30,800 SQUARE FEET IN SEATTLE, WA

30 ,800 SQUARE F EE T IN SEATT L E , WA

EXCLUS IVE LY L I S T ED BY

SPENCER CLARKFirst Vice President Investments

Seattle Office

Cell 206.898.2089 Office 206.826.5709

[email protected] WA 110024

E X E C U T I V E S U M M A RY | 0 4

F E A S I B I L I T Y S T U D Y | 0 8

N E I G H B O R H O O D O V E R V I E W | 1 4

F U T U R E O F N O RT H G AT E | 1 9

TA B L E O F C O N T E N T S

NORTHGATE DEVELOPMENT SITE

E X E C U T I V E S U M M A R Y 4

SUMMARY OF TERMS - UNPRICED

INTEREST OFFEREDMarcus & Millichap has been selected to exclusively market for sale the Northgate Development Site, located in Northgate.

PROPERTY TOURSAll property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval.

OFFERING PROCEDURESThe property is being offered for sale without an asking price. Interested purchasers are encouraged to review the feasibility studies and determine pricing and terms that work for them in today’s market. A bid date will be established and all offers will be reviewed at that time. With your offer please include any of the following readily available:

• Company or Personal Resume• Similar Transaction History • High Level Plan for the Site• Plan for Debt and Equity



SEATTLE CBD

NORTHGATE MALLTarget

Best Buy

TJ Maxx

Northgate Mall

Regal Thornton Place & IMAX

Northgate Transit Center

Hubbard Homestead Park

The Polyclinic Northgate Plaza

QFC

Safeway

Billings Middle School

NEARBY AMENITIES

HUBBARD HOMESTEAD PARK



ZONING ANALYSIS

OVERVIEW

ADDRESS 11301/ 11065 5TH AVE NE, SEATTLE, WA, 98125

PARCEL NUMBER 2926049414, 2926049458

ZONING LR3 (M)

ADJACENT ZONESNORTH: LR-3 (M), SOUTH: LR-3 (M),

EAST: LR-3 (M) / LR-2 (M), WEST: LR-3 (M)

STREET CLASSIFICATION 5TH AVE NE - MAJOR PEDASTRIAN STREET

URBAN CENTER NORTHGATE URBAN CENTER

OVERLAY DISTRICT NORTHGATE OVERLAY DISTRICT - CORE AREA

LOT AREA 30,800 SF (COMBINED)

FAR 2.3 MAX

HEIGHT LIMIT 50’

SETBACKS

FRONT: 5’ REAR: 10’ MINIMUM WITH ALLEY, 15’ MINIMUM WITHOUT ALLEY

SIDE: 5’ IF BUILDING IS 40’ IN LENGTH OR LESS, OTHERWISE 7’ AVERAGE WITH 5’ MIN

LR ZONE REQUIREMENTS 150’ MAX STRUCTURE WIDTH FOR APARTMENTS WITHIN URBAN CENTER

TRANSITION AREA REQUIREMENTS

75’ MAX IN WIDTH AND 65% LOT DEPTH / 90’ MAX IN DEPTH

DESIGN REVIEW REQUIRED

LANDSCAPING GREEN FACTOR 0.60 OR HIGHER

RESIDENTIAL AMENITIES 25% OF LOT AREA

PARKING NOT REQUIRED

MHA MHA FEES REQUIRED



FEASIBILITY STUDY - APARTMENTS

studio19 architects | 207 1/2 1st ave s suite #300 | seattle wa 98104 April 15th, 2020

LEVEL STUDIO

TOTAL

PARKING LEVEL

PLAZA LEVEL

LEVEL 1

LEVEL 2

LEVEL 3

-

-

4

OPEN 1

7

52

1-BED

35

UNITS

11

98

PERCENTAGE 4% 53% 35% -

4

SITE AREA

MAX FAR

MAX FAR AREA

LR3 (M)

2.3

30,800 SF

70,840 SF

ZONE

12 217

22

LEVEL

TOTAL

16,400 SF

AREA (GSF) FAR (SF)

12,900 SF

15,500 SF

-

10,515 SF

15,080 SF

70,835 SF91,300 SF

LEVEL 4

- - -

2-BED

-

-

1 1

11 81 2

7

8%

PARKING LEVEL

PLAZA LEVEL

LEVEL 1

LEVEL 2

LEVEL 3

LEVEL 4

15,080 SF

15,080 SF

15,080 SF

15,500 SF

15,500 SF

15,500 SF

2211 81 2

2211 81 2

Perspectives & Unit Matrix

*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle.

