HFF Sells Seattle Parking Garage, Pockets $87M

The city of Seattle sold the 1,240-stall Pacific Place Garage to Madison Marquette.
Pacific Place Garage abuts Pacific Place Shopping Center in downtown Seattle.

Pacific Place Garage abuts Pacific Place Shopping Center in downtown Seattle.

Seattle—HFF has closed the $87 million sale of Pacific Place Garage, a 1,240-stall underground parking garage in downtown Seattle, adjacent to the Nordstrom national flagship store.

With marketing support from HFF, the city of Seattle sold the asset to Madison Marquette.

Built in 1998, Pacific Place Garage is a six-story, 440,185-square-foot garage with valet and self-service parking, as well as six hydraulic passenger elevators. The garage is located below Pacific Place Shopping Center, a five-story, 335,000-square-foot haven for retail, dining and entertainment.

Anchored by an 11-screen AMC Theatre, Pacific Place Shopping Center lies at the core of downtown Seattle’s retail epicenter. The high-end mall achieved a walkability score of 99 out of 100, according to Redfin’s Walk Score.

Senior Managing Director Nicholas Kucha led HFF’s investment sales team. Dugan Earl, Kris Curtis and Craig Kinzer co-brokered the transaction on behalf of Kinzer Partners.

Image courtesy of Red Studio Inc.