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Westlake Center for sale

The_TimThe_Tim
edited November 2008 in Seattle Real Estate
From the Puget Sound Business Journal: Westlake Center in Seattle to go up for sale
Westlake Center, a downtown Seattle landmark shopping center, will be put up for sale next week, according to minority owner Steve Koehler.

With Seattle the top real estate investment market in the country, "It should generate very good interest. It's just a matter of trying to figure out who has got the capital sources to handle the transaction," said Koehler, who describes his ownership stake in the property as "very, very minor."

"A property like this does not come on the market very often — once in a decade or longer," he said.
...
"If it's priced correctly, there should be a fair amount of interest," said broker Ann Chamberlin, a principal at Bellevue-based Pacific Real Estate Partners. "It is in a great location, it has some great tenants and there is some redevelopment potential."

But Westlake Center could fall victim to being in the right place at the wrong time.

"Even on a national basis, there's been so little activity, said Chamberlin, citing a recent report by research and consulting firm Real Capital Analytics that shows retail investment sales are down 80 percent in the third quarter compared with last year.
...
"The market to purchase real estate is very fluid at the moment," [Steve Brunette, director of investment sales at Cushman & Wakefield] said, "but given its great location and signature name recognition, I would be surprised if it did not fetch at least $150 million."

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