By Jack Stubbs
Late last week on Friday, June 1st, The Redstone Group, a private real estate company based in Surrey, British Columbia, acquired the Class A Sparling Technology Center in Lynnwood for $15.4 million, or approximately $220 per square foot, Snohomish County records show. Redstone Group acquired the asset from San Mateo, California-based JB Matteson, a company that owns and operates Class A multifamily properties along the West Coast. The transaction was recorded on June 6th.
Neither the buyer nor the seller responded to calls for comment about the transaction in time for the publishing of this story. Andy Miller, Todd Battison and Matthew Hagen with Kidder Mathews were the exclusive listing brokers for the property.
The 5-story Sparling Technology Center, located at 4100 194th St. SW, is a Class A office building totaling 69,798 square feet. The building, which was constructed in 2000, is currently 97.8 percent leased to a number of tenants including Stantec (the anchor tenant), Chicago Title, and Coldwell Banker Bain, according to Battison.
The asset is located in Lynnwood’s Central Business District and sits within walking distance of the 1.3 million square foot Alderwood Mall. The property is within blocks of the Sound Transit light Rail Station, which will provide connection south to Seattle beginning in 2023. The asset is approximately four miles north of Mountlake Terrace and roughly eight miles northwest of Bothell. Additionally, the property is about four miles from access to the intersection of Interstate-405 and Interstate-5.
The Redstone Group has a diversified portfolio spanning Vancouver, Canada and the Western U.S. and the company owns and manages over 4.2 million square feet of commercial property, according to its web site. The company’s capture of the Sparling Technology Center adds to its portfolio in the Puget Sound region, which includes commercial properties in Issaquah, Olympia, Bothell and Bellingham, among other locations.
JB Matteson is a 50-year old privately-held investment management company that owns and operates Class A multifamily properties in major cities along the West Coast. The company looks to acquire high-quality, newer assets (built since 2010) that comprise 100-plus units, according to its web site.
The company owns a number of properties throughout the region. Some of these include the 124-unit Greenhouse Apartments in Seattle; the 134-unit Langara Apartments in Issaquah; and the 86-unit Northshore Apartments in Kenmore. And the company has been in the news in recent weeks: on May 7th, the company acquired the 153-unit Origin Apartments in Lake City, Washington, from Summerhill Apartment Communities for $53 million.
There have been several multifamily property sales in Lynnwood in recent months. And on January 31st, Boston-based Partner Therapeutics acquired a 89,000 square foot research and development facility in Lynnwood from Sanofi-Aventis U.S. LLC for $45.6 million.