Pioneer Square is a historic Downtown district that lies about one mile north of the company's headquarters. The properties are 83 King St., a 204,500-sf turn-of-the century building where Starbucks already leases around 60,000 sf, and 505 First Ave. S., a 36,000-sf site that holds a 6,500-sf building, a surface parking lot and a parking garage and comes with entitlements for a 200,000-sf building.

Both well leased, the properties are owned by principals of Martin Smith Inc., a real estate investor, developer and property manager. The sale is expected to close later this spring, according to the Starbucks source. It's too early to say if a retail store would be located at 83 King St., she adds.

Craig Kinzer and Amy Worthington of Seattle-based Kinzer Real Estate Services represent Starbucks in various non-retail real estate deals. The seller represented itself.