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Former military post with long and storied history features 26 homes on pristine nine-acre site within city’s Discovery Park
SEATTLE, September 14, 2012— Jones Lang LaSalle’s Capital Markets today announced the firm has begun the exclusive marketing of Fort Lawton, a nine-acre residential community featuring 26 homes within Seattle’s Magnolia neighborhood.
Managing partner David Young and Senior Vice Presidents Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Seattle office are handling the sale.
“Fort Lawton is the ‘Presidio of Seattle’ -- a gem within one of the city’s premier residential neighborhoods -- and the 26 homes being sold have unparalleled views of Puget Sound and the Olympic Mountains from within a 534-acre preserved park setting. This property, which has been off limits to the public for more than 100 years while operating as a military post, would be virtually impossible to replicate today,” said David Young, Managing Director of Jones Lang LaSalle.
Fort Lawton is an official City of Seattle Landmark and each of the fourteen structures including the 26 homes in the sale is on the National Register of Historic Places. Jones Lang LaSalle is marketing the entire nine-acre property for sale to investors.
Homes range from two to five bedroom townhomes and there are two single family residences within the community. The townhomes range from almost 1,500 square feet to 4,500 square feet. Built in 1904 and 1905, the homes retain their period charm but offer modern amenities and include tiled fireplaces, large windows, claw foot bath tubs and wraparound porches.
“Seattle has exhibited robust rent growth and buyers can continue to lease out the homes at Fort Lawton in order to take advantage of the strong income streams expected or they can pursue an exit strategy by positioning the property for individual home sales,” Young added.
Fort Lawton was founded by then Secretary of War Russell A. Alger in 1898 and was built as an artillery battery designed to protect Puget Sound from naval attack. The base was active during World War II and the Korean War and was the site of a Nike missile battery during the 1950s. The base was officially closed in September 2011 but the majority of the acreage was handed to the city of Seattle in the 1970s and reborn as Discovery Park.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
Andrew Neilly, Gallen Neilly
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