By Jack Stubbs
On Tuesday, July 17th, two commercial buildings in Federal Way totaling just over 130,000 square feet sold for $10.5 million, according to public documents filed with King County. The buyer of the office properties was DM Ventures Falcon LLC, an entity who shares the same address as Kirkland, Washington-based commercial real estate development firm MJR Development. The seller was Fidelity REIT Investor LLC, an entity affiliated with Fidelity Capital Markets, a customer-focused institutional trading firm based in Boston.
Neither the buyer nor the seller responded to calls for comment about the sale in time for the publishing of this story.
The sale was for two properties called the East Campus Building A and East Campus Building B located at 33940 and 33930 Weyerhaeuser Way S. in the North Lake neighborhood of Federal Way. Building A is a three-story structure totaling 65,245 net square feet and built in 1999. Building B, which also totals just over 65,000 square feet, was built in 2000, according to public documents. The two parcels comprise sit on just under eight acres.
The Class C office properties are approximately three miles southeast of Federal Way and eleven miles northeast of Tacoma. Additionally, the property is roughly half a mile from access to Interstate-5 and six miles west of Washington State Route 167.
According to an industry source, the buildings were formerly occupied by Weyerhauser, but there were no current tenants at the time of the sale. No brokers were involved in the transaction.
MJR Development does built-to-suit projects including retail, residential, office, industrial and mixed-use and manages a number of properties throughout the Puget Sound region in Lacey, Lakewood, Kent, Federal Way and Lynnwood, according to the company’s web site. The company also manages the Class A 55,755 square foot Talon and Heron Buildings—located at 33810-33820 Weyerhaeuser Way South adjacent to the East Campus buildings—which are part of East Campus, a master-planned community. MJR’s portfolio also includes The Centre, a 6-story, 76,295 square foot suburban office building located in Federal Way.
Some of the company’s other properties include the 42,000 square foot Crossroads Plaza project in Bellevue; the 70,000 square foot Creekside Plaza Plaza in Lynnwood and Meeker Square, a 137,138 square foot complex in Kent.
Fidelity Capital Markets is the institutional trading arm of Fidelity Investments and provides trading products and services to a wide array of clients including institutions and hedge funds, as well as Fidelity’s own businesses, according to the company’s web site. Fidelity Capital Markets also offers a variety of electronic brokerage products and execution services including securities lending and prime brokerage services.
