Tag Archives: commercial property

Port will discuss sale of Bremerton waterfront property Tuesday

Parkignlot_7988144_ver1.0_640_480Port of Bremerton commissioners will discuss the terms of an agreement Tuesday to sell a premier waterfront development property above Bremerton Marina.

According to port CEO Jim Rothlin, the commission is weighing a $4.5 million offer from development firm Sound West Group to purchase the Washington Avenue property. By law, the port can’t sell the land for less than fair market value.

Sound West partner Mike Brown told me the firm is interested in creating a mixed-use development on the 2-acre site.

The port bought the land from Kitsap Consolidated Housing Authority in 2009 for $3.5 million to provide parking for the marina. The district put the property on the market last year with an asking price of $5 million. bremerton-property

Port CEO Jim Rothlin said the goal of the sale would be to pay off the debt from the purchase while still maintaining parking for boaters.

“At the time of the purchase the port’s intent was always to see development occur there at some point that would help increase growth and economic development for the community,” Rothlin said prior to a Nov. 8 public hearing on the potential sale.

“But the priority was really to make sure we secured parking for the marina and were able to pay off debt on that property as well.”

South Kitsap resident Roger Gay was the only member of the public to offer comment. He urged commissioners to be upfront with the public about the process and the potential impact development of the property might have on the marina.

“You need to have those answers no ahead of time as much as possible,” Gay said.

Port commissioners vowed to only agree to a sale if parking for the marina was preserved.

The commission will review a purchase and sale agreement for the property at its regular meeting, scheduled for 6 p.m. Tuesday at Bremerton National Airport. Approval of the port’s 2017 budget also is on the agenda.

Commercial real estate roundup: Bainbridge development sells for $17 million

hildebrandA 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

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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

liberty.centerSale date: March 9

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

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Courtesy Grow Community

Sale date: Feb. 4

Assessed value: $973,560

Sold by: Bainbridge Community Development to Clarke Properties LLC.

Description: Two tax parcels at the southeast corner of Wyatt Way and Grow Avenue where the “Cooper” rental apartments were constructed as part of the Grow Community project.

Three-story, 10-unit buildings were slated for each parcel, according to city planning documents.

Walgreens building, Port Orchard — $5.18 million

walgreens

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.

Notes: Across the street from the Bethel Junction shopping center, which also sold recently.
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Graphic: Updated Trails at Silverdale store locations

Two more tenants — Purpose Boutique and The Habit Burger Grill — were announced for The Trails at Silverdale shopping center last week.

Here’s an updated graphic showing where the businesses will be located:GraphicTemp

 

Tenants have not been named for seven spaces at the trails, including the grocery store building. These include a couple of very large retail spaces, and a restaurant space in the northwest corner.