(King County Assessor website photo)
After less than six months on the market, the major Admiral Junction commercial building on the northeast corner of California Avenue SW and SW Admiral Way has a new owner. We reported back in March – after Wells Fargo, the building’s then-owner, closed its branch – that the 25,000-square-foot site at 2358 California SW was going up for sale. It was originally listed for $7.6 million and sold last Friday for $6.3 million. The new owner is Mercer Island-based commercial investor/developer Henbart, whose other properties are in neighborhoods including Magnolia, Ballard, and Edmonds. We’re inquiring with the new owner; in the meantime, a source close to the deal says they have no current plans to redevelop the property – zoned for mixed-use development up to 75 feet, as are the parcels on the other three corners of Admiral/California – but are looking for a new tenant for the ex-bank space and “have had a lot of interest.” (Thanks to Jason for the tip about the deal, first reported by the DJC.)
SIDE NOTE: The building kitty-corner across the intersection, where Quality Cleaners closed four years ago, is shown online as still on the market, listed for $1.5 million.
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