SEATTLE, WA – APRIL 18, 2017 – CBRE Capital Markets has arranged the sale of Willows Commerce Park, a Class A, four-building office and warehouse park located in Redmond, Washington. The 421,415-square-foot property is located in the Redmond and Willows Road submarket, minutes away from downtown Redmond and downtown Kirkland.
Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged the five-year, non-recourse, full-term interest only, floating-rate acquisition financing at a very competitive spread priced over 30-day LIBOR on behalf of the borrower, Kennedy Wilson’s Fund V. The financing was provided by a national financial service provider. Tom Pehl and Lou Senini of CBRE’s Seattle office represented the seller.
“In this phase of the cycle we have been continually surprised by a steady stream of new outlier capital sources reaching into our west coast markets. We are seeing an increase of competitively priced proposals from lesser known balance sheet lenders headquartered in both the mid-west and east coast who are seeking new lending relationships with best-in-class west coast sponsors. It is always especially fulfilling to successfully create new banking relationships for our most valued Institutional clients,”said Brad Zampa, Executive Vice President, CBRE.
Located at 9825, 9845, 9911 and 9931 Willows Road NE, Willows Commerce Park offers convenient access to the regional transportation corridors of I-405 and SR-520 in addition to downtown Redmond’s abundant retail and dining amenities. Key tenants include Microsoft, Oculus, Digipen and Labcorp.
Redmond has been one of the strongest performing submarkets in the Puget Sound region and the Eastside Office Market, with an office vacancy rate of 6.9% and a warehouse vacancy rate of 1.3%. The submarket is heavily influenced by the technology and software industry with many high-growth firms clustering in the area, benefiting from a skilled labor force, access to regional transportation corridors, and proximity to very desirable neighborhoods.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.