By Jack Stubbs
On Thursday, June 28th, the Medical Center of Issaquah Building sold for $14.3 million, or approximately $362 per square foot, according to public documents filed with King County. The buyer of the property was MCOI LLC, an entity affiliated with Larry Crews based in Issaquah. The seller was Seattle-based mixed-use developer Henbart LLC, which is the investment arm for the Bartell’s family. The transaction was recorded on June 29th.
The seller did not respond to calls for comment in time for the publishing of this story.
The three-story Medical Center of Issaquah, located at 450 NW Gilman Blvd., was built in 1988 and totals 39,474 net square feet. According to a listing for the property on Wallace Properties’ web site, the Class A medical office space includes various features such as a renovated common area, free on-site parking and built-out space that can accommodate a variety of medical office uses.
According to a property listing on loopnet.com, there are currently 10,881 square feet of space available across four floors in the building. Some of the current tenants in the building include Medical Center Pharmacy, PACLAB Issaquah Patient Service Center, Issaquah Creek Dental and Issaquah Foot & Ankle Specialists, according to Google Maps.
The property is approximately 1.5 miles northwest of downtown Issaquah and roughly two miles south of Lake Sammamish State Park. Additionally, the property is about one mile from access to Interstate-90 and less than two miles from the Lake Sammamish Center, a shopping mall in North Issaquah.
In Henbart’s investment approach, the company looks to hold assets for the long-term and improve its properties and increase their value, according its web site. The company also emphasizes preservation and adaptive reuse as one of its sustainable property management practices and also looks to integrate community involvement into its business strategy.
Henbart owns and operates a number of commercial and mixed-use properties throughout the Puget Sound region. Some of these include 101 Broadway, a six-story, 44-unit residential property in Seattle’s Capitol Hill neighborhood; the Bellegrove Building, a three-story, 29,612 square foot commercial medical office building in Bellevue; and the 7-story commercial Lake Union building in Seattle.