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FEDERAL WAY, WA-A two-story office building on 9th Avenue here has sold to a group of Northwest investors who plan to renovate and then retrade it as medical and dental office condominiums. The 35,000-sf former home of the Washington Education Association was purchased for $2.6 million.

The ownership group includes Pat McCabe, former vice president of development for Unico Properties Inc.; Michael Barnes, former institutional investment manager for Touchstone Corp.; Joe Brotherton, an independent investor; and Mark Weed, president of Egis Real Estate Services. They are all equal partners in the new venture.

The building originally built in 1979 as the WEA’s corporate headquarters. It is located in close proximity to St. Francis Hospital, Virginia Mason and Group Health clinics.

Plans call for an extensive redevelopment and systems upgrade to accommodate the specialized needs of medical and dental professionals. Egis Real Estate Services will serve as property manager for the project.

The ownership group says it plans to continue identifying similar buildings in the region for additional medical office conversions. “The demand to buy instead of lease among the medical community has been there for a long time,” he says.

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