Newmark has announced the $59.3 million sale of the Bellevue 520 Corridor Office Portfolio - two recently renovated and institutionally managed multi-tenant office assets known as Bel-Kirk 520 and Centra Office Park located in Bellevue, WA. Totaling approximately 185,930 square feet, the portfolio was approximately 93 percent leased at the time of sale.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll, Executive Managing Director Rob Hannan, and Director Bill Delacy represented the seller, a joint venture between Schnitzer West and RMA. The buyer, Swift Real Estate Partners, was self-represented. Newmark’s David Milestone and Brett Green represented the buyer in securing new acquisition financing.
“The incredible office leasing conditions in the overall Eastside market have fostered great liquidity in suburban product as capital continues to search for more attractive yields than the cap rates being paid for urban investment offerings,” said Shannon. “This investment thesis was certainly an underlying theme for our pool of bidders on the 520 Corridor Office Portfolio.”
The portfolio offers immediate access to State Route 520 and Interstate 405 which connects downtown Bellevue and other nearby Eastside markets and provides easy access to a large mix of amenities in the immediate Bellevue area and the neighboring Kirkland market.
“With approximately 44 percent of the portfolio expiring over the next three years and in-place rents more than 20 percent below market, Bel-Kirk and Centra offered a compelling value-add profile with attractive stabilized cash yields,” added Moll.
Bell-Kirk 520 consists of two, two-story buildings located on 7.19 acres at 11120 and 11130 NE 33rd Place totaling 94,221 square feet. Built in 1988, the property underwent a renovation that completed in 2016. The asset features both indoor and outdoor work spaces, and an Avanti Market.
Centra Office Park consists of two, three-story office buildings located on 4.67 acres at 11808 and 11820 Northrup Way totaling 91,709 square feet. Built in 1983 and renovated in 2016, the asset features an Avanti Market, outdoor plaza and seating areas, new monument signage and a renovated lobby.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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