Home Industry News CBRE Arranges $23.5MM Sale of Medical Office Building in Edmonds, WA

CBRE Arranges $23.5MM Sale of Medical Office Building in Edmonds, WA

Seattle, CBRE Group Inc, CBRE Healthcare Capital Markets, Edmonds Professional Center, Edmonds, CBRE Puget Sound Healthcare
Image courtesy of CBRE

Seattle, WA – August 3, 2018 – CBRE Group, Inc. announced today the sale of Edmonds Professional Center, a two-story, 54,516-square-foot medical office building. Chris Bodnar and Lee Asher of CBRE’s Healthcare Capital Markets group partnered with Paul Carr, Steve Perovich and Marcus Yamamoto of the CBRE Puget Sound Healthcare properties team to represent the seller, Edmonds Professional Center, LLC in the transaction.

“We received strong offers from a variety of buyer types from all over the country, demonstrating that the demand for well leased medical office properties is as high as ever,” said Chris Bodnar, Vice Chairman, CBRE.

“Edmonds continues to be a highly desirable submarket for both health systems and independent providers, which helped support the aggressive pricing achieved for the building,” added Paul Carr, Senior Vice President, CBRE.

Built in 1991, the Edmonds Professional Center underwent an extensive renovation and expansion in 2007 that enlarged the building by nearly 14,000 square feet. At the time of acquisition, the building was 100 percent leased to nine tenants, including Virginia Mason Health System, which leases approximately 60 percent of the building, and Swedish Health Services, a member of Providence St. Joseph Health and the largest not-for-profit healthcare provider in the Greater Seattle area, which leases approximately 12 percent of the building.

Located at 7315 212th Street SW, the Edmonds Professional Center is in Edmonds, WA approximately one-quarter mile from the 217-bed Swedish Edmonds hospital campus.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.