€¦ · 167 520 520 908 908 522 522 522 202 527 527 104 104 524 525 513 900 900 169 515 181 518...

601 Union Street, Suite 1100 • Seattle, WA 98101 • jll.com/seattle

G R E E N W O O D C O L L E C T I V E

11,620 square foot retail / multifamily /creative space opportunity in Seattle’s highly desirable Greenwood submarket

I N V E S T M E N T O F F E R I N G

JLL • 601 Union Street, Suite 1100 • Seattle, WA 98101 • jll.com/seattle

MARK JACKSON, JRAssociateCapital Markets+1 206 607 1733 [email protected]

LORI HILLManaging DirectorCapital Markets+1 206 971 7006 [email protected]

JOHN LOManaging DirectorReal Estate Investment Banking+1 206 607 [email protected]

I N V E S T M E N T C O N TA C T S

ANN MARIE KOEHLER Managing DirectorAgency Leasing+1 206 607 [email protected]

L E A S I N G S P E C I A L I S T

F I N A N C I N G


INVESTMENT OFFERING

167

520520

908

908

522

522

522

202

527

527

104

104

524

525

513

900

900

169

515

181

518

599

509

509

509

99

99

99

99

99

99

99

99

90

90

9

9

5

5

5

405

405

405

Puget Sound

LakeWashington

GreenLake

UnionBay

Lake

Union

ElliotBay

S ammamIsh

Rive r

Duwam ish

River

Cedar River

LakeWashington

Puget Sound

SEATTLE-TACOMAINTERNATIONAL

AIRPORT

RentonTukwila

Sea-Tac

KirklandRedmond

Edmonds

Lynnwood

MillCreek

MountlakeTerrace

Bellevue

Seattle

EXECUTIVE SUMMARY 5

PROPERTY DESCRIPTION 8

MARKET OVERVIEW 13

FINANCIAL SUMMARY 21

DISCLAIMER 24

TA B L E O F C O N T E N T S


D i s c l a i m e r : The property is offered for sale in an ‘AS-IS’, where-is with all faults condition. There is no representation or warranty of any kind, expressed or implied, including without the limitation, warranty of income potential, operating expenses, uses, habitability, merchant-ability or fitness for a particular purpose.

B A L L A R D

G R E E N W O O D

C O L L E C T I V E

B A L L A R D

G R E E N W O O D

C O L L E C T I V E

C R O W N H I L L

Greenwood Avenue North

85th Street N

orth

Palantine Avenue North

INVESTMENT OFFERING


5

E X E C U T I V E S U M M A R Y

O F F E R I N G M E M O R A N D U M 6

G R E E N W O O D C O L L E C T I V E E X E C U T I V E S U M M A R Y

OFFERING OVERVIEW

Executive Summary

Jones Lang LaSalle is pleased to exclusively offer for sale the Greenwood

Collective (“G.C.”), located in the Greenwood neighborhood of Seattle,

Washington. The G.C. is situated on the strongest commercial intersection in

the heart of Greenwood’s commercial core. Originally constructed in 1926,

the G.C. has been well-maintained and continues to be a strong performer

within this trade area. The 11,620 square-foot, mixed-used building features

two retail stores, three apartment units and creative space in the lower-level

artist’s studios; its tenants include Urban Light Studios and well-renowned

restaurateur, Josh Henderson’s, Huxley-Wallace-Collective. The property

features zoning that permits the construction of a 65 foot structure, therein

providing an investor with future development possibilities.

With 100% occupancy, the Greenwood Collective offers the neighborhood

a new entertainment destination in a growing submarket. The property

serves a large customer base including the neighboring towns of Greenlake,

Queen Anne, Ballard and Fremont.

Investment Highlights

Strong Market Fundamentals: The Greenwood submarket is experiencing

low vacancy (1.80%) and increased rents (+20.00% over 5-Year Average) in

2015, both indicators of a strong market. Coupled with a strong economic

forecast we are projecting high to mid-single digit rent growth through 2017

with continued demand for retail and residential tenants.

Neighborhood Revitalization: The City of Seattle is developing a long-term

transit priority concept plan for Greenwood Avenue. The focus of this plan

is to improve transit stops and nearby non-motorized connections between

North 85th Street and North 105th Street. The objective for this section of

Greenwood Avenue is to improve transit speed and reliability in a manner

consistent with Seattle’s Corporate Streets Policy.

Address: 8537 Greenwood Ave. l Seattle, WA 98103 # of Tenants: 5 tenants: 2 retail, 3 multifamily

Size: 11,620 square feet Parcel No: 923190-0030

Year Built: Built in 1926 Site Area: 5,850 square feet

Occupancy: 100% occupancy Zoning: NC2 - 65

Price: $4,250,000 Cap Rate: 5.01%



NEIGHBORHOOD PHOTOS

E X E C U T I V E S U M M A R Y

INVESTMENT OFFERING


8

P R O P E R T Y D E S C R I P T I O N


G R E E N W O O D C O L L E C T I V E P R O P E R T Y D E S C R I P T I O N

Though a staple in the Greenwood neighborhood, the

Greenwood Collective will soon have a new identity.

Thanks to renowned restaurateur, Josh Henderson, the

property will be a new home to a branch of his well

regarded Huxley-Wallace Collective.

The revitalization of the building includes a

new outdoor patio, floor to ceiling exterior

windows and a completely re-vamped interior.

O F F E R I N G M E M O R A N D U M 1 0

G R E E N W O O D C O L L E C T I V E P R O P E R T Y D E S C R I P T I O N

GREENWOOD AVE.

