Home Commercial High Tech/Flex Property in Redmond Sells for $39.2MM

High Tech/Flex Property in Redmond Sells for $39.2MM

By Jack Stubbs

On Tuesday September 26th, a three-parcel property in Redmond sold for $39.2 million, or roughly $225 per square foot, according to public records filed with King County. The seller was BRE WA Office Owner LLC, an entity affiliated with Danny Kuo based in Costa Mesa, California. The buyer was an entity associated with Dallas, Texas-based Transwestern Investment Group, a privately held real estate investment management firm. Transwestern has previously worked with Finesa Real Estate Group, managing various acquisitions through the company’s equity fund, Diversified International Partners (DIP).

The Redmond property is comprised of three high tech/flex buildings totaling 173,909 square feet. High/tech flex an asset type that typically covers a broad range of uses within a single facility, including office space, research and development and warehouse distribution purposes, among others.

The first building, located at 6464 185th Ave. NE, is an 83,029 square foot structure built in 1992. Currently, the building is occupied by Terex Arial Work Platforms (Genie), a producer of various products across various industries including aviation, construction, entertainment, industrial, warehouse and retail, and GE Capital, a financial planning company. Founded in Kirkland in 1966, Genie moved to the Redmond location in December 2015, a move that coincided with the company’s 50th anniversary.

According to a property report listed on loopnet.com, some of the property’s prominent features include its location within the Redmond East Business Campus, the close proximity to the new Whole Foods and retail center, and shower facilities and quality finishes in the interior of the space.

The second building, located at 6222 18th Ave NE, was constructed in 1997 and is comprised of 43,046 feet of space. The third building, built in 1997, is located at 6244 18th Ave NE and totals 47,834 feet.

Transwestern Investment Group acquires and manages assets across the office, industrial, retail and multifamily sectors. As of September 30 2017, the company exceeded $3.4 billion in assets under management, according to their web site. Some of the assets in the company’s industrial portfolio include the 1,415,107 square foot Chicago Infill Industrial Portfolio and Inland Empire I and II, a 1,362,256 square foot investment project in Ontario, California.