Commercial real estate roundup: South Kitsap timberland sells for $9M

b0012744021-852179A massive swath of South Kitsap changed hands this summer.

In June a buyer paid $9.25 million to McCormick Land Company for nearly 2,000 acres of timberland south of McCormick Woods.

The deal highlighted a busy spring and summer for commercial land transactions in Kitsap County. Below is a roundup of other high-profile sales recorded from April through July, with details from assessor’s documents and additional research.

This list doesn’t include the $20 million sale of the Silverdale Ridge apartments, which I reported on earlier this year.

Keep in mind these are property transactions, and the businesses occupying these properties may not have changed hands.

McCormick timberland — $9.25 million

Sale date: June 22

Sold by: McCormick Land Company LLC to Bar MH Timber WA LLC.

Description: More than 1,800 acres of timberland divided into 166 tax parcels, located south of McCormick Woods and east of Bremerton National Airport.

Notes:  McCormick Land Company also recently sold off its residential development land surrounding McCormick Woods.

I’m working to get in touch with the buyers of the timberland to find out what their plans are.

Best Western, Bainbridge Island — $7.25 million

bestwestern

Sale date: June 29

Assessed value: About $4 million

Sold by: Bainbridge Island Commons LLC. to BB Hotel LLC.

Description: A four story, 51-room hotel on 2.7 acres at 350 NE High School Road.

Notes:  BB Hotel LLC. has a Honolulu mailing address.

Day Road warehouses, Bainbridge — $5.9 million

day-road-biz
Click to enlarge

Sale date: May 23

Assessed value: About $4.55 million

Sold by: Bainbridge Business Park LLC. to Ridgeview Town Center LLC.

Description: Three business park buildings on 4.7 acres in the Day Road industrial area.

Notes:  Ridgeview Town Center is registered to Joseph Lacko, who recently purchased the Winslow Hardware building.

Former Kitsap Health & Rehab, Bremerton — $3.8 million

kitsaphealthrehab_mug_20590442_ver1-0_640_480Sale date: July 19

Assessed value: $891,780

Sold by: Wellington Park LLC. to Bremerton MC Properties LLC.

Description: A 26,000-square-foot former nursing home on 2 acres at 3517 11th St.

Notes:  Last we checked, a developer was remodeling the former nursing home into a memory care facility. 

Former Albertsons/Haggen, Bremerton — $3.5 million

b0014661837-754562Sale date: July 14

Assessed value: $5.54 million

Sold by: Haggen Property North LLC. to Saar Properties VII LLC.

Description: A 50,000-square-foot grocery store on 5 acres at 2900 Wheaton Way in East Bremerton.

Notes:  The former East Bremerton Albertsons was among those sold to Haggen in 2015. Haggen went bankrupt and Saar’s Marketplace recently took over the vacant building.

San Juan building, Bainbridge — $3.33 million

san-juanSale date: May 23

Assessed value: $2.25 million

Sold by: San Juan Partners LLC. to SJ Commercial LLC.

Description: A mixed-use commercial building at 902 Winslow Way East, near the ferry terminal.

Notes:  The new owner is registered in Kingston.

Quality Inn, Bremerton — $3.14 million

quality-innSale date: July 11

Assessed value: $2.1 million

Sold by: Bremerton Hospitality LLC. to Shreeji Investment LLC.

Description: A hotel on four acres at 4303 Kitsap Way.

Eagle Harbor marina, Bainbridge — $2.8 million

eagle.harbor.marinaSale date: May 25

Sold by: Moorings Partnership to Eagle Harbor Partners LLP.

Description: A 105-slip marina on the south shore of Eagle Harbor.

Notes:  The new owner plans to overhaul the facility.

Harbor Place, Bainbridge — $2.57 million

harbor-placeSale date: April 8

Assessed value: $2 million

Sold by: Hillis Clark Martin and Peterson (trustee) to the Carle and Anne Conway Trust

Description: A 9,000-square-foot waterfront office building at 187 Parfitt Way.

Notes:  This was a trustee’s sale. The property reverted to the lender.

Jack In The Box, Silverdale — $2.32 million

jack-in-boxSale date: April 20

Assessed value: $1.32 million

Sold by: Niki Holdings LP to Sunset Silverdale LLC.

Description: A fast food restaurant on 0.6 acres at 10735 Silverdale Way.

Notes:  New owner is registered in California.

Future self storage, Bainbridge — $1.5 million

self-storageSale date: June 10

Assessed value: $502,370

Sold by: Day Road Associates LLC. to Urban Bainbridge LLC.

Description: An undeveloped 4.8-acre parcel on Day Road, just east of Highway 305. The property is between Day Road Animal Hospital and Island School.

Notes:  The buyer is Urban Self Storage, a Seattle company that operates Bainbridge Self Storage and Pacific Storage in Keyport.

Urban Self Storage recently applied to build a multi-story facility in Poulsbo, and held a pre-application meeting with Bainbridge city staff to discuss a project on this Day Road parcel.

Future transit center, Bremerton— $1.44 million

transitSale date: May 11

Assessed value: $691,330

Sold by: The JWJ Group LLC. to Kitsap Transit

Description: A 4-acre parcel at the corner of Broad Street and Wheaton Way, north of Arby’s.

Notes:  Kitsap Transit plans to build a transfer center here. Apartments are going in on adjacent parcels. 

Future Starbucks, Poulsbo— $1.18 million

rpi retailSale date: June 30

Assessed value: $367,420

Sold by: Washington CVS Pharmacy LLC. to RPI Poulsbo LLC.

Description: A 1.1-acre parcel on Highway 305, north of Hostmark Street. The property is adjacent to the new CVS pharmacy.

Notes:  Developers plan a Starbucks coffee shop and Sherwin-Williams paint store on the site.

Burwell apartments, Bremerton— $1 million

burwellSale date: July 25

Assessed value: $615,980

Sold by: Schaefer LLC. to J Triple K Holdings LLC.

Description: A cluster of small apartments on two lots on Burwell Street between Chester Avenue and State Avenue.

Notes:  New owner is based in Seattle.

Former Del’s Farm Supply, Port Orchard — $980,000

dels-farmSale date: April 13

Assessed value: $602,220

Sold by: CHM Properties LLC. to Mark Denny and Patricia Purcell Trustees

Description: Two warehouse buildings on 1.3 acres at the corner of Mitchell Road and Lincoln Avenue.

Notes:  Del’s Farm Supply moved to Olney Avenue last year and reopened as Tractor Supply Co.

Old Kingston Hotel — $735,000

8615_3408332_ver1-0_640_480Sale date: June 2

Assessed value: $338,550

Sold by: Jeffrey Groman and Heijne Cornelia Heijne to Antoine and Tania Issa

Description: An 1890 hotel building at the corner of First Street and Washington Boulevard in downtown Kingston, above the ferry holding lanes.

Notes:  New owners live in Kingston.

CLICK HERE FOR MY ROUNDUP OF FIRST QUARTER 2016 COMMERCIAL SALES.

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