ALLEY

17'-4" 15'-3" 17'-4"

2,675 SF

240 SF

50'-0"

119'

-1"

2,430 SFRetail 1

Retail 2

A1First Floor Plan The Greenwood Collective 8537 Greenwood Ave N, Seattle, WA scale: 1'0" = 1/16"

evolution Projectsdate: 8/1/2015

UNIT A

COMMON

UNIT B

A2Second Floor Plan

roof drainx12

'-3"

UNIT C

36'-4

"

600 SF

390SF

hw

410 SF

200 SF

kitchen living bath

officebedroom

bedroom kitchen + living

bath

bath

kitchen

bedroom

office

The Greenwood Collective 8537 Greenwood Ave N, Seattle, WA scale: 1'0" = 1/16"


Main Floor Plan Second Floor Plan

ALLEY

Bathroom

hvac

Studio B

Studio E

Studio CStudio D

Greenwood Ave

electrical

590 SF

1070 SF

gas

Studio H 400 SF

Studio F350 SF

Studio G320 SF

Studio A610 SF

575 SF

410 SF590 SF

Common

A0BSMT Floor Plan The Greenwood Collective 8537 Greenwood Ave N, Seattle, WA scale: 1'0" = 1/16"


Artist’s Studios

FLOOR PLANS

Greenwood Avenue North

Palatine Avenue North G R E E N W O O D

C O L L E C T I V E



TRANSPORTATION MAP


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eve& Sun

SR 9912012521X375556X

57113121122123

I-54171X72X73X52264X74X76X77X197242

301303X304308309X312X316355X555586

W Sea. Bridge2121X375556X

57116X118X119X

I-5150101577578594102143X157158159177

178179190192193X197586590592595

Snohomish County–Downtown Seattlevia I-5512510511513

402405410

412413415

416417421

422425435

Snohomish County–University Districtvia I-5810821

855860

871880

SR 522372X522331309X312X342

I-90

550554111114212214

216217218219630

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MountBaker

Seacrest Dock

Seattle(Pier 52)Pier 50

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MercerIsland

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ChurchKenmoreCommunityChurch

Aurora Churchof the Nazarene

Korean Zion Presbyterian Church

BethelLutheranChurch

NorthJackson

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Schedules vary—see timetablesST = Sound Transit, CT = Community TransitTransit Service at Major Park & Rides and Other Transfer Points

Aurora Village Transit Center and Park & Ride E Line, 301, 303X, 331, 342, 346, 373X | CT Swift, 101, 115, 130

Evergreen Point Park & Ride and Freeway Station 167, 242, 252, 255, 257, 268, 277, 311 | ST 540, 542, 545, 555, 556 | CT 424

I-5/NE 65th St/Green Lake Park & Ride 48, 64X, 76, 242, 316 | ST 542

Kenmore Park & Ride 234, 244, 309X, 312X, 331, 342, 372X | ST 522

Mercer Island Park & Ride 201, 204, 216, 630 | ST 550, 554

Mountlake Terrace Transit Center and Park & Ride 111, 112, 119, 347, 413, 415 | ST 511, 512, 513 | CT 130, 810, 871

Northgate Transit Center and Park & Rides 16, 40, 41, 66X, 67, 68, 75, 242, 303X, 345, 346, 347, 348 | ST 555, 556

Shoreline Park & Ride E Line, 301, 303X, 342, 373X

I-5 at NE 45th St Freeway Station 44, 76, 301, 316, 355X | ST 512

I-5 at NE 145th St Freeway Station 242, 301, 303, 304, 308, 347, 373X | ST 512

Montlake Freeway Station (SR 520 at Montlake Blvd) 25, 43, 48, 167, 242, 252, 255, 257, 268, 271, 277, 311 | ST 540, 542, 545, 555, 556

Mount Baker Transit Center 7, 8, 9X, 14, 48

Rainier Freeway Station (I-90 at Rainier Ave S) 7, 9X, 111, 114, 212, 214, 216, 217, 218, 219 | ST 550, 554

Alaska Junction (SW Alaska St and California Ave SW) C Line, 22, 37, 50, 55, 128, 773

Ballard (NW Market St and Ballard Ave NW) 17X, 18X, 29, 40, 44,

Capitol Hill (Broadway and E Pine St) 9X, 10, 11, 12, 49, 60

Delridge (SW Genesee St and Delridge Way SW) 50, 120, 125

Fremont (Fremont Ave N and N 34th St) 26, 28, 31, 32, 40

Kenmore (NE Bothell Way and 68th Ave NE) 234, 244, 309X, 312X, 331, 342, 372X | ST 522

Lake City (Lake City Way NE and NE 125th St) 41, 64X, 65, 72, 75, 309X, 312X, 330, 372X | ST 522

Roosevelt (NE 65th St/Roosevelt Way NE/15th Ave NE) 48, 64X, 66X, 67, 71, 72, 73, 64, 76, 373X

University District (University Way NE/15th Ave NE and NE Campus Parkway)

25, 30, 31, 32, 43, 44, 48, 49, 65, 67, 68, 70, 71, 72, 73, 74, 75, 167, 197, 271, 277, 372, 373X | ST 540, 542, 556

University of Washington Campus 25, 31, 32, 65, 67, 68, 75, 271, 277, 372X, 373X | ST 540 | CT 810, 821, 855, 860, 871, 880

Uptown (1st Ave N and Mercer St) D Line, 1, 2, 8, 13, 29, 32

Bus Routes and Facilitiesfrequent all-day route (every 15 minutes or less until 6pm Mon–Fri)all-day routeall-day routes that combine for frequent servicepeak-only route

RapidRide line and stop

Community Shuttle route and flexible service area*

*Reserve a ride off the scheduled route in this area.

