(EDITOR’S NOTE: The sales price was $145.5 million, or approximately $230 per square foot, according to public documents filed with King County.)
San Francisco, November 2, 2018 – PCCP, LLC announced today that it has formed a joint venture with SteelWave to acquire Canyon Park Business Center, a 17-building property totaling 632,591-square feet in Bothell, a city situated north of Seattle. The property is 99 percent occupied and consists of 13 Class A flex/office buildings totaling 450,961 square feet, and a collection of four net leased, Class A, life science lab and data center buildings totaling 181,630 square feet. The seller was a venture of SteelWave and Colony NorthStar.
The property is in a top location in Bothell, a main hub of life sciences and medical research in the greater Seattle area. Built between 1985 and 1997, Canyon Park Business Center is located at 1631, 1629, 1725,1930, 1916 220th Street SE; 22121, 22125 17th Avenue SE; 22118, 22122, 22030, 22026, 22025, 22021 20th Avenue SE; 22522, 22333, 22515, 22422 29th Drive SE. The property is situated at the intersection of Interstate 405 and the Bothell-Everett Highway.
“PCCP was attracted to this asset due to its mix of long-term credit tenancy, including Microsoft and Seattle Genetics, and its smaller multi-tenant buildings that provide spaces with a depth of tenant demand in the market,” said Brendan Shanahan, a vice president with PCCP. “The seller made recent capital improvements that enhanced tenant identity and user spaces, and improved common areas. These improvements along with the increased market demand and growth over recent years will enable us to add value to this coveted flex asset through new leasing activity.”
Eleven of the 17 buildings within the property are situated at the front of the business park at the interchange of I-405 and Highway 527 which is a highly desirable location due to the visibility and proximity to the surrounding area’s amenities. The property provides tenants with directly adjacent retail and hotel amenities, an adjacent park and ride, three on-site cafes and an on-site LA Fitness. In addition, the property is one mile from Centennial Park, a 54-acre wildlife park, and Thrashers Corner Shopping Center, a high traffic, grocery-anchored retail center with more than 35 retailers.
SteelWave is a full-service commercial, multifamily and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for 46 years. They’ve built a reputation for successful execution by sourcing sound investments in 6 key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $17 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.