By Jack Stubbs
On Wednesday September 27th, Northup West Office Park in Bellevue sold for $13.3 million, according to public records filed with King County. The buyer was the Tien Yun Investments LLC, an entity that shares the same address as the Sheng-Yen Lu Foundation, a non-profit organization based in Redmond. The seller was San Francisco, California-based Swift Real Estate Partners, an independent real estate investment firm that seeks to generate risk-adjusted returns for its investors.
Swift bought the office building from Bellevue-based Sound Northwest Properties LLC in March 2015 for $9.1 million.
Northup West Office Park, located at 2820 and 2840 Northup Way, is comprised of two buildings and three addresses. The multi-tenant structure was constructed in 1980 and is considered a Class B office space, according to a report by Kidder Mathews. Per the report, the space leases for $28 per square foot; the report does not list a date of publishing. Additionally, the property also includes 238 on-site parking spaces.
The asset, set on 5 acres of land, is located 2.5 miles to the north of downtown Bellevue and Bellevue Botanical Garden, with immediate access to State Route 520 and Interstate 405.
Founded in 2010, Swift selectively acquires and repositions industrial and commercial property assets in several West Coast markets, with a focus on Northern California according to its website. The company’s strategy spans the commercial real estate market, with expertise in the management, acquisition, financing, leasing and construction of commercial and industrial assets. Some of the company’s properties include One Concord Center and Swift Plan in Concord; and 260 California St. in San Francisco.