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(To read more on the industrial market, click here.)

SEATTLE-An eight-acre industrial property Northwest of Downtown has been acquired for redevelopment. The new owner is Port 106 LLC, which includes members of locally based companies Kauri Investments Ltd. and Ariel Development.

The property is located at 1600 West Armory Way, which is off 15th Avenue W. between the Magnolia and Queen Anne neighborhoods. Kauri president Kent Ainger tells GlobeSt.com he envisions a mixed-use site with industrial in back and retail in front.

The site currently holds six buildings and has a 45-foot height limit. The plan is to lease out vacant space on a short-term basis while redevelopment options are evaluated. The company also plans to seek an increase in the height limit and approval for big-box retail.

“We’ve got several prospects; the only way to make (a redevelopment) make sense is to have retail,” Ainger says. “We’re looking at least two years before a ground breaking.”

The property was acquired from the Seattle Monorail Project. The purchase price for the property was $12.5 million. The purchase price was paid largely in cash, as the investors were exchanging profit gained from the sale of their Port 106 SODO warehouse property earlier this month.

(For more retail coverage, click GlobeSt.com/RETAIL.)

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