The original Anthony’s HomePort restaurant and its attached marina on downtown Kirkland’s coveted shoreline just traded hands for a jaw-dropping $46 million, marking one of the splashiest bets on Lake Washington waterfront in recent memory. The two-story complex stretches along the water with restaurant, retail, office space and dockage for dozens of boats, making it a trophy piece in a city that treats its shoreline like gold.
According to the Puget Sound Business Journal, the HomePort building sold on Tuesday for $46,000,000, more than twice its most recent tax assessment. Reporter Shawna de la Rosa notes the two-story building includes Anthony’s HomePort, office suites, retail space and a roughly 120-slip marina, all bundled into one high-demand waterfront package.
What the Sale Included
Marketing materials pitched the property as a rare, all-in-one waterfront play, pairing leased office space with a working marina and parking. Kidder Mathews, which handled the sale, describes roughly 35,000 square feet of office space, a marina with about 118 slips in the listing, and garage parking, and says it struck a deal with a strong, all-cash buyer at a sub-4.75% cap rate. The brokerage also points out that Anthony’s has anchored the primary restaurant space ever since the property was built.
Price Surge Since Prior Sale
This is not the first time the site has commanded serious money. The property last sold in 2015 for about $28 million, when Bellevue-based PMF Investments was reported as the buyer, making the jump to $46 million a notable leap for Eastside waterfront real estate. The Kirkland Reporter covered that earlier deal and the buyer’s pledge at the time to keep marina operations intact. The new price tag underscores how scarce, operating waterfront parcels continue to fetch hefty premiums.
Why Buyers Are Paying Up
Recent valuation work around the region points to a simple formula: tight supply plus strong demand for moorage. King County’s 2025 commercial waterfront report lists Homeport Marina among the area’s key moorage assets and notes that demand for marina slips has been strong with vacancy rates below 5 percent. The King County Department of Assessments reports that constrained inventory and recent moorage sales have helped push valuations for waterfront holdings higher.
What Comes Next
For now, it is business as usual on the pier. Anthony’s HomePort remains the long-standing tenant, serving as the marquee name on the building. Kidder Mathews’ materials framed the property as a value-add opportunity, noting that parts of the office interior and the facade are dated, which could give the new owner room to upgrade and boost returns. Kidder Mathews also suggested the listing drew wide interest precisely because income-producing waterfront assets on Lake Washington are so rare. The buyer has not announced any redevelopment plans, and in the coming months city permits and recorded deeds will reveal whether the strategy is to preserve the marina and restaurant as-is or move ahead with improvements.
