January 16, 2018

Eastlake property sells for $6.3M, with apartments likely

Image by Kidder Mathews [enlarge]

Kidder Mathews estimates that 91 apartments could be developed on the Ross Labs property.

The vacant Ross Laboratories building, at 3138 Fairview Ave. E. has sold for $6.3 million, according to King County records.

The seller was Shooting the Moon II LLC, which is associated with both Kidder Mathews and members of the Ross family. That LLC acquired the property from various members and trustees of the Ross family in early 2016 for $4.8 million. The Ross family had owned the property since the early 1960s.

Corey Sollom of Kidder Mathews represented the seller. Buyer was represented by Will Gibson with M&M

The buyer was Shilshole Lake Union Investors LLC, an entity of Shilshole Development.

Developed on a little over a half-acre in the early 1960s, the property has two attached buildings with about 15,000 square feet.

The prior $4.8 million sale also included a smaller waterfront parcel and pier across the street, at 3141 Fairview. That property then sold separately last year for $1.25 million to a private investor.

The main Ross property is zoned for commercial use, including multifamily. KM says the zoning allows structures up to 40 feet, and it estimates the site could yield up to 91 units with about 70 parking stalls.

Shilshole is a residential developer that recently completed 61 units at 2359 Franklin Ave. E., and is planning 42 net-zero units at 3825 Bridge Way N.

Ross Labs was founded in 1953 by WWII veteran Wayne Ross to manufacture depth sounders. The company moved to Fairview when it bought the land and developed the property. It expanded into a wide array of marine electronics, serving government and industrial clients. Ross Labs was sold by the family in 2014 to Edmonds-based Teknologic Engineering.