Seattle, Wash. (December 29, 2015) – Medical office condo in the Nordstrom Medical Tower, located on First Hill in Seattle, has sold for $8.5 million, a 5.54% capitalization rate. One hundred percent of the net proceeds benefit the Foundation Fighting Blindness, Inc. The seller, an investor in retail and office properties, was represented in the transaction by Kidder Mathews vice presidents, Mike King and Erik Swanson.
In years previous, the seller had placed the medical condo into a charitable remainder trust. In this type of trust, all proceeds of the sale are given to charity. The seller is blind and an active supporter of the Foundation Fighting Blindness, Inc. The mission of the foundation is to drive research that will provide preventions, treatments, and cures for people affected by retinitis pigmentosa (RP), age-related macular degeneration, Usher syndrome, and the entire spectrum of retinal degenerative diseases. King and Swanson participated in giving to the foundation by donating a significant portion of their commission from the sale.
The 14,291 square foot medical condo covers a full floor of the Nordstrom Medical Tower, connected to Swedish Hospital by a skybridge. The site is one of the best medical office locations available in Seattle. The tenant recently signed a 10 year extension to their lease which significantly raised the value of the property. A major medical REIT had submitted an unsolicited offer on the property for just over $6 million before the new lease was signed.
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 500 real estate professionals and staff in 12 offices in Washington, Oregon, California, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $3.2 billion in transactions, manages 36 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.