August 16, 2016

Cue Apartments sold for $39.6M; Bill's Off Broadway ‘doing great'

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The 90-unit Cue Apartments, at 1525 Harvard Ave. on the corner of East Pine Street, was completed last year and sold on Friday for $39.6 million.

The seven-story building has about 80,000 square feet of residential space, 7,400 square feet of commercial space and garage parking for 29 cars.

O&S Partners, which bought the land in 2012 for $2 million, was the seller. The buyer was an LLC called TRPF 1525 Harvard Avenue, associated with TIAA Global Asset Management in New York. Brokers weren't announced.

Cue is in the heart of the booming Pike-Pine corridor, next to Seattle Central College, Linda's Tavern and SIFF Cinema Egyptian. It was developed by Denny Onslow and Jim Sepic of O&S Partners. Hewitt was the architect, Compass was the contractor, and Coughlin Porter Lundeen was the structural and civil engineer.

Portions of the original 1920 facade were preserved, and O&S kept the primary tenant: Bill's Off Broadway, a beloved local eatery since 1980. The restaurant was relocated during construction.

Onslow told the DJC in 2012 that O&S was willing to take a “little haircut” on the rent for Bill's because “It's the right thing to do.”

The owner of Bill's, Don Stevens, couldn't agree more. Discussing the sale, which came as no surprise to him, he said of business, “We're doing great.”

The restaurant has a 15-year lease, he said, with options to extend. Other tenants in the building include a broker-reseller of local coffee beans and a clothing boutique, Killion.