Unico acquired its first property there in January, paying $10.8 million for a 64,000-sf, multi-tenant mid-rise building known as Allenmore Building B. Unico's VP of investments Jonas Sylvester told GlobeSt.com at the time that the property sat on six acres, a portion of which would be carved off for this second building, which MultiCare would anchor.

With the lease agreement not finalized, construction of the three-story Allenmore Building C is expected to begin shortly en route to a mid-2007 completion. Bill Frame of GVA Kidder Matthews represented Unico in the transaction. The builder is Turner Construction and the architect is Architects BCRA of Tacoma. MultiCare plans to use Building C to house a comprehensive outpatient imaging center, laboratory and office space for internal and family medicine doctors.

Unico acquired Allenmore Building B from regional developer Steve Sarkowsky. Sarkowsky also sold the 46,000-sf Allenmore A Building, but to MultiCare instead of Unico, in part because the building shares a wall with the MultiCare's main hospital building. Both purchases were financed by Sun Life Assurance Co. of Canada, which already held the mortgages for the buildings.

The acquisition at Allenmore was Unico's first foray into medical office buildings. Since that time, it has made two other medical office acquisitions, both in Washington.

In April, Unico Properties acquired Stevens Pavilion, a fully leased 74,000-sf class A building on the Stevens Hospital campus in Edmonds. The three-year-old building sits on a long-term ground lease from Stevens Hospital. Unico paid an entity of Teutsch Partners $18 million for the building. Stevens Hospital held an option to purchase the building from Teutsch and now has an option to purchase it from Unico in 2015.

In June , Unico acquired control of two medical office buildings adjacent to Yakima Valley Memorial Hospital in Yakima, WA, for $14.3 million. The buildings total 80,000 sf and are master leased by Yakima Valley Memorial Hospital.

Late last year, Unico lost an opportunity to lock arms with Swedish Medical in Seattle when the health system instead chose Health Care Property Investors of Long Beach, CA to purchase some 480,000-sf of space in four buildings. As part of the deal, Swedish retained the dirt under all five properties and the first right to repurchase the structures.

Instant Insights /

GlobeSt.com UPDATE: Unico Begins Allenmore Addition

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