X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.