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August 9, 2021

Pemco expands SLU site, and protects views, for over $4M

By BRIAN MILLER
Real Estate Editor

A vacant lot at 1247 Westlake Ave. N. has sold for $4.6 million, according to King County records. The buyer was 1255 Westlake LLC, associated with PEMCO, which has its headquarters directly west of the lot, with its main entrance on Dexter Avenue North. PEMCO overlooks its new acquisition and, two years ago, paid over $17 million for the lot's neighbor to the north, the National Sign building. That sale also included a parking lot south of the land that just traded. Thus, PEMCO has bought the broken-tooth parcel in between.

The seller, via an LLC, was Holland Partner Group, which acquired the midblock lot in 2006 as part of a much larger $30 million deal that eventually led to the development of Westlake Steps. The orphan lot has been used in recent years as a staging area and site for portable construction offices. Those needs have apparently passed.


 
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