Lynwood Corporate Center is a 73,412-sf, class A office building located within a few blocks of Interstate 5, just south of Interstate 405 and within a mile of Alderwood Mall. The four-level, steel-and-mirrored-glass building was constructed in 1988 and renovated in 2000. It was 74% leased at the time of sale.
Major tenants include PacMed Clinics (10,077 sf), Progessive (10,793 sf), MCG Financial (8,843 sf) and McCarthy Financial (5,397 sf). The building also generates antenna revenue from Voicestream PCS, Sprint and US Communications.
SKB acquired the asset in 1998 for $10.35 million. Subsequent to that, it added about 10,000 sf of net rentable area and remodeled the building's common areas.
"The asset provided a solid return on investment for our investors," says SKB principal Bob Scanlan. "With market rents currently higher than the in-place rents in the building and available space to lease, Peter Sullivan Associates has a good opportunity to produce a similar result."
ScanlanKemperBard Cos. is a real estate merchant banking firm that invests on behalf of hundreds of high-net-worth individuals, families and trusts throughout the US. It specializes in opportunistic investment in Western US projects having total capitalization in the $15-million to $100-million range.
Peter Sullivan Associates invests in commercial real estate on behalf of its principal and investors. Lynnwood Corporate Center is the company's first acquisition in Washington.
The Palmer Team Inc. had the disposition assignment. CB Richard Ellis represented Peter Sullivan Associates.
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