582,000-SF Office Sale Delivers 38% Return on Equity Investment

BELLEVUE, WA-Despite naysayers back in 2010, Cole Real Estate Investments went ahead with its purchase of City Center Plaza here for $310 million from Boston-based Beacon Capital Partners, a property that it said at the time was “a rare opportunity.” Now, the firm walked away from the 582,179-square-foot property after only two years of ownership for $374.7 million.

GlobeSt.com first reported on the deal Monday that the firm completed its sale of the 26-story class A office to an affiliate of Los Angeles-based CommonWealth Parners LLC. Marc Nemer, the firm’s president and CEO, notes that when the firm first purchased the building, it was “an excellent fit for our growing portfolio of mission-critical corporate properties.” Today, he says, “not only have we seen a 21% increase in the property’s value, but we were able to deliver a return of 38% on the equity invested, creating significant value in the portfolio for the benefit of our shareholders.”