Single Tenant Retail Building Renovation
656 NW 85th St, Seattle, WA 98117
The project that started it all! This single tenant retail building was purchased in 2009 with a lease expiring at the end of the year. While bullish given the financial uncertainty at the time, 47 North was confident the assumption that a single tenant building at a signaled intersection with parking would be desirable for an entrepreneurial business owner.
47 North completed renovations to major building systems in conjunction with a 5 year lease to Chuck's Hop Shop in 2010 and negotiated a 10 year lease renewal in 2015.
In keeping with the original acquisition plan, the property was sold after a projected 10 year holding period. The sale was negotiated in an off-market transaction with a 1031 exchange buyer at the end of 2018. This allowed investors in the project to either take their individual capital gains or re-invest in 2553 Westlake Ave N.