Washington Park Office Development Trades Hands

BELLEVUE, WA-Locally based Wallace Properties has acquired the Washington Park office development in Bellevue from Seattle-based Unico Properties for $11.05 million. The 70,312-sf, two-building property is 96% leased.

Washington Park is a suburban office property that fronts Interstate 405, Bel-Red Road and 116th Avenue NE near Overlake Hospital. Local brokers tell GlobeSt.com the asking price for the property was $11.5 million. Two years ago, when Unico first tried to unload the building, the asking price was $13.5 million.

Wallace Properties CEO Robert Wallace tells GlobeSt.com that Mike Wood of Portland, OR-based Norris Beggs & Simpson’s Bellevue office sourced a five-year, 60% acquisition loan from Manufacturer’s Life Insurance Co. of Canada that carries an interest rate of 4.94%. Wallace figures his cash-on-cash capitalization rate at 10%.