In its first property acquisition since 1989, Pike Place Market has bought a retail and apartment building at the southwest corner of First...

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In its first property acquisition since 1989, Pike Place Market has bought a retail and apartment building at the southwest corner of First Avenue and Pine Street that gives the market ownership of the entire block between Pike and Pine.

The market’s nonprofit development authority paid $3.8 million for the commercial portion of the First & Pine building, well below its appraised value of $5.2 million.

The sellers, John Teutsch of Teutsch Partners, Lorig Associates and other limited partners, made what amounted to a gift to the authority by taking less than market value, said Carol Binder, the authority’s executive director.

“It was a very good deal for us,” Binder said.

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The building contains 19 retail businesses along First Avenue, Pine Street and Post Alley, along with 51 low-income housing units on the upper floors.

In June, the authority had bought the housing portion from the Seattle Housing Authority for $2.9 million.

Binder said there were no changes planned for the building.

Its retail tenants include Pike Place Chowder, Dragon’s Toy Box and Milagros Mexican Folk Art.

The purchase represents the first expansion of Pike Place’s holdings since the Market Garage was built in 1989.

Tom Boyer: 206-464-2923 or tboyer@seattletimes.com