Boeing-Occupied Campus Brings $155M

BELLEVUE, WA—A fund managed by Beacon Capital Partners has completed the $155.3 million sale of Sunset North , a three-building, 464,000-sq.-ft. office campus to M-M Properties and a large institutional investor. Sunset North is currently 99% leased and anchored by The Boeing Company .

The Sunset North property offers easy access to regional centers including Bellevue, and downtown Seattle, pictured here. 

Tom Pehl and Lou Senini of CBRE’s Institutional Properties team worked with Kevin Shannon, Ken White and Michael Moll to represent the seller in the transaction. Paul Sweeney and Jason Furr of Broderick Group assisted in representing the seller in the transaction. “We are excited to add Sunset North to our expanding institutional investment portfolio,” said Ken Moczulski , CEO of M-M Properties. “Following our October 2015 acquisition of the Sawgrass Centre office portfolio in Fort Lauderdale , the acquisition of Sunset North continues our geographic diversification into high-quality institutional assets.” M-M Properties is a privately held real estate investment firm headquartered in Houston, Texas that seeks to provide exceptional risk-adjusted returns to its investors through superior execution of carefully developed strategies. “Sunset North is among the highest-quality office properties in Bellevue’s I-90 corridor,” said Pehl, a senior vice president with CBRE Capital Markets. “The complex’s unobstructed views of the downtown Seattle skyline and Olympic Mountains and easy access to downtown Bellevue and downtown Seattle have attracted an impressive mix of tenants.” Amenities at the class A office campus, which was completed in 2000, include an on-site fitness center and carry-out restaurant and a plaza with native plantings, outdoor walkways and seating areas that take full advantage of the natural beauty. The complex is LEED Silver -certified. M-M Properties’ team has deep experience throughout real estate market cycles and multiple project phases including acquisition, disposition, recapitalization, development, and investment management across a broad range of property types and within all major U.S. markets The company or its principals have engaged in real estate investment activities on behalf of investors, partners or for its own account across a portfolio of assets that has included 38 million square feet of office projects and over 19,000 multifamily units with a cumulative transaction volume in excess of $10 billion.