Unit Matrix Building Area

8F E A S I B I L I T Y S T U D Y 8


RAMP UP

ELEV

ATO

RLO

BBY TRASH ROOM

635 SF

ADA

TRASHCHUTE

PARKING GARAGE45 STALLS

ADA

N

UtilityLobby/Amenity


Parking Level 1FEASIBILITY STUDY - APARTMENTS



Basement / Plaza Level

N*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle.

RAMP DOWN

STORAGE

OPEN 1-BED520 SF

OPEN 1-BED520 SF

OPEN 1-BED520 SF

STORAGE

BIKEPARKING87 STALLS

PLAZA4,000 SF

TRASHCHUTE

1-BED640 SF

1-BED770 SF

OPEN 1-BED550 SF

OPEN 1-BED550 SF

OPEN 1-BED550 SF

AMENITY SPACE1-BED740 SF

1-BED700 SF

OPEN 1-BED615 SF

Landscaping

CirculationLobby/Amenity

UtilityResidential




Level 1

N

Landscaping

Circulation


Lobby/Amenity

LOBBY850 SF

1-BED590 SF

1-BED660 SF

1-BED660 SF

1-BED600 SF

1-BED640 SF

OPEN 1-BED500 SF

OPEN 1-BED520 SF

OPEN 1-BED520 SF

OPEN 1-BED520 SF

OPEN 1-BED520 SF

OPEN 1-BED500 SF

2-BED950 SF

STORAGE

TRASHCHUTE

STUDIO470 SF

OPEN 1-BED550 SF

OPEN 1-BED550 SF

OPEN 1-BED550 SF

OPEN 1-BED525 SF

1-BED740 SF

OPEN 1-BED525 SF

1-BED700 SF

OPEN 1-BED615 SF

UtilityResidential




Level 2 - 4

N

Circulation


1-BED620 SF

OPEN 1-BED550 SF

1-BED590 SF

1-BED660 SF

1-BED660 SF

1-BED600 SF

OPEN 1-BED520 SF

OPEN 1-BED520 SF

OPEN 1-BED520 SF

OPEN 1-BED520 SF

OPEN 1-BED500 SF

2-BED950 SF

STORAGE

2-BED800 SF

TRASHCHUTE

1-BED700 SF

OPEN 1-BED500 SF

STUDIO470 SF

OPEN 1-BED615 SF

1-BED640 SF

OPEN 1-BED550 SF

OPEN 1-BED550 SF

OPEN 1-BED525 SF

1-BED740 SF

UtilityResidential




Roof

NLandscaping

Circulation


Lobby/Amenity

ELEVATORLOBBY

ROOF DECK4,900 SF



Roughly 8 miles from downtown Seattle, Northgate has become a popular neighborhood for young professionals and growing families. Northgate is historically well known as home to the Northgate Mall Shopping Center; which was built in the 50’s and grew to hold over one million square feet of retail space and 108 tenants.

More recently Northgate’s proximity to downtown and plans for future development have transitioned it into a highly sought-after market for people to live, work and invest.

Northgate was selected to become the new headquarters for Seattle’s NHL team. Scheduled for completion in June 2021, the privately funded headquarters will include practice & training facilities, three ice rinks, a public park and an 1,000 seat hockey rink, as well a brand-

new Virginia Mason clinic. The NHL headquarters will establish Northgate as a landmark in the Seattle area attracting visitors, businesses and new residents to the neighborhood.

The Northgate transit station is set to further improve with the opening of a new light rail station in 2021. The light rail will provide direct access to the University District, Downtown Seattle and Sea-Tac Airport. The City of Seattle projects the Northgate stop to see nearly 50,000 daily riders by 2022.

