FOR SALE EXCEPTIONAL URBAN SEATTLE DEVELOPMENT OPUNITY Paul Sleeth Executive Managing Director 206-518-9547 Paul.Sleeth@ngkf.com Billy Sleeth Executive Managing Director 206-518-9567 Billy.Sleeth@ngkf.com
FUTURE HEADQUATERS Opening in 2019 4,500 employees THE OFFERING Port Interbay is a generational piece of property with existing passive income, MUP and leases in hand for additional development, and significant near and long-term asset appreciation. This is one of the finest opportunities to be offered in the Seattle market. The Total Wine & More and remaining 249,372 SF of development land are being offered together or separately. 15TH AVENUE W - 46,000 ADT W ARMORY WAY TOTAL WINE & MORE PARCEL Price: Best Offer Land Size: 1.93 Acres (Parcel B) Building Size: 25,740 SF Completed: 2016 Lease Term: 10 years AVAILABLE DEVELOPMENT LAND PARCELS Price: Best Offer Total Land Size: 5.72 Acres (249,372 SF) Parcel Y: 1.41 Acres (61,537 SF) Parcel Z: 0.63 Acres (27,302 SF) Parcel X: 1.33 Acres (58,095 SF) Parcel W: 1.18 Acres (51,381 SF) Parcel V: 1.17 Acres (51,057 SF) PERMITTING MUP in-place for development of 117,975 SF of retail. LEASING STATUS FOR DEVELOPMENT PARCELS Lease in negoitation with 25K SF national retailer (10 year lease) Lease executed with 15,200 SF national retailer (15 year lease)
MAJOR CORPORATE OFFICES 5 CAPITOL HILL FUTURE HEADQUATERS 5 SOUTH LAKE UNION LOWER QUEEN ANNE Opening in 2019 4,500 employees FREEMONT Amazon employs around 24,000 in the Seattle Area, with approx. 10 million SF of current office space and 2 million additional SF planned. QUEEN ANNE 15TH AVENUE WEST MAGNOLIA BALLARD BRIDGE BALLARD
INVESTMENT HIGHLIGHTS The Port Interbay presents a rare opportunity to acquire 7.65 acres in one of the most dynamic and highly sought after trade areas of Seattle. The asset is located minutes from downtown Seattle and South Lake Union, two blocks from Expedia s future 1.95-million sf headquarters, and in the heart of the dense, high-income neighborhoods of Queen Anne, Magnolia, and Ballard. TROPHY LOCATION 7.65 CONTIGUOUS ARCES OF IRREPLACEABLE LAND IN SEATTLE - EXTREMELY RARE QUEEN ANNE Average household incomes $126,000+ within 1 mile radius Just 10 minutes from the Seattle CBD, South Lake Union and the area s major employers Amazon, Nordstrom, Google, Apple, Facebook, F5, and Weyerhaeuser Adjacent to the Future Expedia Headquarters Expedia s new headquarters will be located just two blocks from the Port Interbay site bringing over 4,500 new employees to the area. The new 40-acre waterfront campus is scheduled to open in 2019 with over 1.28 million sf of new office space and future plans to expand up to 1.95 million sf. Port Interbay is surrounded by the high-end, dense residential neighborhoods of Queen Anne, Magnolia, and Ballard. Average HH Incomes are more than $126,000+ and $105,000+ within the 1-mile and 3-mile radii respectively. The population is over 194,000+ people within a 3-mile radius. Strong Retail Sales The adjacent Whole Foods reports very strong sales with a positive growth trend. The trade area including Interbay, Ballard, Queen Anne, and Magnolia contains many other retailers top locations with an excellent high-end dense population base. Pier 91 Cruise Terminal The Port of Seattle is the busiest cruise port on the U.S. West Coast, the Pier 91 Cruise Terminal, one of Seattle s two cruise ship terminals, is located just one block from Port Interbay. 2017 is expected to be the Ports busiest year to date with 216 cruise ships and more than 1 million passengers. Future light rail In 2016, Seattle approved plans for a future light rail extension from Downtown to Ballard with two proposed stations in Interbay. High Traffic counts are in excess of 46,000 VPD along 15th Avenue The trade area is undergoing rapid change seeing explosive growth and redevelopment.
MASTER USE PERMIT IN HAND Off-sites have been completed IN-PLACE TOTAL WINE & MORE BUILDING Armory Way Road extension completed New 10 year lease Flat site High quality construction Successful opening in October 2016 INVESTMENT HIGHLIGHTS SIX SEPARATE PARCELS PROVIDES FLEXIBILITY STRONG CURRENT INTEREST FROM NATIONAL CREDIT ANCHORS AND TENANTS Development flexibility Financing flexibility can finance separately Future break-up value by selling pieces separately 10 year lease with 25K sf national anchor currently in negotiation process Can develop 25k sf of retail/office on each parcel LOI stage with another approx. 25k sf national anchor OFFICE DEVELOPMENT 15 year lease with 15,200 sf attractive high end tenant Current zoning allows for office up to 25,000 sf/per parcel FLEXIBLE ZONING 2.5 FAR creates potential development of 623,430 sf (does not include The flexible current zoning designation allows for office, retail, industrial, lodging, and entertainment uses. If up-zoned in the future the value creation would be significant 6,143 RSF Total Wine parcel) Potential vertical office development Potential office campus Office and retail mixed-use development 5,573 RSF PARCEL W 25,000 RSF 24,273 RSF PARCEL V PARCEL X 11,628 RSF PARCEL Z 5,653 RSF PARCEL Y Y OR RM TA ES W AY W PARCEL B 5
R E TA I L T R A D E A R E A A E R I A L MAGNOLIA GOLF CENTER QUEEN ANNE
PROPOSED SITE PLAN 15th AVE. W. WEST WHEELER STREET 5,573 RSF 24,273 RSF 11,628 RSF 6,143 RSF 25,000 RSF 5,653 RSF
REGIONAL AERIAL BALLARD MAGNOLIA ATHLETIC COMPLEX W ARMORY WAY QUEEN ANNE SEATTLE ARMORY 15TH AVENUE WEST
PARCEL MAP & PROPOSED SITE PLAN 6,143 RSF 5,573 RSF PARCEL W 25,000 RSF 24,273 RSF PARCEL V PARCEL X 11,628 RSF PARCEL Z 5,653 RSF PARCEL Y AY YW OR RM TA ES W PARCEL B
C O N TA C T S Paul Sleeth Executive Managing Director 206-518-9547 Paul.Sleeth@ngkf.com Billy Sleeth Executive Managing Director 206-518-9567 Billy.Sleeth@ngkf.com Newmark Grubb Knight Frank 1420 5th Avenue Suite 2150 Seattle, WA 98101 The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 03/17