SteelWave, formerly Legacy Partners Commercial, sold off the office and retail portion of the mixed-use condominium complex, Arbor Place Condominiums to Los Angeles-based PCCP for $21.95 million on January 27th.
The seller, Foster City, CA-based SteelWave, is a full-service residential and mixed-use real estate management, operating company and investment management firm. Legacy Partners Commercial became SteelWave in April 2015. The buyer, PCCP, made their mark in the Seattle area last year with a $39 million purchase. In that transaction, PCCP joined forces with San Francisco-based Align Real Estate in May 2015 to acquire the 110,372 square foot Bellevue Pacific Center in Bellevue for $39 million or $356 per square foot.
Public records state $75,000 was deducted in personal property, resulting in a taxable selling price of $21,875,000 million. The personal property included lobby furniture and engineering shop and office equipment.
Built in 1989, the 7-story Class A office project is in Seattle’s Belltown neighborhood and is located at 2505 Second Avenue. At 72,309 square feet, the recently renovated building is being advertised for small to midsize tenants. The building offers ground-floor retail and restaurant space with easy access to I-5 and HWY 99. There’s also garage parking at a rate of 1/1000 square feet.
The office space provides tenants with large open office and reception areas, conference rooms, kitchens, abundant natural light and views of Elliott Bay. UW Neighborhood Belltown Clinic currently occupies some of the space.
According to Loopnet, the building was 85 percent leased as of May 2016.