ISSAQUAH, WA—Vulcan said today that it has closed on the sale of the Sammamish Park Place office complex in Issaquah to Seattle-based Talon Private Capital for $128.25 million. The 20-acre property comprises three 5- and 6-story office buildings and 2,122 stalls of structured parking. The office park is 100% leased to Microsoft and Costco.
“Sammamish Park Place has been an excellent investment for us with strong credit tenants and good cash flow,” said Ada Healey, vice president of real estate for Vulcan Inc. “As we re-balance our portfolio, we are raising capital for new investment opportunities around the region.”
In August 2014, Vulcan announced the lease of 176,000 square feet of office space to Costco Wholesale Corporation at Sammamish Park Place, marking the global retailer's corporate expansion. Vulcan intends to invest the funds from the property sale toward continued development efforts as well as new land and value-add investments.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
