Seattle high-rise, residential development site sells for $17.1 million

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Seattle, Wash. (June 10, 2016) – High-rise, residential development site near Pike Place Market has sold for $17,100,000. The buyer, Create World America is an international construction management firm based out of Hong Kong. Kidder Mathews commercial real estate brokers, Jim Klinger and Ross Klinger, represented the sellers, MJA Building, LLC, an affiliate of Principal Real Estate Investors.

The 8,748 square foot development site is located at 1613 2nd Avenue in Seattle, on the southwest corner of Second Avenue and Stewart Street. The sale included air rights to allow for a large floor plate, and will have protected views from floors 14 and above. Create World America plans to develop the site into a high-rise residential tower.

“Second and Stewart is a dynamic location, just one block from Pike Place Market, with spectacular views,” said Ross Klinger, Vice President at Kidder Mathews. “With large units programmed, it has the potential to be either apartments or condominiums,” he said.

About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $66.2 billion in commercial real estate assets (as of 3/31/16). The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group ®.

About Create World America
Create World America Construction Management, LLC is a subsidiary of the Create World Group and was incorporated in 2014. The impetus for an American operation stems from its long-standing reputation for quality and efficiency in China. With over 2,790,000 square feet developed and successful vision of innovative, customer-oriented, and sustainable, it is a driving force in partnership with excellent local partners to develop real estate in the U.S.

About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 550 real estate professionals and staff in 14 offices in Arizona, California, Nevada, Oregon, and Washington. 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 $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually. For more information, visit www.kiddermathews.com.

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