Palo Alto, Calif. -based Menlo Equities sold an office property known as the Arris Building located in the Kirkland Commons submarket to JASE LLC for $12.425 million, or nearly $259 per square foot. The sale was finalized on February 7, 2017.
The buyer, which is associated with the Ding Family, owns the Kent-based January Company that produces Chinese style meat products. The company originally moved to Seattle from Vancouver, British Columbia, in 1978 and then moved to a larger facility in Kent in 2011 after outgrowing its space.
The two-story Class A office building located at 8815 122nd Ave. N.E. was built in 2001 and has since undergone a lobby renovation and upgraded finishes. The site, which sits on about 2.84 acres offers about 48,000 square feet of rental space. The office building has ample parking with 168 uncovered stalls. Telecommunications manufacturing company Arris currently operates a training center out of the building.
Menlo Equities owned the property since September 2012, when it paid $8.5 million, or $177 per square foot. The California investor recently sold two of their assets in the Quadrant Willows Corporate Center in Redmond in January 2016 for $22.3 million.
A fourth quarter 2016 Seattle office report from Kidder Mathews shows the Eastside is performing well. “Outside of the (Bellevue) CBD, the Kirkland, Redmond and 520 submarkets continue to perform very well, ending the quarter with vacancy rates between 2.3 percent in the 520 Corridor to 3.5 percent in Kirkland and Redmond and 6.1 percent in the I-90 Corridor,” according to the report. It added that over the next few years, outside of the Bellevue CBD, the rest of the Eastside is expected to have vacancy rates trend downward and rental rates trend upward.