At nearly 2 million sf, Starbucks center is one of the largest multi-tenant buildings west of the Mississippi River. Blending retail, office, warehousing, manufacturing and distribution functions, it is home to 50 tenants including Starbucks, which keeps its world headquarters in the building.
The interest rate on the 10-year loan is not being released by the parties involved, but generally speaking, long-term fixed rate loans are currently being secured at between 6% and 7%. The loan was sourced by Mike Taylor of Churchill Real Estate Inc. and Hans Siebert of Churchill Mortgage Corp. There was no information immediately available regarding what Nitze-Stagen would do with the extra cash.
The original industrial structure was built in 1912 by Union Pacific railroad to lure Sears to Seattle. Two years later, the catalog company built an 800, 000-sf facility that then was the largest building west of Chicago. In 1925 Sears opened a retail store at the site, and it is currently the oldest continuously operated Sears store in the world. Further additions were made in 1945, 1956, 1965, and 1974 to get it to nearly 2 million sf.
The building suffered significant damage in the Feb. 2001 earthquake, but Nitze-Stagen has since repaired the building, including a new brick façade on the main building. The current vacancy rate at Starbucks Center was not immediately available.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.