By Jack Stubbs
Issaquah, a city in King County, Washington, roughly fifteen miles southeast of Seattle, has seen a number of commercial office properties trade hands over the last few months. And on Tuesday, January 29th an office building in North Issaquah sold for $11.3 million, or approximately $256 per square foot, King County records show. The buyer was Powell-Sammamish View LLC, an entity affiliated with Parker Mason and Peter Powell based in Bellevue. The seller, Kob LLC affiliated with Samuel Kyle, shares the same address as Kyle Development Corporation, a commercial real estate company based in Issaquah.
Kyle Development did not respond to emailed requests for comment about the transaction in time for the publishing of this story.
The subject property, called the Sammamish View Office Building and located at 22605 SE 56th St. is a two-story Class B property that totals 44,052 square feet, according to the property listing on 42floors.com. Constructed in 1999, the property offers on-site covered and surface parking.
It is not entirely clear how much space is currently available in the office property. According to Google Maps, some of the current tenants include Allied Marketing Inc., Honest Movement Pilates, software company Logis Solutions and exporter Vanguard International.
Located adjacent to East Lake Sammamish Pkwy SE, the property is approximately 2.5 miles north of Issaquah and eight miles east of Factoria via Interstate-90. Additionally, the office building is one mile from Lake Sammamish State Park and just a couple blocks from the Lake Sammamish Shopping Center.
Preceding the recent sale of the Sammamish View property, there have been several other transactions for office assets in Issaquah over the last few months. In early October 2018, Lytle Enterprises acquired the GE Healthcare Building—a 53,555 square-foot, two-story office and technology production facility located at 1040 12th Avenue NW—from Redstone Group for $15.7 million. And on January 2nd, Onward Investors completed the $29 million sale of the 96,000 square foot Building A at the two-building Sammamish Park Place complex to Los Angeles-based Rich Uncles LLC.