BearRock Investments LLC
6th & Westlake Retail Site
1953 Westlake Ave. Seattle, Washington
5 Year Hold | 77.87% IRR
Sold (inactive)
Purchased building knowing McDonald's lease would expire in four years, with no renewal option. Re-leased building to Chase Bank on 20-year lease on absolute net basis (no landlord expenses) and no tenant improvement allowance. Chase Bank fully rennovated building and project sold to institutional investor.
Project Type | Source | Size | Acquisition Price | Sale Price |
|---|---|---|---|---|
Restaurant (later converted to bank branch) | Industry relationship, on the market | 8,480 square foot building | $4,100,000 | $14,525,000 |
Purchased property knowing McDonald�s had just four years left on its lease with no renewal options. Held property to end of lease, marketed property as an adaptive re-use. Leased the building to JP Morgan Chase for Chase Bank main downtown Seattle branch on a 25-year, absolute net lease. Sold to NY based wealth management fund looking to diversify its investment base.
