By Kate Snyder
A ground lease for a parcel of land in Tukwila that partially serves the King County International Airport-Boeing Field traded hands recently, according to King County public records. The parcel involved in the deal spans approximately 8.13 acres of land, and the purchase price was about $18.3 million. The buyer is an entity affiliated with Monolithic Power Systems. The seller is an entity that shares an address with Columbia Pacific Advisors, an alternative investment firm based in Seattle that also focuses on real estate investment and lending. An office building and a hangar are positioned on the site, located at 8900 E Marginal Way S.
This is not the first ground lease that has been the subject of a sales transaction in the Puget Sound region this year.
Earlier this year, the ground lease for a medical center in Issaquah was acquired in what appeared to be an equity deal, as the buyer and seller were associated with the same company. The ground lease for Swedish Health Services’ Issaquah campus was purchased for $113 million. The buyer and seller were entities affiliated with Hammes. Located at 751 NE Blakely Drive, the Swedish Issaquah Campus spans 339,950 square feet and is situated on 7.02 acres. The medical center was built in 2011.
Additionally, a ground lease for a medical building in Auburn traded hands in a transaction recorded in January. An entity affiliated with Anchor Health Properties purchased the ground lease for the Auburn Regional Medical Plaza for $20 million. The seller was an entity that shares an address with Morgan Stanley. Located at 121 North Division St., the three-story building spans about 43,399 square feet. The asset was constructed in 2009 and is classified as a medical office structure.
