Newmark on behalf of a joint venture led by SteelWave, has completed the sale of Canyon Park Business Center, a 17-building value-add property totaling 632,591 square feet in Bothell, a city situated on Seattle’s Eastside. The property is 99 percent occupied and consists of 13 Class A flex/office buildings totaling 450,961 square feet, and a collection of four net leased, Class A, life science lab and data center buildings totaling 181,630 square feet.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Director Ken White, Senior Managing Director Michael Moll, and Directors James Childress and Bill DeLacy represented the sellers, a joint venture led by SteelWave. The buyer, a joint venture of PCCP, LLC and SteelWave was self-represented.
Located at 1631, 1629, 1725,1930, 1916 220th Street SE; 22121, 22125 17th Avenue SE; 22118, 22122, 22030, 22026, 22025, 22021 20th Avenue SE; 22522, 22333, 22515, 22422 29th Drive SE, Canyon Park Business Center is situated at the intersection of Interstate 405 and the Bothell-Everett Highway.
“The sale of Canyon Park emphasizes the strength of Seattle’s Eastside market,” said Kucha. “This offering was well received as we are seeing newfound capital interest in the Eastside suburbs for well-located assets with compelling tenant profiles or mark-to-market opportunities.”
“Flex building product has seen tight vacancies and increasing rents and there is little to no new flex being developed in the area,” said Moll. “This property represents one of the top flex locations in the Puget Sound region and is anchored by a strong mix of life sciences, medical device manufacturing, aerospace, and telecomm companies.”
SteelWave is a full-service commercial, multifamily and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, have been active in commercial real estate for 46 years and have built a reputation for successful execution by sourcing sound investments in our 6 key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $17 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
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. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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