Elliott Bay Book Company (Image: CHS)
With its neighbor already on the block for a potential sale, another centerpiece of Pike/Pine auto row preservation, culture, and arts is having its tires kicked by prospective buyers.
Word spread Wednesday that the Ford Building, the 97-year-old former auto row warehouse now home to Elliott Bay Book Company, the Little Oddfellows cafe, and upscale fashion retailer Totokaelo has been put on the market touting its “100% leased” status, its place as a “prime Capitol Hill retail creative space,” and its hosting of an “iconic master tenant” —
Jones Lang LaSalle is pleased to present the opportunity to acquire a 100% fee simple interest in the The Ford Building (“The Property”), a one-story building with two street level retail spaces, located in Seattle’s historic Capitol Hill submarket. The property’s location is walking distance to the city’s Central Business District, and a plethora of city destinations, including dining, retail, medical, professional, public transportation, Seattle Central Community College, Seattle University, the Northwest School, and Cal Anderson Park. The property has easy access to convenient transit and commuter options, only 1 block from the Capitol Hill Street Car stop and 2 blocks from the Light Rail station.
“This offering represents a unique opportunity to invest in a 100% leased property with a stable retail income stream and future development potential located in one of Seattle’s hottest and growing neighborhoods,” the pitch from the Jones Lang LaSalle real estate firm concludes.
If and when it is redeveloped, the building is eligible for Pike/Pine’s preservation incentives which provide potentially lucrative extra height and bulk bonuses for saving building facades of character structures.
Development opportunity aside, current owner Capitol Hill developer Hunters Capital says the building’s existing tenants are one of its greatest assets.
“We have thought long and hard about selling one of our buildings,” Hunters chief operating officer Jill Cronauer tells CHS. “We add value to properties and feel we have maximized the improvements in the Ford Building through restoration and implementing long term leases with strong retail tenants. It’s a strong sellers’ market and we would like to take the capital and reinvest in another property where there is room to add value.” Continue reading