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Armada/Lagerquist Ready to Turn Staples Property

SEATTLE, WA-The 23,829-sf store went on line last June with its build-to-suit tenant, the $11-billion retailer, Staples. Well-tenanted and situated in a prime Seattle setting, the owner is ready to complete its investment cycle with a $5.2 million sale.

By Janet Parker | Updated on January 24, 2002

SEATTLE, WA-In 2002 Staples nearly doubled its presence in Washington State, launching eight new stores in Seattle and Eastside neighborhoods. One of the new sites, built to suit for lease by the Massachusetts-based retailer, has been placed on the sales block. The developer, Seattle’s Armada/Lagerquist, is asking $5.2 million for the building at 13240 Aurora Ave. N. in Seattle.

Terry Moss with Bellevue’s Commercial Realty Group Inc. tells GlobeSt the property had been under a contact with a buyer seeking a 1031 exchange. But a lease amendment necessary to the transaction could not be completed by the buyer’s financing deadline.

Once the private transaction cratered, Moss put the property in the public listings. And interest appears to be keen. “We’ve had quite a bit of action,” he quips. “In fact, we’ve already had two offers.”

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