SEATTLE-Intracorp has acquired a portfolio of older office buildings in the Pioneer Square area here from the Goodman family for $53 million in cash and debt. The portfolio includes four buildings with a combined 229,325 sf (net rentable) that is approximately 90% leased.

The buildings are located at the south end of Downtown, near the sports stadiums. The properties are known as the FX McRory’s Building, Grand Central Building, Seattle Quilt Building and the Maynard Building. Don Fosseen, Lou Senini, Dan Dahl and Dave Gurry with CB Richard Ellis brokered the sale.

To close the deal, Intracorp secured a $26.6-million acquisition loan from GE Real Estate that was sourced by CBRE/Melody. The five-year fixed-rate, on-book loan was for the Grand Central, Seattle Quilt and Maynard buildings and includes money for future tenant improvements and leasing commissions. The LTV was approximately 75%. The seller reportedly provided Intracorp financing for the FX McRory’s Building acquisition.

GE Real Estate’s Portland, OR-based senior director Kyle Williams tells that Intracorp plans to hold the assets long-term and add value by marking rents to market as leases roll. “Average rents in the area are in the mid-$20s and the average rent in the portfolio is in the high teens,” he says.

The purchase was made by Intracorp Properties, a new Vancouver, BC-based division of the Seattle based company that Intracorp describes as a private investment partnership focused on core and distressed properties on the West Coast. The company’s goal is “higher than market returns to both Intracorp shareholders and third party capital partners.”

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