$20.75 million sale of Hard Rock Café Seattle building closed by HFF
SAN FRANCISCO, CA – June 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $20.75 million sale of the building that houses the Hard Rock Café Seattle near Pike Place Market in Seattle, Washington.
HFF marketed the property on behalf of Urban Visions. KLM Equities Inc. purchased the asset free and clear of existing debt.
The property is situated on .16 acres at 114 Pike Street between 1st and 2nd Avenues. One hundred percent leased to Hard Rock Café Seattle, the building is one block from Pike Place Market, a destination shopping, dining and entertainment area with more than 10 million visitors annually. The area has a Walk Score® of 99, and the property has a Transit Score® of 100, receiving the designation of a “World Class Public Transit” location, as the Link, Seattle’s light rail system, is within two blocks of the property and bus service for more than 20 lines is less than a block away. As the only Hard Rock Café location in the Pacific Northwest, Hard Rock Café Seattle is a three-story restaurant that consists of seating for 435 and a Rock Shop retail area for selling merchandise.
The HFF retail investment sales team representing the seller was led by senior managing directors Gerry Rohm and Nicholas Kucha, director Nick Kassab and associate director Danny Reddin.
“The Hard Rock Café Seattle is located in the heart of the Pike-Pine Corridor – Seattle’s most active retail submarket with more than 10 million visitors annually,” Kassab said. “The $73 million expansion of Seattle’s Pike Place Market will serve to further re-shape the submarket upon completion with new vendor stalls, retail space and a viewing deck.”
About Urban Visions
Headquartered in Seattle, Washington, Urban Visions is a private real estate developer and manager committed to smart growth principles, sustainable development choices and increased urban density. The firm currently develops and manages across all asset types and has a successful track record in new development, historic rehabilitation and major entitlement projects. Notable properties that the firm is developing or has developed in Seattle include 200 Occidental; 888 2nd Avenue, “S”; 1516 2nd Avenue; Millennium Tower; and IDX Tower. Since its founding in 2003 by Greg Smith, Urban Visions has been involved in the entitlement, development and redevelopment of nearly three million square feet of office and residential projects in Seattle. For more information, visit:www.urbanvisions.com.
About KLM Equities Inc.
KLM Equities Inc. (formerly KLM Construction Inc.), a real estate development and management firm, was founded in 1978 by Nikos S. Kefalidis. KLM has developed over one million square feet of real estate and owns and operates a portfolio of more than 50 properties, including approximately 1000 residential units in New York City and net leased property throughout the country. Learn more at klmequities.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.