August 29, 2019 - Trinity Real Estate (TRE), in partnership with a Pacific Northwest-based family office, is pleased to announce the recent acquisition of the historic Quilt Building, a mixed-use building totaling 37,500 sf located in Seattle’s Pioneer Square neighborhood. The acquisition was part of a successful 1031 Tax Deferred Exchange following the sale of a repositioned industrial asset.
The property was built in 1907 as a warehouse space with brick and heavy timber construction and was converted to commercial and residential use in the early 1980’s. The first three floors are leased to commercial tenants with 2 art galleries on the ground floor and multi-tenant office on the 2nd and 3rd floors. Floors 4 through 7 include 22 residential units. Trinity plans to make upgrades to the commercial and residential common spaces enhancing the classic architectural elements and charm of building as well as modernize the functionality of the building.
The Quilt Building is a contributing structure in the Pioneer Square Historic District. Touted as Seattle’s “original neighborhood” Pioneer Square was first developed in 1852 and is now home to numerous restaurants, businesses, and art studios. The property is located on 1st Ave S and Jackson Street, minutes from Occidental Square and a short walk from both Safeco and Century Link Fields. Pioneer Square is one of the most transit rich neighborhoods in Seattle, with access to light rail, heavy rail, surface streetcar, metro bus and the ferry system.
“We are pleased to add this unique asset to our partner’s portfolio. Our planned improvements will create substantial value for the community, preserve and extend the utility of this historic building and provide a strong long-term investment return for our partner.” commented Lex Wieneke, Trinity Real Estate Partner
TRINITY REAL ESTATE
Trinity Real Estate provides comprehensive, personalized real estate services and investment strategy to West Coast family offices and institutional investors. TRE’s hands-on, high touch, and full-service approach has led to the management, development, and repositioning of more than $3 billion in assets since its founding in 2001. These assets span all sectors of the real estate market including office, industrial, multifamily, hospitality and mixed-use. TRE’s objective is to create, enhance, and preserve real estate assets that produce strong long-term returns for its clients.
TRINITY REAL ESTATE
Lex Wieneke | Partner