1518 Fifth Ave. Building Sells For $19M
The 53,355 SF building at 1518 Fifth Ave. recently sold for $19M. It sits in Seattle’s retail central business district. Its current tenants are a Banana Republic and a vacant hotel.
The building was sold by 1518 Fifth Avenue LLC. Kidder Mathews brokers Dave Speers, Jason Rosauer and Rob Anderson represented the seller.
ARZCO 1 Investment, a subsidiary company of Dubai-based Al Zarooni Group, was the buyer. Al Zarooni Group invests in commercial real estate in the Middle East and North America.
Kidder Mathews' Holly Yang and Sophia Wong represented the buyer.
“The subject asset is located in the epicenter of the prime retail corridor between Pine and Pike,” Yang said. “With all the growth and upcoming changes in downtown Seattle, Al Zarooni group is excited about an opportunity to redevelop a project at this phenomenal location down the road.”
The property was assessed at $12M as of 2016, according to City-Data.com.