The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



FINANCING NEWS
Printer-friendly Version   Email an Associate
Private Investor Completes Exchange that Consisted of Four SoCal Transactions Totaling $27 Mil

1/27/20

ALCO Investment Company bought Redmond Heights Center, a 126.5k sf industrial/office flex property in the Seattle submarket of Redmond, WA. The property, located in the rapidly growing Eastside Washington market, approximately 15 miles from Downtown Seattle, was sold by Wakefield Redmond Heights. It is currently fully leased to 13 tenants.

Although we don’t have the sale price, we do know that the purchase was financed with $18.75 mil in acquisition financing arranged by Carl Riggins at Continental Partners. The 10-year fixed, non-recourse loan, was rate locked at 3.25% with a 30-year amortization schedule and stepdown prepayment. The loan is sized to 1.40x debt service coverage ratio at the start rate, equating to a 60% loan-to-value on current rents. The Redmond Heights Center is currently fully leased to 13 tenants.

“This acquisition presented the sponsor with an opportunity to benefit from the increasing appetite for office space throughout greater Seattle,” explains Riggins, who notes that the majority of new office construction in the area is preleased, at rates of 81% in Seattle proper and 87% in the Eastside submarkets. “This particular property has the unique appeal of consisting of industrial space as well.”





Return to the Archive page
 
 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media