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Seattle, WA - On behalf of its client, Lincoln National Life Insurance Company, PM Realty Group Investment Services today announced that it has successfully negotiated the sale of the Queen Anne Square apartment and office complex in a joint purchase by Sabey Corporation and Security Properties, Inc., both real estate investment and development firms. The purchase price was $29,577,000.
Duane Jones and Will Kralovec, senior vice presidents of PM Realty Group Investment Services, were the brokers in the transaction.
Occupying an entire city block of the historic Queen Anne District of Seattle, Queen Anne Square is a three-building complex consisting of a 148,386 square feet of office space and 75 apartment units that currently are 98% occupied. Under the terms of the transaction, Sabey Corporation will own and manage the office component while Security Properties will own and operate the apartments.
"This was a great deal across the board," said Jones. "By targeting buyers with the capability and flexibility to own both office and apartment assets, we were able to achieve the best possible outcome for everyone involved. Not only did our client benefit, but Sabey Corporation and Security Properties obtained top-tier properties and the tenants/residents of those buildings gained superior management as well," he said.
About PM Realty Group Investment Services
PM Realty Group Investment Services specializes in the acquisition and disposition of office, industrial, multifamily and special-use portfolios, as well as underwriting and due diligence services for institutional clients.
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