By Jack Stubbs
Seattle’s Northgate neighborhood—an up-and-coming area where developers and investors are looking to put down roots in the expanding area roughly seven miles north of the city’s downtown core—has seen a fair amount of activity over the last several months, and a commercial office property recently traded hands.
On June 13th, the Northgate Meridian Building located at 2111 N Northgate Way sold for $19 million, or roughly $412 per square foot, according to King County records. The buyer of the property was HR Acquisition Corporation, an entity based in Nashville, TN. The seller was Stephen C Grey & Associates (SCGA), a property management company based in Seattle.
The seller did not respond to an emailed request for comment about the recent transaction in time for the publishing of this story.
The Northgate Meridian Building is a three-story property built in 1987 that totals 46,024 square feet, according to public documents.
It is not entirely clear how much space is currently available at the property. According to Google Maps, some of the building’s current tenants include Willamette Dental Group and Everest College Seattle. According to a property listing written by Colliers International, there are currently 1,828 square feet available for lease at Northgate Meridian.
Offering easy access to Interstate-5—which a prominent transportation corridor that connects Northgate with Seattle to the south and cities further north like Lynnwood, Shoreline and Mountlake Terrace, the property is also within two blocks of a large-scale project set to change the fabric of the North Seattle neighborhood in the coming months.
At a recent Design Review meeting held on June 3rd, Simon Property Group received positive feedback from the board regarding its large-scale transformation of the historic Northgate Mall property located at 401 NE Northgate Way, a 55-acre property that has been evolving ever since Simon Property group began re-envisioning the site in 2005.
The 1.3 million square foot mixed-use development—approved in multiple stages through the city’s Design Review process—will ultimately comprise more than 1,200 residential units, nearly 600,000 square feet of retail, about 768,000 square feet of office and 372 hotel rooms across two buildings, as well as roughly 342,000 square feet of public open space.
SCGA provides a variety of property management, investment and financial services, according to the company’s web site. SCA provides multifamily, residential and commercial real estate owners and investors with a broad scope of realty services, including the acquisition, disposition, rehabilitation, property management, financing and repositioning of real estate assets. Some of the company’s properties in Seattle include Data 1, a 113,000 square foot commercial office building in Fremont; and various other commercial properties in the ever-active South Lake Union neighborhood.
According to The Registry’s reporting, SCGA last foray into Seattle’s commercial market was in fourth quarter of last year. In October 2018, the company acquired the three-story Canal Place Office Park, a 62,500 square foot Class B office building located at 192 W. Nickerson St. in North Queen Anne.
