Kress Building- Downtown Seattle, WA
- Hired to exclusively offer for sale a 140,000 SF retail and office building
- Significant limitation was the fact that we could not bring the property to market
- Procured a buyer through directly contacting a dozen REITs
- Successfully closed the transaction and achieved market pricing as price was bid up
Kress building is a trophy 74,000 SF mixed use building located in downtown Seattle. Anchored by TJ Maxx, Starbucks, IGA in the heart of downtown Seattle, one block from Pike Place Market, main square, Macy’s, Nordstrom, Walgreens, the underlying value of the asset was evident. AGM was hired on an exclusive basis to market the building off-market. We focused our marketing efforts on all major REITs we either had a relationship with or knew would be a good candidate to purchase the asset. With the interest created, we successfully bid up the price and finally closed the transaction with a large California REIT. We then worked with the seller to identify and purchase a suitable replacement property.