Regal Cinemas headlines fall commercial sales


The $3.1 million sale of the Regal Cinemas in Silverdale to Newlife Church was among the notable commercial transactions closed in Kitsap County during the last three months of 2015.

olhava_1445221426904_25394155_ver1.0_640_480By far the largest, however, was the foreclosure sale for 42 vacant parcels in Poulsbo’s College Marketplace.

MUFG Union Bank, which forced the sale, took ownership of the properties for a recorded sales price of $8.17 million.

A total of 85 commercial parcels changed hands in the fourth quarter of 2015 for a combined $23.6 million, according to county assessor’s records.

Here’s a look at some of the high profile transactions:

College Marketplace parcels, Poulsbo — $8.17 million

1019_OlhavaSale_KSSale date: Oct. 29

Assessed value: About $21 million

Sold by: Hacker & Willig Inc (Trustee) to MUFG Union Bank

Description: 42 tax parcels in the College Marketplace development in Poulsbo, adjacent to Walmart and Home Depot.

Notes:  Previous owner was Olhava Associates Limited Partnership of Edmonds. Olhava defaulted on loans issued by Frontier Bank.

Union Bank was the successor to Frontier Bank, which was closed in 2010. The College Marketplace properties are still listed for sale.

Regal Cinemas, Silverdale — $3.1 million

regal.cinemasSale date: Nov. 12

Assessed value: $2.95 million

Sold by: Eastgate Theatre Inc. to New Life Church on the Peninsula

Description: A 15,000-square-foot cinema on 2.6 acres at 9923 Poplars Ave.

Notes:  Newlife Church plans to turn the building into an education and worship center. The cinema will continue to operate into early 2016.

7-Eleven building, Port Orchard — $1.46 million

7.11Sale date: Nov. 9

Assessed value: $379,920

Sold by: Karka LLC. to Duomo Mercer Island Properties

Description: A 3,000-square-foot convenience store on 0.3 acres at 1794 SE Mile Hill Drive.

Children’s Center, Bainbridge Island — $1.35 million date: Dec. 7

Assessed value: $1.19 million 

Sold by: Amerae Enterprises Inc. to Mosaic Properties LLC.

Description: A 6,000-square-foot childcare center on 1 acre at 621 High School Road NW.

Notes: Home to First Years Children’s Center. Bainbridge-based Mosaic Properties bought two other parcels in the vicinity last fall.

Future Silverdale Library — $850,000

KRLSale date: Nov. 11

Assessed value: $808,000

Sold by: Bawd Creekside LLC. to Sound West Holdings LLC. (deed transferred to Kitsap Regional Library)

Description: A 1.14-acre parcel on the north side of Bucklin Hill Road, adjacent to Clear Creek.

Notes: KRL is raising money to build a new Silverdale Library on the site. 

Clifford’s Auto Body, Bremerton — $525,000


Sale date: Oct. 29

Assessed value: $206,890

Sold by: Howard and Laurie Froggatt to Collision Service Repair Center Inc.

Description: A 5,000-square-foot auto shop on 0.21-acres at 327 N Montgomery Ave.

Notes: Former Clifford’s Auto Body became the first Kitsap County location for fast-growing Gerber Collision & Glass.

Bremerton business park — $675,000

biz.parkSale date: Oct. 29

Assessed value: $517,920

Sold by: Kitsap Bank to Bremerton Business Park LLC.

Description: Two parcels totaling two acres with two buildings in a business park at 5943 State Highway 303.

Front Street building, Poulsbo — $500,000

front.streetSale date: Nov. 20

Assessed value: $309,750

Sold by: Hans and Patricia Ebke to Nucon Northwest LLC.

Description: A 3,210-square-foot building on 0.07 acres at 18966 Front Street NE.

Notes: Home to Fat Apple Bakery. Nucon Northwest is backed by Bainbridge Islanders.

Husky Auto Repair, Bremerton — $390,000

huskySale date: Nov. 3

Assessed value: $521,660

Sold by: Ronald Templeton (trustee) to Yu Byung

Description: A 5,300-square-foot building on 0.42 acres at 3740 Wheaton Way.

Notes: This was a foreclosure sale. The former owner was East Bremerton Automotive and Retail.

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