Marcus & Millichap Inc.
10/18/2024 | Press release | Distributed by Public on 10/18/2024 11:14
Marcus & Millichap Arranges The Sale Of a Seattle 9 Unit and 3 Retail Suite Mixed Use Building
Press Releases
Marcus & Millichap Arranges The Sale Of a Seattle 9-Unit and 3 Retail Suite Mixed-Use Building
October 18, 2024
LinkedIn Email App
SEATTLE, WA, October 18, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Olympic View, a nine-unit and three-retail suite mixed-use property located in Seattle, Washington, according to Joel Deis, regional manager of the firm's Seattle office. The asset sold for $3,550,000.
Jake Morse, Ryan Dinius and Sidney Warsinske, investment specialists in Marcus & Millichap's Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a partnership, was secured and represented by Morse, Dinius and Warsinske.
Olympic View is located at 3845 Aurora Ave N in Seattle, Washington. Olympic View comprises of nine three-story townhome units, each featuring in-unit washer and dryer amenities, with most units offering multiple decks. Of the three retail spaces, two are currently leased, with an average of 2.75 years remaining on the lease terms. Ray Allen of MMCC successfully secured acquisition financing for the borrower under highly competitive terms. Leveraging Marcus & Millichap's national platform, the Dinius-Warsinske Group sourced the Buyer from Vancouver, BC. The Buyer plans to implement a value-add strategy and adjust rents to market rates.
"No transaction is straightforward in the current market, but the large two-bedroom townhome units, along with their proximity to Fremont and downtown Seattle, generated considerable interest," said Morse of the Dinius-Warsinske Group
Jake Morse, Ryan Dinius and Sidney Warsinske, investment specialists in Marcus & Millichap's Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a partnership, was secured and represented by Morse, Dinius and Warsinske.
Olympic View is located at 3845 Aurora Ave N in Seattle, Washington. Olympic View comprises of nine three-story townhome units, each featuring in-unit washer and dryer amenities, with most units offering multiple decks. Of the three retail spaces, two are currently leased, with an average of 2.75 years remaining on the lease terms. Ray Allen of MMCC successfully secured acquisition financing for the borrower under highly competitive terms. Leveraging Marcus & Millichap's national platform, the Dinius-Warsinske Group sourced the Buyer from Vancouver, BC. The Buyer plans to implement a value-add strategy and adjust rents to market rates.
"No transaction is straightforward in the current market, but the large two-bedroom townhome units, along with their proximity to Fremont and downtown Seattle, generated considerable interest," said Morse of the Dinius-Warsinske Group
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.