$45 MILLION LAKE TYE BUSINESS CAMPUS SALE
August 15, 2022 (Seattle, WA) – Lee & Associates Commercial Real Estate Services is pleased to have represented Redmond 8660, LLC in its acquisition of Lake Tye Business Campus, an eight building flex industrial park centrally located in the Fryelands industrial hub of Monroe, WA.
The Lake Tye Business Campus is 214,364 square feet located on eight separate parcels totaling 12.6 acres, and transacted at $45,000,000.00. Built in phases from 2004 to 2019, the Lake Tye Business Campus is a premium business park that offers flexible space configurations, loading, abundant parking, and on-site retail amenities. The Campus is currently 96% leased as part of a greater eastside industrial market with a 2.85% vacancy rate that saw annualized rent growth of 20-60% over the past two years.
The Monroe Industrial Market is almost fully developed with a vacancy factor just under 1.0%. The client saw an opportunity to exchange 1031 proceeds from a previous sale into a stable close-in industrial asset and market with tremendous upside. We were extremely happy to have been awarded the site and had a great experience working with Sterling Realty Organization, the Seller, and Kidder Matthews, the listing brokers, to close this transaction within an expedited timeline”, noted Jim Reed, Principal at Lee & Associates.
The Lee & Associates team of Jim Reed and Adrienne Hunter represented the interests of the Buyer, Redmond 8660 LLC, in this transaction.
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Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.