The five West Willows Technology Center buildings in Redmond have sold at the end of July to an entity associated with Kent-based Alaskan Copper & Brass Company. The company spent $32,985,551 to purchase the five buildings, which total approximately 164,000 square feet, according to records filed with King County. That brings the per square foot sale price to roughly $201. The seller of the properties was Bellevue-based Pine Forest Properties, a company affiliated with Burnstead Construction Company, a regional home builder.
Pine Forest had owned the buildings since 2007, when it purchased them from Foster City, Calif. – based Legacy Partners.
The five buildings, located around 8727 148th Avenue NE, total approximately 164,000 square feet. Two notable tenants in the property are Sensitech, a subsidiary of United Technologies and a manufacturer of logistics solutions based out of Beverly, MA, and PlayNetwork, a marketing and branding company. According to sources that track the leasing information in the complex and across the Redmond submarket, the property is approximately 3 percent vacant. The overall Redmond submarket, which is approximately 4.3 million square feet measures 5.6 percent vacancy. Asking rates in properties of similar quality as West Willows range from $18 to $19.50 NNN. Loopnet lists the asking rates at West Willows at $18.50.
CBRE’s Bellevue office is leading the leasing efforts in the complex. The brokers on this property are Jeff Scanlan, first vice president, and Ric Brandt, senior vice president.
AGM Commercial Real Estate represented the buyer in the transaction. Jim Reed, a partner, at the Bellevue-based brokerage led the efforts for AGM.