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October 31, 2018

Sterling Realty Acquires Seattle Office Asset for $38M

Commercial Property Executive

Tudor Scolca

Redmond Technology Center was 93 percent occupied at the time of sale. The building is LEED certified to the Gold level and features floorplates of 34,000 square feet.

Sterling Realty Org. has acquired a 101,695-square-foot office building in Redmond, Wash. Transwestern Investment Group sold the asset on behalf of one of its managed funds. According to Yardi Matrix, Redmond Technology Center changed hands for $37.6 million. Kidder Mathews brokered the transaction on behalf of the seller, while also retaining the role of manager and leasing broker for the property.

Built in 2008, the five-story office building offers leases ranging from 3,884 square feet of divisible space to 7,197 square feet of contiguous space. Floorplates are configured at 34,000 square feet. The property was 93 percent occupied at closing and is anchored by Pushpay Ltd. The company leased 33,867 square feet, set to expire in 2022, according to Yardi Matrix. Other tenants include Absolute Return Solutions, 3Sharp, Denali Advanced Integration and DriveShop. Amenities include a two-story lobby, creative workspaces, underground parking and a fitness center. Redmond Technology Center is LEED certified to the Gold level.

GROWING SUBMARKET
The building is located at 18300 Redmond Way, a street which offers access to a plethora of amenities and points of interest, such as restaurants, bars, pubs, retail and parks. State Route 520 is less than a mile away from Redmond Technology Center. Tenants will have access to Sound Transit's East Link Extension, a light rail segment currently under construction, which will comprise 12 stations and connect downtown Seattle to downtown Redmond. Sound Transit's development is slated for a 2023 completion.

According to Transwestern, the Redmond submarket is one of the strongest in the Seattle metro area, with more than 4,000 multifamily units and 22,000 single-family homes delivered since 2010. Yardi Matrix data shows there are currently 1,922 units under construction within a two-mile radius of Redmond Technology Center.

Transwestern Investment Group recently closed another disposition on behalf of its fund, a 300,000-square foot office in San Jose, a deal funded by a $74 million loan.

For the full story, go to the Commercial Property Executive

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