Madison Marquette Has Buyer for 601 Pine

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SEATTLE-Madison Marquette is negotiating the sale of 601 Pine St., a 69,000-sf Downtown retail building on a 15,000-sf lot that is fully leased to Old Navy, Gene Juarez and Fox Sports Grill. David Brainerd, senior vice president for Madison Marquette’s parent company, Capital Guidance, tells GlobeSt.com that best and final offers were due recently and negotiations now are under way with a single buyer.The owner of 601 Pine is listed in county records as various members of the Marshall family of Olympia. The name of the buyer is being held close to the vest until the transaction is in escrow, as is the price. However, a third-party source familiar with the property tells GlobeSt.com that the building should sell for around $26 million. King County appraises the property (land and improvements) at about $17.5 million.Built in 1929, 601 Pine St. was previously home to the I. Magnin department store. Old Navy opened its 38,000-sf store in the building in 1998. Gene Juarez came along shortly thereafter. The property went on the market shortly after Fox Sports Grill leased the remainder of the building in 2003.East of Downtown on Capitol Hill, Madison Marquette recently completed and opened its makeover of the 110,000-sf Broadway Market. As part of the transformation, Kroger shut down the 31,000-sf Fred Meyer in the two-level urban center, leased an additional 32,000 sf–including some reclaimed common area–in the building and moved its QFC into the space from a 22,000-sf location next door. Existing tenants Urban Outfitters and Hot Topic were relocated within the center to make room. Other retailers in the center include Broadway Video, Gold’s Gym and Torero’s Mexican Restaurant. The center, which is about 98% leased, also is home to 30 apartments and subterranean parking for 230 vehicles.