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May 23, 2024

Pacific Place drops in value to $88M

Photo by Michael Walmsley [enlarge]
The retail portion of the condominium — excluding the garage — sold for a little over $66.7 million, which is about 35% of its assessed value.

SEATTLE — BH Properties announced on Monday its pending purchase of Pacific Place, at 600 Pine St. Madison Marquette was the seller, and terms weren't announced for the two-step deal: the retail, and the garage below. King County recorded the two sales on Wednesday.

The retail portion of the condominium — excluding the garage — sold for a little over $66.7 million, which is about 35% of its assessed value. Ten years ago, Madison Marquette paid $271 million for that same retail component. Put differently, over the past decade, the roughly 335,000-square-foot property lost about 75% of its value.

Supporting the retail acquisition, Hankey Capital of California loaned almost the entire purchase price. That firm and BH often invest together, so Hankey may be more of a partner than a straight lender.

The garage sold separately for $21.5 million, or about 22% of its assessed value. (Hankey loaned just over $15 million for that sale.) Madison Marquette had paid $87 million for the 1,164-stall garage in 2016. BH used two different LLCs for this week's two deals.


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