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SEATTLE, WA-KBS Real Estate Investment Trust I, a public non-traded REIT has acquired the North Creek Parkway Center, a 205,707-sf commercial class B office and flex complex in Bothell, a Seattle suburb located 10 miles north of downtown Bellevue, WA. The sale price was $41.11 million, or $199.87 per sf. The seller was Rreef, according to local industry sources.

North Creek Parkway Center consists of six one- and two-story tilt-up concrete buildings with glass and aluminum exteriors. The buildings range in size from 16, 596 sf to 61,042 sf. The late 1980s development sits on 13.52 acres within the -acre North Creek master-planned business park.

Occupancy at North Creek Parkway is 97.3%, according to KBS. Tenants include ADP, Albany Molecular and Alder Biopharmaceuticals. Albany Molecular, which has 32,000 sf divided among two buildings, will be relocating within the submarket in the spring in order to get its operations under one roof. Albany Molecular’s spaces, one 23,000-sf and the other 9,000 sf, are available for lease in the $16 range (NNN).

The street addresses of the buildings range from 187032- to 18916 North Creek Pkwy. Mark Flippo and Stuart Williams of Pacific Real Estate Partners in Bellevue represented the seller in the transaction, which closed Aug. 28. KBS was represented in-house by acquisitions director Peter Mette.

In explaining the attractiveness of the asset, Mette says the asset is well leased at rates that are now below market, sits directly in the path of growth northward, and is within a larger business park that is built out and also well leased. He expects to hold the asset for approximately five years, during which most of the tenants in the building will need to be renewed or replaced. “It’s a straight-over-tackle deal,” he says. KBS Realty Advisors is a SEC-registered investment advisor. KBS Realty and its affiliate, KBS Capital invest in, manage and sell real estate assets for institutional, corporate and private investors. Since 1992, KBS has bought and sold several billion dollars worth of real estate via 19 separate accounts, six commingled funds and two private equity REITs.

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