BearRock Investments LLC
6th & Westlake Retail Site
1953 Westlake Ave., Seattle, Washington
5 Year Hold | 77.87% IRR
Sold (inactive)
Purchased a McDonalds restaurant building at the base of Amazon's office towers in Seattle knowing McDonalds' lease would expire in four years, with no renewal option. We then re-positioned the property for a new lease and sale.
Project Type | Source | Size | Acquisition Price | Sale Price |
|---|---|---|---|---|
Restaurant (later converted to bank branch) | Industry relationships, on the market | 8,480 square foot building | $4,100,000 | $14,525,000 |
Recognizing an opportunity, BearRock Investments acquired the property knowing McDonald's lease would expire in four years and the restaurant did not have an option to renew the lease. We held the asset during the lease term, marketing its potential for adaptive reuse. This led to securing a 20-year, absolute net lease with Chase Bank for its flagship downtown Seattle branch. Following a complete renovation by the tenant (no ownership costs), the project was sold to an institutional investor seeking portfolio diversification.
