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RETAIL NEWS
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Albertsons Companies Buys Desirable Seattle Site in $25 Mil Deal

3/26/21

Albertsons Companies acquired a 1.82-acre property that is home to a Safeway grocery store in Seattle’s University District in a recent, $25.05 mil transaction. Located at 3020 NE 45th St, the property is ground leased to the grocery chain, which has operated as a tenant at the site since 1976.

Albertsons, the parent company of Safeway, already owns the surrounding 2.2 acres. The acquisition brings Albertsons holdings to more than four acres, creating one of the largest contiguous development sites in Seattle.

The property is located at the eastern end of the University of Washington campus. It lies adjacent the U-Village shopping center, an 800k sf, high performing, open-air lifestyle center. Anecdotally, sales are estimated to be at or near the highest in the region for retail.

The site is zoned for a range of uses, including market-rent housing, student housing, medical office, hotel, retail, assisted living or entertainment, among others. Per the City of Seattle’s Mandatory Housing Affordability (MHA) program, the site could be redeveloped up to 75 feet in height in exchange for a developer contributing affordable housing units or funds.

Dino Christophilis and Daniel Tibeau with CBRE’s National Retail Partners in Seattle represented the seller, a private family trust.

“At 1.82 acres, this is the largest site held under private ownership that has been brought to market in recent history. Its proximity to the thriving population around the University of Washington and U-Village position it among the most desirable tracts of land in all of Seattle, netting substantial investor interest,” noted Christophilis. “In the end, Albertsons exercised its right of refusal to successfully acquire the site and create a contiguous holding of significant size.”

Earlier this year, Seattle was named the fifth most-desirable market in the U.S. for commercial construction, according to CBRE’s U.S. Development Opportunity Index. Seattle ranked highly for its historically high demand for commercial development, past-cycle rent growth, supply strength and positive market outlook.





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