Sterling Organization pays $11.65m for Elliot Plaza in Seattle

The Sterling Organization paid $11.65m for a retail center near downtown Seattle. Purchased in an off-market deal, the 50,678 sq ft Elliot Plaza changed hands for just under $230 per sq ft. The property is currently 100 percent leased. Anchor tenants include Staples and AAA. The purchase represents the company's first acquisition in the Seattle area and the fourth for its SVAP III fund, increasing the fund’s portfolio to more than 400,000 sq ft. “After several years of scouring Seattle for the ideal opportunity to enter this tremendous market, we are pleased to make Elliot Plaza our initial investment,” said Brian Kosoy, managing principal, president and CEO of the Sterling Organization. “Elliot Plaza represents an opportunity to acquire a truly irreplaceable piece of real estate within a dynamic Seattle submarket.”