After $326M Portland sale, Alco invests $155M in Redmond, Bothell
January 28, 2021 (Seattle, WA) – In two deals that hadn't yet been recorded by King and Snohomish counties by deadline Thursday, two business parks have sold for $155 million to local firm Alco Investment Co. Its broker, Jim Reed of Lee & Assoc., announced the deals and provided details. Kennedy Wilson was the seller for both properties.
The fully-leased eight-building Redmond East sold for $80 million, or about $276 per rentable square foot. It's at 6724-6565 185th Ave. N.E. and 18578-18640 N.E. 67th Ct. Lee says it totals 289,880 square feet. Two buildings with about 41,000 square feet are available for sublease. Kennedy Wilson acquired the 15-acre property in 2018 for $52.1 million. At that time, Data I/O, Bio-Rad Laboratories and Planetary Resources were among the tenants in the two-story buildings, which date to 1989-1990. (Update: The seller’s brokers were Tom Pehl, Lou Senini, Chais Lowell, Charles Safley and Paige Morgan of CBRE.)
In Bothell, the five-building Canyon Park East sold for $75 million, or about $278 per square foot. It's at 22011-22215 26th Ave. S.E. and related addresses. Lee says the low-rise office park has 269,906 square feet, and is 83% leased. It was developed between 1990 and 1993 on about 16 acres. Kennedy Wilson acquired the property in December 2019 for about $54.6 million. (Update: CBRE declined to comment on this sale.)
Lee describes both parks as being oriented toward life sciences, biotech and flexible office use. Reed and colleagues will lease the available space on Alco's behalf.
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