Pacific Eagle has acquired 1931 Second Ave in Belltown, which is entitled for a 17-story hotel, for $18M. As yet, the San Francisco-based company hasn't released plans for that kind of development, but it believes hospitality would do well on the site.
“Seattle has a lot going on, and developers are responding to the unfulfilled demand," Pacific Eagle VP of acquisitions Adam Aasen told us. "However, a project’s ultimate success is dependent on its location and experience it's able to deliver. Because of the property’s Belltown location near Pike Place, the waterfront and the CBD, Pacific Eagle feels confident about the long-term opportunity of a future hotel.”
The transaction is the second Downtown Seattle deal for Pacific Eagle in just over a year. Last November, Pacific Eagle purchased the Dexter Horton Building, a 336k SF historic office building at 710 Second Ave for $124.5M; it's currently undergoing a capital improvement repositioning plan.
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