A parking lot in Seattle’s Stadium District sold for $13,500,000 in an all-cash transaction. Kidder Mathews Executive Vice President Dave Speers represented the buyer, an LLC associated with Silver Cloud Inns & Hotels.
The 18,000-square-foot property, located at 1032 1st Avenue South, had been owned by the Apple family since 1968. It is adjacent to Silver Cloud Seattle Stadium Hotel and within one block of T-Mobile Park, Lumen Field, and WAMU Theater. Current zoning for the lot allows 85 feet for office tenants or hotel development, or up to 120 feet for residential use. In addition to daily and event parking, the property is often used for food trucks during busy events.
“Commercial sales in the Stadium District and Pioneer Square have been pretty soft since the pandemic, but there are some transactions taking place, such as this sale, that show promise for continued growth and resilience in the area,” said Speers.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.