|
Project Outline
Milliken wanted to
sell the Harvard Market, an 88,000 square foot urban retail center,
developed on a near full city block on Broadway in Seattle and
offered three levels of retail and parking areas. Andy Miller and
Dave Speers of GVA Kidder Mathews were selected to assist
them in their efforts. The assignment was to maximize proceeds to
the Seller with the constraint that existing at market debt with an
LTV of approximately 60% could not be prepaid. The development,
while very successful, proposed marketing challenges to investors
due to the high price per foot, condominium status, and structured
parking/common areas.
Services Provided
How GVA Kidder Mathews
Added Value
After several offers, Andy and Dave
successfully sold the park to a local family trust due to their
familiarity with the location and their need to place a matching
amount of required equity. A sale price of $13,000,000 was
negotiated and the sale closed July 1998.
|
Harvard Market
Seattle, Washington |
