By Kate Snyder
Sterling Realty Organization has sold off another property in Lynnwood. According to Snohomish County public records, the company recently sold the Alderwood Business Campus for $27.1 million, or approximately $195 per square foot.The buyer in the transaction was listed as an entity affiliated with Rosen Harbottle Commercial Real Estate.
The Alderwood Business Campus is located at 19101-19221 36th Ave. W on nearly seven acres. The six-building, 138,665 square foot property is near I-5, I-405, Alderwood Mall and the Lynnwood Convention Center, according to information from Sterling Realty. The campus houses more than 40 tenants in office suites ranging from 617 to 11,760 square feet. It was originally built in 1985 and renovated in 1996.
Based in Bellevue, Sterling Realty was founded in 1911 as an entertainment real estate company, according to the firm’s website. Throughout the 1980s and 1990s, the company shifted its focus to the acquisition, development and management of commercial real estate. Some of its projects in the Pacific Northwest have included the Sterling Plaza I and II in Bellevue, the Johnson Creek Crossing Shopping Center in Portland and the ShuttlePark2 Airport Parking in Tukwila.
Earlier this year, Sterling Realty sold off the 104,000 square foot Lynnwood Crossroads Shopping Center for $44.1 million, or about $424 per square foot. Located at 19630 Highway 99, the retail asset was purchased by SF Lynnwood Crossroads LLC, an entity affiliated with Tom O’Meara of Costa Mesa-based real estate investment company Sakioka Farms.
Also based in Bellevue, Rosen Harbottle is a real estate management company that, according to the firm’s website, has been acquiring, leasing and managing a diverse range of properties for more than 30 years.
“At Rosen Harbottle we choose our investments with utmost care, selecting properties we can add value to while seeking out diversification as a hedge against a fluctuating market,” the firm’s website states. “We base our business decisions on prudent financial principles and the sound fundamentals of the industry.”