Goodman Picks Up Seattle Medical Dental Building

The Medical Dental Building at 509 Olive Way in Seattle has traded hands as Seattle-based Goodman Real Estate, Inc. takes over the property. HFF worked on behalf Goodman Real Estate to secure a $69.5 million 20-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors, according to a GlobeSt.com report. Terms of the deal were not disclosed, though it is known that Goodman previously purchased the property in August 2005 for $38 million from Harsch Investment Properties. The building is currently 97% leased to more than 150 tenants, primarily private medical and dental practices.

The 18-story Medical Dental Building between 5th and 6th Avenues in downtown Seattle was originally constructed in 1925 and expanded in 1950. In 2008, the building underwent an extensive rehabilitation and today offers tenants state-of-the-art office suites, valet parking services, a Winter Garden and more. "The Medical Dental Building is such a unique asset due to its location and tenant base," said HFF managing director Casey Davidson. "Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building's location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years."

For more news visit Blumberg Partners.

Manchester Buys F.X. McRory Building

The F.X. McRory Building, a turn-of-the-century building in Seattle, traded hands this week as Manchester Capital Management paid nearly $17.55 million for the property. The seven-story building at 419 Occidental Ave. S. was sold by Intracorp which previously purchased the building in 2007 for roughly $17.1 million; Goodman Real Estate had acquired the property three years prior to that for $8.5 million.

The property generated strong interest among buyers, according to comments from Kidder Mathews senior vice presidents Dave Speers and Andy Miller, the commercial real estate brokers who marketed the building for sale, in a Puget Sound Business Journal article. "We had well over 100 [potential buyers] registered, and we did over 40 tours, which is a personal record for us," said Speers, who has been in the real estate business 27 years.

The 85,725-square-foot brick building was built in 1906 for the Stewart and Holmes Drug Company and renovated in 2006, featuring large fir beams and exposed brick interiors. Just steps away from both Century Link and Safeco Fields, the property is home to the iconic FX McRory's Restaurant and Bar and includes 5 floors of office space above the restaurant. The building was 98% leased at the time of sale, according to Kidder Mathews.

For more news and information visit Blumberg Capital Partners.