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April 11, 2006 17 more monorail property sales OK'd
On Monday, the Seattle Monorail Project Board of Directors approved the sale of another 17 properties between West Seattle and Crown Hill. The board is about half-way through the property disposition process. It must sell 33 properties, which the SMP purchased in 2004 and 2005. Seattle voters pulled the plug on the project in November 2005, before construction began on the 14-mile line. With yesterday's action, the board has approved purchase and sale agreements for 22 of the 33 properties. SMP sold the 22 properties for $12 million more than it paid. Commission fees owed to GVA Kidder Mathews, which is coordinating the sales, will be paid out of the $12 million. SMP still has a debt of $80 million. Money from the property sales will go toward paying off that debt, according to monorail spokesperson Jonathan Buchter. He said SMP should have its debt paid off by Dec. 31. The excise tax for cars registered in Seattle will continue through Aug. 31. Yesterday's sales include: ? Denny's Restaurant at 5501 15th Ave. N.W. and several nearby properties on Northwest Market Street. The purchase price was $9.6 million. Real Property Investors, LLC has offered to pay $15.5 million. ? American Games (Zum), a 6,480-square-foot fitness center at 2235 Fifth Ave. The purchase price was $1.5 million in 2005. The sale to Anmar Co. was approved for $2.3 million. ? Four properties along First Avenue South, including Sleep-Aire and Sherman Supply. SMP paid a total of $3.3 million for them in 2004 and 2005, and has agreed to sell them to Ariel Development Inc. for $5 million. ? Dealers Millwork & Washington Karate at 8345 15th Ave. N.W. and the 7-11 at 8355 15th Ave. N.W. SMP purchased the properties for $1.4 million in 2004 and will sell them to Real Property Investors, LLC for $2 million. ? Three residential properties and one empty parcel on 16th Avenue West. SMP purchased the properties for a total of $1.4 million in 2004 and will sell them for $2.2 million to Block 22, LLC. The purchasers have a specified period to complete their due diligence. After that time, the earnest money is non-refundable. All of the sales approved yesterday turned a profit, except Excel Plaza at 6421 15th Ave. N.W. SMP purchased that property, which has a two-story wood-framed building, for $1.9 million in 2004. It agreed to sell it to Hendrickson Properties Corp. for $1.7 million. Board members said the building's appraisal assumed it still contained equipment, but SMP discovered the previous tenant had taken the equipment, so it was worth less than expected. SMP board will continue reviewing purchase and sale agreements on the remaining properties and may approve more sales at its April 20 meeting. SMP paid $32.5 million for the remaining properties to be sold. |
