Home Commercial Alexandria’s Buying Spree Continues with $45MM Acquisition of Canyon Park Heights in...

Alexandria’s Buying Spree Continues with $45MM Acquisition of Canyon Park Heights in Bothell

Alexandria Real Estate, Bothell, Canyon Park Heights, Spire Canyon Park LP, Nicola Wealth Management, CBRE, Kidder Mathews, PCCP, SteelWave
Courtesy of Nicola Wealth Management

By Meghan Hall

Alexandria’s Bothell buying spree is continuing at a rapid pace, with another acquisition in the growing submarket in just a matter of months. In a deal that closed on March 1st, the 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 property is located at 21540 30th Drive SE. According to Nicola Wealth’s website, the Class A office building totals 143,658 square feet and sits on 6.77 acres. The building was originally constructed in 200, and Nicola Wealth originally acquired the asset back in 2014. The property also includes 542 parking spaces. The building is currently 95 percent leased to credit tenants, including Molina Healthcare of Washington, who occupies 75 percent of the building. The property is managed by Kidder Mathews. 

The property is well-located within an innovative hub of other businesses, such as Performance Software, Seattle Genetics and FUJIFILM. A shopping center anchored by a Fred Meyer grocery store and retailers is within a few minutes’ drive of the asset, as is Interstate 405 and State Route 527. The office is located about 40 minutes from downtown Seattle.

Alexandria has been one of the most bullish investors in the Bothell market. Just weeks ago, Alexandria paid $200 million for 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, 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.

Bothell has become a top market in the Puget Sound for life sciences as the regional market continues to grow. Bothell has about 2.7 million square feet of office space in its market and a vacancy rate of 13 percent, according to data from brokerage firm CBRE. On the Eastside, where Bothell is located, CBRE was tracking 109 requirements totaling more than 2.6 million square feet at the end of the year. 40 of those requirements were new tenants, and CBRE predicts the 2021 market will be increasingly  active as both tenants and investors look to get in on the action.