Senior Vice Presidents Tom Pehl and Lou Senini of CBRE’s Seattle office have arranged the sale of the recently renovated Sammamish Park Place, a 97,191-square-foot (sq. ft.), office and flex space, which is 100 percent leased to Costco.
Working in conjunction with Senior Vice President John Lo of CBRE’s Debt and Structured Finance team who arranged the acquisition financing, Pehl and Senini represented the seller in the transaction, Onward Investors, who are based in Eden Prairie, Minnesota. Rich Uncles NNN REIT, Inc., of Costa Mesa, California was the buyer in the deal.
“This transaction represents a milestone for our company in both the strength of our acquisitions team and the growth of our investment platform,” stated Aaron Halfacre, CEO and President of Rich Uncles. David Perduk, the Chief Investment Officer added, “The recent closing of this flex office building, fully occupied by Costco, was a very strategic acquisition and provides a stable and secure investment for our REIT shareholders.”
Located at 22011 SE 51st Street, this 4.67-acre site sits adjacent to Costco’s International Headquarters and several other Costco-leased buildings in the Issaquah area. Due to the highly constrained market and proximity to the I-90 corridor, the Eastside market has experienced tremendous upward pressure on rents. These factors, paired with the long-term lease of Costco, provide a stable investment for Rich Uncles in an emerging market.
The two-story building recently underwent significant capital improvements for new tenant build-out, totaling roughly $3 million. These included two new HVAC rooftop units, refurbished VAV boxes, upgraded HVAC controls, window sealing, landscaping, sidewalks, parking lot sealing and striping. A new lobby was included in the remodel as well as tenant improvements throughout the building, including the opening of floor plates for future flexibility in the use of space.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
