A 12,000 square-foot industrial center in Redmond has been sold to Compact Information Systems for $15 million, or approximately $1,250 per square foot, according to King County public records. The property, North Sammamish Center, was sold by an entity associated with North Sammamish LLC.
The property is located at 17825 NE 65th Street in Redmond on a 106,956 square-foot plot of land. The one-story building was built in 1959, and is directly attached to a local restaurant and brewery, Mac & Jack’s Brewery.
Compact Information Systems serves as a leader in the marketing list industry, according to its website. The company, which was founded approximately 30 years ago, provides marketing and information solutions, custom programming, web-to-print applications as well as other services.
“Our mission is to provide the most comprehensive online direct marketing tools enabling our clients to run more effective direct marketing campaigns. This means helping them efficiently reach their target audiences with maximum accuracy and minimal waste. At Compact, we believe the combination of our GEO-Direct technology and the accuracy and quality of our lists provide you with the very best direct mail solutions available,” the company’s website states.
Located in Redmond, the building is near various restaurants, office, retail and residential properties. It is also just off of State Routes 520 and 202, which provide easy access to downtown Redmond.
In general, the Puget Sound region has seen a lot of growth in the industrial sector, according to a first quarter market report from Colliers International. The brokerage firm reported approximately 3.53 million square feet of net absorption in the first quarter of 2021, with continued optimism for the rest of the year. In-line with the rest of the U.S., e-commerce and third-party logistics space carried the region, making up for approximately 96 percent of total absorption. According to Colliers, this has caused tremendous rent growth, with potential for industrial rental rates in the region to increase six percent by 2022.
Contact Information Systems could not be contacted in time for publication of this story.
