A Bainbridge Island mixed-use development and a Port Orchard Walgreens building were among the prominent commercial properties that changed hands during a busy first quarter of 2016.
All told, 102 commercial parcels sold in January, February and March for a combined $111.1 million, according to county assessor’s records.
Sales of large apartment complexes, including Santa Fe Ridge, Bremerton Gardens and Admiral Manor, accounted a large portion of that total. I detailed those sales in a recent rundown of apartment transactions.
Below is a look at some of the notable commercial sales of the year so far, plus a couple from the end of December that didn’t make my last roundup.
Madison Square, Bainbridge — $17.5 million
Sale date: March 9
Assessed value: $13.9 million
Sold by: Madison Square LLC. to LBG Bainbridge LLC.
Description: Seven tax parcels on Hildebrand Lane, south of the Island Village shopping complex. Buildings include a mix of retail, office and apartments.
Notes: The seller is a corporation headed by islander Michael Burns. LBG Bainbridge LLC is a subsidiary of Lord Baltimore Group Ltd., and lists a Vancouver, B.C. mailing address.
The same buyer also purchased the adjacent Camelia apartments for $4.6 million this year, and bought a commercial cluster in Poulsbo which I describe below, all from Burns.
Liberty Center, Poulsbo — $5.93 million
Assessed value: $5 million
Sold by: Liberty Centre LLC. to LBG Bainbridge LLC.
Description: Three buildings with a combined 30,000 square feet of space on 2 acres on the northeast corner of Liberty Road and Highway 305.
Notes: See notes above. Major tenants include John L. Scott and Key Bank.
Grow apartments, Bainbridge — $5.2 million
Sale date: Feb. 4
Assessed value: $973,560
Sold by: Bainbridge Community Development to Clarke Properties LLC.
Three-story, 10-unit buildings were slated for each parcel, according to city planning documents.
Walgreens building, Port Orchard — $5.18 million
Sale date: Feb. 11
Assessed value: $3.26 million
Sold by: McCandless Port Orchard LLC. to Lease Fund II LLC.
Description: A 15,000-square-foot pharmacy building on 1.8 acres at the northeast corner of Lund Avenue and Bethel Road.