(EDITOR’S NOTE: According to public records, the buyer is an entity associated with Arastou Monjazeb of Medina, WA. The seller was Bellevue-based Sterling Realty Organization.)
August 15, 2022 (Seattle, WA) – Lee & Associates Commercial Real Estate Services is pleased to have represented Redmond 8660, LLC in its acquisition of Lake Tye Business Campus, an eight building flex industrial park centrally located in the Fryelands industrial hub of Monroe, WA.
The Lake Tye Business Campus is 214,364 square feet located on eight separate parcels totaling 12.6 acres, and transacted at $45,000,000 ($210 per square foot). Built in phases from 2004 to 2019, the Lake Tye Business Campus is a premium business park that offers flexible space configurations, loading, abundant parking, and on-site retail amenities. The Campus is currently 96% leased as part of a greater eastside industrial market with a 2.85% vacancy rate that saw annualized rent growth of 20-60% over the past two years.
The Monroe Industrial Market is almost fully developed with a vacancy factor just under 1.0%. The client saw an opportunity to exchange 1031 proceeds from a previous sale into a stable close-in industrial asset and market with tremendous upside. We were extremely happy to have been awarded the site and had a great experience working with Sterling Realty Organization, the Seller, and Kidder Matthews, the listing brokers, to close this transaction within an expedited timeline”, noted Jim Reed, Principal at Lee & Associates.
The Lee & Associates team of Jim Reed and Adrienne Hunter represented the interests of the Buyer, Redmond 8660 LLC, in this transaction.
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Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.