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Hines Buys 24-Building Park for Resale to Owner-Users

KIRKLAND, WA-Hines Interests Partnership LP purchases the 106,000-sf Linbrook Office Park here for $194 per sf with plan to re-trade the buildings individually over the next several years.

By Brian K. Miller | Updated on March 23, 2005

KIRKLAND, WA-The 24-building Linbrook Office Park here is under new ownership. Hines Interests Partnership LP purchased the 106,000-sf development here for $20.5 million or $194 per sf from the Yett Family Partnership LP. Built in the early 1980s, the buildings are located next to State Route 520, across Lake Washington Boulevard from the Plaza at Yarrow Bay, which backs up to the lake. Average occupancy is 98%. Hines Seattle-based VP Rob Hollister tells GlobeSt.com that Hines purchased the property for its own account and plans to re-trade the buildings individually over the next several years as leases roll over. Hollister declined to predict sale prices, but similar type buildings in the market have sold for between $300- and $400 per sf.”If the strategy works, we’ll make nice cash flow on the equity,” says Hollister, who is an equity investor in the deal. “If it doesn’t bear out, it’s a high price to have paid but we’ll still get a decent return; none of us will regret having the money in this as opposed to stocks or bonds.”Tom Abbott, director of brokerage services in the Seattle office of Trammell Crow Co., represented the Yett Family Partnership in the transaction. Neither he nor Steven Yett could be reached for comment.

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