The complex consists of an administration building, a production building, and two buildings known as the North Barn and the South Barn. Tenants include Cingular, Xcyte Therapies, MedManage Systems and Quinton Instruments.
A lease agreement with Quinton for the 130,000-sf production building runs out early next year and will not be renewed, potentially dropping vacancy from 85% to about 50%. The building, which been used for distribution and storage, can be expanded by up to 50,000 sf.
The property is located close to Interstate 405 and Route 522 in Bothell, the northern end of Seattle's Eastside suburbs. As is, local industry sources tell GlobeSt.com the building could sell for around $160 per sf, which translates to about $45 million. If it leases back up before it sells, the value would go up accordingly.
Holladay Fenoglio Fowler brokers Glenn Whitmore and Andrew Scandalios have the disposition assignment. The seller is Premier Advisors, a Washington-based private real estate company.
Scandalios tells GlobeSt.com that the bid date will be sometime in mid-December. He sees the production building being leased out to a warehouse user at first and then eventually converted to office.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
