The closed portion of the Seattle portfolio deal includes the 122,413-sf Hidden Valley Office complex at 1750 112th Ave. NE in Bellevue, and the West Willows Tech Center, a 162,561-sf complex at 8705-8727 148th Ave, NE in Redmond. A third Seattle-area building in the Bonney Lake area that will close at the end of the month for about $10 million, Time Equities president Robert Kantor tells GlobeSt.
Two weeks ago, the joint venture closed on the Portland, OR portion of the portfolio, paying $45.4 million for 623,000 sf worth of class A office, flex-industrial and retail space in eight buildings. The properties include three older downtown Portland buildings as well as properties in Wilsonville and Tigard and across the border in the Southwest Washington cities of Vancouver and Kelso.
The Southwest Washington properties acquired include the building at 3315 N.E. 112th Ave. in Vancouver, and the buildings at 200-238 Allen St. in Kelso. The portfolio purchase is the fourth acquisition in the area by the two investors, bringing their total joint ownership in the Northwest to approximately 1.6 million sf.
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