SEATTLE – Feb. 6, 2020 – CBRE Capital Markets’ Debt & Structured Finance group has arranged the financing for a 269,369-sq-ft business park, Canyon Park East, located in Bothell, Wash., on behalf of the buyer, Kennedy Wilson Fund VI, who purchased the property in December 2019 for $54,625,000. The $38,635,500 loan closed on Jan. 30 with financing from an east coast-based bank.
Brad Zampa, Mike Walker and Megan Woodring of CBRE arranged the six-year, non-recourse floating rate financing with full-term interest only payments at a very competitive spread priced over 30-day LIBOR. The loan will finance a portion of the acquisition and provide funding for future capital expenditures and leasing costs. Tom Pehl and Lou Senini with CBRE Capital Markets in Seattle represented the seller.
“Seattle continues to be a primary target market for both U.S. domestic and international bank balance sheets. Canyon Park East was another highly competitive bank execution due to solid market fundamentals and best in class sponsorship,” stated Brad Zampa of CBRE.
Canyon Park East Business Campus is comprised of five office, R&D and warehouse buildings on 16.5 acres with more than 269,000 sq. ft. of rentable space and is 83 percent occupied. The master planned development is situated in a landscaped, park-like campus near the new Paine Field International Airport.
Bothell is situated at the north end of the Eastside market, which is home to major Fortune 500 companies and industry leaders. Bothell is one of the region’s two primary life science hubs, and the biotech R&D and manufacturing cluster is concentrated in Canyon Park and North Creek with a total of 2.2 million sq. ft. of life science inventory. The area benefits from a highly skilled workforce attracted to the desirable neighborhoods and lifestyle of the Eastside communities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.