Earlier this month, LPC West purchased 1500 Quail in Newport Beach, CA.
SEATTLE—Lincoln Property Co. and joint venture partner Admiral Capital Real Estate Fund II, LP have acquired the South Seattle Business Park here.
No financial terms of the transaction for the nearly 107,000-square-foot office/industrial property were disclosed. The new ownership states that it plans a multi-million-dollar renovation of the five-building campus on 2.7 acres in Seattle's Georgetown neighborhood. Planned upgrades include improvements to building exteriors and entries as well as adding outdoor community space and new landscaping throughout the property.
“South Seattle Business Park is an excellent asset in a burgeoning creative neighborhood,” says J.P. Harlow, senior vice president of LPC West. “We plan to reposition the property in a manner that will make this well-located campus even more desirable to existing and future tenants. With this acquisition, we are thrilled to continue Lincoln's expansion in the Pacific Northwest, and to partner with Admiral on a key office project in South Seattle.”
The property at 4634 East Marginal Way is 94% leased to a variety of tenants, including ride-sharing giant Uber's Greenlight, a hub designed to provide in-person support to drivers. The property is also home to Arena Sports, a 26,000-square-foot indoor soccer facility.
This is the first joint venture between LPC West and Admiral Capital Group. With a focus on management, acquisition, and development, LPC West's Pacific Northwest is rapidly growing with a portfolio of over 5.2 million square feet of commercial property. Earlier this month, LPC West purchased 1500 Quail, a Class A high rise office in Newport Beach, CA. The seven-story building, built in 1983, encompasses more than 90,000 square feet and was 90% leased to a variety of tenants at the time of purchase.
With ACRE II, Admiral Capital Group invests in value-add real estate across major property categories in top MSAs. The founders of Admiral Capital Group, NBA legend and philanthropist David Robinson and Dan Bassichis, have pledged 10 percent of their profits to philanthropic causes in areas where the fund invests.
“We are excited to expand our presence in Seattle and invest in this rapidly transforming Georgetown neighborhood,” says Daniel Bassichis, co-founder of Admiral Capital Group. “South Seattle Business Park provides an ideal opportunity to partner with Lincoln and invest the capital needed to modernize the property and create one of Seattle's premier office campuses.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
