By Meghan Hall
Alexandria Real Estate Equities has made yet another investment into the growing life sciences market of Bothell after closing a number of deals earlier in the year. In a transaction that closed on August 5th, but just recently recorded, the firm purchased Canyon Park 228 for $32 million, or about $304 per square foot. According to public records, the seller is Newport Beach, Calif.-based MIG Real Estate.
The asset, called “Canyon Park 228,” is located at 22722 and 22745 29th Drive SE. According to a listing on CommercialCafe, the multi-tenant property was originally constructed in 2001 and includes 105,021 square feet of space. The buildings sit on 9.46 acres. 371 parking spaces are also on-site.
The buildings are near several other businesses, including Wisdom Seedlings, Autel Robotics and Seagen Building 5. T-Mobile’s Canyon Pointe campus, as well as Lockheed Martin and the U.S Food and Drug Administration, are also located in the neighborhood. Canyon Park Place, a shopping center anchored with restaurants such as Chick-fil-A, Applebee’s and others, is also nearby.
Over the past several months, Alexandria has purchased numerous properties in Bothell. I March, Pasadena-based life sciences owner and developer acquired Canyon Park Heights for $45 million. According to public documents, the seller was Spire Canyon Park LP, affiliated with Vancouver-based Nicola Wealth Management. The Class A office building totals 143,658 square feet and sits on 6.77 acres.
Just weeks prior to its acquisition of Canyon Park Heights, Alexandria paid $200 million for the Canyon Park Business Center. Alexandria purchased the office park from San Francisco-based SteelWave and PCCP. The master-planned campus includes 17 different office buildings which can operate as office, medical office and bio-technology uses, among others. In November of 2020, the firm paid $121.9 million for multiple office assets in Bothell on Monte Villa Parkway. The deals also included the acquisition of Monte Villa Farms, as well.
As of June 2021, the Bothell submarket had about 2.7 million square feet of life sciences–specifically lab and research and development–inventory. According to an analysis done by CBRE, vacancy in the market sat at 7.5 percent, and asking rates were $23 per square foot, triple net. CBRE notes that the health of the market is expected to continue as tenants commit to space “earlier than ever before” amidst a climate of “historic” leasing activity.