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Mastro Sells Properties in Kent, Bothell

SEATTLE-Mastro Properties sells the 212,950-sf West Valley Corporate Park in Kent for about $14.9 million and the 65,000-sf former Eddie Bauer call center at 3700 Monte Villa Parkway in Bothell for $12.8 million.

By Brian K. Miller | Updated on March 11, 2005

SEATTLE-Mastro Properties has sold off properties in the nearby cities of Kent and Bothell for a combined price of about $27.7 million. The locally based real estate investor’s CFO Monika Harmon says the 212,950-sf West Valley Corporate Park in Kent sold for just under $14.9 million and the 65,000-sf former Eddie Bauer call center at 3700 Monte Villa Parkway in Bothell sold for $12.8 million. Harmon was not immediately available to respond to requests for the names of the brokers and buyers involved in the transactions.West Valley Corporate Park has 55,000 sf of second-story office available, according to officespace.com. The space, which includes a cafeteria and raised-floor server room, was previously occupied by lowest fare.com. The asking rate is $12 per sf per year, full service, and the space is divisible to 25,000 sf. Arvin Vander Veen of Colliers International has the leasing assignment, according to officespace.com. The building’s major tenant is CENVO (formerly Mail Well Envelope Corporation).The Bothell property, 3700 Monte Villa Parkway, is 50% vacant, according to officespace.com. State Farm recently leased the top floor of the two story building. In a prepared statement, Harmon says the first floor “is in space planning for another user,” thought it wasn’t clear if a lease had been signed.The per-sf sales price on both properties–$70 for the Kent property and about $197 for the Bothell property –belie their vacancy. The Kent property had the same 50% vacancy when Mastro acquired it out of bankruptcy last year for $44.40 per sf ($9.45 million). The Bothell property was vacant when Mastro acquired it last spring for $95.38 per sf ($6.2 million). Harmon was not immediately available to respond to an email query asking whether Mastro maintains responsibility for the vacancies.

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