The property currently has 27 tenants, including the Green River Community College, Kent Women's Fitness Center, and the air conditioning company ACCO. IBM also has an office in the campus.
Of the 103,005 leasable square feet, only two spaces are currently available: 1,600sf and 2,400 sf. Lease rates at the campus for office and retail run $12/sf to $14/sf NNN, and $0.35/sf to $0.65/sf for industrial space.
Leasing agent Michael George of the Seattle office of Colliers International is marketing the property with partner Wyk Parker. George says the industrial market in the Kent area is doing well, "especially for the smaller 'incubator' spaces in the 3,000 sf to 8,000-sf range." As a reason the owner is choosing to sell at this time, the broker says, "It's just a reallocation of assets.
Real property records provided by First American Title Co. show the development's owner, Kent Campus Investments LLC, acquired the buildings and the land below it in May 1999 for $5,368,200 -- $1,721,200 for the 264,801-sf lot, and $3,647,000 for the structures. The owner currently has a $4.4 million loan on the property due June 2004 and assumable at a 7.66% interest rate.
The properties are situated in the 800 block of North Central Ave. Building A contains 1,862 sf of office and retail space. Building "B" holds 8,566 sf, of which 51% is retail and office and 49% is industrial. Building "C" is a 58,129-sf mix of office and retail. Building D is 34,440 sf built out as 29% office and 71% industrial.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
