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SEATTLE-L&B Realty Advisors Inc. has acquired 601 Pine St.,a 69,856-sf fully leased Downtown retail building that is fullyleased to Old Navy, Gene Juarez Salon and Spa and Fox Sports Grill.The seller was Madison Marquette, on behalf of the Marshall familyof Olympia. Neither side of the deal would comment on the purchaseprice, but local sources tell GlobeSt.com the property sold forabout $26 million. L&B's director of retail acquisitionsBernadette Mussell tells GlobeSt.com the building is subject to aground lease, but its client has a purchase option for the landthat it expects to exercise. In a prepared statement, Musselldescribes the asset as a "landmark retail building on a prominentcorner location in the most desired portion of Seattle's retail andbusiness district" and says "the acquisition is consistent with theclient's strategy of acquiring core retail investments forlong-term yield stability." Built in 1929, 601 Pine St. waspreviously home to the I. Magnin department store. Old Navy openedits 38,000-sf store in the building in 1998. Gene Juarez came alongshortly thereafter. The property went on the market shortly afterFox Sports Grill leased the remainder of the building in 2003.PaulSleeth of Colliers International marketed the property on behalf ofMadison Marquette, which manages more than 24 million sf of retailand mixed-use properties throughout the US. L&B, which managesa portfolio of about 16 million sf, represented itself in thetransaction. GlobeSt.com reported in early November that an unknownbuyer has the property under contract. (For the previous story,click here).