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Albers Mill Sells… Again
The Albers Mill Lofts has changed hands again. The project, renovated in 2004 for $10 million, sold for a fraction of that price in 2012 to a Seattle investor. The Traver Gallery on the ground floor left, and the property manager was having difficulty filling the space with pedestrian-friendly retail uses, so the owners requested a variance to allow the space to be rented for office uses.
And now the property at 1821 Dock Street has been sold again, according to The News Tribune, this time to the California-based developers who bought Chelsea Heights in 2013.
The $8.1 million price tag for Albers Mill seems in line with the approximate $8 million value we were hearing about at the time of the last sale. With occupancy at nearly 100%, plans to construct The Henry next door, and other improvements coming to the Foss waterfront, things seem to be coming together on the Foss.
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