Dial-A-Ride (DART) route

Metro Transit (King County)

Sound Transit (regional express routes)

Community Transit (Snohomish County)

| transit centers: no parking | with and park & ride

| park & ride: more than | less than 250 spaces

freeway station

| Downtown Seattle Transit Tunnel station: bus only | bus and light rail

major transfer point

Other Transit Services and FacilitiesSounder commuter rail lineand station ( =Amtrak)Central Link light rail line and stationSeattle Streetcar line

=South Lake Union =First Hill (late 2015)Seattle Center Monorail line and terminalWashington State Ferries route and terminalKing County Water Taxi route and terminal (passenger-only ferry)

ORCA: customer service office| vending machine | retailer

Selected Base Map Featuresinterstate / state highway routes

In general, the designations “St” and “Ave” are not shown on this map. In King and Snohomish counties “Streets” usually run east–west and “Avenues” usually run north–south.

incorporated city (all capital letters)

neighborhood / unincorporated place

point of interest or common destination

June 2015

21X

CLYDEHILL

MERCERISLAND

Gilman Dr W

Dexter N

LakeUnion

PugetSound

520

SR 520255271545167242252257268

277311540542555556424

FARE

ZO

NE

BO

UNDA

RY

IslandCrestPark

12521

120

SaintEdwardStatePark

SewardPark

LakeWashington

EvergreenPoint

MagnusonPark

N

S

EW

Metro Transit System: Northwest Area

NE 24th

See above left for I-5 routes to/from Snohomish County

15th

W

2628

Islan

d Cr

est W

ay

MercerIsland

PresbyterianChurch

P

PugetSound

JapaneseGarden

SeattleCenter

CenturyLinkField

SafecoField

ShorelineCC

Bastyr U

Town Center atLake Forest Park

NorthwestHosp &Med Ctr

NorthSeattleCollege

Seattle Children’sHospital

NorthgateMall

Swedish Med CtrBallard Campus

UWMedicalCenter

UW

SeattlePacific U

VAPugetSoundHealthCare -SeattleDivision

Group Health RainierMedical Center

Columbia PublicHealth Center

SwedishMed Ctr First Hill

GroupHealth

Capitol HillCampus

SeattleCtrl Coll

Seattle U

Husky Stadium

KING COUNTY

FARE ZONE BOUNDARYFARE ZONE BOUNDARY

West Seattle – Downtown Seattle

Bainbridge Island – Seattle

Bremerton – Seattle

Vashon Isla

nd – Downtown Seattle

SNOHOMISH COUNTY

SNOHOMISH COUNTYKING COUNTY

FARE

ZO

NE

B

OU

ND

ARY

UnionBay

SalmonBay

HallerLake

Duw

amish W

aterway

BitterLake

GreenLake

Elliott Bay

LakeBallinger

ShilsholeBay

DiscoveryPark

RavennaPark

InterbayAthletic

Field

WoodlandPark

GoldenGardens

Park

CarkeekPark

RichmondBeach Park

Centennial Park

Squire’sLanding

Big

Finn

Hill

Park

Alki B

each

Par

k

SchmitzPark

JudkinsPark

Colman Park

Genesee Park

Luther BurbankPark

Rhodo-dendron

Park

WashingtonPark

Arboretum

PugetPark

Olympic Sculpture Park

Myrtle Edwards Park

Gas WorksPark

InterlakenPark

VolunteerPark

MadronaPark

Leschi Park

MatthewsBeachPark

ShoreviewPark

HamlinPark

JacksonParkGolf

Course

Green LakePark

WestSeattle

GolfCourse

Jefferson ParkGC

MedinaPark

O. O. Denny Park Juanita

WoodlandsPark

Magnolia Park

MercerdalePark

WOODWAY

KENMORE

BRIER

SHORELINE

MOUNTLAKE TERRACE

LAKEFORESTPARK

HUNTSPOINT

MEDINA

NorthBeach

HarborIsland

Wedgwood

UniversityDistrict

MapleLeaf

Beacon Hill

Crown Hill

Wallingford

Magnolia

Central

District

Green-wood

Finn Hill

Fremont

SewardPark

LakeCity

Mount Baker

Northgate

Georgetown

Bitter Lake

QueenAnne

ColumbiaCity

Ballard

CapitolHill

West Seattle

Alki Admiral

GreenLake

MadisonPark

SODO

L Wash ington Blvd S

NE Pacific

Mar

tin L u

ther

Kin

g Jr.

