Ballard Locks Maritime Campus 2800 W Commodore Way, Seattle, WA
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Development or Build-To-Suit Opportunity | Offering Memorandum Ballard Locks Maritime Campus 2800 W Commodore Way, Seattle, WA Bill Condon Casey Gibson Kyle Back Executive Vice President Associate Vice President Associate +1 206 624 7400 +1 206 624 7418 +1 206 624 7411 [email protected] [email protected] [email protected] Table of Contents Executive 03 Summary Property 06 Overview 10 Location Seattle Industrial 19 Market Report Due 23 Diligence Executive Summary Offering Memorandum Ballard Locks Maritime Campus Property Highlights Rare opportunity to acquire/develop/lease 10.5 acres of industrial-zoned land along the Lake Washington Ship Canal. The entire Ballard Locks Maritime property consists of four parcels located on the south side of Salmon Bay. The two waterfront parcels (a.k.a. the “North” parcels) Campus’ strategic are bounded by West Commodore Way to the south and Salmon Bay to the north totaling approximately 2.28 acres (99,273 SF) positioning offers the following advantages to its of dry land and 2.5 acres (109,022 SF) of submerged land. The south two parcels are located directly across Commodore Way occupants: and total approximately 5.67 acres (247,131 SF). The total site is approximately 10.5 acres (455,426 SF). The waterfront parcels feature a large industrial pier with a 212 foot approach ramp and 364 lineal feet of industrial dock storage. Additionally, the site • Waterfront development features smaller finger piers with 670 feet of moorage. Large Dock can accommodate a 550+ foot vessel. opportunity. • Close proximity to Puget Sound, Remediation Plan Seattle CDB, Ballard Locks, OPPORTUNITIES AVAILABLE: • Permits and plans approved by the Department of Ecology Fisherman’s Terminial and for the environmental cleanup of the site. 1. Owners willing to sell any portion Salmon Bay. • The clean-up process will break ground in summer 2021 of the land • Quick access to the downtown, and the entire site will be clean and deliverable by late fall South Lake Union, Ballard and 2021. 2. Build-To-Suit project for the right Interbay. tenant or owner/user • Once clean, this site will be one of the only industrially- • A growing and skilled workforce. zoned waterfront sites ready for development in the Puget Sound. • A competitive business environment with easy access to major markets. Ballard Locks Maritime Campus Offering Memorandum | Executive Summary | 4 Property Aerial Ballard Locks Maritime Campus Offering Memorandum | Executive Summary | 5 Property Overview Offering Memorandum Ballard Locks Maritime Campus Property Information Large Industrial Pier: 212 foot approach ramp Department of Natural Resources (DNR) with 364 lineal feet of industrial dock structure Leased Land: Submerged: 24,377 SF (0.56 AC) Small Industrial Piers: 670 lineal feet of moorage NORTHERN PARCELS 2750 W Commodore Way East Tax Parcel #1125039120 2800 W Commodore Way West Tax Parcel #1125039081 Size: Upland: 99,273 SF (2.28 AC) Submerged: 109,022 SF (2.50 AC) All public utilities are available to the site SOUTHERN PARCELS 2805 W Commodore Way West Tax Parcel #4237900405 2737 W Commodore Way East Tax Parcel #1125039050 Size: Upland: 247,131 SF (5.67 AC) All public utilities are available to the site Ballard Locks Maritime Campus Offering Memorandum | Property Overview | 7 Zoning Map Details: • Northern Parcels: General Industrial 1 (IG1/U45). The intent of the IG1 zone is to 2750 W Commodore Way protect marine and rail- IG1 U/45 related industrial areas from an inappropriate level of unrelated retail and commercial uses by limiting these uses to a density or size limit lower than that allowed for industrial uses. 2800 W Commodore Way • Southern Parcels: General IG1 U/45 Industrial 2 (IG2/U65). The intent of the IG2 zone is to allow a broad range of uses where the industrial function of an area is less established than in IG1 zones, and where additional commercial activity could improve employment opportunities and the physical condition of 2805 W Commodore Way the area, without conflicting IG2 U/65 with industrial activity. 