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TIAA-CREF Sells WestPark for $111M

REDMOND, WA-The 776,806-sf, 21-building business park is mostly built out as office. Occupancy is about 80% leased. The new owner is CalWest Industrial Properties LLC, a joint venture of Rreef and CalPERS.

By Brian K. Miller | Updated on December 19, 2005

REDMOND, WA-CalWest Industrial Properties LLC has acquired the 776,806-sf WestPark Business Park here for $111 million. The 21-building tilt-wall park is about 80% leased. CalWest Industrial is a joint venture of Rreef and the California Public Employees Retirement System (CalPERS). The seller was Teachers Insurance Annuity Association-College Retirement Equities Fund (TIAA-CREF), which had owned the property since the early 1990s. One of the largest business parks in Redmond, WestPark covers 41 acres at 8449 154th Avenue NE, which is northwest of Marymoor Park and Redmond Town Center. The project was constructed between 1986 and 1992. About 75% of the park is built out as office. Rents are $1.15 per sf per month for office space and $0.60 for warehouse space.

CB Richard Ellis brokers Jack Fraker, Scott Davis, Tim Owens and Darla Longo had the disposition assignment. Davis tells GlobeSt.com that the property came to market in October and garnered very strong interest from institutional buyers. With no significant rollover on the horizon and the market improving, Davis says the value add lies in increasing the property’s curb appeal, remodeling the common areas and then leasing up the vacant space.

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