Colliers International's Bellevue professionals arrange dual Eastside office transactions
BELLEVUE – In a further indication of the increasing desirability of well-located, smaller office properties on the eastern side of Lake Washington, Colliers International recently arranged the sales of The Romero Professional Building in Bothell, WA and the Olympic Medical Center in Bellevue, WA. Both properties were fully leased to medical and professional tenants at the time of the sale, making them very attractive assets with stable income streams.
In the first transaction, Bothell RE Venture LLC purchased The Romero Professional Building, located at 19110 Bothell Way NE, from LAIT Bothell LLC for $3 million or $307.88 per square foot. Tenants occupying the 9,744-square-foot property, built in 1987, include Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises, Inc. Colliers’ Pat Mutzel, Senior Vice President, Investments, and Jeff Jeremiah, Senior Associate, represented the seller in the off-market transaction, while the firm’s Derek Heed, Senior Vice President and Managing Director, Bellevue Brokerage and Gregg Riva, Senior Vice President, Brokerage acted on behalf of the buyer.
Mutzel and Jeremiah also represented the seller, BH Properties I LLC, in the disposition of 1310 116th Avenue NE, known as Olympic Medical Center, in Bellevue. Healthcare Realty purchased the 15,274-square-foot building for $7.750 million or $507.40 per square foot. Tenants in the medical property, built in 1978, include Radiology Consultants of Washington, Center for Diagnostic Imaging (CDI), Overlake Arthritis, Lab Corp and Acute Pain Therapies.
“Though located in different areas and serving different populations, The Romero Professional Building and Olympic Medical Center represented similarly positioned investments in one of the country’s most dynamic real estate markets,” noted Mr. Mutzel. “Our ability to sell the properties in off-market transactions speaks to the appeal of these types of buildings in the current environment, as well as the investment community’s confidence in the east Puget Sound market’s future.”
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Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
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