The buildings are known by their addresses: 18911 and 19015 North Creek Parkway. CarrAmerica expects the investment to provide a year-one GAAP return of 6% and a stabilized GAAP return of 7.2%.
Completed in 1990, the two three-story buildings are located just east of Interstate 405, the main north-south freeway on the Eastside. The 18911 building contains 97,254 sf (rentable) and the 19015 building contains 96,200 sf.
The seller, Allstate, leases 47% of the project through 2015. Other major tenants include Siemens Communications and SNC/Lavalin, which will occupy the project in April 2006, according to CarrAmerica.
The acquisition is CarrAmerica's third in the region in the past eight months. The other acquisitions were North Creek Corporate Center and West Willows Technology Center.
"This acquisition is strategically located adjacent to our North Creek Corporate Center property and is consistent with our plan to grow in the Eastside," says CarrAmerica's Seattle area managing director, Clete Casper.
The property was listed for sale by Bill Fausone and Kevin Gazley of Colliers B&K of Chicago. With this latest acquisition, CarrAmerica now owns 1.9 million sf in 37 office and R&D buildings east of Seattle.
The properties were part of a nine-building portfolio Allstate put up for sale earlier this year. GlobeSt.com reported in September that the 962,343-sf portfolio was expected to be sold off for about $175 million. The other buildings are located in Milwaukee; Pittsburgh; Charlotte, NC; Roanoke, VA; and Tampa, FL.
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