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ISSAQUAH, WA-Schnitzer Northwest of Bellevue has sold Sammamish Park Place, two-building, 202,544-sf development. New York-based Lexington Corporate Properties Trust paid $50.5 million for the properties, which are net leased through 2014 to Spacelabs Inc., a wholly owned subsidiary of OSA Systems Inc. In connection with the acquisition, Lexington’s joint venture has obtained a commitment for non-recourse first mortgage financing of approximately $32.8 million. The loan will bear interest at a fixed rate of 5% and mature in December 2014. Sammamish Park Place includes a 95,600-sf, two-story tilt-up office building on 4.7 acres and a 106,944-sf, four-story steel-frame office building on 4.8 acres. Spacelabs is a provider of wireless, telemedicine and Internet solutions for physicians’ offices and hospitals worldwide. Lexington executives say Spacelabs’ lease obligation is unconditionally guaranteed by OSI. Lexington owns about 100 office, industrial and retail properties in 35 states and Canada totaling about 20 million sf. In Washington State, Lexington owns a 60,000-sf call center in Bremerton and a 43,105-sf Toys R Us store in Lynnwood. Schnitzer Northwest LLC is a partnership founded by managing investment partner Dan Ivanoff and financed through the Schnitzer Investment Corp., which is a part of Portland, OR-based Schnitzer Group. Schnitzer NW acquired the Sammamish Park Place campus in March 2001 from Bentall US LLC for $39.4 million.

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