06 Aug Onelin pays $33M for University Mazda property, with two high rises planned
August 4, 2021
Last month Onelin Capital got $49 million for the sale of a development site in the Denny Triangle. Now it’s paid $33 million for the University District development site for what it calls OneX, at 4522 Roosevelt Way N.E. King County recorded the sale on Tuesday. The buyer of record was GZI OneXLLC.
The seller of record for the University Mazda property was Omerta LLC, an investment vehicle for the Anderson family, which had long owned both the dealership and the land. It extends south from the corner of Northeast 47th Street to a little above Northeast 45th Street. All the old structures will eventually be removed from the 37,590-square-foot property.
The deal also included the Andersons’ smaller, satellite Half Price Books property, slightly north at 4709 Roosevelt. A separate midrise apartment project is likely there. A third project is planned for the Shell station corner nearby; that property hasn’t yet sold.
Brokers were not announced for Tuesday’s deal, which was worth about $676 per square foot for the land. University Mazda hasn’t announced any imminent plans to move, but the OneX project will likely require a year or two more of planning and entitlement.
The basic plan for OneX, now in design review, is two towers that are about 240 feet tall. SkB Architects and MZA are the architects.
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