May 17, 2017

Denny Triangle site sells for $25M

[enlarge]

The property at 1916 Boren Ave. has sold for $25 million, according to King County records.

The seller was Concerto Investments LLC, associated with the Fassio family, which acquired the property in 1998 for $2.4 million.

The buyer was GZI Boren LLC, which is governed by Yuan and Ming Lin, who list a Bellevue residential address. According to Bloomberg, GZI is a Hong Kong-based REIT.

No development plans have been filed with the city for 1916 Boren, which is currently zoned for buildings between 240 and 400 feet in height.

Kidder Mathews, which represented the seller, said that massing studies for a 440-foot residential tower were prepared by Weber Thompson. The brokerage firm said GZI Boren LLC plans to develop apartments or condos on the site.

The Fassios were represented by Tim Foster, and Ross and Jim Klinger of Kidder Mathews. The buyer was represented by Yuquin “Cassy” Wu of ReMax Eastside Brokers.

There is a three-story building and parking lot on the half-acre site, which is between Stewart and Virginia streets, in the Denny Triangle. Assuming the existing structure will be removed, the buyer paid about $1,096 per square foot of land.

Three years ago, before putting it on the market, the Fassios submitted the building — a 1928 former Bartell Drugs building — to the Seattle Landmarks Preservation Board, which did not designate it a landmark.

The properties on the north and south corners of the block are separately owned. On the north corner is a psychiatric clinic and group home. The smaller south corner, at Stewart, is a Dollar car-rental lot.