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City of Seattle
Mike McGinn, Mayor |
NEWS ADVISORY
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| SUBJECT: City sells historic fire station in Ravenna-Bryant for $712,000
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FOR IMMEDIATE RELEASE:
5/25/2012 9:38:00 AM |
FOR MORE INFORMATION CONTACT:
Julie Moore (206) 684-0909
Katherine Schubert-Knapp (206) 684-0909
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Historic Ravenna-Bryant Fire Station Sells for $712,000
Recent sales net $1.25 million for Fire Levy Fund
SEATTLE — The historic former Fire Station 38, located at 5503 33rd Ave. N.E. in Seattle’s Ravenna-Bryant neighborhood, has been sold for $712,000, city officials announced today. The city set a minimum price of $350,000 for the property.
With a 5 percent commission on the sale and other minor closing costs, the city netted $673,470.57 on this sale and $579,807.25 from the sale of former Fire Station 37 in West Seattle for a total of $1.25 million. Revenues from these sales will be added to the Fire Facilities and Emergency Response Levy Fund. Levy proceeds and other funding, such as the sale of former fire stations, are being used to upgrade, renovate and replace 32 neighborhood fire stations, among other things. Seattle voters approved the levy in November 2003.
In September 2011, the City Council authorized sale by competitive process of this former Ravenna-Bryant station and former Fire Station 37 in West Seattle. The former Fire Station 37 sold for $613,000 in a transaction that closed last week.
The Council directed the Department of Finance and Administrative Services (FAS), which manages the city’s fire stations, to accept the best offer for the property. The Council did not specify any particular method of sale process to provide FAS the flexibility required to receive the highest price for these properties on behalf of Seattle taxpayers.
Earlier this year, FAS hired Colliers International to market the properties on the city’s behalf. The properties were advertised on Feb. 21, 2012, with offers due on April 20, 2012. Colliers held open houses on March 10 and April 7 at each of the fire stations.
The city required offers be prepared with no contingencies, proof of funds, and an earnest money check of $10,000. Once the city reviewed the initial offers, Colliers invited the parties to submit a best and final offer.
During the best and final offer round, the parties had no information concerning the other bidders, even the number of other bidders, just a new minimum price if they wished to make a second and final offer.
This type of offering, with a second round for best and final offers, has been used previously on a number of city real estate dispositions, including the sale of the Dexter Horton Building, Alaska and Arctic Buildings, and the property at 2010 S. Jackson St.
The sale of these historic fire stations generated widespread interest. The open houses were well attended, and the city received a number of offers for each station.
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Department of Finance and Administrative Services - Real Estate Services
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