The two-story building at 116 Pike Street, which is best known as the place where Seattle's Hard Rock Cafe is located, has sold for $20.75M.
KLM Equities and Harlington Realty completed the purchase of the 92-year-old property from an entity related to Urban Visions. They purchased the building in 2006 for $3.3M, making this one hell of a return on investment.
Hard Rock Cafe opened in the space in 2010 but prior to that it was the home of a pawn shop. The music-themed restaurant signed a 10-year lease with two five-year options that would keep them in the building through 2029.
Interestingly, before they moved in, the plan was to turn the building into condos. As luxury apartments and residential structures rise all around it, we'll keep an eye on the new owner's plans to see if they decide to go that direction as well.
· Hard Rock building sells for $21M [DJC]
· Turning a pawn shop into a Hard Rock Cafe pays big dividends for Seattle investor [PSBJ]