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Condo Conversion Trend Continues in Shoreline

  • Thirty-six residential units to be placed on market this fall after 25th Place Condos purchases mixed-use building for $7.3 million

SHORELINE, Wash. (July 10, 2006)

The national trend of converting apartments to condominiums will help usher 36 new homeowners into Washington’s 15th largest city this fall. Twenty-fifth Place Condos, LLC, purchased the four-story, class A, mixed-use apartment building at 19500 Ballinger Way NE, in Shoreline from Ballinger Gateway, LLC, for $7.3 million and will convert all of the residential units to condos, according to Bob Cryan, the seller’s agent and multi-family specialist from the Seattle office of Grubb & Ellis Company (OTC: GBEL), one of the nation’s leading providers of integrated real estate services.

Conversion of the residential portion of the two-year-old building will begin immediately and options to buy will be offered first to its current residents. The property will be renamed 25th Place Condominiums. The new owner is considering its options on the property’s 6,655 square feet of commercial space, which is currently occupied by a retail business, a dentist and an architect.

“The sale and subsequent conversion of 25th Place represents a trend that the Puget Sound region and cities across the nation have seen for some time,” says Craig Hill Vice President and Sales Manager for Grubb& Ellis Seattle. “Attractive cities such as Shoreline can expect more of this type of development and redevelopment to continue as long as the market allows.”

The 36-unit residential portion features 525 square foot studios; one-bedroom, 751-830 square foot units; and two-bedroom units that range from 1,010 to 1,053 square feet.           

Grubb & Ellis Company

Grubb & Ellis Company is one of the world’s leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services.  By leveraging local expertise with our global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe.  For more information, visit the Company's Web site at www.grubb-ellis.com.

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