
Nicola Wealth has been active in the Puget Sound, buying an array of buildings in recent months. In December, the firm paid $32 million to buy a single-tenant office building in Redmond. At $932 per square foot, the property set a new record price for the Redmond office market. The previous high was around $500 per square foot. In March of this year, Nicola Wealth sold Canyon Park Heights, an office asset in Bothell, to Alexandria Real Estate for $45 million. Nicola Wealth originally acquired the asset back in 2014. Nicola Wealth currently owns 15 different properties region-wide.
Founded in 1994, the firm has grown rapidly. To date, Nicola Wealth manages $9.2 billion in assets, has more than 200 staff and four offices. The firm embraces a “fee-based structure,” according to its website, which has contributed to its growth.