(EDITOR’S NOTE: According to public documents filed with Snohomish County, the transaction closed on December 13, 2018 for $33,550,000, or roughly $166 per square foot. The buyer of the property is Philadelphia, PA-based Equus Capital Partners. The seller was an entity associated with Investcorp, an alternative investment management company with offices in New York, London, Bahrain, Abu Dhabi, Doha, Riyadh and Singapore with $22.2 billion of assets under management. Investcorp purchased the property in July of 2014 for $33.7 million from LBA Realty.)
Bothell, WA (December 14, 2018) – Newmark Knight Frank (NKF) has announced the completion of the sale of Highlands Campus Tech Centre, a 201,766-square-foot mixed-use development in Bothell, WA. The campus includes two flex/R&D buildings and one office building. Highlands Campus is located at 21520 30th Drive SE, 21312 30th Drive SE and 21222 30th Drive SE.
NKF Co-Head of US Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Director Ken White, Senior Managing Director Michael Moll, and Director Bill DeLacy represented the seller, Investcorp, in the transaction with the buyer, Equus Capital Partners.
“The demand for flex product in the Puget Sound has been the key driver for leasing velocity in Bothell and the subsequent lift in investment sales liquidity,” said Shannon.
Kucha added, “Bothell remains one of the most robust flex markets in the Puget Sound due to its concentration of high-tech industries including life sciences, medical device manufacturing, aerospace, telecom, and utilities.”
Bothell has experienced exceptional growth, largely due to the explosive success of Seattle and Bellevue, as the submarket offers an attractive discount to the largest cities in the metro.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.