By Meghan Hall
Local real estate firm Alco Investment Company has sprung for two Kirkland life sciences properties in separate purchases. The transactions, both of which closed on September 16th, include the offices of Systima Technologies offices and Pathway Medical Technologies. Combined, Alco paid about $28.5 million for the offices, which are located just adjacent to each other.
Alco paid $14.897 million for Systima Technologies’ offices. The property is located at 10809 120th Ave. NE. According to assessor’s parcel data, the building totals 56,858 square feet and was originally constructed in 1966. The lot that the building sits on is also quite large, at 150,310 square feet, or 3.45 acres.
The property is used as Systima’s current headquarters; however, the company is in the midst of expansion. According to a February statement, the firm is pursuing the buildout of 100,000 square feet of additional facility space spread between two campuses in Maltby and Port of Skagit, Wash. The expansion comes in response to U.S. Department of Defense needs for advanced composite and ordinance systems.
For the Pathway Medical Technologies asset, Alco paid about $13.602 million. The building is located at 10801 120th Ave. NE, right next to Systima Technologies and totals 51,584 square feet. Its lot totals 333,669 square feet, or 7.65 acres. Both parcels are designated as high tech/high-flex uses by the City of Kirkland. Pathway’s Kirkland site is also its headquarters, where it works to produce medical products in the field of vascular intervention.
The seller of the Systima and Pathway properties were Amitsys Property LLC and Fortress Properties LLC, respectively. Both are affiliated with Tom Prenzlow, former president at Systima Technologies.
Alco Investment is a privately held and family-owned investment, development and property management firm based in Kent, Wash. It is unclear what Alco plans to do with its newly acquired properties in Kirkland, as no plans are currently on file with the City. According to Alco’s website, the firm typically seeks out properties to hold onto long-term, often with no exit strategy. The firm also owns Alder Square, a 25,000 square foot retail center in Kent, and the 6th Avenue Commerce Center, a 25,500 square foot Class A industrial building in Seattle’s South of Downtown neighborhood.