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10/11/18
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A 53.4k sf building in Seattle’s retail central business district has sold for $19 mil, or $356/sf. The property, located at 1518 Fifth Ave, is currently occupied partially by Banana Republic in addition to a vacant former hotel.
Dave Speers, Jason Rosauer, and Rob Anderson with Kidder Mathews represented the seller, 1518 Fifth Avenue LLC, in the transaction. The buyer, ARZCO 1 Investment, was repped 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 a development pioneer in the United Arab Emirates, with vast experience in the Middle East and North American markets.
The property is situated in the epicenter of the prime retail corridor between Pine and Pike. “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.”
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