Way

Eastl

ake E

Lake Wash ington B lvd E

NE N

orthl

ake W

y

Alas

kan

Way

SE

Gree

n La

ke Way N

W M

ercer Way

Island Crest Way

West Seattle Bridge

SW Spokane

East

Mar

gina

l Way

S

Alas

kan

Way

Via

duct

East

Mar

gina

l Way

S

W Nickerson

West M

arginal Way SW

Harbor SW

West lake N

Delri

dge

Way

SW

24th NE

40th Pl NE

NW Innis Arden Wy

NE Perkins Way

Lake

City

Way

NE

68th

NE

NE 175th

NW Richmond Beach Rd

Juanita Drive NE

Holmes Point Dr NE

Juanita Dr NE

Sand

Poi

nt W

ay N

E

NE Bothell Way

73rd

NE

61st

NE

NE 197th 55th NE

Both

ell W

ay N

E

NE 178 t h

W Commodore Way

N Pa

cific

N 35th

Thor

ndyk

e W

Mon

tlake

Bl

vd N

E

W Green L

Dr N

E Green L Dr N

NW M

arket

Seav

iew

NW

Magnolia Blvd W

Alki

SW

Martin Luther King Jr W

ay S

Overl

ake

Dr E

SW Admiral Way

F aun

tlero

y Way

SW

Beach Drive SW

Lake

side

Ave S

Dayton N

Airp

ort W

ay S

Simonds Road NE

NE NorthgateWay

SW A

valo

n W

y

Wy NE

Ballinger

Beacon S

15th

S Genesee

23rd

E Aloha

50th

S

Wilson S

Rainier S

15th

S

86th

SE

E Galer

E Union

Rainier S

E Cherry

E Yesler Way

S Orcas

31st

S

E Jefferson

Unive

rsity

Way

NE

19th

E

14th

14

th S

24th

E25

th N

E

Roos

evel

t Way

NE

20th

NE

12th

NE

Fairvi

ew N

NE 55th

38th

S

S McClellan

E Mad

ison

NE 65th

S College

12th

S10

th E

34th

S Spokane

SW Genesee SW Genesee

SW Alaska

Calif

orni

a SW

63rd

SW

55th

SW

48th

SW

49th

SW

49th

SW

Magnolia Bridge

W Galer

W Bertona

Florentia

Gilman W

Shilshole NWLeary NW

Auro

ra N

Taylo

r N

Dext

er N

9th

N

24th

NW

20th

NW

Broa

dway

E

1st S

1st S

4th

S4t

h S

S Holgate

6th

S

S Lander SW Hanford

SW Charlestown

SE 24th

SE 40th

Ever

gree

n Po

int R

d

3rd

NW

12th

W McGraw

84th

NE

S Lucile

8th

NW

5th

N

1st N

Ston

e W

y N

E Pike

Quee

n Ann

e N

35th

SW

S Dearborn

Elliott W

Broad

15th

NW

16th

SW

Mercer

NE 202nd

15th

NE

15th

NE

N 145th

5th

NE5t

h NE

Sand Point Way NE

40th

NE

NE 92nd

30th

NE

NE 125th

8th

NW

22nd

NE

NE 160th

Wes

tmins

ter W

ay N

NE115th

Mer

idia

n N

NE 155th

NE 110th

19th

NE

15th

NE

NE 80th

35th NE

NE 75th

84th

NE

3rd

NW

NE 70th

NE 155th

Frem

ont N

Roos

evel

t Way

NE

NE 205th

244th SW

35th

NE

N 205th 244th SW

N 200th

NE 95th

88th

NE

20th

NW

NW 175th

Ballinger Way NE

NE 141st

80th

NE

NE 145th

1st N

E

NE 195th

Auro

ra N

5th

NE

5th

NE

NE 185th

NE 175th

NW 65th

3rd

NW

N 65th

NW Market

NE 41st

35th

NE

15th

NW

1st N

E

Gree

nwoo

d N

Boyer E

Mer

idia

n N

N 130th

28th

W 22nd

W

NE 45th NE 45th

Roosevelt Wy N

47th

NE48

th N

E

42nd

NE

24th

NW

N 50th

10th

W

Auro

ra N

Auro

ra N

Mer

idia

n N

3rd

W

NW 96th

W Emerson

34th

W

N 125th

W Dravus

Holman Rd NW

N 40th

NW 85th

Phin

ney N

Gree

nwoo

d N

NW 80th

14th

NW

Auro

ra N

Lato

na N

E

N 45th

Wal

lingf

ord

N

Frem

ont N

Dayt

on N

Gree

nwoo

d N

NW 100th

N 105th

N 90th

28th

NW

Green L Dr N

Winona

N

Linde

n N

Linde

n N

20th

NE

NE 75th

NW LearyWay

32nd

NW

36th

NW

N 39th N 36th

W McGraw

W Barrett

6th

WWes

t Vie

wm

ont W

y W

Mag

nolia

Blvd

W

Boston

Fuhrman E

E John E Thomas

Fairv

iew

N

Republican 9th

E Pine NE 6th

NE 12th

Leary Way NW

Queen

Anne Dr

Brie

r Rd

Cedar Wy

48th W56

th W 236th SW

76th

W

238thSW

Firdale Ave LockwoodRd

Carter Rd

Mer

idia

n S

240th SE

30th

NE

L ocu

st W

y

513

5

99

523523

522

104

513

520

99

99

5

90

90

5

5

99

5

5

99

522

104

104

5

630Shuttle

775

775

773

773

372X522

775

630

630

630

630

630

3030

30

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244

303X

312X

312X

312X

312X

373X

309X

309X

309X

303X

355X

355X

355X

355X

303X

116X118X119X

37X

28X

28X

64X

64X

64X

77X

77X

77X

373X

373X

373X

373X

77X

64X 74X

74X74X

64X

28X 28X

17X

17X

18X

18X

18X

18X

17X

17X

29

19

19

19

29

29

29

29

5X

5X

5X

5X

26X

26X28X

28X

28X

26X 28X

56X56X

21X

57

57

76 76

55

55

15X

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29 15X

15X

304

304

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242

342

342

342

113

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154

301 301

416

416416

308

308

308

308

308

201

201

201

304

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316

316

316

316

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119X

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301

301

301

301

121122

242

242

242

76

Woodlawn N

37

SLU

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37

37

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372X522

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346

345346

66X67

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28 16

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1675

75

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2525

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26

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68

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72X

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72X

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28 16

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68

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9X

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1 3

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4

4

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11

11

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33

60

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14

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3260

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24 24

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25

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66X

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9X

9X

9X

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5022

124

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204

204

204

234

4

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4 4

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5

5

5

41

41

4148 484840

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40 40

Swift

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5

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4444

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8

8

8

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48

48

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4343

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49

49

8

8

8

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7

7

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36

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36

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717273

eve& Sun

SR 9912012521X375556X

57113121122123

I-54171X72X73X52264X74X76X77X197242

301303X304308309X312X316355X555586

W Sea. Bridge2121X375556X

57116X118X119X

I-5150101577578594102143X157158159177

178179190192193X197586590592595

Snohomish County–Downtown Seattlevia I-5512510511513

402405410

412413415

416417421

422425435

Snohomish County–University Districtvia I-5810821

855860

871880

SR 522372X522331309X312X342

I-90

550554111114212214

216217218219630

FS

FS

FS

FS

FS

FS

MountBaker

Seacrest Dock

Seattle(Pier 52)Pier 50

Intl District

Rainier

SODO

KingStreet

Station

BeaconHill

ColumbiaCity

Montlake

NE 45th& I-5

NE 145th& I-5

Stadium

P

PP

P

P

P

P

P

P

P

P

P

P

P

PP

P

P

P

I-5/NE 65th St/Green Lake

Kenmore

MercerIsland

Shoreline

BethanyBible

ChurchKenmoreCommunityChurch

Aurora Churchof the Nazarene

Korean Zion Presbyterian Church

BethelLutheranChurch

NorthJackson

Park

Prince ofPeace

LutheranChurch

ShorelineUnited

MethodistChurch

SouthJackson

Park

Lamb of GodLutheranChurch

MercerIslandUnited

MethodistChurch

Airport &Spokane

SW Spokane St MountBaker

AuroraVillage

MountlakeTerrace

NorthgateNorthgateTCP

TCP

TCP

TC

Safeway

Safeway

QFC

QFC

QFC

Bartell Drugs(add value only)

