CHS has learned more about the investors behind the $3 million purchase of the building home to the Broadway post office — and what the subsidiary of Bartell’s intends to do with it. Don’t get all worked up — the Henbart real estate wing of the Bartell family empire is a buy and hold kind of operation.
“We haven’t undertaken any development,” Henbart’s Mark Craig tells CHS of the investment wing’s habits. “We’re long-term holders.”
Last week, CHS reported on the $3 million sale of the Broadway property immediately across the street from the future Capitol Hill Station and on a block destined for a significant round of development and change.
Craig tells us to expect the post office to be part of the location into the immediate future as USPS struck a deal for a lease extension through 2015 just prior to the sale of the land. The lease was to expire at the end of this year before the extension was signed.
At least until light rail fires up across the street in 2016, things should be pretty much business as usual at 101 Broadway E.
“We don’t have any future plans for the property,” Craig said.
“We invest in properties and focus on what we call core properties in urban areas. We’re believers in properties that are close to dense, urban centers.”