Silver Cloud Hotels Buys Seattle Stadiums Parking Lot
Real estate brokerage firm Marcus & Millichap has arranged the $13.5 million sale of an 18,000-square-foot parking lot adjacent to the professional sports stadiums in Seattle. Silver Cloud Hotels, which operates the nearby Silver Cloud Hotel Seattle Stadium, purchased the site in an all-cash transaction.
Marcus & Millichap’s Stren Lea represented the seller, the Apple family, that has owned the property since before either of the stadiums were built. Kidder Mathews’ Dave Speers represented Silver Cloud Hotels, which intends to keep the property as a hotel parking lot, but may redevelop it in the future. Under current zoning, the property could become a hotel, office or multifamily development.
The recent success of the Seattle Mariners baseball team at T-Mobile Park has driven investment activity in the area and generated multiple bids for the parking lot. The NFL’s Seattle Seahawks play at nearby Lumen Field, always a big draw, and tourism has also picked up in the region.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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