As new developments come on line and improvements made to the infrastructure in Northgate, the neighborhood will see strong population increases, making Northgate a desirable neighborhood for investment.

N O RT H G AT E

NORTHGATE S E AT T L E , WA

P O P U L AT I O N 4 , 2 8 3


N E I G H B O R H O O D O V E R V I E W 15

EMPLOYMENT HUBS

• NORTHGATE EXECUTIVE CENTER

• PROVIDENCE HEALTH & SERVICES

• NORTHGATE MALL

• NORTH SEATTLE COLLEGE

• NORTHWEST HOSPITAL

SHOPPING & ENTERTAINMENT

• NORTHGATE MALL

• NORTHGATE NORTH

• THORTON PLACE

RECREATION/OUTDOORS

• MEADOWBROOK PLAYFIELD

• HUBBARD HOMESTEAD

• NORTHACRES PARK

• JACKSON PARK GOLF

COURSE

TRANSPORTATION

• 15 MINUTES TO DOWNTOWN SEATTLE

• NORTHGATE TRANSIT CENTER

• EASY ACCESS TO 1-5, 99, & 522

• SOUND TRANSIT TRAIN AND

BUS ROUTES

AN EDUCATED & DYNAMIC WORKFORCE

• MEDIAN HOME VALUE: $469,294

• 63% WITH BACHELOR DEGREES

• MEDIAN INCOME $55,515

SCHOOLS

• SEATTLE PUBLIC SCHOOLS DISTRICT

• NORTH SEATTLE COLLEGE

N O R T H G A T E O V E R V I E W


NORTHGATE

MAPLE LEAF

LICTON SPRINGS

LAKE CITY

BITTER LAKE


MARKET OVERVIEW

F O O D | D R I N K | G R O C E RY

1. PIZZA HUT EXPRESS2. GYRO HUT3. BASKIN-ROBBINS4. QFC5. STARBUCKS6. TOTAL WINE & MORE7. MASALA OF INDIA CUISINE

8. JIMMY JOHN’S9. BLUE SAUCER CAFÉ & COFFEE HOUSE10. BAN HUA SAI11. THE MAPLE12. SNAPPY DRAGON13. KIZUKI RAMEN & IZAKAYA14. RED ROBIN

15. PATTY’S EGGNEST16. ENAT ETHIOPIAN RESTAURANT17. DICK’S DRIVE-IN18. CLOUD CITY COFFEE19. ELLIOTT BAY PUBLIC HOUSE & BREWERY

H E A LT H | F I T N E S S | A C T I V I T I E S

1. 24 HOUR FITNESS2. REGAL THORNTON PLACE SCREENX &

IMAX3. KAISER PERMANENTE NORTHGATE

MEDICAL CENTER

4. THE POLYCLINIC NORTHGATE PLAZA5. SEATTLE ATHLETIC CLUB NORTHGATE6. UW MEDICAL CENTER NORTHWEST7. THE LITTLE GYM OF MAPLE LEAF

8. INTERNATIONAL PUPPETRY MUSEUM9. VASUDA SALON10. NORTHEAST VETERINARY HOSPITAL

S H O P P I N G | S E R V I C E S | E N T E RTA I N M E N T

1. TARGET2. DICK’S SPORTING GOODS3. BEST BUY4. SOLA SALON STUDIOS5. MEN’S WEARHOUSE

6. T.J. MAXX7. UNITED STATES POSTAL SERVICE8. BIG 5 SPORTING GOODS9. WALGREENS10. MATTRESS DEPOT USA

11. THE SEATTLE PUBLIC LIBRARY (NORTHGATE)12. NORTHGATE FAMILY DENTISTRY13. NORTHGATE MALL14. FUTURE NHL FACILITY - 202115. THE HOME DEPOT


THE FU TURE OF N O RT H G AT ENorthgate Mall, a focal point of the neighborhood, is undergoing a complete redevelopment. Simon properties is dramatically changing the 33-acre parcel.

These new developments in Northgate mean the area will see thousands of new residents, employees and shoppers. Northgate is set to become one of Seattle’s major centers for entertainment, shopping and employment.

