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Monte Villa Farms Goes to Market

BOTHELL, WA-The 280,154-sf, four-building, office, lab and production complex here is currently 85% leased but will drop to 50% early next year without new leasing. As is, industry sources tell GlobeSt.com the price likely will be in the $45-million range.

By Brian K. Miller | Updated on November 27, 2005

BOTHELL, WA-Monte Villa Farms has been tagged for sale as a value-add play. The 280,154-sf four-building office, lab and production complex sits on 19.3 acres and has an additional 50,000 sf of entitlements.

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.

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