Safeway

QFC

Safeway

Safeway

QFC

SafewayQFC

QFC

QFC

QFC

QFC

QFC

QFC

QFC

QFC

Safeway

Safeway

Safeway

Safeway

Safeway

Safeway

Safeway

Safeway

SEATTLE

S Jackson

Stewart

Olive

Wy

TS3rd

5th

Seneca

Madison

HarborviewMed Ctr

Virginia MasonMed Ctr

Denny Way

Pioneer Square

UniversityStreet

Westlake

Convention Pl

201 S Jackson

Westlake Station

8213

630Shuttle630

123

125

120

131132

775

0 ½ 1

Miles

2

5205

MEDINAAdmiral

TS

TC TCP

FS

P P

StoreName

SLU FH

Schedules vary—see timetablesST = Sound Transit, CT = Community TransitTransit Service at Major Park & Rides and Other Transfer Points

Aurora Village Transit Center and Park & Ride E Line, 301, 303X, 331, 342, 346, 373X | CT Swift, 101, 115, 130

Evergreen Point Park & Ride and Freeway Station 167, 242, 252, 255, 257, 268, 277, 311 | ST 540, 542, 545, 555, 556 | CT 424

I-5/NE 65th St/Green Lake Park & Ride 48, 64X, 76, 242, 316 | ST 542

Kenmore Park & Ride 234, 244, 309X, 312X, 331, 342, 372X | ST 522

Mercer Island Park & Ride 201, 204, 216, 630 | ST 550, 554

Mountlake Terrace Transit Center and Park & Ride 111, 112, 119, 347, 413, 415 | ST 511, 512, 513 | CT 130, 810, 871

Northgate Transit Center and Park & Rides 16, 40, 41, 66X, 67, 68, 75, 242, 303X, 345, 346, 347, 348 | ST 555, 556

Shoreline Park & Ride E Line, 301, 303X, 342, 373X

I-5 at NE 45th St Freeway Station 44, 76, 301, 316, 355X | ST 512

I-5 at NE 145th St Freeway Station 242, 301, 303, 304, 308, 347, 373X | ST 512

Montlake Freeway Station (SR 520 at Montlake Blvd) 25, 43, 48, 167, 242, 252, 255, 257, 268, 271, 277, 311 | ST 540, 542, 545, 555, 556

Mount Baker Transit Center 7, 8, 9X, 14, 48

Rainier Freeway Station (I-90 at Rainier Ave S) 7, 9X, 111, 114, 212, 214, 216, 217, 218, 219 | ST 550, 554

Alaska Junction (SW Alaska St and California Ave SW) C Line, 22, 37, 50, 55, 128, 773

Ballard (NW Market St and Ballard Ave NW) 17X, 18X, 29, 40, 44,

Capitol Hill (Broadway and E Pine St) 9X, 10, 11, 12, 49, 60

Delridge (SW Genesee St and Delridge Way SW) 50, 120, 125

Fremont (Fremont Ave N and N 34th St) 26, 28, 31, 32, 40

Kenmore (NE Bothell Way and 68th Ave NE) 234, 244, 309X, 312X, 331, 342, 372X | ST 522

Lake City (Lake City Way NE and NE 125th St) 41, 64X, 65, 72, 75, 309X, 312X, 330, 372X | ST 522

Roosevelt (NE 65th St/Roosevelt Way NE/15th Ave NE) 48, 64X, 66X, 67, 71, 72, 73, 64, 76, 373X

University District (University Way NE/15th Ave NE and NE Campus Parkway)

25, 30, 31, 32, 43, 44, 48, 49, 65, 67, 68, 70, 71, 72, 73, 74, 75, 167, 197, 271, 277, 372, 373X | ST 540, 542, 556

University of Washington Campus 25, 31, 32, 65, 67, 68, 75, 271, 277, 372X, 373X | ST 540 | CT 810, 821, 855, 860, 871, 880

Uptown (1st Ave N and Mercer St) D Line, 1, 2, 8, 13, 29, 32

Bus Routes and Facilitiesfrequent all-day route (every 15 minutes or less until 6pm Mon–Fri)all-day routeall-day routes that combine for frequent servicepeak-only route

RapidRide line and stop

Community Shuttle route and flexible service area*

*Reserve a ride off the scheduled route in this area.

Dial-A-Ride (DART) route

Metro Transit (King County)

Sound Transit (regional express routes)

Community Transit (Snohomish County)

| transit centers: no parking | with and park & ride

| park & ride: more than | less than 250 spaces

freeway station

| Downtown Seattle Transit Tunnel station: bus only | bus and light rail

major transfer point

Other Transit Services and FacilitiesSounder commuter rail lineand station ( =Amtrak)Central Link light rail line and stationSeattle Streetcar line

=South Lake Union =First Hill (late 2015)Seattle Center Monorail line and terminalWashington State Ferries route and terminalKing County Water Taxi route and terminal (passenger-only ferry)

ORCA: customer service office| vending machine | retailer

Selected Base Map Featuresinterstate / state highway routes

In general, the designations “St” and “Ave” are not shown on this map. In King and Snohomish counties “Streets” usually run east–west and “Avenues” usually run north–south.

incorporated city (all capital letters)

neighborhood / unincorporated place

point of interest or common destination

June 2015

21X

CLYDEHILL

MERCERISLAND

Gilman Dr W

Dexter N

LakeUnion

PugetSound

520

SR 520255271545167242252257268

277311540542555556424

FARE

ZO

NE

BO

UNDA

RY

IslandCrestPark

12521

120

SaintEdwardStatePark

SewardPark

LakeWashington

EvergreenPoint

MagnusonPark

N

S

EW

Metro Transit System: Northwest Area

NE 24th

See above left for I-5 routes to/from Snohomish County

15th

W

2628

Islan

d Cr

est W

ay

MercerIsland

PresbyterianChurch

P

PugetSound

Greenwood transit

Although Greenwood is one of the most walkable

neighborhoods in Seattle, with a walk score of 82,

there are convenient public transportation options

available throughout the neighborhood. There are 7+

bus lines offering service to the north and to Down-

town Seattle. It is approximately 7 miles to Downtown

Seattle from the Greenwood Collective, 13 miles to

the Eastside City Center in Bellevue, and 21 miles to

the Sea-Tac International Airport.

