By Jack Stubbs
On December 10th, in a transaction that was recently recorded, a two-tower office property in Everett totaling 92,949 square feet, along with an adjacent two-parcel parking lot, sold for $13 million, Snohomish County records show. The buyer was JB Everett LLC, an entity affiliated with June Hyong Yoo based in Newcastle, WA, and the seller was NMV Everett LLC, an entity based in Seattle.
The subject property, located at 2722 Colby Ave., is a two-tower office property also known as Everett Tower, which was originally constructed in 1925. The Class B property totals just under 93,000 square feet across two adjoining structures, as well as an affiliated garage that totals just under 14,000 square feet, according to the property listing on Thorofare Capital’s web site.
“Everett Tower is centrally located in downtown Everett at the northeast corner of Colby Avenue and California Street. Colby Avenue is the city’s primary downtown thoroughfare. In addition, the building offers views of the Puget Sound from the upper floors,” the web site states. “The 92,949-square foot office building is comprised of two adjoining structures on a 0.97-acre site. In addition to the improved site, the property includes two parcels of land located west of the main office facility totaling 13,890 square feet that serve as surface and garage parking.”
Thorofare Capital has funded a $7.75 million short-term bridge loan for the refinance, renovation and lease-up of Everett Tower.
According to Google Maps, some of the current tenants of Everett Tower include Snohomish County Public Defender Association and Rainier Title.
The two-building property is just a few blocks west of downtown Everett, and also offers convenient access to State Route-529 and the Everett Transit Station, which is located at 3201 Smith Ave.