The properties included three properties in the Eastside market and three properties in the Auburn/Federal Way market. For $56.2 million, Rreef picked up the three Eastside properties, including: the six-building, 204,842-sf Northcreek Parkway Center in the Mill Creek/Woodinville submarket; the five-building, 126,479-sf Redmond Heights Tech Center in the Redmond submarket; and the two-building, 77,072-sf Kirkland 118 Commerce Center in the Kirkland submarket, which was EOP's only remaining industrial property in the Seattle MSA.
The three properties in the Auburn/Federal Way submarket were scooped up by Transpacific Investments for $13.5 million. They include: the 51,124-sf ABAM Building; Washington Park I, a 50,603-sf property; and 530 S. 336th St., a 12,800-sf property.
The sales are part of a nationwide plan to cull non-core assets in non-core markets and at the same time take advantage of strong market conditions for asset sales, according to EOP Chief Investment Officer David Helfand.
Even after the sales, however, Seattle remains EOP's fourth largest market in terms of net operating income. EOP owns and manages nearly 10 million sf in 54 office buildings in the market.
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