A Los Angeles corporation bought two Silverdale apartment complexes in September for a combined $69.5 million.
Those transactions topped the list of commercial sales in Kitsap County in for August and September (you can see my July roundup here).
A total of 35 commercial parcels sold in August for a combined $10.23 million, according to county assessor’s records. In September, 12 parcels sold for $74.3 million, buoyed by the Silverdale apartment transactions.
Here’s a look at some of the notable commercial sales from August and September:
Wellington apartments, Silverdale — $38.25 million
Sale date: Sept. 24
Assessed value: $19.99 million
Sold by: GFS Wellington LLC. to Gemini Wellington Fee Owner LLC.
Description: A roughly 231,000-square-foot, 17-building apartment complex on 11.3 acres off Randall Way, accessed by Kensington Lane.
Notes: Formerly called Madison the Wellington. Built in 1988.
Ridgetop apartments, Silverdale — $31.25 million
Sale date: Sept. 24
Assessed value: $18.12 million
Sold by: GFS Ridgetop LLC. to Gemini Ridgetop Fee Owner LLC.
Description: A roughly 200,000-square-foot, 25-building apartment complex on 12.5 acres off Ridgetop Boulevard, accessed by Voyager Lane and Shipside Lane.
Notes: Formerly called Madison Ridgetop. One of several large complexes of Ridgetop Boulevard. Built in 1989.
Woodcreek apartments, Poulsbo — $3 million
Sale date: Sept. 8
Assessed value: $1.53 million
Sold by: Woodcreek Associates to Poulsbo 40 LLC.
Description: A 14-building apartment complex on 4.8 acres of Hostmark Street, across from Poulsbo Middle School.
Notes: Built in 1984. Buyer is based in San Diego.
Twelve Trees building, North Kitsap — $2.23 million
Sale date: Aug. 11
Assessed value: $1.64 million
Sold by: Jackson Brothers LLC. to Grundsund Property Co.
Description: A 21,000-square-foot building in Twelve Trees Business Park off Pioneer Way.
Notes: Headquarters for international marine apparel and gear company Grundéns. It appears Grundéns just bought the building.
College Marketplace lots, Poulsbo — $1.43 million
Sale date: Aug. 26
Assessed value: $1.5 million (combined)
Sold by: Olhava Associates LP to Olhava Group 3H & 3I LLC.
Description: Two parcels totaling just under 2 acres on Olhava Way near Wendy’s, and across from Walmart.
Notes: A car wash, Starbucks store and retail building are being built on this land. The property was sold prior to the recent Olhava foreclosure sale, and a boundary line adjustment was recorded.
Kennedy Business Park building — $875,000
Sale date: Sept. 8
Assessed value: $1.43 million
Sold by: Kitsap Credit Union to 8880 Investments LLC.
Description: “Building G,” a 21,500-square-foot building in Kennedy Business Park off Bond Road.
Notes: Buyer is the principal of Barker Creek Publishing, a local company that recently landed a distribution agreement with Staples.
Johnstone Supply building, Bremerton — $850,000
Sale
date: Aug. 7
Assessed value: $651,280
Sold by: Seattle Realty Inc. to Wilkes Building LLC.
Description: A 9,600-square-foot building at the corner of Auto Center Boulevard and Wilkes Avenue.
Notes: Home to Johnstone Supply.
Skippers, Silverdale — $845,000
Sale date: Aug. 19
Assessed value: $602,000
Sold by: Barber Investments Silverdale to Simon Restaurants LLC.
Description: A 2,600-square-foot fast food restaurant on Silverdale Way.
Former Kitsap Bank, Bremerton — $245,000
Sale date: Aug. 3
Assessed value: $323,570
Sold by: Kitsap Bank to The Islamic Center of Kitsap County
Description: A 2,160-square-foot former bank branch on Marine Drive, off Kitsap Way.
Notes: The Islamic Center is converting the former bank branch into a mosque. Info on the Bremerton Beat blog.
First & Pacific, Bremerton — $85,500
Sale date: Aug. 3
Assessed value: $68,000
Sold by: Tim Ryan Properties LP to Chung Nguyen and Oanh Truong
Description: A vacant, one-tenth of an acre lot at the corner of First Street and Pacific Avenue, across from the ferry ticket booths and shipyard gate.
Notes: Not a big ticket sale, but a noteworthy one given the prime location.