2737 W Commodore Way IG2 U/65 Ballard Locks Maritime Campus Offering Memorandum | Property Overview | 8 Concept Plan Details: • Current zoning allows for over 300,000 sf of flex and light industrial product to be developed. • Ownership waiting on direction from future tenant or buyer before proceeding with plans. • The southern parcels are zoned IG2 U/65. The northern parcels is zoned IG1 U/45. Ballard Locks Maritime Campus Offering Memorandum | Property Overview | 9 Location Overview Offering Memorandum Ballard Locks Maritime Campus Location Features Located on the Ship Canal: • Located just South of the Ballard Locks, providing access to the Greater Puget Sound. • In close proximity to Fishermen’s Terminal, which provides moorage for 400+ commercial fishing vessels and work boats. • The only available industrial-zoned waterfront site ready for development on the Ship Canal. Situated in one of the Nation’s Hottest Markets: • Think Advisor ranked Seattle as the second-fastest growing city in the United States. • Strong employment sectors with companies such as Amazon, Microsoft, Nordstrom, and Starbucks headquartered in the Puget Sound area. • Growing life sciences and tech industries bolster the economic growth of the area. Access to the Puget Sound: • Situated in close Proximity to the Northwest Seaport Alliance, made up of the Port of Seattle and Port of Tacoma. • As the fourth largest container gateway in North America, the Northwest Seaport Alliance handled approximately $75 billion of waterborne trade in 2019. Ballard Locks Maritime Campus Offering Memorandum | Location Overview | 11 Local Maps Ballard Green Lake Commodore Way Fremont Magnolia Interbay Bellevue 15th Ave W Queen Anne Montelake Elliot Ave W Seattle Ballard Locks Maritime Campus Offering Memorandum | Location Overview | 12 Large Tenants Located Near Site Fremont Ballard Ballard Bridge Fishermen’s Terminal Salmon Bay Fremont Magnolia Ballard Locks Ballard Locks Maritime Campus Offering Memorandum | Location Overview | 13 RISE OF SEATTLE & EASTSIDE DUAL OFFICES Regional Map AND OFF KL IC R E I S K OND OFF M IC D E E S R 99 TTLE OFFI SEA CES EVUE OF ELL FIC B ES PUGET LAKE WASHINGTON SOUND LAKE SAMMAMISH 99 1313 Q4 2020 · COLLIERS INTERNATIONAL · 601 Union Street · Suite 5300 · Seattle, WA 98101 · 206 223 0866 · www.colliers.com Ballard Locks Maritime Campus Offering Memorandum | Location Overview | 14 PIONEER SQUARE: MAJOR TENANTS Pioneer Square Large Tenants ELLIOTT BAY Ballard Locks Maritime Campus Offering Memorandum | Location Overview | 15 2222 Q4 2020 · COLLIERS INTERNATIONAL · 601 Union Street · Suite 5300 · Seattle, WA 98101 · 206 223 0866 · www.colliers.com SEATTLE CBD: TECH TENANTS Seattle CBD Large Tenants RAINIER TOWER MET PARK EAST RAINIER SQUARE DEV. 901 FIFTH AVENUE COLUMBIA CENTER ONE CONVENTION PLACE 800 FIFTH MET PARK NORTH 1201 THIRD TWO UNION F5 TOWER MET PARK WEST MADISON CENTRE IBM BUILDING 1800 NINTH 520 PIKE TOWER 1111 THIRD 8TH & OLIVE MILLENNIUM TOWER 300 PINE FIFTH & PINE 4TH & MADISON QUALTRICS TOWER CENTURY SQUARE SECOND & SENECA 999 THIRD RUSSELL INVESTMENTS EXCHANGE BUILDING SECOND & SPRING MARITIME BUILDING ELLIOTT BAY 2323 Q4 2020 · COLLIERS INTERNATIONAL · 601 Union Street · Suite 5300 · Seattle, WA 98101 · 206 223 0866 · www.colliers.com Ballard Locks Maritime Campus Offering Memorandum | Location Overview | 16 SOUTH LAKE UNION: MAJOR TENANTS South Lake Union Large Tenants ELLIOTT BAY 2 MILES 2021 LAKE UNION 2424 Q4 2020 · COLLIERS INTERNATIONAL · 601 Union Street · Suite 5300 · Seattle, WA 98101 · 206 223 0866 · www.colliers.com Ballard Locks Maritime Campus Offering Memorandum | Location Overview | 17 Amenities Map NW 68th St NW 65th St N 65th St NE 65th St FOOD AND DRINK RETAIL/SERVICES Leary Ave NW EAT/DRINK 1. Chinook’s at Salmon Bay 1. Whole Foods 3 2.1. RedChinook Mill Burgers’s at Salmon Bay 17.2. UptownPetco Espresso N 56th St 22nd Ave NE 10 11 12 NW Market St E Green Lake Way N 3.2. PagliacciRed Mill BuPizzargers 18.3. MagnoliaQFC Village Pub 11 16 NE 55th St 12 5thAve NE 20th Ave20th NE IlliniosAve 9 4.3. BayPagliacci Cafe Pizza 19.4. IchiTraderro Sushi Joe’s & Teriyaki 14 NW 52nd St N 52nd St Ave33rd NE 4. Bay Cafe 20. Walrus & the Carpenter Penny Drive 22 5BALLARD 5. Boxcar Ale House 5. Wild Salmon Seafood Market 28th Ave 28th Ave NE Aurora Ave Ave Aurora N Boxcar Ale House Brooklyn Ave NE Highliner Pub NE 50th St 23 5. 21. 60th Ave NE 24 32 6. La Palma Restaurant 6. Green Market & Deli 31st Ave W 20 Leary Way NW N 48th St 6. La Palma Restaurant 22. Bastille Cafe & Bar 17th Ave 17th Ave NE 4 8 NE Roosevelt Way 7. Magic Dragon 7. Metropolitan Market 25th Ave NE 2 10 N 46th St 12 7. Magic Dragon 23. Kings Hardware Ballard Bridge NE 45th St 12 8.8. TopTop Pot Doughnuts 24.8. BallardFred Meyer Loft 6 8 BURKE GILMAN TRAIL 9. Subway 9. PCC Natural Markets 29 9. Subway 25. ThaiAve15th NE Fusion 10.10.Peet’sPeet’s CoffeeCoffee andand TeTeaa 26.10. ZeeksBuffalo Pizza Exchange NE 41st St Texas Way Texas 9 12 25thAve W 11. Cafe Appassionato 27. Theo Chocolate Inc. W Nickerson St 11. Cafe Appassionato 11. Ketch Boutique 13 Gilman Ave 11W 5 FREMONT 12. Starbucks 28. Red Door 13 4 6 12. Starbucks 12. Walgreens 28th Ave 28th Ave W 21 1 7 The Blue Heron Hale’s Ales Pub W Emerson St 13. 7th Ave NE 29. 13. The Blue Heron 13. Super Supplements 14. Niko’s Gyros 30. Paragon Restaurant 6 27 Niko’s GyrosAve2nd NE 14. Dish it Up! 14.15. Wheeler Street Kitchen 31. Nickerson Street Saloon 8 28 9 9 15. Wheeler Street Kitchen 15. Albertsons 5 4 SEATTLE 16. Szmania’s Steakhouse 32.