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2/11/20
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Kennedy Wilson, through its Kennedy Wilson Fund VI, recently purchased Canyon Park East, a five-building, 269.4k sf business campus in Bothell, WA, for $55 mil, as reported on RENTV about a month ago. We’ve since learned that the acquisition was financed with a $38.6 mil loan arranged by CBRE and funded through an east coast-based bank.
Canyon Park East includes a mix of office, flex and warehouse space constructed between 1990 and 1993 on 16.5 acres. The master-planned development is situated in a landscaped, park-like campus near the new Paine Field International Airport.
The park is currently 83% occupied. The tenant mix at Canyon Park East includes Lyell ImmunoPharma, Ventec Life Systems and the Food & Drug Administration. PCE Pacific, the exclusive regional partner of Emerson Electric, is the largest tenant in the commercial campus, which is situated at a pivot point between Seattle, Bellevue, Redmond and Everett via I-405 and I-5. The region also boasts a highly educated workforce, with 64% of adults on the Eastside holding a bachelor’s degree or higher.
CBRE’s Brad Zampa, Mike Walker and Megan Woodring arranged the six-year, non-recourse floating rate financing with full-term interest only payments at a very competitive spread priced over 30-day LIBOR. The loan will finance a portion of the acquisition and provide funding for future capital expenditures and leasing costs. Tom Pehl and Lou Senini with CBRE Capital Markets in Seattle represented the seller in the trade.
Bothell is situated at the north end of the Eastside market, which is home to major Fortune 500 companies and industry leaders. Bothell is one of the region’s two primary life science hubs, and the biotech R&D and manufacturing cluster is concentrated in Canyon Park and North Creek with a total of 2.2 msf of life science inventory. The area benefits from a highly skilled workforce attracted to the desirable neighborhoods and lifestyle of the Eastside communities.
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