By Jack Stubbs
Located roughly five miles south of the city’s downtown core, Seattle’s Georgetown neighborhood is an area in transition, and another property recently changed hands.
On Wednesday, September 5th, an industrial/warehouse building in the South Seattle neighborhood sold for $9.55 million, or approximately $238 per square foot, according to public records filed with King County. The buyer was Enlightening Property LLC, an entity affiliated with Phil Qu based on Mercer Island. The seller was Eastlake Management, an entity affiliated with John Bredvik based in Seattle. The transaction was recorded on September 4th.
The warehouse property, located at 780 S Michigan St. just south of Georgetown Playfield, was built in 1961 and totals 40,120 square feet, according to public documents. The building sits on approximately 1.2 acres.
It is not entirely clear whether the space is currently occupied by tenants. Google Maps does not indicate any properties located at the property’s address.
The asset is approximately one mile south of the Industrial District and one-and-a-half miles to the north of Boeing Field. The building is also just a few blocks east of the Duwamish River and roughly fives miles south of downtown Seattle via Interstate-5.
Along with the recent sale of the industrial building on Michigan St., several office properties have traded hands over the last few months. In mid-May 2018, Seattle Hathaway 75 LLC acquired the Hathaway Building in Georgetown—located at 5506 6th Ave.—for $12.25 million, or $306 per square foot, from Puget Properties LLC.
And on August 2nd, Seattle-based pet insurance company Trupanion acquired the Benaroya 6100 Building located at 6100 Fourth Ave. S. from Benaroya Company for $65 million, or roughly $283 per square foot. More recently on August 14th, Dallas-based Lincoln Property purchased the five-building South Seattle Business Park located at 4634 East Marginal Way for $17.5 million, or approximately $179 per square foot, from Redmond-based SMARTCAP Inc.
The South Seattle Business Park is just one mile north of where a Class A industrial project—set to become the nation’s first multistory industrial building—is planned for South Seattle. The Prologis-developed Georgetown Crossroads is a three-story, 589,615 square foot fulfillment center located at 6050 East Marginal Way South that is scheduled for completion in October 2018.