• Link Light Rail Station

• NHL Facility and Training Center

• 1,200 new residential units

• 200 hotel rooms

• 596,000 square feet of retail space

• 768,800 square feet of new office space

• 5,300 parking spaces added

• 342,000 square feet of open public space

• 8.2 miles from downtown Seattle

T H E F U T U R E O F N O R T H G A T E 19

PROPOSED SITE PLAN

SIMON PROPERTY GROUP | NORTHGATEMASTER USE PERMIT - EARLY DESIGN GUIDANCE | DATE: 08.13.2018 36

Printed: 07.26.2018

5th Ave NE

NE

No

rthg

ate

Way

3rd Ave NE

NE

103r

d S

t

NE

100t

h St

NE

105t

h St

3rd Ave NE

1st Ave NE

Roadways / Parking

Hospitality

Multi-Family Residential

Office

Retail / Commercial

Live/Work Residential

Existing Retail / Commercial

Green Space

Enlarged Plan Match Line

Enla

rged

Pla

n M

atch

Lin

e

Link Light Rail Station

N

+292

+298+300+298+301

+301+301

+286

+294

+300+300+300

+283 +285

+285

+283

+279

+269

+257+262+270+276

+285

R7

R9

M1 M2M3

M4 R8 O4

O1 O2 O3

H1

R6

R1 R2R3

R4 R5

2

3

4 5

6

7

8

9

Proposed Site Plan + Street Level Building Uses


DEVELOPMENT PROGRAM


BuildingBuilding Gross Square

FeetDwelling Units

Parking Stalls

New

MU

P B

uild

ing

s

M1 - Mixed Use Residential-Preferred Option-

SDCI MUP #: 3031302

Parking - 152,570Residential - 289,123

Retail - 24,838

302 -Including 9

Live / Work units

368

Total - 466,531M2 - Mixed Use Residential

-Preferred Option-

SDCI MUP #: 3031303


Retail - 20,831

422 -Including 12

Live / Work units

585


-Preferred Option-

SDCI MUP #: 3031306


Retail - 7,074

227 94


-Preferred Option-

SDCI MUP #: 3031304


Retail - 29,190

254 -Including 7

Live / Work unit

309

Total - 357,369

New

MP

D B

uild

ing

s

R7 - Commercial, Sports and Recreation

-Preferred Option-

Parking - --,---Commerical - 145,000

N/A N/A

Total - 145,000R9 - Retail

-Preferred Option-Parking - -,---

Retail - 2,000N/A N/A

Total - 2,000O1 - Mixed Use Office

-Preferred Option-Parking - 12,802

Office - 99,160Retail - 9,860

N/A 31


-Preferred Option-Parking - 13,788Office - 106,890Retail - 17,880

N/A 36


-Preferred Option-Parking - 148,200

Office - 420,360Retail - 17,460

N/A 352

Total - 586,020

BuildingBuilding Gross Square

FeetDwelling Units

Parking Stalls

New

MP

D

Bui

ldin

gs

O4 - Mixed Use Office-Preferred Option-

Parking - 130,640Office - 178,370

Retail - --,---

N/A 403

Total - 277,140H1 - Hospitality / Lodging

-Preferred Option-Parking - --,---

Lodging- 109,840Retail - --,---

N/A N/A

Total - 109,840

Exi

stin

g B

uild

ing

s w

ithi

n M

PD

Bo

und

ary

to

Rem

ain

R1 - Existing Retail

Total - 7,154

N/A N/A


Total - 13,880

N/A N/A


Total - 122,187

N/A N/A


Total - 14,639

N/A N/A


Total - 17,553

N/A N/A


Total - 99,038

N/A 87

7 - Existing Parking Structure

Total - 236,726

N/A 705

8 - Existing Parking Structure

Total - 235,910

N/A 750

Bui

ldin

gs

Out

sid

e M

PD

B

oun

dar

y to

Rem

ain

1 - Existing RetailTotal - 4,900

N/A N/A


N/A N/A


N/A N/A


N/A N/A


N/A N/A


N/A N/A

Development Program

Printed: 07.26.2018


DEVELOPMENT PROGRAM CONT.


