For Ground Lease 2 biens • Seattle, WA

The Blakeley Street Properties (“Blakeley”, or the “Property”) present a compelling opportunity for multifamily or mixed-use development. Located immediately adjacent to the Burke-Gilman trail just outside of University Village, future residents will be walking distance from world-class shopping and entertainment in one of Seattle’s most transit- and amenity-rich urban village hubs. The Property is currently owned by the University Book Store (the “Book Store,” or “UBS”) and is operating as a multi-tenant flex industrial property. The Book Store previously used the Blakeley site for storage, shipping, and receiving but no longer occupies any space and manages it as an income property. The Property currently has five (5) tenants and one (1) cell tower lease with leases terminable effective June 30, 2026. All current lease structures are triple-net (NNN).
The property is being offered for development under a ground lease. The Book Store is seeking a development partner under a ground lease structure.
The Property is an attractive candidate for future mixed-use development. A preliminary feasibility study has been completed by Public47 Architects and shows potential for 90 – 104+ units with ground-floor commercial. The Property has ample space to meet and exceed the minimum parking requirement with one tray of below-grade parking. Amenities include a rooftop deck with Mt. Rainier, Husky Stadium, and Lake Washington views, a courtyard plaza with views through to the Burke-Gilman trail, space for
retail businesses, and ample vehicle and bike parking. Note that there are high-voltage power lines which run adjacent to the site and present a 14-foot required radial setback or need to be undergrounded.