Legend

INVESTMENT OFFERING


1 3

M A R K E T O V E R V I E W



The Puget Sound Region enjoys a diverse and highly stable economy, and is supported by many large,

well-known employers. The area is known for its highly educated workforce and ongoing ability to attract

companies across many market sectors, including manufacturing, distribution, technology, biotech,

and professional services. Highly regarded public and private universities, including The University of

Washington in Seattle and the University of Puget Sound and Pacific Lutheran University, both of which are

located in Tacoma, have long aided local employers in recruitment efforts and have greatly contributed

to the overall strength of the job market. Most recently, a study by the Forbes/Praxis Strategy Group

reported that Seattle has experienced more growth in technology sector jobs than anywhere else in the

country, even outpacing Silicon Valley. Strong employment, beautiful natural surroundings, and overall

quality of life all combine to make the Puget Sound region one of the most desirable live, work, and play

destinations in the country.

GROWING POPULATION BASE

The Puget Sound Region includes four counties: Snohomish County to the north, King County in the

central area, Kitsap County to the west across Puget Sound, and Pierce County to the south, where the

Property is located. With a current population of over 3.7 million people, the area is projected to grow by over 10%, or more than 376,000 people, over

the next 10 years. Combined, the four counties that make up the Puget Sound region boast the largest concentration of population north of San Francisco

and west of Chicago. The greater Seattle metro area is located within King County and with 1.9 million people living in 39 cities, this area is the heart of the

Puget Sound region.

EMPLOYMENT

The employment picture is bright for the Puget Sound region. The most recently available unemployment figures show that unemployment in April 2015

stood at 5.5% statewide and 4.3% in the Seattle/Bellevue/Everett area. Over the past 12 months, employment has grown by 3.1%, or 110,700 jobs, mostly

in construction, professional and business services, education and health services, and retail. Unlike previous years, public sector employment added to

employment growth overall, as 12,400 government jobs were gained.

PUGET SOUND OVERVIEW



G R E E N W O O D C O L L E C T I V E M A R K E T O V E R V I E W

THE GREENWOOD NEIGHBORHOOD

The Greenwood neighborhood is centrally located within what is known as

North Seattle. This area has a diverse mixture of businesses offering eclectic

bars, restaurants, coffee houses and specialty stores. Greenwood’s main com-

mercial hub is along Greenwood Avenue between NW 67th Street and NW

87th Street. The neighborhood is bordered by Ballard to the west, Lake City

and Wedgewood to the east, Broadview and Northgate to the North and

Green Lake to the south.

As with much of North Seattle, Greenwood has had to adjust to new condo

and townhome developments and increasing rents. Ballard, Fremont

and elsewhere have already been through this process and it is predicted

Greenwood is the next area in North Seattle to revitalize itself. The Greenwood

Neighborhood retail submarket totals 2.3 million square feet. This submarket

has seen a transformation as of late, with fundamentals improving substantially

as tenant demand has recently surged.

Net absorption was positive year-to-date, with 19,656 square feet of space

taking down 42% of the submarket’s inventory. Vacancy in the Greenwood

submarket currently stands at 2.0% which represents a decline of 230 basis

points year-over-year.

Security Properties recently announced the construction of a 116,758 square-

foot mixed use building at the intersection of NW 85th Street and 1st Avenue

NW. The new development will bring roughly 150 units online. As the hunt for

large swaths of land for development continues, expect several more com-

mercial and residential development projects to kick off.



AMENITIES MAPSERVICES1. Great Clips 10. Public Library

2. Ladywell’s Vitality Spa 11. S Spa

3. US Bank 12. American Dance Institute

4. WA Karate Institute 13. Beautiful Things Spa

5. Chase Bank 14. Greenwood Elementary

6. Bank of America 15. Boys & Girls Club

7. US Post Office 16. Alaska USA FCU

8. Bureau of Fearless Ideas 17. Whole Life Yoga

9. Phinney Ridge Animal Hospital

32

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4

3

2

1

4

3

2

5

4

56

5

6

76

7

8

7 8

9

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11

12 11

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131214

15

20

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1718

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14

Greenwood submarket detail

DINING AND ENTERTAINMENT1. New Huxley-Wallace Collective 15. Neptune Coffee

2. Naked City Brewery 16. The Angry Beaver

3. Bills on Greenwood 17. Coyle’s Bakeshop

4. Gainsbourg 18. The Yard Cafe

5. The Olive and Grape 19. The Pocket Theatre

6. Teachers Lounge 20. Kalbi Grill Express

7. Razzis Pizzeria 21. Bleachers Pub

8. Urban Light Studios 22. Manna Teriyaki & Burger

9. Baranof 23. Taco Del Mar

10. Munch Cafe 24. Diva Espresso

11. The House Sports Pub 25. Ampersand Pantry & Cafe

12. Taproot Theatre 26. Monkey Grind Espresso Bar

13. Cozy Nut Tavern 27. The Lodge Sports Grille

14. Gorditos 28. Rock Creek Seafood & Spirits

SHOPPING1. Mud Bay 8. La Conasupo Market

2. Top Ten Toys 9. Chocolati Greenwood

3. Bartell Drugs 10. The Fiber Gallery

4. Dream Stands Comics 11. I Do Bridal

5. Domino Beauty Boutique 12. Andalus

6. Fred Meyer 13. Walgreens

7. Zuma Grocery 14. MS Glass Outlet

G R E E N W O O D

C O L L E C T I V E


1

27

28



Photo Property Sale DateTotal /

Year BuiltSale Price /

Price psfCap Rate

Buyer Seller

Comments

Ballard Office Loft 2012 NW Market StreetSeattle, WA 98107

Apr - 20155,600

1901

$1,480,000

$264.29N/A

Ballard Building

Partners / 2016 Market Street LLC

• Short term leases• Leased to Anchor's Down and

Po Dog

8001-8007 Building8001-8007 Greenwood AveSeattle, WA 98103

Dec - 20145,208

1925

$1,335,000

$256.346.00%

Talon Private Capital / Jerel Yamamoto

• 100.00% leased at time of sale• Short Term leases• Future development potential

