The children of Rose Marie Wilcox, who with her husband, Donald, owned and operated Kirkland’s Yarrow Bay Marina for decades have sold the property for $10.8 million, according to public records. The marina, located at 5207 Lake Washington Blvd. N.E. is a full-service marina on the shores of Lake Washington that offers moorage, fuel, boat repair, boat rentals and sales of parts and accessories.
The buyer listed on the deed was an LLC that is owned by First American Exchange Holdings company. It is likely that this entity is not the final buyer, just an entity established to hold the deed and the ownership on behalf of another buyer. When reached for comment, First American declined to provide any additional information on this entity.
According to the marina’s web site, it has been in business since 1967. In 2008, new facilities were developed on the property to modernize and expand its operations. The marina includes 128 slips (45 of which are covered); a fuel dock (1 of 3 on Lake Washington); a multi-use building with office and retail space along with an adjoining garage with large shop bays (equipped for boat service and repair), according to the offering document. The building has approximately 5,600 rentable square feet, and there are 50 parking slots available in the garage, as well. There is an opportunity to drive additional income in the property, since the current boat slip rents are below market.
Mrs. Wilcox passed away in 2007. According to an obituary published by the Seattle Times, she was born in West Seattle and came to own the marina with her husband almost accidentally. The Wilcoxes were looking to buy a waterfront property when they came across the marina in 1967 and purchased it from an acquaintance of Mr. Wilcox. From that point on Mrs. Wilcox and her husband ran the property.
The Seattle office of Cushman & Wakefield Commerce represented the sellers in the transaction. Those efforts were led by Gary Danklefsen, senior director, Gordon Ahalt, senior director, and Evan Cohn, associate.