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BOTHELL, WA-Monte Villa Farms has been tagged for sale as a value-add play. The 280,154-sf four-building office, lab and production complex sits on 19.3 acres and has an additional 50,000 sf of entitlements.

The complex consists of an administration building, a production building, and two buildings known as the North Barn and the South Barn. Tenants include Cingular, Xcyte Therapies, MedManage Systems and Quinton Instruments.

A lease agreement with Quinton for the 130,000-sf production building runs out early next year and will not be renewed, potentially dropping vacancy from 85% to about 50%. The building, which been used for distribution and storage, can be expanded by up to 50,000 sf.

The property is located close to Interstate 405 and Route 522 in Bothell, the northern end of Seattle’s Eastside suburbs. As is, local industry sources tell GlobeSt.com the building could sell for around $160 per sf, which translates to about $45 million. If it leases back up before it sells, the value would go up accordingly.

Holladay Fenoglio Fowler brokers Glenn Whitmore and Andrew Scandalios have the disposition assignment. The seller is Premier Advisors, a Washington-based private real estate company.

Scandalios tells GlobeSt.com that the bid date will be sometime in mid-December. He sees the production building being leased out to a warehouse user at first and then eventually converted to office.

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