The deal was completed after the mall’s owners secured a $207 million loan to pay for the garage and a redevelopment of the shopping center.
A national real estate investment company has completed the $87 million purchase of the Pacific Place parking garage from the city of Seattle, and now plans to redevelop the downtown mall starting next year.
The city announced in June that Madison Marquette, which bought Pacific Place for $271 million in 2014, agreed to purchase the six-level, 1,200-space parking garage underneath. Madison announced the closing of the deal on Thursday as part of a broader $207 million loan from Wells Fargo.
The rest of the money from the loan will go toward refinancing the original loan used to purchase the mall, and pay for future redevelopment of the full-block shopping center at the busy intersection of Sixth Avenue and Pine Street.
Work at the 330,000-square-foot retail center would include “a complete remodel of the interior and exterior” and new entries, Madison said in a statement.
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The garage was built for $50 million in 1998 and had become a drag on city finances.