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June 2, 2020
Martin Selig Real Estate executive Jordan Selig has bought the Firestone building in Ballard. The property, at 1145 N.W. Market St., sold last week for $7 million, according to King County records.
The seller was an LLC associated with the Neilsen family, which had owned the property for decades. Nicholas Gill of Westlake Associates represented the family. The property had been listed for over two years, at $8.5 million. The deal was worth was worth about $350 per square foot for the land.
The buyer of record, 1145 NW Market LLC, is governed by Jordan Selig, daughter of Martin Selig. She told the DJC the entity is independent of her father's firm. Public records indicate a loan from HomeStreet Bank.
No new plans have been filed for the 20,000-square-foot midblock site, which is just east of the McDonald's. It's zoned up to 75 feet.
It's also polluted. The property received a Washington Department of Ecology determination of no further action (NFA) in 2011. However, that determination was rescinded early last year, meaning more cleanup is required before a new NFA can be issued. The site would be unbuildable until then.
Nearby, Martin Selig Real Estate recently completed the 15th & Market building, at 1448 Market, with a Target store and offices mostly leased to WeWork.
The Ballard Firestone building, eventually to be replaced, dates to 1973. By strange coincidence, Martin Selig Real Estate is currently preserving the landmarked Firestone building at 400 Westlake Ave. N. in South Lake Union, where a new 15-story office building will go up within the almost century-old facade. Excavation and shoring are now underway, with the old terra-cotta facade extensively braced and supported by crews from Lease Crutcher Lewis. Selig acquired that site five years ago for $17.5 million.
(Editor's note: The story has been corrected to report the property was purchased by Jordan Selig, not Martin Selig Real Estate.)
Brian Miller can be reached by email at email@example.com or by phone at (206) 219-6517.