NKF Capital Markets Announces $45.4 Million Sale of Oakhurst Center — a Suburban Office Project in the Highly Desirable 520 Corridor Submarket in Bellevue, WA
Seattle, WA (June 6, 2018) — NKF Capital Markets has completed the $45.4 million sale of Oakhurst Center, a 145,578-square-foot, two-building office property located at 14335 and 14475 NE 24th Street in Bellevue, WA.
NKF Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White, Tim O’Keefe and Mike Schreck, Senior Managing Director Michael Moll, and Directors James Childress and Bill DeLacy represented the seller, Barings, on behalf of an institutional investor. The buyer, Swift Real Estate Partners, was self-represented.
Situated one mile from Microsoft’s world headquarters and within the 520 Corridor Submarket, the multi-tenant office property is 79 percent occupied and leased primarily to vendors of Microsoft who desire its proximity, use of the Microsoft Connector Shuttle and the amenity-rich surroundings. The 520 Corridor submarket is one of the strongest submarkets in the Seattle region and is home to Microsoft as well as a multitude of technology firms.
“The sale of Oakhurst Center is a testament to the strength and desirability of the 520 Corridor submarket as well as the Microsoft success story,” said Kucha.
Mike Zammitti, Head of U.S. Real Estate Equity for Barings said, “The sale of Oakhurst Center allowed us to take advantage of current investor demand for assets in strong suburban submarkets that offer a multitude of demand drivers and amenities, and successfully exit the investment, completing our business plan for our client.”
Moll added, “This offering was well received, in part because of the credit tenant profile and the Microsoft story, as well as the lease-up and mark-to-market opportunity. We are seeing newfound capital interest in the Eastside suburbs for well-located assets with compelling tenant profiles or mark-to-market opportunities.”
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”
Barings Alternative Investments (BAI), part of Barings LLC, is a 450+ associate team located across 11 countries that manages $52.3 billion* in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities. The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. The team invests across all major property sectors with a focus on global relative value and trend-backed preferred strategies.
Barings is a $305+ billion global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. Barings builds lasting partnerships that leverage its distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service Part of MassMutual, Barings maintains a strong global presence with over 1,800 associates and offices in 16 countries. Learn more, at www.barings.com. As of March 31, 2018.
About Swift Real Estate Partners
Headquartered in San Francisco, Swift Real Estate Partners (“Swift”) is a vertically integrated real estate investment firm which seeks to generate attractive risk-adjusted returns for its investors. Swift acquires and repositions office and industrial assets in select West Coast markets, identifying unique opportunities and executing well-defined business plans while providing real-time, day-to-day oversight for each investment. Since inception, Swift has owned and operated real estate valued in excess of $3 billion across more than 8 million square feet. Swift’s professionals bring experience encompassing all aspects of real estate investment and management, including acquisition, financing, leasing, disposition, construction management, property management and creative and marketing services. Swift was founded in 2010 by Christopher Peatross.