By Meghan Hall
Northwest Building LLC, a Kirkland-based commercial property firm, has made an acquisition in its home town. In a deal that closed on April 28th, the company acquired the Totem Valley Business Center for $40 million.. The seller, according to public records, was an entity affiliated with Morgan Partners Inc.
The asset is located at 12509 130th Lane NE, 12916 NE 125th Way, and 12912 NE 126th Place. The property is developed with several buildings originally constructed between 1983 and 1985. King County Assessor’s data indicates that the property is currently utilized as an industrial park. In all the property totals about six acres.
The property is in a more commercial part of town and is just off of Interstate 405, not far from The Village at Totem Lake, a shopping center. The Lake Washington Institute of Technology, as well as other employers such as Aerojet Rocketdyne, NVIDIA Corp., Otak and others, are nearby.
Northwest Building LLC specializes in acquisition, development, asset and property management, and project management, according to this website. To date, the firm’s portfolio is home to more than 200 businesses and corporations. Its recent acquisitions also include more than $200 million worth of properties and include the Valley Freeway Corporate Park, Pacific Business Park, Totem Lake Commerce Center and Woodinville Industrial Park. The company is currently seeking acquisitions in the $10 to $50 million range.
The company has also developed more than five million square feet of industrial space. The firm is currently focused on urban infill self-storage projects. Its plans for development include ground-up projects, redevelopments, and adaptive re-use. The company is also working to grow its footprint, expanding into the Bay Area, Los Angeles, Portland and San Diego markets.