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June 12, 2018

Lynnwood offices sold for $15.4M

Seattle Daily Journal of Commerce

LYNNWOOD - Sparling Technology Center, at 4100 194th St. S.W. in Lynnwood, , has sold for $15.4 million, according to Snohomish County records. The seller was Matteson Lynnwood Investors I LLC, which acquired the property in 2005 for $17.4 million.

The buyer was Redstone Sparling LLC, which is associated with Canadian firm Redstone Holdings. Public records indicate an $11.5 million loan from Citibank.

The Kidder Mathews team of Andy Miller, Todd Battison and Matthew Hagen represented the seller. The property was listed at $16.5 million. It sold for about $220 per rentable square foot.

Developed on 1.3 acres in 2000, the four-story building has 69,798 square feet, according to KM. It is 96 percent occupied, with tenants including Stantec and Coldwell Banker Bain. KM says the cap rate is 7.48 percent. The building has 138 structured parking spaces, and 89 surface stalls.

Light rail is scheduled to reach Lynnwood in 2024, with a station about two blocks south of Sparling Technology Center.

Redstone Group is based in Surry, just outside Vancouver, B.C.

For the full story, go to Seattle Daily Journal of Commerce.

©Copyright 2018 Seattle Daily Journal of Commerce

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