SEATTLE, WA-KBS Real Estate Investment Trust I, a public non-traded REIT has acquired the North Creek Parkway Center, a 205,707-sf commercial class B office and flex complex in Bothell, a Seattle suburb located 10 miles north of downtown Bellevue, WA. The sale price was $41.11 million, or $199.87 per sf. The seller was Rreef, according to local industry sources.

North Creek Parkway Center consists of six one- and two-story tilt-up concrete buildings with glass and aluminum exteriors. The buildings range in size from 16, 596 sf to 61,042 sf. The late 1980s development sits on 13.52 acres within the -acre North Creek master-planned business park.

Occupancy at North Creek Parkway is 97.3%, according to KBS. Tenants include ADP, Albany Molecular and Alder Biopharmaceuticals. Albany Molecular, which has 32,000 sf divided among two buildings, will be relocating within the submarket in the spring in order to get its operations under one roof. Albany Molecular’s spaces, one 23,000-sf and the other 9,000 sf, are available for lease in the $16 range (NNN).

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