(To read more on the multifamily market, click here.)
SEATTLE-Mastro Properties has closed on two sales and two acquisitions in the past couple of weeks. On the buy side, the locally based investor purchased the Waterview Apartments in Kirkland for $18.7 million and the North Creek Center office building in Bothell for $16 million. On the sell side, the company sold the Keane Building in Kirkland for $12.5 million and acquired the Skyline Apartments in West Seattle for $8.71 million.
North Creek Center is a 97,000-sf office building that is fully leased to Plexus, a publicly traded player in the electronic manufacturing services industry. The property was acquired from M. Bruce Anderson, according to county records. Michael Mastro Sr. tells GlobeSt.com the tenant has a relatively short term remaining on its lease, which is at a below-market rent.
Waterview Apartments is a 45-unit property located just south of Kirkland City Hall at 220 First St. The property was completed in 2000 and has very little vacancy. County records list the seller as Donald J. Stabbert. Mastro tells GlobeSt.com will continue to be run as a high-end apartment complex for the time being and eventually may convert the property to condominiums.
Mastro has acquired five other apartment properties in the past 12 months and so far in 2006 has bought and sold about $236 million of real estate. Chief financial officer Gary English could not be reached Friday for comment.
The largest of the two sales was the Keane Building, a 63,217-sf office building located at 10809 120th Ave. NE. Also known as Kirkland 405 Office Plaza, the building is fully leased.
"We have an investor that buys quite a bit of our product as we get them leased up and that's what that was all about," Mastro tells GlobeSt.com. Mastro didn't name the investor, but according to county records the new owner is Building LLC, whose majority partner is Rainier Pacific Investment Inc.
The Skyline Apartments has 51 apartment units and three street-level retail units. The buyer is listed as Skyline Condominium Association LLC, which portends a conversion of the property to for-sale product.
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.
