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GlobeSt.com UPDATE: Evergreen Development Completes Genie HQ Transaction

REDMOND, WA-The Pasadena, CA-based 1031 exchange specialist completes an industrial transaction that began in March with its acquisition of the 518,000-sf Redmond Commerce Center for $25 million and concluded last week with its sale to a group of tenant-in-common investors for $27.3 million.

By Brian K. Miller | Updated on April 12, 2005

REDMOND, WA-Evergreen Development LLC, a 1031 exchange specialist out of Pasadena last week sold the 196,100-sf Redmond Commerce Center to a group of tenant-in-common investors for $27.3 million. Evergreen acquired the property in March for $25 million while the legalities for the ultimate transaction were still being hammered out. A company spokesman tells GlobeSt.com that the $2.3-million price difference is the cost of the lawyers, accountants, commissions and organization and offering costs necessary to make a legal 1031 exchange, tenant-in-common transaction. For the previous article, click here .Redmond Commerce Center is located at 18340-18460 Northeast 76th Street and consists of two-interconnected buildings on 11.9 acres. The campus is 100% leased long-term to Genie Industries, a subsidiary of publicly traded Terex Corp. that provides manufacturing, testing and distribution area for aerial and lift platforms. The property is Genie’s manufacturing and administrative headquarters to service the construction and building maintenance industries. The facility was constructed in 1981, augmented in 1986 and underwent major renovation in 1996. The lease expires in 2013 with a five-year option guaranteed by Terex, according to Evergreen.The property has a mortgage through PNC Bank as security for a note of $17 million at a fixed rate of 5.46% per annum, interest only for the first two years, amortized over 360 months, maturing in nine years, unless mutually modified or extended. The seller was Eastside Industrial Associates LLC.

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