Not much detail on the story at this point but the Daily Journal of Commerce is reporting that the Broadway Market shopping complex, home to Urban Outfitters, La Puerta, Broadway Shoe Repair, Gyro World, Broadway Video, Gold’s Gym and one of two Broadway QFCs, has sold for what could be a massive discount to its last sale price from a decade ago. UPDATE from Broadway Market’s owners, below.
By JOURNAL STAFF
SEATTLE — Records show that Broadway Market on Seattle’s Capitol Hill sold last week for $14.7 million.
That’s $7.3 million less than what Madison Marquette and CB Richard Ellis Investors bought the two-story mixed-use project at 401 E. Broadway for in 1999. It was not immediately clear if all or part the property was sold. Officials of Madison Marquette and the buyer, an LLC related to LaSalle Investment Management in Chicago, were not immediately available.
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We recently reported that Hot Topic was closing its Broadway Market store at the end of this month.
The shopping mall, which runs along Broadway’s west side between Harrison and Republican, has slowly transitioned into a space mainly centered on its major tenant, QFC. Meanwhile, retail in new development on north Broadway is finally getting a toehold as restaurants seem eager to take over the mixed-use space inside the neighboring Joule building.
No notice of the changes have been posted to http://www.shopbroadwaymarket.com/ which describes the market thusly:
Broadway Market is an urban, multi-faceted property centered around a popular mix of lifestyle retailers in one of Seattle’s most popular neighborhoods. A true urban shopping center, Broadway Market, features a 64,000 square foot QFC grocer and a mix of retailers, including Urban Outfitters and Gold’s Gym, two sit-down restaurants, a local coffee shop, and thirty apartment units in Seattle’s Capitol Hill neighborhood. The property is the hub of the vibrant Broadway retail corridor and is the largest retail center on Capitol Hill.
UPDATE: A rep from Madison Marquette passes on this announcement regarding the deal. According to the release, the company will continue to manage and lease the property — the investment firm LaSalle Investment Management is now a partner in the property:
MADISON MARQUETTE RECAPITALIZES BROADWAY MARKET WITH
LASALLE INVESTMENT MANAGEMENT JOINT VENTURE
Retains Management and Leasing of 100,000 Square Foot Urban Center
SEATTLE, WA (March 28, 2010) – Madison Marquette announced today a joint venture with LaSalle Investment Management to recapitalize Broadway Market, a 108,000 square foot urban center in the Capitol Hill neighborhood of Seattle, Washington.
“Broadway Market has always been a high performing center as the surrounding Capitol Hill community continues to strengthen and grow,” said Eric Hohmann, Managing Director of Investments of Madison Marquette.
The center’s retail line-up includes Urban Outfitters, upscale grocer QFC and Gold’s Gym. The retail is contained on the first two stories of a 33-unit residential complex with garage parking for 223 vehicles. Madison Marquette will continue to manage and lease the center under the joint venture agreement. Madison Marquette and LaSalle Investment Management partnered on the development of Bay Street, a mixed use, urban village in Emeryville, California.
Broadway Market was developed in 1987 and first acquired by Madison Marquette in 1999. It is situated in one of the Pacific Northwest’s most densely populated neighborhoods. The primary trade area encompasses 385,000 people with average household income of $93,000. The population is also young, health-conscious and trendy.
“We are always reviewing opportunities to enhance the merchandising mix at Broadway Market,” said Richard Wolf, Senior Vice President of Leasing of Madison Marquette.
ABOUT MADISON MARQUETTE
Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States. The company specializes in creating unique retail destinations that respond best to consumer preferences. With regional offices in Seattle, Los Angeles, San Francisco, San Diego, Fort Lauderdale, Philadelphia, New York and Charlotte. Madison Marquette seeks investment opportunities in growing markets. The company maintains a sophisticated in-house operating capability and oversees 18 million square feet of retail real estate. This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners. For more information about the company, please visit http://www.madisonmarquette.com.