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ACF Continues Trade Office for Retail

BELLEVUE, WA-As part of a new focus on retail, ACF Property Management of Sherman Oaks, CA has sold three of its four office investments in the region in 2004 and the fifth, Eastridge Corporate Center, is in final negotiations.

By Brian K. Miller | Updated on January 10, 2005

BELLEVUE, WA-ACF Property Management last month sold another of its area office properties as part of its ongoing shift to retail assets. In the latest deal, ACF sold Summit Northwest LLC the 54,300-sf LandAmerica Building at 14450 NE 29th Pl. here for slightly more than $5.8 million. The building is about 80% leased.In August, ACF sold Summit Northwest the Northup West Office Park, a 51,000-sf office building in Bellevue for $5.5 million. In April, it sold Willows 124 A&B, two office buildings totaling about 130,000 sf, to Michael Maestro for about $14 million. Jeff Chaney and Rob Downing of GVA Kidder Mathews represented Summit Northwest LLC in both of its purchases. The sales leave ACF with two remaining office buildings in the region, Eastridge Corporate Center A&B, for which the brokerage firm Rose & Harbottle are in final negotiations with a prospective purchaser, a local source tells GlobeSt.com. The two buildings total 168,000 sf and are over 97% occupied.As for its retail holdings in the region, ACF last year acquired Alderwood Town Center near Alderwood Mall in Lynnwood and in 2002 acquired Everett Mall Plaza near Everett Mall. ACF also owns Mervyn’s Plaza in Lynnwood and a retail property near Northgate Mall in Seattle.

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