What will we see moving to North Lake Union? An investment group is taking advantage of competitive commercial real estate prices and scooping up a half acre parcel in the great location between Wallingford and Burke Avenues.
“An investment group led by David Zarett paid $3.58 million for a second half-block property overlooking the north end of Lake Union. Northlake LLC now owns the full block along North Northlake Way between Wallingord Avenue North and Burke Avenue North. The investment group bought the 0.47-acre site at 3301 Burke Ave. N. from Restaurants Unlimited founder Richard Komen and his family. The property includes the 8,051-square-foot Restaurants Unlimited office building. Northlake LLC acquired the adjacent 0.31-acre parcel at 3301 Wallingford Ave. N. for $850,000 back in 1998. Six years later, Zarett filed for permits to construct a mixed-use residential office building on the site but never moved forward on the project.”
Original Post: Investors buy North Lake Union parcel
Puget Sound Business Journal
By Jeanne Lang Jones
May 24, 2011