CBRE Secures New Tenants at Port 106 Interbay Retail Center in Seattle, WA
December 7, 2018
CBRE announced that Port 106 Interbay, a new 119,264 sq. ft. retail center being developed in Seattle, WA is now 55% percent leased. Susie Detmer and Stacy Reid of CBRE’s Seattle office represent the ownership, Port 106 LLC, a joint venture between Ariel Development and Kauri Investments, LLC. Port 106 purchased the property from the city in 2006.
Located at 1600 W Armory Way, Port 106 Interbay is nestled between the Queen Anne, Magnolia and Ballard neighborhoods of Seattle, WA and offers a variety of retail space options, ranging from smaller floor plans of 1,300 sq. ft. up to 10,000 sq. ft. Construction of the final 25,000 sq. ft. building and an additional 11,000 sq. ft. of shop space will begin soon, with opening planned pre-holiday 2019.
Current tenants open for business include Michaels and Total Wine. Bright Horizons Early Education and Preschool is under construction and will be open early next year.
“When we bought this property, my partners and I felt strongly that its proximity to Magnolia, Queen Anne Hill and Ballard in particular was almost unparalleled in its convenience—it is in an area that is destined to change for the better for that reason,” said Kent Angier, President and CEO of Kauri Investments. “We really felt that the neighborhood is much like South Lake Union 15 years ago and would go through a similar transformation.”
“This might very well be the last retail center with surface parking developed within the city,” said Susie Detmer, Senior Vice President, CBRE. “Interest from retail tenants and service providers has been robust given the density and high incomes in the area. We are in negotiations with a tenant on an additional 28,000 sq. ft. of space with plans to have those retailers open before Christmas of 2019.”
Port 106 Interbay is situated half a block off 15th Avenue W fronting W Armory Way and across from a Whole Foods-anchored retail center.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.