Conditions are probably as ripe as they’ve ever been for long time Capitol Hill property owners to cash-in big. The Washington D.C.-based owner of the Broadway Market is putting the marquee commercial property up for sale for a
possible 400% significant return on investment, reports the Puget Sound Business Journal.
A Seattle representative from property owner Madison Marquette said he could not confirm anything regarding a sale. Madison Marquette is a commercial real estate company that owns mall properties across the U.S.
The 110,000 square foot Broadway Market is anchored by QFC, Urban Outfitters, and Gold’s Gym, as well as 30 residential units and an underground parking garage for 223 vehicles. Longtimers Broadway Shoe Repair also calls the building home as do BECU and Wells Fargo.
PSBJ reports the Broadway property, located between E Republican and E Harrison, was valued in the newsletter Real Estate Alert for $50 million. That’s
four times *three times and change *more than the $15 million Madison Marquette paid for the market in 1999.
With the U-Link light rail slated to start running by 2016, the market’s proximity to Capitol Hill Station should make it an even more attractive investment — though development planned around the station will add thousands of additional square feet of retail space to Broadway.
In 2011 Madison Marquette partnered with an investment firm to re-capitalize the space under a joint venture agreement. Earlier this year Madison Marquette purchased downtown’s Pacific Place mall.
The 110,000 square foot market has been a cornerstone of north Broadway culture since it opened in the 1920s. Over the years the market has gone through several iterations and redevelopments. In the 1980s and 1990s the market was home to dozens of merchant stalls that helped make Broadway the commercial heart of Capitol Hill. As Broadway declined in the late 1990s, many of those businesses left. In 2004 Fred Meyer vacated the building and QFC took over the primary market space.