By Meghan Hall
A locally-owned property management firm has sold off a Redmond industrial asset that bears its name. In a deal that closed on September 15th, The Evans Company sold buildings A and B, as well as a warehouse, within the Evans Industrial Park for $26.7 million, or about $445 per square foot.
The buyer, according to King County records, is an entity affiliated with EBP Holdings LLC, based in Redmond. The LLC is affiliated with Pat Wiley, founder of Compact Information Systems.
The asset is located at 17625 and 17225 A & B NE 65th St. in Redmond. Phase One of the development was originally completed in 1990, while a second phase was added in 1995. In all, the development includes 60,030 square feet of leasable space, according to Evans Wakefield, which is part of The Evans Company.
The asset is surrounded by a number of other commercial businesses, including Redmond Art Works, the Redmond Community Center, Postdoc Brewing and O’Neill Service Group. The property is also adjacent to Marymoor Park, and is an easy driving distance to downtown Redmond.
The seller has been providing development, construction and management services to the Eastside for over 50 years, according to its website. Currently, the company manages over 1.8 million square feet of combined property, as well as owns or manages 1,300 apartment homes. Other assets part of the company’s portfolio include Evans Industrial Park and Evans Plaza, both located in Bellevue, and Snohomish Station, in Snohomish, Wash.
The Puget Sound’s industrial market is continuing to build momentum. After 3.5 million square feet of net absorption during the first quarter–a historically high number–an additional 3.2 million square feet was absorbed during the second quarter.
According to data published by Colliers, uptick in consumer spending and business activity have given users the capital runway needed to make long-term commercial real estate decisions. Real estate investors spent $525 million in the market during the second quarter, six times as much as Q2 of 2020. The number also exceeded Q2 of 2019 sales by 8.2 percent. The numbers give a promising outlook for the industrial sector and for investors who continue to enter the market.