By Jack Stubbs
On Thursday October 19th, the Southcenter Corporate Square complex in Tukwila sold for $19.5 million, according to public records filed with King County. The buyer was an entity affiliated with Omar Lee, developer of the Great Wall Mall in Kent. The seller was Los Angeles, California-based PCCP, a real estate finance and investment firm.
The sale involved a two lots with what appear to be 11 structures built in 1978. Both lots, located at 625 Andover Park W and 360 Andover Park W are roughly 14-acres with a number of joined structures on each. The buildings are currently occupied by Medical Billing Solutions, an accounting firm, and AFT Washington, a labor union organization, among others. According to a property report listed on officespace.com, some of the property’s on-site amenities include a conference room, fitness center, and property management services.
The property is located in close proximity to prominent transit corridors, 1.5 miles from access to Interstate-5, three miles from access to Interstate-405 and 3.5 miles from Washington State Route 99. The commercial asset is 13 miles south of downtown Seattle.
Founded in 1998, PCCP has raised, invested and managed over $12 billion of institutional capital, according to the company’s website. PCCP invests in a wide range of opportunities, from joint venture equity to senior and mezzanine debt. The company has approximately $6.4 billion of assets under management, according to its website.
PCCP provides its client’s capital to equity joint ventures with third party real estate investors and operators, with investment opportunities including physical repositioning, repositioning and redevelopment of a wide range of assets including office, industrial, multi-family, retail and hotel.
PCCP has acquired two other assets in the Seattle area in recent months. In February 2017, the company purchased the Evergreen Office Park in Bellevue for $21.45 million from Foster City, California-based SteelWave. In May 2017, the company closed on the acquisition of a 21.7-acre site in Lakewood for the development of Tacoma Gateway, a 467,526 square foot warehouse distribution facility. The acquisition was a joint venture with Renton-based Panattoni Development Company.