{"id":2907,"date":"2021-02-01T11:22:55","date_gmt":"2021-02-01T19:22:55","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=2907"},"modified":"2022-03-21T15:56:04","modified_gmt":"2022-03-21T22:56:04","slug":"after-326m-portland-sale-alco-invests-155m-in-redmond-bothell","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2021\/02\/01\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\/","title":{"rendered":"After $326M Portland sale, Alco invests $155M in Redmond, Bothell"},"content":{"rendered":"<div id=\"pl-2907\"  class=\"panel-layout\" ><div id=\"pg-2907-0\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-2907-0\" ><div id=\"pgc-2907-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-2907-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-2907\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/02\/Redmond-East-Canyon-Park-East.jpg\" width=\"1200\" height=\"435\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/02\/Redmond-East-Canyon-Park-East.jpg 1200w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/02\/Redmond-East-Canyon-Park-East-300x109.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/02\/Redmond-East-Canyon-Park-East-1024x371.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/02\/Redmond-East-Canyon-Park-East-768x278.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"Redmond East Canyon Park East\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><div id=\"panel-2907-0-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><strong>January 28, 2021 (Seattle, WA) \u2013 <\/strong><span style=\"font-size: 11.5pt; font-family: 'Georgia',serif; color: #444444;\">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 &amp; Assoc., announced the deals and provided details. Kennedy Wilson was the seller for both properties.<\/span><\/p>\n<p style=\"background: white; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px;\"><span style=\"font-size: 11.5pt; font-family: 'Georgia',serif; color: #444444;\">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.\u00a0<i>(Update: The seller\u2019s brokers were Tom Pehl, Lou Senini, Chais Lowell, Charles Safley and Paige Morgan of CBRE.)<\/i><\/span><\/p>\n<p style=\"background: white; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px;\"><span style=\"font-size: 11.5pt; font-family: 'Georgia',serif; color: #444444;\">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.\u00a0<i>(Update: CBRE declined to comment on this sale.)<\/i><\/span><\/p>\n<p style=\"background: white; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px;\"><span style=\"font-size: 11.5pt; font-family: 'Georgia',serif; color: #444444;\">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.<\/span><\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-2907-0-0-2\" class=\"so-panel widget widget_lsow-button\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-lsow-button so-widget-lsow-button-default-7cdee0581b16-2907\"\n\t\t\t\n\t\t><div class=\"lsow-button-wrap\" style=\"clear: both; text-align:center;\"><a class= \"lsow-button  lsow-custom lsow-medium lsow-rounded\" data-color=\"#98002e\" data-hover-color=\"#98002e\" href=\"https:\/\/www.djc.com\/news\/re\/12137850.html?action=get&#038;id=12137850&#038;query=After%20$326M%20Portland%20sale,%20Alco%20invests%20$155M%20in%20Redmond,%20Bothell\" target=&quot;_blank&quot;>Click Here to Read the Full Article on the Seattle DJC<\/a><\/div><\/div><\/div><div id=\"panel-2907-0-0-3\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><strong><u>ABOUT LEE &amp; ASSOCIATES<\/u><\/strong><br \/>\nLee &amp; Associates offers an array of real estate services tailored to meet the needs of the company\u2019s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee &amp; 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 &amp; Associates, visit <a href=\"http:\/\/www.lee-associates.com\/\">lee-associates.com<\/a> or follow us on <a href=\"https:\/\/www.facebook.com\/LeeAssociatesCRE\">Facebook<\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/lee-and-associates\">LinkedIn<\/a>, <a href=\"https:\/\/twitter.com\/LeeAssociatesRE\">Twitter<\/a>, and <a href=\"http:\/\/www.linkbylee.com\/\">Link<\/a>, our company blog.<\/p>\n<p><strong><em>###<\/em><\/strong><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-2907-1\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-2907-1\" ><div id=\"pgc-2907-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-2907-1-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-2907-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-2907-1-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>&nbsp;<\/p>\n<h2 style=\"text-align: center\">MEDIA CONTACT<\/h2>\n<p style=\"text-align: center\"><strong>Jim Reed<br \/>\n<\/strong>Lee &amp; Associates<br \/>\n(206) 210-5202<br \/>\n<a href=\"jreed@lee-associates.com\">jreed@lee-associates.com<\/a><\/p>\n<p style=\"text-align: center\">\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-2907-1-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div><div id=\"pg-2907-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-2907-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>January 28, 2021 (Seattle, WA) \u2013 In two deals that hadn&#8217;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 &amp; 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&#8217;s&#8230;<\/p>\n","protected":false},"author":39,"featured_media":1124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1087,1,1085],"tags":[],"class_list":["post-2907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-media-center","category-office"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>After $326M Portland sale, Alco invests $155M in Redmond, Bothell - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2021\/02\/01\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"After $326M Portland sale, Alco invests $155M in Redmond, Bothell\" \/>\n<meta property=\"og:description\" content=\"January 28, 2021 (Seattle, WA) \u2013 In two deals that hadn&#039;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 &amp; 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&#039;s...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2021\/02\/01\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-01T19:22:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-21T22:56:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2019\/11\/Blog-Headers_Lee-Associates-Post.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/01\\\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/01\\\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"After $326M Portland sale, Alco invests $155M in Redmond, Bothell\",\"datePublished\":\"2021-02-01T19:22:55+00:00\",\"dateModified\":\"2022-03-21T22:56:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/01\\\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\\\/\"},\"wordCount\":595,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/01\\\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2019\\\/11\\\/Blog-Headers_Lee-Associates-Post.png\",\"articleSection\":[\"Featured Industry News\",\"Investment\",\"Media Center\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/01\\\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/01\\\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/01\\\/after-326m-portland-sale-alco-invests-155m-in-redmond-bothell\\\/\",\"name\":\"After $326M Portland sale, Alco invests $155M in Redmond, Bothell - Lee &amp; 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Its broker, Jim Reed of Lee &amp; 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. 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