By Jack Stubbs
A six-building office park in Bothell has recently changed hands.
On Wednesday, November 22nd, the roughly 205,700 square foot North Creek Parkway Center Building in Bothell sold for $36.5 million, or approximately $177 per square foot, according to public records filed with King County. The buyer was Newport Beach, California-based Peregrine Realty, and the seller of the property was KBS Real Estate Investment Trust (KBS REIT II), an entity affiliated with KBS Realty Advisors, one of the nation’s preeminent buyers and investors of commercial real estate. The transaction was recorded on November 27th.
KBS REIT II purchased the six-building office, warehouse and laboratory campus from RREEF AMERICA REIT II CORP for roughly $41.1 million in 2008, according to a Kidder Mathews statement.
Built in 1988 and located at 11804-18916 North Creek Parkway, the Class A property, which sits on a 13.52-acre parcel, is located within the 52-acre North Creek master-planned business campus. In total, the six buildings comprise 205,707 square feet of high tech/high flex office, warehouse and industrial space. Office space goes for $1.35 per square foot, while warehouse space leases for $0.65 per square foot, according to a property report compiled by Kidder Mathews.
Some of the prominent features of the North Creek Parkway Center building include numerous amenities within walking distance including an on-site deli, North Creek Trail System and sports fields, according to a property report on loopnet.com. Additionally, the property offers fiber connectivity throughout the development, various capital improvements, and a convenient location, sitting half a mile from access to Interstate 405 and three miles from Washington State Route 522. The property is roughly two miles to the east of Bothell and nine miles to the north of Redmond.
Some of the building’s current tenants include Custom Array Inc., mechanical engineer PCSI Design, manufacturer Sonic Concepts, Inc., laboratory Brooks Applied Labs, and Trancas USA Inc., a subsidiary of Trancas Group, a global developer and supplier of aviation and marine software and hardware technologies.
Founded in 2009, Peregrine Realty Partners invests in multi-tenant office and industrial properties throughout Southern California and also specializes in asset and advisory services on behalf of high-net-worth investors and institutional capital partners, according to the company’s web site.
KBS Realty Advisors, the REIT’s parent company founded in 1992, operates transactions in the office, industrial, multifamily and retail sectors. KBS REIT is a non-traded REIT that focuses on acquiring a portfolio composed of investments that provide capital appreciation potential, according to the company’s web site. Investments in the real estate market consist of opportunistic or value-added real estate, distressed debt or other real estate-related investments in the United States and Europe.