BearRock Investments LLC
232 Office Building
232 7th Avenue N. Seattle, Washington
~ 8 Year Hold | Targeting 22% IRR
Active
Purchased distressed industrial building and converted to office. Acquisition completed prior to construction of Seattle Tunnel and Apple's new 680,000 regional headquarters building across the street. Substantial inherent value as office site or redevelopment site.
Project Type | Source | Size | Acquisition Price | Sale Price |
|---|---|---|---|---|
Industrial (later converted to office) | Industry relationship, off the market | 5,000 square feet | $1,850,000 | Not yet sold, but targeting $5,500,000 |
Recognized the potential value of the building after completion of the north/south Seattle Tunnel. As tunnel was completed, the congested and dirty thoroughfare "Aurora Avenue" running in front of building was demolished in favor of quiet, tree lined avenue. Vacant lot to the north of the building was later developed for Apple's 680,000 square foot regional headquarters building, further increasing property value. The project is 100% leased to architecture firm and two real estate firms.
