By Jon Peterson
Newport Beach, Calif.-based KBS Realty Advisors has been selected as the buyer of the 778,472 square foot Westpark Business Park in Redmond. The purchase price will be approximately $128 million or $164 per square foot, according to sources that are familiar with the transaction. The sale of this asset has not closed yet.
KBS declined to comment when contacted for this story. The seller of the property is Toronto-based Bentall Kennedy. It chose not to comment as well. It stated in an e-mail that as a company policy it does not comment on transactions that have not closed.
The listing agent on the sale was the Seattle office of JLL. A company representative of JLL declined to comment when contacted for this story.
There is a definite value-add component to Westpark. This would be to continue to lease up the complex. At the time of the sale the asset had a current occupancy in the mid 80 percent range. There also is a redevelopment potential to give the property in the future more of a large campus kind of operation and to add some different kind of amenities.
According to the property’s Web site, Westpark is a multi-use property. It has a total of 21 buildings in a mixture of office, flex and industrial space. The Seattle office of Kidder Mathews overseas the leasing operation in the complex.
The office component totals 14 two-story buildings that amount to 580,104 square feet. These buildings were developed between 1989 and 1992 and cover 28.7 acres. The industrial part of the project covers two single-story buildings totaling 77,492 square feet. The facilities were built in 1987 and are on just under five acres of land. There are five buildings of flex space that total 120,876 square feet. These assets were built in 1986 and 1988 and cover 7.7 acres.