Case Studies showing how Cannon Commercial
assisted clients with specific needs:
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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.
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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.
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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.
(click photo for larger view)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.
(click photo for larger view)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.
(click photo for larger view)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.
(click photo for larger view)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.
(click photo for larger view)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.
(click photo for larger view)BURNS BUILDING
Seller: Billie Burns
Property: 7300- Rainier Ave S. in southeast Seattle.
Assignment: Market challenging property with environmental concerns and tenant problems.
Result: The property closed within 41 days of being listed. Seller sold "as is" and was indemnified of any environmental or tenant issues.
(click photo for larger view)CHOICE LINENS BUILDING
Buyer: Choice Linens
Property: An 8,000 square foot, mixed use, 2-story building at 3rd Ave. W. and Republican on lower Queen Anne.
Assignment: Locate property with a showroom and warehouse which could be purchased or leased to purchase.
Result: Choice Linens leased the property then exercised their option to purchase within the first year. Buyer converted a portion of the second floor to an apartment.
(click photo for larger view)DETRANO BUILDING
Seller: Richard Detrano
Property: 6208-Phinney Ave N. in the Phinney Ridge neighborhood.
Assignment: Market a small neighborhood commercial building.
Result: Cannon Commercial generated three offers within one week and closed within 48 days.
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MILL CREEK COMMERICAL ACREAGE
Buyer: Cedar Park Church
Property: 7 acres of undeveloped commercial land near Mill Creek Town Center on Bothell Everett Highway and Dumas Road.
Assignment: Locate approximately 6 acres suitable to accommodate the relocation of an existing school and church.
Result: 7 acres of land was acquired within a mile of the existing school.
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MARS HILL CHURCH
Buyer: Mars Hill Church
Property: NW Leary Way in Ballard (Formerly Ernst / Doc Freemans)
1 Story retail/warehouse with mezzanine - concrete block construction
Assignment: Find location that can seat 1,000 people that
has adequate parking with an owner will lease to sell.
Result: Mars Hill leased the property then exercised their
option to purchase 6 months after lease commencement.
(click photo for larger view)GARAGE BOWL
Seller: Otto Parking LLC
Buyer: R. Property LLC
Property: Broadway, North of Madison – 2 Story warehouse
Assignment: Market property For Sale and coordinate sales process
Result: Property was marketed and eventually sold to adjacent property owner and converted to the first new bowling alley in Seattle in the past 40 years.
(click photo for larger view)CALCOM BUILDING
Seller: Unity Church
Property: 230 8th Ave. N. – South Lake Union - One story retail/warehouse building with adjacent parking
Assignment: Market surplus property to buyers
and coordinate sales process
Result: Property sold to Housing group for
future development
(click photo for larger view)BUSHELL'S AUCTION HOUSE
Seller: Bushell Family (3rd Generation Owner)
Property: Two Story Brick - Retail
2nd & Virginia, Central Business District-Seattle
Assignment: Market property For Sale & guide
owners through the sales process. Owners prefer to
sell to a buyer who will retain character of building.
Result: Property sold within range of predicted sales prices to a user who is renovating and retaining character of building.
(click photo for larger view)601 VALLEY
Seller: Valley High LLC
Property: 601 Valley Street – Lower Queen Anne
Assignment: Market property and coordinate sales process
Result: Property sold. Seller utilized charitable donation back to non-profit buyer to receive tax benefit at closing.
(click photo for larger view)GILDA'S CLUB
Seller: Iron Rock Investments
Property: Broadway & Union - 2 Story Brick Office Building, former Mortuary built in 1920's
Assignment: Negotiate terms to purchase property
then market for Lease
Result: Property was acquired then leased to Gilda’s Club, a non-profit that supports cancer patients.
(click photo for larger view)Buyer: Joint Chiefs LLC
Property: 2nd Avenue West, Lower Queen Anne
Assignment: Identify property to lease then
negotiate on behalf of client.
Result: After negotiations began, it was soon discovered that landlord would sell. Client acquired property then renovated 2nd floor for their use and retained ground floor tenant.
TENANT REPRESENTATION
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Tenant: Stafford Frey Cooper LLC
Location: Two Union Square, Floors 31 and 32
Square Feet: 28,500
Assignment: Identify Class A property and negotiate long term
lease. Also find a subtenant or negotiate a buyout with current landlord for
the final two years of their lease.
Result: Client signed a long-term lease that included the acquisition
of furniture at no additional cost. Termination of the lease at former location
was successfully negotiated.
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Tenant: Anchor Environmental
Location: Kress Building – 2nd & Pike Stret
Square Feet: 12,500
Assignment: Identify location within walking distance of ferry
dock and negotiate terms of a lease.
Result: Property was identified and a long term
lease with options was negotiated.
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Tenant: Seattle Hospitality
Location: Seaboard Building – 4 & Pike Street
Square Feet: 7,500
Assignment: Identify property and negotiate a long term lease
in a classic Seattle building within close proximity to hotels and the convention
center.
Result: Client leased a full floor in the recently renovated,
classic Seaboard Building.
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