Home Commercial Harrison Street Spends $26.5MM to Acquire 31,507 SQFT Medical/Office Building in Edmonds

Harrison Street Spends $26.5MM to Acquire 31,507 SQFT Medical/Office Building in Edmonds

By Jack Stubbs

On December 27th, in a transaction that was recently recorded, a medical/office building in Everett sold for $26.5 million, Snohomish County records show. The buyer of the property was Harrison Street Real Estate (HSRE), a Chicago-based investment asset management firm that focuses on senior housing, student housing, life-sciences and industrial real estate. The seller of the property was Edmonds Medical Building Associates LLC, an entity affiliated with Edmonds-based First Western Development Services Inc. 

The subject property, located at 21401 72nd Avenue Way, is a medical/office building—known as the Everett Clinic at Edmonds—that totals 31,507 square feet of Class A office space, according to the listing on loopnet.com. Offering easy access to State Route 99 and I-5, the building includes a surgery center with three operating rooms and 15 exam rooms, two elevators and a designated patient drop-off area. 

The Everett Clinic at Edmonds sits in close proximity to various other medical/office entities, some of which include Swedish Urgent Care at Edmonds directly to the south, and health insurance company Premera Blue Cross. 

The property is roughly three miles east of Edmonds and four miles north of Shoreline, also sitting about half a mile south of Edmonds Community College. 

Since the company’s inception in 2005, HSRE has invested $29.6 billion across a variety of asset types, according to its web site. Since its founding, HSRE has acquired/developed 1,000 assets, with long-term relationships with nearly 150 universities and 30 top healthcare systems across the U.S. and Europe. 

Earlier this year in April 2019, the company shelled out on a multifamily property in Everett, parting with $17.5 million, or around $145,983 per unit, to acquire the 120-unit Mountain View Hall, a student housing property proximity to Everett Community College. 

According to The Registry’s reporting, the last sale for a medical/office property in Edmonds occurred in mid-August 2018, when CBRE Group Inc. announced the sale of Edmonds Professional Center, a two-story, 54,516-square-foot medical office building located at 7315 212th Street SW.