Located at 3003 77th Ave. SE, the 5.88-acre property was developed in 1982 and includes an 87,000-sf three-level parking garage. The new owner is Capital Lease Funding of New York City.
Jeffrey Thomas of CB Richard Ellis in Seattle and John Glassmoyer of CBRE in Phoenix had the disposition assignment. The asking price was $40.5 million and the seller needed to close the deal by the end of the year.
The $1-million discount on the sale likely was due to the fact that Farmers Insurance did not guarantee the lease of its subsidiary. Despite that, the cap rate on the deal is below 6%, according to marketing materials for the asset.
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