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Case Studies

CAROTHERS BUILDING


The 11,000 square foot structure was 99 years old when it sold.  It had many uses over the years, including furniture store,  art gallery, photography space and most recently, as an engineer's office (35 years).   The meticulously maintained brick structure is located at 814 E. Pike, just one storefront off Broadway.
Buyer: An investor whose day job is working as a structural engineer was the buyer.  He purchased the property because of the combination of the curbside appeal and the stout nature of the brick and concrete building components.  It is no coincidence, those characteristics are what first attracted the previous owner, who was an engineer, himself.
Sellers: Due to health issues, the retired couple sold the property because they could not maintain the property at the high level they had for so many years.
Assignment: Sell the property to a buyer who will respect it as the sellers have for 35 years and who is willing to purchase the property on a contract so as to minimize capital gains and provide income required for ongoing health costs. Through our network, we contacted many potential buyers and had a number of full price offers shortly after listing the property. 
Result: The property was under contact within weeks of the listing date and closed in 6 weeks at the asking price to a like minded buyer who was willing to buy it on a contact. The Sellers were more than satisfied with the advice we provided and our attention to detail.

MGM BUILDING

The MGM Building was built for Metro-Goldwyn-Mayer in 1936 when Seattle was the hub for film distribution throughout the Northwest. The 5,250 square foot building, located at 2nd and Battery is known for its distinctive art deco design.
Buyer: An LLC established by Lyle Snyder.
Seller: The group of Sellers had all occupied the building at some time during their 20 year holding period. Although the building was nominated for historic status which devalued the property, the Sellers were pleased the exterior would likely be preserved by the new owner.
Assignment: Sell property at the highest price to a buyer who would preserve the historic nature of the property. The Sellers also wanted to limit their liability related to an underground storage tank.
Result: Sold at asking price to strong buyer who had a Tenant that would occupy the entire building. The Buyer embraced the historic nature of the Building and greatly absolved Seller of environmental liability.

FINDLAY STREET CHRISTIAN CHURCH

Seller: Findlay Street Christian Church
Property: Adjoining church and two-story education buildings consisting of 13,950 square located at 4620 S. Findlay Street in Seattle's Columbia City neighborhood. No on-site parking.
Assignment: Church leaders decided to sell property because membership was too small to support an aging facility. Cannon Commercial was chosen to market the property with hopes the property would be purchased by a religious organization that would carry on the church's 98 year sacred legacy at the site.
Result: In spite of the parking challenges, the property was sold to another Christian organization at a price within the anticipated selling range. Cannon Commercial has also been appointed the seller's representative to identify a new location for a more modern and appropriate size place of worship.

NORTHWEST CORPORATE PARK

(Building J)
Buyer: Syndicate formed by Cannon Commercial Principle
Property: Two Story Office Building (Former
Headquarters of Benaroya)
5950 – 6th Ave. S., Georgetown (2 blocks S. of Design Center)
Assignment: Maximize opportunity to sell by identifying Buyer most likely to close at a favorable price within the time frame required to affect a 1031 Exchange.
Result: After five years of profitable operations, the property was sold at more than 3.5 times the acquisition price within the identified time constraints.

HARRISON BUILDING

Seller: Lumpkin, Inc.
Property: A 23,000 square foot, one and one half story, concrete office building over parking located at 1627 Eastlake Ave E.
Assignment: Market property to sophisticated buyers who have experience in dealing with environmental issues.
Result: Property was sold to a division of Alexandria Real Estate Equities, a publicly traded Real Estate Investment Trust that specializes in biotech lab space.

IBEW UNION HALL

Buyer: The City Church
Property: A 24,000 SF labor union hall sitting on half a city block in the Belltown district of downtown Seattle at 2700 1st Avenue.
Assignment: Cannon Commercial, in partnership with another firm, was charged with locating a satellite campus for the Kirkland based group that would serve the growing needs of the Seattle community.
Result: City Church leased and then purchased the half city block which contained an existing 500 seat assembly hall.

PANDE CAMERON

Seller: Falls and Schermer Partnership
Property:Two story brick building in the heart of South Lake Union district at 333 Westlake Ave N. Building housed Pacific Northwest Theater Association which sold theater supplies.
Assignment: Market the property and sell to best buyer with an eye towards preservation of the building.
Result: Pande Cameron purchased property. The new Owners will save the property from the wrecking ball by renovating the structure and will relocate their Seattle retail operation to the new property.

BURDICK'S SECURITY BUILDING

Seller: ASTR, LLC

Property: 4728- Rainier Ave S. in Columbia City
Assignment: Market to sell the recently renovated 4,000 square foot retail building with limited parking.
Result: The property was sold to a user that was being displaced by Sound Transit. This deal included complicated financing, appraisal and construction contingencies that were addressed and resolved. This sale established new marks in the area for building price per square foot.

TRINITY LUTHERAN COLLEGE CAMPUS

Issaquah
Buyer:
The City Church
Property:A school campus of 40.5-acres with a 220,000 SF of building on the Sammamish Plateau on 228th Ave SE.
Assignment: City Church required an additional campus on the Eastside to accommodate their rapid growth.
Result: Cannon Commercial co-represented The City Church as they entered into a lease with an option to purchase Trinity's campus. They have successfully renovated the assembly area and are now holding regular services. They expect to purchase the Building within five years.