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BOTHELL, WA-A small building here housing a bank branch has changed hands for $977 per sf, a record price for the area. The 4,350-sf building at 1115 228th Street SE was built in 2005 and is fully leased by Bank of America.

The new owner is a a family trust from Santa Barbara, CA, that was completing an IRS 1031 exchange. The seller was Bellevue, WA-based F&H Petroleum LLC. The purchase price translates to a first-year cap rate of 5.2%, according to Faris Lee Investments, which had the disposition assignment.

"Properties under the $5 million mark are highly sought after by small, private investors…," says Faris Lee president Richard Walter. "[They] are willing to pay top dollar for strong credit tenants in established areas that continue to see population growth and strengthening economies."