Hacienda Building5425 Ballard Avenue NW Seattle, WA 98107

Nov - 20148,000

1926 / 2009

$3,273,800

$409.235.15%

Hacienda in Ballard LLC /

Daniel Swanson

• 100% leased at time of sale• Two retail units ground floor• Four apartment units on second

floor

Ballard Annex5410 Ballard Avenue NWSeattle, WA 98107

Oct - 201410,000

1906 / 2001

$3,250,000

$325.00N/A

Opper Melang 5410 LLC /

Robert Vinnedge

• 100% leased at time of sale• Purchased by Restaurant Tenant

Portfolio Sale8310-8312 Greenwood Avenue NSeattle, WA 98103

Jul - 20147,127

1905 / 1938

$2,000,000

$280.624.50%

David Glick / Greenwood

8310 LLC

• 100% leased at time of sale• Short-term leases• Value-add• Potential for future

development

SALE COMPARABLES




RETAIL LEASE COMPARABLES

SignatureDate Rec’d

LeaseStart

Tenant Building Submarket TermSquareFeet

RentalRate / SF

RentType

AnnualIncreases

Lease Type

4/1/2015 5/1/2015The

Lodge

8501 Greenwood

Ave N.

Ballard/U District

Confidential 5,000 $27.60 NNN Confidential New

10/13/2014 12/1/2014The Lash and Wax Boutique

1400 W80th Street

Ballard/U District

60 1,224 $28.00 NNN $1.00 New

7/31/2014 9/1/2014 SubwayPiper Village

Building 5Ballard/

U District120 1,240 $28.00 NNN 2.00% Sublease

5/16/14 5/16/19Lael

Banner

8623 Greenwood

Ave N.

Ballard/U District

60 2,158 $26.00 NNN Confidential New

2/19/2014 6/1/2014 Menchie’sGreenlake

VillageBallard/

U District120 1,672 $34.00 FS $1.00 Renewal

9/1/2014 10/1/2014Coyle’s

Bakeshop

8300Greenwood

Ave N.

Ballard/U District

Confidential 3,947 $22.00 NNN Confidential New

11/26/2012 11/26/2012Community 1st Credit Union

Echo Lake Apartments

Northgate 82 1,172 $27.00 NNN3%

(after 2nd year)

New

9/6/2012 11/1/2012HomeStreet

Bank3417

Evanston Ave N.Ballard/

U District120 2,200 $40.00 FS

15% every 5th anniv. of

leaseNew

* Ballard/U District Submarket includes Greenwood




APARTMENT LEASE COMPARABLES

Photo Property Research DateTotal SF / Rooms

Year BuiltAsking Rent /

Rent /psfTerm

100 N 85th StreetSeattle, WA 98103

Jun - 2015415 square feet

Studio / 1 ba$1,401 / $3.83 MTM

1020 NE 63rd StreetSeattle, WA 98103


1bd / 1ba$1,321 / $3.24 1 Year

7202 Linden Avenue NorthSeattle, WA 98103


1bd / 1ba$1,295 / $2.67 MTM

8623 Greenwood Avenue NorthSeattle, WA 98103


1bd / 1 ba$1,090 / $2.64 1 Year

522 N 85th StreetSeattle, WA 98103


1bd / 1 ba$1,200 / $2.53 MTM

10306 MeridianAve NorthSeattle, WA 98103


1 bd / 1 ba$1,350 / $2.45 1 Year



G R E E N W O O D C O L L E C T I V E Site Map8543 Greenwood Ave N, Seattle, Washington, 98103Rings: 1, 3, 5 mile radii Latitude: 47.69159

Longitude: -122.35575

June 01, 2015

©2015 Esri Page 1 of 1

Population

2010 Population 31,420 200,271 369,902

2015 Population 32,957 212,176 392,229

2020 Population 35,154 227,418 419,692

2015 Households 15,232 99,362 181,122

Income

2015 Average Income $84,888 $85,349 $94,383

2020 Average Income $97,157 $98,096 $108,713

Age

2015 Median Age 37.2 35.9 36.3

2020 Median Age 37.7 36.1 36.4

Source: ESRI Business Analyst

TRADE AREA DEMOGRAPHICS (5-mile radius)

• The property has a populated trade area with 392,229 people located in

181,122 households.

• The median age of residents living within the trade area is 35.9 years with

an average household income of $94,383, a median household income of

$67,374, and a per capita income of $44,219.

• The average household income of $94,383 is projected to grow over the

next five years to $108,713.

