Home AEC Silver Cloud Hotels Buys Development Site in Seattle’s Stadium District for $13.5MM

Silver Cloud Hotels Buys Development Site in Seattle’s Stadium District for $13.5MM

Seattle, Marcus & Millichap, Stadium District, Silver Cloud Hotels

SEATTLE, WA, October 5, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of The Seattle Stadium District Site, a two-parcel, 18,000 square foot parking lot located at 1032 1stAvenue South in downtown Seattle, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $13,500,000 in an all-cash transaction after receiving multiple bids.

Stren Lea, an investment specialist in Marcus & Millichap’s Seattle office, was retained to exclusively market the property on behalf of the seller, a family partnership who had owned the property since 1968 before any of the stadiums were built. The buyer, an entity affiliated with the ownership of Silver Cloud Hotels, intends to immediately utilize the property for hotel parking with the goal of eventual redevelopment.

Under current zoning, the property could be redeveloped into a hotel, office, condo, or apartment building. The recent success of the Seattle Mariners Baseball Team has reinvigorated interest in the neighborhood and developers from across the country have been exploring projects to build around its vibrant sports & entertainment culture.

About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.