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UPDATE | Bainbridge's Pavilion goes up for sale
One of Bainbridge’s busiest commercial centers is now on the real estate market.
The Bainbridge Island Pavilion and the adjoining properties up to the corner of Madison Avenue and Wyatt Way were listed Tuesday evening for $14.9 million.
“It’s a good opportunity for a new buyer with deeper pockets and more investment savvy to develop it out on a larger scale than it’s currently developed,” said Eric Fredricks of Madison Avenue Real Estate.
The property, which is owned by Madison Avenue Real Estate, extends from 403 to 499 Madison Ave. on roughly three acres of retail and office space.
It’s home to Bainbridge Cinemas, SuBI Japanese Restaurant, Casa Rojas, Soup’r Burger, and adjoining businesses like The Four Swallows and Mike’s Car Wash & Detail.
Based on the property’s tenancy and its potential for more growth, Fredricks said it’s a good time to sell.
“(The Pavilion’s) 100 percent occupied, all with long term tenants,” Fredricks said. “That’s unique about Bainbridge, where there is so much vacant space.”
The property also offers undeveloped acreage behind The Four Swallows and car wash. The empty acreage provides the opportunity for potential investors to turn the site into a mixed-use parcel at 40 percent residential and 60 percent commercial without disturbing its current tenants.
This, Fredricks emphasized, would open the opportunity to develop more affordable housing on Bainbridge.
“The value is that it could be a much larger development,” Fredricks said. “We don’t have the appetite to take it to that kind of level at this point in our investing careers.”
Madison Avenue Real Estate has owned the property since 2000.
For more information on the property listing, visit http://www.commercialmls.com/index.cfm?fuseaction=property.detailFS&ln=537708.