By Peter Mitham
All in the city
Intracorp Development Group’s loss is Nicola Crosby Group’s gain.
Vancouver-based Nicola Crosby recently picked up three buildings with a total area of 140,500 square feet in Seattle’s Pioneer Square district for $19.1 million. The buildings are primarily commercial, with one including a few storeys of residential.
Intracorp bought the properties from Seattle’s Goodman Real Estate Inc. in October 2007 as part of a portfolio of four properties valued at $53 million.
It owned one of the buildings outright, but defaulted on a loan from GE Capital for the remaining properties.
GE stepped in last September, and Nicola Crosby was able to pick up the properties in January through a court-ordered sale when the properties went under the gavel in December.
Nicola Crosby CEO Wayman Crosby was out of town last week and unavailable for interviews.