Home Commercial Healthcare Realty Spends $24.3MM to Acquire 46,000 SQFT Highmark Medical Center in...

Healthcare Realty Spends $24.3MM to Acquire 46,000 SQFT Highmark Medical Center in Issaquah

Seattle, Healthcare Realty, HighMark Investments LLC, Sumner, Overlake Medical Center, Highmark Medical Center, King County
Image courtesy of HMI.

By Jack Stubbs

Fresh off its late November acquisition of a medical/office building in Kirkland for $22.8 million, Nashville, TN-based Healthcare Realty recently made another acquisition, further expanding its Puget Sound region portfolio. 

On December 10th, the company spent $24.3 million to acquire the Highmark Medical Center in Issaquah, King County records show. The seller of the property was HighMark Investments LLC (“HMI”), a construction, development and investment company based in Sumner. 

Highmark Medical Center, located at 1740 NW Maple St., is a three-story, 46,000 square foot Class A medical facility which, according to the seller’s web site, was the first medical office building to receive the LEED Gold designation for its use of recycled materials, Green Cleaning and Integrated Pest Management Plan. Amenities at the property include covered parking garage, oversized generator, and a gurney-sized elevator, according to the web site. 

The two floors of clinic/office space over a ground floor parking level are easily accessible from I-90, and are also near the new Sound Transit Park & Ride and other mass transit options. Highmark Medical Center is roughly two miles west of downtown Issaquah via I-90 and just north of Tibbetts Valley Park. 

Healthcare Realty, a publicly-traded REIT that specializes in the development of medical office buildings throughout the U.S., has made several acquisitions throughout the Pacific Northwest in recent months. In late November, the company spent just under $23 million to acquire a 36,350 square foot medical/office building in Kirkland. 

In mid-July, the company spent $30.5 million, or approximately $390 per square foot, to purchase the roughly 78,000 square foot Northway Square East office building in Seattle’s Northgate neighborhood from Alpine Ridge Group LLP. 

HMI, originally recognized as RCI Construction Group, redevelops existing properties, ground-up construction, invests in start-up companies and acquires existing businesses, according to the company’s web site.