Mastro Advertising Several Projects for Sale

SEATTLE, WA-Michael Mastro, the 76-year-old owner of longtime local developer Mastro Properties, is moving forward on three mainly residential projects in downtown Bellevue, two office buildings in Kirkland, and office building on the other side of Lake Washington in Seattle’s Ballard neighborhood.

Furthest along is Ballard Lofts, a four-story, 74,000-sf office building near the north end of the Ballard Bridge at 1455 N.W. Leary Way. Crews just recently finished shell construction and Mastro just recently leased the entire building to the nonprofit Program for Appropriate Technology in Health.

Mastro CFO Monika Harmon wouldn’t detail the exact lease rate on the 10-year deal, but did say that the value of the fully leased project — using an 8.5% cap rate — is $17 million. PATH is expected to occupy the space by the end of the year. Al Robertson of Kidder Mathews & Segner represented Mastro. Stuart Williams and Mark Flippo of Pacific Real Estate Partners represented PATH.