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Mastro Buying, Selling Office Buildings, Apartments

SEATTLE-In separate deals totaling about $56 million over the past couple of weeks, locally based Mastro Properties sells two properties and picks up two others.

By Brian K. Miller | Updated on August 07, 2006

(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.

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