By Meghan Hall
A Renton, Wash., business center has traded hands, proving that investor interest in suburban properties remains. In a deal that closed at the beginning of March but only recently recorded, Las Vegas-based Bridge33 Capital acquired the Oakesdale Center for $17.7 million. The seller, according to public property records, is New York-based Fortress Development Group.
The property is located at 600, 604 and 606 Oakesdale Ave. SW, and 1300 SW 7th St. According to a marketing flyer obtained by The Registry, the asset features 147,000 square feet of space across five different buildings. On-site amenities include a conference facility, café, fitness center, and biking and interurban trails. The flyer states that the conference facility features a 70-inch flat screen TV, a wall-to-wall white board and audio/visual connections. The fitness center has also been outfitted with new equipment and includes locker rooms and showers.
“The project offers tenants flexible floor plans and is capable of accommodating users from 1,000 square feet to 20,000 square feet,” states the document. “Consisting of five buildings of both single story and two-story designs, Oakesdale Center provides users with a well-conceived corporate campus setting.”
The asset sits on more than 10.2 acres of land. Its current tenants include River Valley Psychological Services, Washington Home Health, and InvestED, among others. At the time of the sale, the property was 77 percent leased.
“Benefitting from the South End’s accessibility and favorable economics, Oakesdale Center will attract and retain tenants looking for alternatives from expensive downtown offices,” explained Andy Chien, Bridge33’s managing principal and co-founder in a statement. “Our team is excited to begin leasing the existing vacancy and continue providing high- quality experiences for our tenants.”
Its location provides tenants with access to Westfield Southcenter, with over 95 retailers, Fred Meyer, The Landing and the Starfire Sports Complex. The property is also easily reached by Interstates 5 and 405, as well as State Route 518.
Bridge33, a commercial real estate investment firm, owns and operates a number of assets nationwide. The company’s Washington State portfolio also includes Evergreen Plaza, a retail center located close to Boeing in Everett, Mukilteo Speedway an LA Fitness-anchored shopping center, and Skagit Valley Square, a 174,000 square foot retail asset in Mount Vernon, Wash.