G R E E N W O O D

C O L L E C T I V E

Demographic and Income Profile8543 Greenwood Ave N, Seattle, Washington, 98103Ring: 5 mile radius Latitude: 47.69159

Longitude: -122.35575

AreaStateUSA

Trends 2015-2020Trends 2015-2020

Ann

ual Rat

e (i

n pe

rcen

t)

3

2.5

2

1.5

1

0.5

0Population Households Families Owner HHs Median HH Income

20152020

Population by AgePopulation by Age

Perc

ent

20

1816

14

1210

8

6

42

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

2015 Household Income 2015 Household Income

<$15K11.0%

$15K - $24K6.5%

$25K - $34K7.8%$35K - $49K

11.6%

$50K - $74K17.2%

$75K - $99K13.6%

$100K - $149K13.6%

$150K - $199K9.4%

$200K+9.4%

2015 Population by Race2015 Population by Race

Perc

ent

70

60

50

40

30

20

10

0White Black Am. Ind. Asian Pacific Other Two+

2015 Percent Hispanic Origin: 6.1%

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

June 01, 2015

©2015 Esri Page 6 of 6

2015 INCOME - (5-mile radius)


INVESTMENT OFFERING


2 1


F I N A N C I A L S U M M A R Y



FINANCIAL SUMMARY F I N A N C I A L S U M M A R Y

CURRENT

SF $/SF Annual

Apts 1,600 $36.00 $57,600

Retail 2,430 $29.00 $70,470

ULS 2,675 $15.40 $41,197

Artist's Studios 4,915 $16.00 $78,640

Rental Income 11,620 $21.33 $247,907

Reimbursements $25,177

Total Income $273,084

Vacancy 5.0% ($13,654)

Effective Income $259,430

R&M ($0.37) ($4,302)

Utilities ($1.66) ($19,251)

Security ($0.03) ($321)

Insurance ($0.42) ($4,909)

RE Taxes ($0.95) ($11,077)

Admin ($0.33) ($3,878)

Capital Reserves ($0.25) ($2,905)

Total Expenses ($4.01) ($46,643)

NOI $212,787

Cap Rate 5.01%

Stabliized Value $4,250,000

Price/psf $366

PROFORMA

SF $/SF Annual

1,600 $36.00 $57,600

2,430 $29.87 $72,584

2,675 $23.00 $61,525

4,915 $17.50 $86,013

11,620 $23.90 $277,722

$26,436

$304,157

5.0% ($15,208)

$288,950

($0.37) ($4,302)

($1.66) ($19,251)

($0.03) ($321)

($0.43) ($5,031)

($1.08) ($12,500)

($0.33) ($3,878)

($0.25) ($2,905)

($4.15) ($48,188)

NOI $240,762

RENT ROLL

Tenant Commencement Expiration $/SF Increases

Huxley-Wallace-Collective 11/01/2015 11/01/2025 $32.00 3%

Urban Light Studios 01/01/2010 06/30/2018 $15.37 CPI



TENANT OVERVIEW

Huxley-Wallace Collective

Huxley-Wallace Collective owns and operates restaurants throughout the greater Northwest, providing handcrafted food, spaces and expe-riences throughout Washington State. The restaurant group has received local and national acclaim including a James Beard nomination in 2014. Restaurants have been featured in publications and broadcasts around the world including: The New York Times, Food & Wine, Bon Aptetis, GQ, SAVEUR, Conde Nast Traveler, Sunset Magazine, Coastal Living, USA Today and the Huffington Post. The Collective’s concepts include: nationally acclaimed Westward, Little Gull Grocery, Quality Athletics, Great State Burger and the Skillet Group.

Urban Light Studios

Urban Light Studios is a boutique photo studio, special event venue and art gallery. The retailer caters to the eclectic nature of the Greenwood neighborhood. It offers its services for wedding receptions, rehearsal dinners, corporate events and birthday parties

F I N A N C I A L S U M M A R Y

INVESTMENT OFFERING


2 4

D I S C L A I M E R



The material contained in this Offering Memorandum is confidential and for the purpose of considering the purchase of the Real Estate described herein. It is

subject to the terms and provisions of the Confidentiality Agreement signed by the recipient of this material, and is not to be used for any purpose or made

available to any other person without the express written consent of JLL (“Broker”).

This Offering Memorandum was prepared on September 7, 2015, by Broker solely for the use of prospective purchasers of the Greenwood Collective offer-

ing (the “Real Estate”). Neither Broker, the Seller, nor any of their respective officers, employees or agents, make any representation or warranty, express or

implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum or any of its contents, and no legal commitments or

obligations shall arise by reason of this package or any of its contents. Seller reserves the right to eliminate any portion or all of the Real Estate from any offer

for sale at any time prior to the completion of a binding contract of sale executed by both Seller and a prospective purchaser.

Prospective purchasers of the Real Estate are advised (i) that changes may have occurred in the condition of the Real Estate since the time of this Offering

Memorandum or the financial statements therein were prepared and that (ii) all financial projections are provided for general reference purposes only in that

they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Broker and the Seller and, therefore,

are subject to material variation. Prospective purchasers of the Real Estate are advised and encouraged to conduct their own comprehensive review and

analysis of the Real Estate.

The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Real Estate. The Seller and Broker expressly reserve the right, at their

sole discretion, to reject any or all expressions of interest or offers to purchase the Real Estate, and expressly reserve the right, at their sole discretion, to

terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the

Offering Memorandum or making an offer to purchase the Real Estate unless and until a written agreement satisfactory to the Seller has been fully executed,

delivered, and approved by the Seller and any conditions to the Seller thereunder have been satisfied or waived.

This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you hold and treat the Offering Memorandum and

its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the

Offering Memorandum or any of its contents to any other entity without the prior written authorization of Broker, and (iv) that you will not use the Offering

Memorandum in any fashion or manner detrimental to the interest of the Seller or Broker.

The terms and conditions stated in this section will relate to all of the sections of the package as if stated independently therein. If, after reviewing this pack-

age, you have no further interest in purchasing the Properties at this time, kindly return this brochure to Broker at your earliest possible convenience.

DISCLAIMER

EXCLUSIVELY OFFERED BY:

MARK JACKSON, JRAssociateCapital Markets+1 206 607 1733 [email protected]

LORI HILLManaging DirectorCapital Markets+1 206 971 7006 [email protected]

JOHN LOManaging DirectorReal Estate Investment Banking+1 206 607 [email protected]

I N V E S T M E N T C O N TA C T S

ANN MARIE KOEHLER Managing DirectorAgency Leasing+1 206 607 [email protected]

L E A S I N G S P E C I A L I S T

F I N A N C I N G

JLL • 601 Union Street, Suite 1100 • Seattle, WA 98101 • jll.com/seattle

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