By Jack Stubbs
Bothell’s commercial and industrial real estate market is booming, and investors are keen on breaking into this small suburban submarket located just north of Bellevue, which in recent quarters has been increasingly recognized as a hub for the life-sciences sector, in particular.
A recent transaction indicates that interest in the submarket continues heading into fourth quarter 2019. On September 30th, Brookfield Properties, a global real estate property development and management company based in New York, spent $15.75 million to acquire a vacant, five-acre parcel of industrial land, King County records show. The seller of the property was North Creek Facility LLC, an entity affiliated with the Seattle Times.
The parcel included in the transaction comprises 218,700 square feet of vacant industrial land and shares the same address—19200 120th Ave. NE—as the North Creek Facility in Bothell. North Creek, which covers roughly 24 acres, is home to a one-story industrial building constructed in 1991 that totals 352,259 square feet, according to the listing on Windermere Commercial’s web site.
Windermere’s listing describes the property as an “exceptionally well-located re-use or redevelopment offering” which is roughly 12 miles north of downtown Bellevue and 20 miles from downtown Seattle, and also sits close to the intersection of I-405 and I-522.
It is not entirely clear whether the industrial building was included in the recent transaction; public documents indicate that the sale included a five-acre parcel of vacant land.
Located in the North Creek area of Bothell, the property is referred to as the Seattle Times North Creek Facility in public documents, and is home to the Seattle Times, according to Google Maps.
According to a statement written by the Seattle Times in April 2019, the company had announced plans to sell its printing-press property in Bothell, with plans to shift printing operations to its Rotary Offset Press in Kent in 2020.
Brookfield Properties provides portfolio management and development capabilities across the real estate investment strategies of Brookfield Asset Management, a global alternative asset manager with over $500 billion in assets under management, according to the company’s web site.