Everett-based Coast|Sperry Van Ness’ Asset Recovery Services, a compilation of its property management and brokerage services, recently completed the sale of a promising bank-owned Monroe retail space.
The work involved the ARS advisory team of Blake Stedman, Mike Balicki, and Joshua Freed in arranging the successful sale of the Lake Tye Building in the Fryelands, adjacent to State highway 2.
Tom Hoban, CEO of Coast|Sperry Van Ness, “KeyBank approached us several months ago after then acquired the asset through a foreclosure. Creating a competitive buying environment today is difficult given the banking crisis and uncertainty amongst buyers, so we shopped the building locally and nationally to attract attention.”
The property eventually sold to RH Lake Tye Associates, LLC, whose principals, Stan Rosen and Jerry Harbottle, own and operate the commercial real estate firm, Rosen-Harbottle, in Bellevue.
The acquisition was strategic for them, Hoban explained, since the property had some vacancy issues but the buyer is in the commercial real estate business, which will stabilize the tenant base.
The 30,000-square-footbuilding is a three-story office over retail, with Sockeye’s Restaurant and Subway as the two most visible tenants. About two-thirds of the building is vacant.
“The commercial real estate market today is complex given uncertainty about the economy, the number of now growing commercial property borrower defaults, and a small pool of buyers who are secure in their financing arrangements enough to actually make moves today,” Hoban said.
“This is one of those situations where a major national bank had to take action and we wound up finding a local buyer in Bellevue to solve a problem for them and position the asset with an ownership group skilled at operating this sort of building and giving it a brighter future.”
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