{"id":1004155712,"date":"2016-10-17T04:39:06","date_gmt":"2016-10-17T12:39:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155712"},"modified":"2020-05-10T22:59:37","modified_gmt":"2020-05-11T06:59:37","slug":"principal-real-estate-sells-tod-office-building-in-seattle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/principal-real-estate-sells-tod-office-building-in-seattle\/","title":{"rendered":"Principal Real Estate Sells TOD Office Building in Seattle"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004155713\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/10500.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004155713\" data-attachment-id=\"1004155713\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/principal-real-estate-sells-tod-office-building-in-seattle\/attachment\/10500\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/10500.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"10500\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/10500.jpg?w=640\" class=\"wp-image-1004155713 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/10500.jpg\" alt=\"Broadacres Building, Seattle\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/10500.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/10500.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004155713\" class=\"wp-caption-text\">Broadacres Building, Seattle<\/p><\/div>\n<p><strong>Seattle<\/strong>\u2014<a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow\" target=\"_blank\">HFF<\/a> arranged the sale of a 123,108-square-foot, transit-oriented office building in downtown Seattle. <a href=\"https:\/\/www.principalglobal.com\/principal-real-estate-investors\" rel=\"nofollow\" target=\"_blank\">Principal Real Estate Investors<\/a> sold the north central business district asset to <a href=\"https:\/\/www.lbarealty.com\/\" rel=\"nofollow\" target=\"_blank\">LBA Realty<\/a>. HFF marketed the property alongside KG Investment Properties on behalf of the seller, and also procured the buyer through an investment sales team led by Senior Managing Director Nicholas Kucha.<\/p>\n<p>Located at 1601 2<sup>nd<\/sup> Ave., in close proximity to the Sound Transit-King County Metro\u2019s Westlake station, Pike Place Market and Amazon\u2019s South Lake Union headquarters, Broadacres is a 10-story <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office building<\/a> with ground-floor <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">retail space<\/a> that offers a rare value-add redevelopment opportunity. The retail portion of the building was completed in 1908, and the asset was converted to office space in 1961.<\/p>\n<p>Financial details of the transaction have not been disclosed. The last time the building traded was in 2007, in a $62 million portfolio transaction that included The Broadacres Building, The Broderick Building, The MiKen Building, The MJA Building and The Coliseum Theatre, according to data from <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow\" target=\"_blank\">Yardi Matrix<\/a>.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the help of HFF, LBA Realty acquired the office and retail building for an undisclosed price.<\/p>\n","protected":false},"author":192,"featured_media":1004155713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,21749,1610,15],"tags":[],"class_list":["post-1004155712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-retail","category-seattle","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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