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Redmond Commerce Center Trades for $25M

REDMOND, WA-The 518,000-sf, two-building office and industrial development is 100% leased to Genie Industries, the locally-grown aerial lift company with a worldwide clientele.

By Brian K. Miller | Updated on March 04, 2005

REDMOND, WA-The 518,000-sf Redmond Commerce Center here is under new ownership. On behalf of a group of tenant-in-common investors, Evergreen Development of Pasadena, CA acquired the fully-leased property from Eastside Industrial Associates LLC for $25 million. Located at 14790 NE 31st Circle near Microsoft’s headquarters, the two-building office and industrial complex that is 100% leased to locally headquartered Genie Industries Inc., through 2013. A source familiar with the transaction says the new owners’ cap rate on the investment is between 7.1% and 7.2%. Genie Industries manufactures material lifts, aerial work platforms, trailer-mounted booms and light towers, scissor lifts and self-propelled telescopic and articulating booms for clients worldwide. In 2002, the company became a subsidiary of publicly traded Terex Corp., a diversified global manufacturer based in Westport, CT.Evergreen Development of Pasadena, CA arranged the transaction on behalf of the TIC investors. 1031 Exchange Options of Walnut Creek, CA represented some of the investors in the transaction.Eastside Industrial Associates is a Washington-registered LLC whose agent is listed as RSC Corp., which is an entity of the Ryan Swanson & Cleveland law firm. It was not immediately known whether the law firm was the seller or merely the agent for the seller. The law firm has several other active LLCs that are variations of the names RSC Capital and RSC Holdings, according to public.

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