By Jack Stubbs
Nashville, TN-based Healthcare Realty, a publicly-traded REIT that specializes in the development of medical office buildings throughout the U.S., recently made an acquisition in the Eastside city of Kirkland.
On November 18th, a medical/office building sold for $22.8 million, King County records show. The seller of the property was JCR Development, a family-owned commercial real estate development company that operates throughout the Pacific Northwest.
The subject property, located at 11521 NE 128th St., was built in 2003 and totals 36,350 net square feet across three stories, according to public documents. The property is home to the Evergreen Radia Imaging Center, according to Google Maps, and includes state-of-the-art diagnostic imaging services and ground-floor parking.
Sitting directly adjacent to I-405, the property is roughly 3.5 miles north of Kirkland and five miles south of Bothell. The building is also proximate to the recently-completed Village at Totem Lake project—located at 12601 120th Ave. NE—which is an approximately 400,000 square foot mixed-use lifestyle center.
Since its formation over 25 years ago, Healthcare Realty has developed relationships with market-leading health systems throughout the country, with the majority of Healthcare Realty’s properties on the campus of or adjacent to these health systems, according to the company’s web site.
As of March 2019, Healthcare Realty owned 201 properties—comprising 15 million square feet—across 26 states nationwide. Some of the company’s assets in the Puget Sound region, where the company’s portfolio totals just over 1 million square feet, according to the company’s web site, include the Overlake Medical Center in Bellevue; the 820,000 square foot University of Washington School of Medicine Valley Medical Center in Seattle; and the 60,000 square foot McMurray Medical Building in Seattle.
In mid-July 2019, Healthcare Realty spent $30.5 million, or approximately $390 per square foot, to acquire the roughly 78,000 square foot Northway Square East office building in Seattle’s Northgate neighborhood from Alpine Ridge Group LLP.
A number of commercial properties in Kirkland over the last several months. In late September, Newmark Knight Frank (NKF) advised on the $47.75 million sale of Crown Pointe, a four-building, 131,053 square-foot office park located at 4010-4040 Lake Washington Blvd NE, with Pine Forest Properties acquiring the asset from TA Realty LLC.