Seattle Commercial Real Estate News of the Day

Friday, March 16, 2012

Seattle Times Daily Journal of Commerce Headline
Boeing won’t produce 787-9 horizontal tails in Seattle

Alecta buys more land on First Hill

New Nordstrom Rack opens at Westlake Center Swedish pension adviser Alecta continues to assemble land on First Hill, most recently paying $2.5 million, or $347 a square foot, for a small surface parking lot at 812 Eighth Ave.

Karen and Kevin Cameron and Kimberly R. Jordison sold the lot. It abuts a corner property that Alecta bought earlier this year from the family of the late Paul Thiry, the architect in charge of planning the World’s Fair. The land is zoned for high-rise housing.

Alecta, which manages around $74 billion, has been targeting urban infill sites in global gateway cities. The Eighth and Columbia property is the company’s third assemblage on First Hill.

Alecta previously bought a site at Boylston Avenue and Seneca Street, where the seller once planned a luxury condo tower called SkyGarden. Alecta also bought a half-acre next to Harborview Medical Center where Mastro Properties proposed a 26-story apartment project.

Alecta also bought two large apartment properties in Hillsboro, Ore., for $69.4 million.

Alecta’s plans on First Hill are not clear. Broker Stan Snow of Kidder Mathews represents Alecta, and said its policy is not to speak to the press.

In an email yesterday, Snow wrote that Alecta now owns about half an acre at Eighth and Columbia. Beyond that, “there’s really not much to report yet.”

In recent years, the area around Eighth and Columbia has been a development hot spot. Developers of senior housing and medical facilities have sought to capitalize on the proximity to Harborview and other regional medical centers.

Skyline at First Hill, a 26-story senior community, is just south of Alecta’s holdings. Kitty corner is the Polyclinic’s new building that will house primary and specialty care physicians.

M Street, a mixed-used project with medical office space, is nearby on Madison.

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About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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