Open Space Requirements

Open Space Type Square Feet Bonus Factor Revised SF

Pub

lic O

pen

Sp

ace

Active Park 71,993 1.5 107,990

LandscapedPedestrian Connections

29,054 1.5 43,581

Urban Garden 11,532 1 11,532

Urban Plaza 79,006 1.5 118,509

Total Open Space 281,612

Usable Open Space (50%) 140,806

Pla

nted

Are

as

Planted Areas

Parking Lots 9,700 - 9,700

Streets 23,937 - 23,937

Slopes 6,454 - 6,454

Vertical at Grade 20,354 - 20,354

Total Planted Area 60,445

Sum

mar

y

Total Public Open Space 342,057

Total MPD Site Area 1,785,932

Required (15% of Site Area) 267,889

Usable Open Space Required (1/5 of Required Area) 53,577

Site Parking

541 Surface Parking Stalls within MPD Boundary

1,192 Surface Parking Stalls within MPD Boundary

Development Program

Printed: 07.26.2018

NORTHGATE MALL REDEVELOPMENT



NEW NEIGHBORHOOD AXONOMETRIC - LOOKING NORTHWEST


Printed: 06.08.2018

5th

Ave

NE

NE 103rd St

Proposed King County T.O.D. Site - By Others

New Neighborhood Axonometric - Looking Northwest



NEW NEIGHBORHOOD AXONOMETRIC - LOOKING NORTHEAST


Printed: 06.08.2018

NE Northgate Way

3rd Ave NE

NE 103rd St

1st Ave NE

Proposed King County T.O.D. Site - By Others

Thornton Place

Target

New Neighborhood Axonometric - Looking Northeast



SOURCE: NHL SEATTLE

NHL HEADQUARTERS

Seattle NHL Team Headquarters will open in Northgate in 2021. The development will include:

• Team offices designed by Simon Properties chief architect, Mike Kress.

• State of the art training facilities.

• Three community ice rinks for youth programs and public use.

• One rink will include 1,000 seats for special events and games.

• A new public park for Northgate residents to enjoy.

SOURCE: KING 5 NEWSSOURCE: KING 5 NEWS


LIGHT RAIL STATION

(SOURCE: SOUND TRANSIT)

NORTHGATE LINK EXTENSION

PHASE CONSTRUCTION

OPEN 2021

LENGTH 4.3 MILES; 3 STATIONS

SERVICE EVERY 6 MINUTES DURING PEAK HOURS.

PROJECTED RIDERSHIP (BY 2022) 41,000 - 49,000 DAILY RIDERS

PROJECTED TRAVEL TIMES

NORTHGATE TO UNIVERSITY OF WASHINGTON 7 MINUTES

NORTHGATE TO U DISTRICT STATION 5 MINUTES

NORTHGATE TO WESTLAKE 14 MINUTES

U DISTRICT TO WESTLAKE 8 MINUTES

Set to open in 2021 Northgate’s Link Light rail Station will provide easier transportation to thousands of residents and workers to and from the Northgate area.

The station will feature easy access to University of Washington, Downtown Seattle, Seattle-Tacoma International Airport, the eastside and various other destinations in the Seattle metro area as well as frequent bus connections, a park-and-ride and a bicycle/pedestrian bridge to North Seattle College.


LIGHT RAIL STATION

THE NORTHGATE BIKE AND PEDESTRIAN BRIDGE WILL LINK THE STATION TO POINTS WEST. (SOURCE: CITY OF SEATTLE)

TUNNEL AT MAPLE LEAF PORTAL (SOURCE: SOUND TRANSIT)

THE NORTHGATE CURVE AND NORTHGATE MALL (SOURCE: SEATTLE TRANSIT BLOG)

WORK ON THE UNDERGROUND ROOSEVELT STATION, PART OF THE NEW SOUND TRANSIT NORTHGATE LINK EXTENSION. (SOURCE: SOUND TRANSIT)


NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investi -gation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

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30,800 SQUARE FEET IN SEATTLE, WA

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