Plus Investments pays $32.5M for Chromer

Seattle Daily Journal of Commerce

Posted In — News & Press | In the News

Urban Visions bought the Chromer Building on Second Avenue for $11.8 million in 2013.

Five years after acquiring the property for almost $11.8 million, Urban Visions has sold the Chromer Building, at 1516 Second Ave., for $32.5 million. King County recorded the sale on Wednesday.

The buyer was 1516 2nd Condominiums LLC, which is associated with Plus Investments, a Chinese developer with an office in Bellevue.

Ross Klinger of Kidder Mathews brokered the deal.

The four-story midblock building, between Pike and Pine streets, was developed in 1906. It has 50,680 square feet, according to Urban Visions. Tenants include Elysian Bar, Colombia Building Associates, and law firms.

The sale includes a 6,480-square-foot parking lot immediately to the north. The entire property measures 19,440 square feet, and city records show it is zoned for residential structures up to 440 feet.

After the 2013 deal, Urban Visions proposed a new office building on the Chromer site – first at 11 stories, then at 15. Those plans did not proceed.

Once called the Columbia Building, the original structure is not a landmark. It was renamed by Urban Visions for Chromer Market, a tenant that appears to have closed.

Gustafson Guthrie Nichol designed the parklet in front, which faces the new Second Avenue bike lane.

In March, Plus sold a majority stake in its planned four-tower Elev8 development in Bellevue for $128 million to Stanford Hotels. Last fall Plus sold a planned 65-unit apartment project in Uptown for $6 million. It is still planning 110 units at 1170 Republican St. in South Lake Union.

No new plans have been filed for the Chromer Building.

KM says the building is about 85 percent vacant.

CBRE was previously representing the space.

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