Updated Jan 22, 2025
Jay Bhullar Purchases Seattle's Historic Colman Building From Unico Properties For $9.5M
811 1st Avenue
$9,500,000
$66/SF
Building Size
144,000 SF
Asset Type
Office
Closing
Jan 22, 2025
About this deal
AI
The property asset involved in the transaction is an office building located at 811 1st Avenue in the Seattle, WA market. The asset has a sale price of $9,500,000, encompasses 144,000 square feet, and was sold at a price per square foot of $66.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $9,500,000
- Buyer: Jay Bhullar
- Seller: Unico Properties
- Brokers: Andy Miller, Darren Tappen & Nathan Thinnes - Kidder Mathews
- Market: Seattle, WA
- Square Feet: 144,000
- Price per Square Foot: $66
Jay Bhullar, through his LLC, acquired the historic Colman Building, previously valued at $37M in 2019, in a receiver sale. The intent is to lease the vacant retail and office spaces, focusing on revitalizing the landmark property that has faced challenges with tenant losses since the pandemic.
On the Map
$9,500,000
$66/SF
Office
View full map
Players
Seattle Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Visit Andy Miller to view all their deals.
Browse Seattle office sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.67%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93