(Google Maps image)
1:52 PM: Another major chunk of Admiral District commercial property has a new owner. Nine months after Wells Fargo sold its building on the northeast corner of California/Admiral after closing its branch there, the Admiral Safeway site – including the neighboring strip mall – has a new owner too. You might recall that the rebuilt store opened in 2011; one year later, Safeway sold it to a Southern California investment firm for $30 million. Now, after 13 years, that firm has sold it to a Chicago firm for $35.4 million. The sale was first reported by regional business publications this week, and while it’s not yet reflected in the King County Assessor’s Parcel Viewer lookup, we confirmed it via documents elsewhere in the King County online system. The new owner is SSV Admiral Junction LLC, and the name on the documents is Patrick Zilis, co-CEO of Chicago-based Hometown America, which specializes in residential developments, particularly those with manufactured homes on leased land (aka mobile-home parks). We’re of course inquiring about the company’s plan for the property; no proposals are in the city system so far, but the site has long been zoned for mixed-use development up to 7 stories. The Admiral Safeway property had been on the market for at least three months.
3:35 PM: We have since obtained the news release from the company that represented the buyer, after a representative posted a comment below saying that it was purchased by Patrick Zilis’s firm Silver Star Ventures, not Hometown America. For those interested, here’s the news release in its entirety:
JLL Capital Markets announced today that it has arranged the $35.4 million sale of Admiral Junction, a rare infill Seattle grocery-anchored retail center located in West Seattle’s affluent Admiral submarket.
JLL worked on behalf of the buyer, Silver Star Ventures.
Admiral Junction is strategically positioned at 2620 California Ave. SW at the intersection of Admiral Wy. and California Ave., West Seattle’s primary commercial arterial. This prime location offers excellent visibility in one of Seattle’s most desirable neighborhoods, known for its convenient access to downtown employment centers, stunning water views and neighborhood charm.
The 67,992-square-foot retail center is 100% leased and includes a 60,876-square-foot Safeway store and a 7,116-square-foot retail shoppes building. The property features a strong tenant mix with Safeway representing 82% of the property. The Safeway store reports impressive sales ranking as the #1 grocer in West Seattle based on foot traffic.
JLL Capital Market’s Investment Sales and Advisory team was led by Managing Director Daniel Tyner and Senior Managing Directors Geoff Tranchina, Gleb Lvovich, and Zach Koucos.
“Admiral Junction represented a rare opportunity to acquire an infill core grocery-anchored asset in West Seattle with a strong performing grocer,” said Tyner. “The property’s exceptional location, strong demographics and stability made it an attractive opportunity for the buyer.”
“We are grateful to be a part of Silver Star Ventures’ first retail acquisition,” added Koucos. “With high barriers to entry and limited development opportunity in West Seattle, Admiral Junction presents a great opportunity for Silver Star in the years to come.” …
About Silver Star Ventures
Silver Star Ventures was created in 2024 to implement the Zilis family real estate investment strategy. The business plan centers on the acquisition of core assets in the grocer-anchored shopping center and multifamily sectors. Ancillary investments include land acquisition and speculative single-family development. The entity is 100% self-funded by the Zilis family.
Regarding the center being referred to as “Admiral Junction” (a la “Westwood Village,” “Jefferson Square,” etc.), we had never really heard that in common use, but did happen onto this unfinished website that seems to have been from a template used by the previous owner.
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