CenterPoint Corporate Park Buildings Under Contract

KENT, WA-Four former Boeing office buildings here with a combined 435,894 sf of leaseable space are being sold to G REIT Inc., a public but un-traded REIT managed by Santa Ana, CA-based Triple Net Properties Realty Inc. The seller is a joint venture of Seattle-based developer Intracorp and Rockwood Capital Corp., a San Francisco-based pension fund adviser. The sale price is not being released until the sale closes in mid-December.

The properties involved in the deal are: Cascade East and Cascade West, twin office buildings that each have about 150,000 sf of leaseable space; the Atrium Building, a four-story, 118,000-sf building, and; The Commons, a 25,000-sf retail property. All of the properties are located in the 20800 block of 72nd Avenue South, within CenterPoint Corporate Park, a 46-acre, eight-building development that the Boeing Co. sold to Intracorp and Rockwood in 1999 for $40.6 million.

After refurbishing the buildings, Intracorp and Rockwood sold three properties known as the Creekside buildings to Maryland-based AFL-CIO Building Investment Trust for $30 million in early 2002. Another building in the park is owned by Boeing Employees’ Credit Union. The buildings G REIT is buying have a combined occupancy of about 68%, but most of the vacancy is in Cascade West, which is about 30% leased.