By Jack Stubbs
LBA Realty, a company that invests in commercial and industrial properties in major markets throughout the Western U.S., has been active in the Puget Sound region in recent months.
And on Wednesday, February 13th, the company—listed in public documents as LBA Realty Fund III Company XII LLC—sold an office property and adjacent parking garage for $13 million to Federal Way Public School District No. 210, an entity affiliated with Federal Way Public Schools Educational Services Department.
The subject property, located at 3600 S. 344th St. and listed in public documents as Devry University and Parking Garage, is comprised of two buildings totaling 236,778 square feet. The first property is a two-story office building constructed in 2001 that totals 99,200 square feet. The second portion of the property is a two-story parking garage sitting on just over 11 acres that comprises 137,578 gross square feet.
The property is approximately four miles south of downtown Federal Way and about nine miles south of Kent. Additionally, the property is less than half a mile from access to Washington State Route 167 and I-5.
Irvine, California-based LBA Realty has made a number of acquisitions in the Puget Sound region since the turn of the year. In late December 2018, the company purchased six warehouse/distribution buildings in SeaTac, Washington totaling approximately 490,000 square feet for $98.5 million from industrial developer Prologis based in San Francisco.
On February 4th, LBA acquired a 98,700 square foot industrial warehouse in Kent—located at 7901 S. 190th St.—for $12.7 million, or about $129 per square foot, from an entity located in Issaquah.
LBA operates a diverse array of office and industrial properties in major markets throughout the Western U.S. including California, Colorado, Washington, Oregon, Arizona, Nevada, Texas and Utah, according to the company’s web site. LBA’s office and industrial investment program focuses on properties with a target minimum purchase price of $10 million. Since 1995, LBA has acquired more than $5 billion in real estate assets on behalf of multiple investment funds.