Home AEC UAE Investor Buys Seattle Development Site for $19MM

UAE Investor Buys Seattle Development Site for $19MM

Seattle, Kidder Mathews, ARZCO 1 Investment, 1518 Fifth Avenue, Al Zarooni Group, Banana Republic, United Arab Emirates, West Coast

Seattle, Wash. (October 10, 2018) – A 53,355 square foot building, located at 1518 Fifth Avenue in Seattle’s retail central business district, has sold for $19,000,000. Kidder Mathews commercial real estate brokers, Dave Speers, Jason Rosauer, and Rob Anderson, represented the seller, 1518 Fifth Avenue, LLC, in the transaction. The buyer, ARZCO 1 Investment, was represented by Holly Yang and Sophia Wong, also with Kidder Mathews.

ARZCO 1 Investment is a subsidiary company of the Al Zarooni Group out of Dubai, which is one of the development pioneers in the United Arab Emirates with vast experience in the Middle East and North American markets.

“The subject asset is located in the epicenter of the prime retail corridor between Pine and Pike,” said Yang. “With all the growth and upcoming changes in downtown Seattle, Al Zarooni group is excited about an opportunity to redevelop a phenomenal project at this phenomenal location down the road,” she said.

“This is a rare retail district, in-fill development site,” said Speers. “Under the property’s zoning there are a variety of development options the buyers may pursue, but no matter what their future development plans are, this prime location will help insure a successful project,” he said.

The site is currently occupied partially by Banana Republic in addition to a vacant former hotel.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.