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March 21, 2018
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Kennedy Wilson Buys 421k sf WA Biz Park


Willows Commerce Park, a Class A, four-building office and warehouse park located in Redmond, WA, was acquired by Kennedy Wilsonís Fund V. The 421.4k sf property is located in the Redmond and Willows Road submarket, minutes away from downtown Redmond and downtown Kirkland. Although we donít have the price, we can tell you the purchase was financed with a $48.9 mil acquisition loan.

Located at 9825, 9845, 9911 and 9931 Willows Road NE, Willows Commerce Park offers convenient access to the regional transportation corridors of I-405 and SR-520 in addition to downtown Redmondís abundant retail and dining amenities. Key tenants include Microsoft, Oculus, Digipen and Labcorp.

Brad Zampa, Mike Walker and Megan Woodring of CBREís San Francisco office arranged the five-year, non-recourse, full-term interest only, floating-rate acquisition financing at a very competitive spread priced over 30-day LIBOR. The financing was provided by a national financial service provider. Tom Pehl and Lou Senini of CBREís Seattle office represented the seller.

ďIn this phase of the cycle we have been continually surprised by a steady stream of new outlier capital sources reaching into our west coast markets. We are seeing an increase of competitively priced proposals from lesser known balance sheet lenders headquartered in both the mid-west and east coast who are seeking new lending relationships with best-in-class west coast sponsors. It is always especially fulfilling to successfully create new banking relationships for our most valued Institutional clients,Ēsaid Brad Zampa, Executive Vice President, CBRE.

Redmond has been one of the strongest performing submarkets in the Puget Sound region and the Eastside Office Market, with an office vacancy rate of 6.9% and a warehouse vacancy rate of 1.3%. The submarket is heavily influenced by the technology and software industry with many high-growth firms clustering in the area, benefiting from a skilled labor force, access to regional transportation corridors, and proximity to very desirable neighborhoods.

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