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March 12, 2018

Hansen buys another SoDo parcel for $2.4M

Seattle Daily Journal of Commerce

Brian Miller

A Chris Hansen-related LLC has bought more land in SoDo, at 1936 First Ave. S., for $2.4 million.

King County recorded the purchase by WSA Properties XII LLC last week.

The seller was the McGary family, which had owned the property for decades.

Brokers, if any, were not announced. The transaction was worth about $229 per square feet.

The 9,000-square-foot property was developed in 1927. It has a 10,440-square-foot building, with Jimmy John's as a tenant.

It is on the east side of First, south of Krispy Kreme. That is also south of Hansen's proposed sports arena, between Holgate Street and South Massachusetts Street.

However, the 1936 First property extends east to Occidental Avenue South, where Hansen paid $32 million in 2016 for an almost 4.9-acre warehouse property.

Though it now seems likely that Oak View Group's planned $600 million renovation and expansion of KeyArena will eventually house hockey and basketball teams, industrial land in SoDo is still highly coveted and valuable. As Amazon and others seek distribution centers near Seattle, the close-in Seattle industrial vacancy rate is around 1.6 percent, according to Kidder Mathews' fourth quarter report.

While the 1936 First sale appears to have been an off-market transaction, the property immediately to the south, at 1944 First, is for sale. KM is listing that retail property, with a smaller building but equal-sized lot, at $4.2 million - or $542 per square foot.

For the full story, go to Seattle Daily Journal of Commerce.

©Copyright 2018 Seattle Daily Journal of Commerce

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