The real estate development firm Emerald Bay Equity has reportedly sold its Eden Hills and Sweetbrier mixed-use buildings on Queen Anne Avenue North to a subsidiary of Deutsche Bank for $44 million.
The Seattle Times is reporting that the two properties, which are located across Crockett Street from one another on the West side of Queen Anne Avenue North, were sold to affiliates of RREEF, a real-estate subsidiary of the German mega-bank that works with institutional investors. According to information from Emerald Bay Equity, the two buildings contain a total of 81 apartments and about 26,300 square feet of first-floor retail space.
The two buildings were the completed phases of Emerald Bay’s four-part plan to refurbish a multi-block area in the heart of Upper Queen Anne. Eden Hills, located at 11 W. Crockett St., was completed in 2008. The building’s retail space houses Bartell Drugs and Pasta & Co. Sweetbrier, located at 8 W. Crockett St., was completed in August of 2009 and is anchored by Key Bank.
The Times also reports that Emerald Bay put the two complexes on the market last year, along with the sites for its other redevelopment projects — the proposed 57-unit apartment building known as Seven Hills, which is scheduled to break ground in the next few weeks, and the half-block Metropolitan Market property where Emerald Bay has proposed building 125 apartments. The project will also include and 44,000 square feet of retail space, most of it housing a new, larger Metropolitan Market. That project was scheduled to break ground next year.
It isn’t clear if the sale will impact the Seven Hills or Metropolitan Market Projects.
Emerald Bay Principal Joe Geivett said at the time that he wanted to keep all four properties together, and preferred a joint venture to a sale. Calls made to Geivett on Tuesday were not returned.
[[In-content Ad]]